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Polar Max steel cutting in Helsinki launches construction phase for Canada’s Polar Max icebreaker

Details: Written by Teijo Niemelä Teijo Niemelä; Category: More News More News; Published: 21 August 2025 21 August 2025

In a historic milestone for the Canadian shipbuilding industry, Davie today officially began construction of the Polar Max icebreaker, a vessel that, once delivered by 2030, will redefine Canada’s Arctic capabilities.

Uniquely, Polar Max will be constructed through an innovative industrial collaboration between Canadian-controlled facilities in Helsinki, Finland and Lévis, Canada. Construction on the Polar Max hull will begin at Davie’s Helsinki Shipyard, which has built 100% of the complex medium to heavy icebreakers delivered from Finland over the past 25 years .

The largest proportion of the work on the Polar Max, and delivery of the ship to the Canadian Coast Guard, will be from Davie’s home facility in Lévis, which is simultaneously undergoing an $840 million upgrade. This will secure Canada’s long-term ability to design and build complex ships for current and future Arctic programs. The hybrid build strategy will accelerate the delivery of the ship by several years ahead of the original schedule. It will also bring forward job creation and the transfer of shipbuilding know-how to Canada, while stimulating Canada’s maritime supply chain.

The Polar Max sets a new standard for Canadian shipbuilding procurement – a smart approach that will deliver major economic and strategic benefits to Québec and Canada.
Notable features:
– Rapid: Construction will begin just five months after contract signature.
– Disciplined: Fixed-price contract supports on-time delivery and cost benefits.
– Business boost: $200 million will be invested in small and medium-sized Canadian businesses throughout the Polar Max supply chain.
– Québec jobs: The creation of thousands of high-value jobs in Lévis, across the province and throughout Canada’s marine industry will be accelerated.
– New partners: Le Groupe ALMACO, a Canadian subsidiary of ALMACO Group, will deliver a major outfitting contract for Polar Max. This collaboration will create jobs, industrial capability, and a first-in-Canada modular cabin factory in Québec.
– Knowledge transfer: Workforce and expertise exchange with Helsinki Shipyard will directly strengthen future National Shipbuilding Strategy projects.

“Today’s steel cutting ceremony is more than the start of construction of one very special ship. It’s the start of a new chapter in Canadian Arctic leadership,” said James Davies, CEO of Davie. “The Polar Max represents how trusted allies can collaborate to deliver strategically vital projects when they are needed most. We want to thank the governments of Canada and Québec for their vision, and we are determined to deliver this ship on time and on budget.”

“Davie is uniquely positioned to deliver a ship as advanced and strategically important as the Polar Max,” said Alex Vicefield, Chairman and CEO of Inocea, Davie’s parent group. “With a global footprint, including our soon-to-be upgraded Lévis facility and the renowned Helsinki Shipyard, we combine the world’s best polar shipbuilding expertise with the strength, skill and unique Davie spirit of our Canadian workforce.”

A Canadian shipbuilding solution with global impact The Polar Max icebreaker is a great example of what can be achieved as part of the Icebreaker Collaboration Effort (ICE Pact) – a trilateral initiative between Canada, Finland, and the United States to design and build Arctic and polar icebreakers – and will be the first polar icebreaker to be built collaboratively between Europe and North America.

The Polar Max is a production-ready heavy icebreaker designed to operate in some of the world’s harshest conditions. The vessel will support Canada’s Arctic sovereignty, critical scientific missions, environmental protection efforts, and maritime security.

“In an increasingly complex world, Canada’s new government is meeting the moment by rebuilding and reinvesting in the Canadian Coast Guard’s fleet of icebreakers. Through the National Shipbuilding Strategy, we are transforming how we deliver critical marine infrastructure and equipment, for the benefit of Canadians for generations to come. Working with partners like Chantier Davie and other industry leaders, we are equipping the Coast Guard with modern vessels and cutting-edge technology that will support our Arctic sovereignty and support a stronger Canadian economy for decades ahead.”

David Herrera departs Norwegian Cruise Line

Details: Written by Teijo Niemelä Teijo Niemelä; Category: More News More News; Published: 20 August 2025 20 August 2025

David Herrera, who served as President of Norwegian Cruise Line, departed Norwegian Cruise Line Holdings Ltd. on August 20, 2025, as part of a strategic leadership change. Harry Sommer, President and Chief Executive Officer of the Company, will assume Herrera’s day-to-day responsibilities on an interim basis while the company conducts a robust search for Herrera’s successor.

Viking reports second quarter 2025 financial results

Details: Written by Teijo Niemelä Teijo Niemelä; Category: More News More News; Published: 19 August 2025 19 August 2025

Viking Holdings Ltd today reported financial results for the second quarter ended June 30, 2025.

