The secondhand cruise ship market has traditionally been highlighted by a couple of vessel sales annually, as a concentrated industry and a fleet of approximately 450 oceangoing cruise ships limits the opportunities for buying and selling.
As of September, 2025, the year has so far been marked by a handful of transactions.
First, Norwegian Cruise Line Holdings (NCLH) found new operators for four older ships in March, working deals to send the 1999-built Regent Navigator and the 1998-built Oceania Insignia to start up Crescent Seas, a residential cruising concept.
A deal also went down with Indian operator Cordelia Cruises, which will take the 1999-built Norwegian Sky in 2026 and the 2001-built Norwegian Sun a year later.
This allows the Norwegian brand to move some 4,000 older berths off its books to make way for new and larger ships.
The industry’s biggest player, Carnival Corporation, has so far seen two transactions this year. Seabourn’s Sojourn was sold to Japanese luxury brand Mitsui OSK and will move to the Japanese company in 2026. This marks the second Seabourn ship sold to Mitsui.
The Costa Fortuna was sold to Margaritaville at Sea and will transfer to the new owner in September 2026. That transaction marked the third Costa ship sold to Margaritaville.
Since 2020, Carnival has disposed of 29 ships, effectively modernizing its fleet.
Cruise lines typically keep vessels in service for around 30 years. As a result, the market for secondhand cruise ships has historically been limited in size and scope.
Traditionally, older and less competitive ships have been sold to noncompeting companies or spun off into new ventures exploring niche or emerging markets.
But many of those older ships are now gone, and the vessels nearing the 30-year mark today are larger, more advanced, and far costlier to acquire and operate, and may be lacking the latest environmentally friendly technology.
This has shrunk the pool of potential buyers. Some operators have exited the market altogether, unable to compete with the latest technology or justify the upkeep of aging tonnage.
Financing is another hurdle: interest rates for older ships are in the double digits, and traditional lenders shy away from financing eight-figure deals for vessels at the end of their service life.
A small group of operators have carved out a niche in the secondhand cruise ship market. In the U.S., Margaritaville at Sea leads the way, while in Europe, companies like Phoenix Reisen, Celestyal, Fred. Olsen, and Ambassador Cruise Line focus on specific regional markets and tailored itineraries, all sailing secondhand tonnage.
In China, a handful of brands each operate one ship bought in the secondhand market, while Cordelia plans its expansion in India, going from one ship to three.
The buyers have one thing in common: they have a unique product and are not competing with the major cruise brands. They are either sourcing guests locally, offering unique itineraries, targeting underserved markets, or simply competing on price.
The biggest barrier to entry is capital, but with capital and financing, the barriers to entry can quickly come down. Lease-to-own deals are available for qualified buyers, and a new or existing operator can lean into third-party management, meaning other companies can come in and manage hotel and marine operations. A start-up could then theoretically focus solely on sales and marketing.
But without financial resources and a niche, the challenges can be significant. Competing with major cruise lines means going up against massive economies of scale, cutting-edge hardware, and operational efficiencies that are hard to match.
Excerpt from the Cruise Industry News Quarterly Magazine Fall 2025
