Crescent Seas, a new residential cruising start up, will not be chartering the Regent Seven Seas Navigator and Oceania Insignia.
Norwegian Cruise Line Holdings (NCLH), the ship owner, said in an SEC filing that the two lease agreements signed in March 2025 for both ships had been terminated prior to Sept. 30, 2025 and that the company had received a nominal fee.
The lease deals were 10-year charters with a buy option at the conclusion of the 10-year term.
In an emailed statement to Cruise Industry News, a spokesperson for Crescent Seas said: “Through hundreds of conversations with potential buyers, it became clear that demand for larger, more customizable residences far exceeded expectations. In response, Crescent Seas is evolving its strategy — transitioning focus from existing ships to the new build as the primary vessel anchoring the brand’s future. This pivot reflects both market validation and a deepened understanding of what high-net-worth (HNW) buyers want: more space, flexibility, and participation in the design of their homes.”
Crescent Seas earlier this year announced plans to start a residential cruise line, with both the Navigator and Insignia, and then to be followed by a newbuild in 2032.
NCLH was set to stay on as the technical manager of the vessels and major refurbishment plans were slated for the Navigator and Insignia to convert them to residential cruise ships.
Russell W. Galbut, founder of the venture, said on Bloomberg Businessweek Daily in an interview that ran on Oct. 3, 2025 that the “design was all done” on the Navigator’s conversion.
“We are in the process of talking to the yard to get the work done on a timely basis to be ready in December of 2026,” Galbut told Bloomberg at the time.
He also said of the 189 condos available on the Navigator, 39 had been spoken for.
In a letter sent to Regent guests on Nov. 5, Jason Montague, chief luxury officer of the brand, said the Navigator will stay with Regent.
“Seven Seas Navigator will undergo a multi-million-dollar drydock currently planned for late 2026, before continuing to sail as part of the Regent family,” he wrote. “We’ll be in touch again very soon once the ship’s new itineraries are open for sale.”
The 1999-built Navigator is currently deployed through October 2026 in Europe and is the oldest and smallest ship in the Regent fleet at 490 guests.
The Insignia is deployed through November 2027 in Europe, and was built in 1999 with capacity for 684 guests.