Key highlights

– Total revenue was $1,880.4 million for the second quarter of 2025, an increase of 18.5% compared to the same period in 2024.
– Gross margin increased 22.3% and Adjusted Gross Margin increased 19.2% compared to the same period in 2024.
– Net Yield was $607, an increase of 8.0% compared to the same period in 2024.
– Adjusted EBITDA was $632.9 million, an increase of 28.5% compared to the same period in 2024.
– Diluted EPS and Adjusted EPS were $0.99.
– Net Leverage was 2.1x as of June 30, 2025.
– As of August 10, 2025, for its Core Products, Viking had sold 96% of its Capacity Passenger Cruise Days for the 2025 season and 55% of its Capacity Passenger Cruise Days for the 2026 season.

“We delivered another quarter of great results, further underscoring the strength of our business model and of our core guest demographic,” said Torstein Hagen, Chairman and CEO of Viking. “In the second quarter, our revenue increased 18.5% and our Adjusted EBITDA increased 28.5% year-over-year, reflecting continued solid demand for our destination-focused travel experiences. We are also pleased to have successfully taken delivery of two new ships, an achievement made possible due to the dedication of our team and the sustained momentum of the Viking brand as we execute on our long-term growth strategy.”

Second quarter 2025 consolidated results

During the second quarter of 2025, Capacity PCDs increased by 8.8% over the same period in 2024. This increase was mainly driven by the growth in the Company’s fleet, which included three additional river vessels, one additional ocean ship and the Viking Yi Dun accommodation agreement. Occupancy for the second quarter of 2025 was 95.6%.

Total revenue for the second quarter of 2025 was $1,880.4 million, an increase of $293.1 million, or 18.5% over the same period in 2024 mainly driven by increased Capacity PCDs, higher Occupancy and higher revenue per PCD in 2025 compared to 2024.

Gross margin for the second quarter of 2025 was $803.1 million, an increase of $146.7 million, or 22.3%, over the same period in 2024 and Adjusted Gross Margin for the second quarter of 2025 was $1,236.9 million, an increase of $199.2 million, or 19.2%, over the same period in 2024. Net Yield was $607 for the second quarter of 2025, up 8.0% year-over year.

For the second quarter of 2025, vessel operating expenses were $377.7 million and vessel operating expenses excluding fuel were $334.5 million. Compared to the same period in 2024, vessel operating expenses increased $48.7 million, or 14.8%, and vessel operating expenses excluding fuel increased $50.4 million, or 17.7% mainly driven by the increase in the size of the Company’s fleet in 2025 compared to 2024.

Net income for the second quarter of 2025 was $439.2 million compared to $159.8 million for the same period in 2024. The second quarter of 2024 includes a loss of $123.0 million from the revaluation of warrants issued by the Company, due to stock price appreciation. It also includes a loss of $65.8 million related to the net impact of the Private Placement derivative loss and interest expense related to the Company’s Series C Preference Shares. These converted into ordinary shares immediately prior to the consummation of the Company’s IPO. Adjusted Net Income attributable to Viking Holdings Ltd for the second quarter of 2025 was $439.0 million compared to $349.1 million for the same period in 2024.

Adjusted EBITDA was $632.9 million, an increase of $140.4 million, or 28.5% over the same period in 2024. The increase in Adjusted EBITDA was mainly driven by increased Capacity PCDs, higher Occupancy and higher revenue per PCD.

Diluted EPS and Adjusted EPS were $0.99 for the second quarter of 2025, compared to Diluted EPS of $0.38 and Adjusted EPS of $0.80 for the same period in 2024.

Update on operating capacity and bookings

For our Core Products, operating capacity is 12% higher for the 2025 season compared to the 2024 season and 9% higher for the 2026 season compared to the 2025 season.

As of August 10, 2025, for our Core Products, we had sold 96% of our Capacity PCDs for the 2025 season and 55% for the 2026 season. We had $5,638 million of Advance Bookings for the 2025 season, 21% higher than the 2024 season at the same point in time; and we had $3,883 million of Advance Bookings for the 2026 season, 13% higher than the 2025 season at the same point in time. Advance Bookings per PCD for the 2025 season was $784, 7% higher than the 2024 season at the same point in time, and Advance Bookings per PCD for the 2026 season was $866, 4% higher than the 2025 season at the same point in time.

“Our positive momentum is reflected by the Advance Bookings, with 96% of our 2025 capacity of our Core Products already sold and 55% for 2026,” said Leah Talactac, President and CFO of Viking. “Looking ahead, we remain committed to growing our business by adding capacity and providing new experiences such as the recent launch of itineraries in India. This approach supports the demand for unique, culturally immersive travel experiences while driving top-line growth and long-term margin expansion.”

Balance sheet and liquidity

As of June 30, 2025:

– The Company had $2.6 billion in cash and cash equivalents and an undrawn revolver facility of $375.0 million.
– Scheduled principal payments are $141.8 million for the remainder of 2025 and $257.8 million for 2026.
– Deferred revenue was $4.4 billion.

