The Italian shipbuilding company Fincantieri announced it expected to return to the pre-COVID growth levels by 2021 and deliver a total of 7 cruise ships this year.
The company's 2021 revenues are expected to grow by 25-30% compared to EUR 5,88 billion recorded in 2020. This is excluding pass-through activities, with an improvement in margins, which should come to ~7% and so confirming the growth guidelines outlined by the shipbuilding group before the pandemic.
In a statement, the company said such results might lead to "a return of a sustainable dividends distribution starting as soon as 2022.”
In 2021, five cruise ships are scheduled to be delivered from Fincantieri's yards in Italy - Silver Dawn (Silversea), Viking Venus (Viking Ocean), Nieuw Rotterdam (Holland America), MSC Seashore (MSC) and Valiant Lady (Virgin Voyages). In addition, 2 expedition ships would be delivered by VARD Norway - Le Commandant Charcot (to Ponant) and Hanseatic Spirit (to Hapag-Lloyd).
Fincantieri said actions to support the increase in volumes had already been planned: on the one hand, completion of Capex for the upgrading of Marghera and Monfalcone shipyards, and, on the other hand, increasingly greater integration of all shipyards dedicated to cruise shipbuilding (Italy and Romania).
"Cruise ship deliveries stayed on schedule as per the pre-pandemic program, even with the postponement of production programs: four out of the seven cruise ships delivered in 2020 were handed over in the second half of the year, amid the pandemic, including the 100th cruise ship built by Fincantieri, for Princess Cruises, a Carnival Group brand."