New build and capacity

Since our first quarter 2025 earnings release, the Company:

– Took delivery of the Viking Vesta, an ocean ship.
– Took delivery of the Viking Amun, a river vessel that will operate in Egypt.
– Announced it would start operating two river vessels in India, with the first launching in 2027 and the second in 2028.

Based on the committed orderbook, the Company expects to take delivery of six river vessels during the remainder of 2025.

Villa Vie Residences unveils the Golden Passport – a lifetime of unlimited cruising

Details: Written by Teijo Niemelä Teijo Niemelä; Category: More News More News; Published: 19 August 2025 19 August 2025

Villa Vie Residences today announced the launch of the Golden Passport, a revolutionary way to live, travel, and thrive at sea – forever. For a one-time payment starting at just $99,999, adventurers can unlock a lifetime of global exploration, transforming retirement or long-term travel into an extraordinary journey without limits.

With the Golden Passport, travelers can now unlock a lifetime of exploration through the popular Endless Horizons, Villa Vie’s permanent residence-at-sea program at an age discounted rate. For the first time, the program introduces an age-tiered pricing model, making the dream of living at sea more attainable than ever.

What the Golden Passport Includes
– Lifetime living at sea starting at $99,999–$299,999
– Age-bracketed tiers designed to open the program to every generation
– Transferable access across the Villa Vie Residences fleet
– All-inclusive lifestyle covering dining, housekeeping, laundry, internet, entertainment, annual medical check-ups, plus wine or beer with meals
– No hidden fees—port taxes and service charges included

Golden Passport holders will set sail on continuous circumnavigations of the globe – each lasting 3 to 3.5 years – exploring all 7 continents, 140+ countries, 400+ destinations, and over 100 tropical islands. Extended 2–3 day port stays provide deeper cultural immersion, while itineraries feature 12 of the world’s 14 Wonders. This isn’t a cruise – it’s a way of life.

“As people retire, one of their biggest fears is outliving their money. With the Golden Passport, that uncertainty disappears – one payment secures a lifetime of adventure,” said Mike Petterson, Founder of Villa Vie Residences. “Our age-tiered pricing ensures that Endless Horizons is no longer just a dream for the few, but an attainable reality for many.”

“Life moves quickly, and the regret most people share is that they didn’t travel the world when they had the chance,” added Kathy Villalba, CEO of Villa Vie Residences. “The Golden Passport makes that dream possible – and affordable – in a way the cruise and travel industries have never seen before.”

Mitsui Ocean Cruises names its next new ship Mitsui Ocean Sakura

Details: Written by Teijo Niemelä Teijo Niemelä; Category: More News More News; Published: 19 August 2025 19 August 2025

Mitsui Ocean Cruises, the time-honored cruise line in Japan and operated by MOL Cruises, has announced its new cruise ship will be named Mitsui Ocean Sakura, and begin operating as a Japanese-flagged ship in late 2026. Former Nippon Maru Captain Satoshi Ninomiya has been appointed one of the ship’s Masters, and Executive Chef Katsutoshi Nakayama, also from Nippon Maru, will lead the culinary team.

Origin of the Name Mitsui Ocean Sakura (Japanese notation: 三井オーシャンサクラ)

“Sakura,” a flower long cherished in Japan, continues to captivate people with its beauty. This beautiful name was also given to the two cruise ships that the cruise line once operated, the Sakura Maru and the Shin Sakura Maru, which both provided cruise vacations around the world. The name Mitsui Ocean Sakura is therefore in honor of Sakura, which symbolizes the beauty of Japan, and the cruise ships loved by many people.

Mitsui Ocean Sakura will offer a wide range of itineraries, mainly short to medium length cruises, departing from and arriving at various ports in Japan. As a small luxury ship at 32,477 gross tons carrying 458 guests, Mitsui Ocean Sakura will visit a variety of ports, large and small, as did her predecessor, Nippon Maru. This includes visits to remote islands in Okinawa and Hokkaido. The ship will also offer cruises themed to the seasons, featuring local festivals, fireworks, music and food. Inaugural itineraries of Mitsui Ocean Sakura will be announced and go on sale in early 2026.

“While passing on the ‘spirit of omotenashi’ cultivated through past cruise ships operated by our company, including Nippon Maru, Mitsui Ocean Sakura will maintain our 140-year legacy and connection with the people and ports of call around Japan, showcasing the special experiences in those places,” said Tsunemichi Mukai, president and executive officer of Mitsui Ocean Cruises. “Our loyal and experienced crew will extend heartfelt hospitality, and our chefs will continue to delight our guests with the praise of delicious cuisine for which we are famous.”

Mitsui Ocean Sakura guests will enjoy the cruise line’s sense of Japanese beauty and traditions on this ship with comfortable, large suites with balconies, new and varied dining and entertainment options, and a peaceful feeling of time and space enjoyed on the ocean.