Norwegian Cruise Line Holdings (NCLH) is reshaping its luxury portfolio, announcing plans to sell the Oceania Sirena and reposition both Oceania Cruises and Regent Seven Seas Cruises to sharpen each brand’s standing at the top of the market.

NCLH CEO John Chidsey said the company had entered into a binding memorandum of agreement to sell the Oceania Sirena, with a leaseback keeping the ship in service until it changes hands.

“The transaction includes a leaseback arrangement that will allow us to continue operating the vessel until the ship is transferred in spring 2028,” he said on the company’s second quarter earnings call.

Chidsey called the sale “a deliberate portfolio action to move the Oceania fleet toward a product offering that better supports the brand’s positioning and long-term return profile.”

He said it also represented a step toward improving Oceania’s product-market fit and simplifying the portfolio.

“At Oceania Cruises, our focus is on aligning the fleet more closely with the brand’s luxury positioning,” Chidsey said, pointing to the reimagining of the Oceania Nautica as the Oceania Aurelia.

He described the result as “a more intimate, suite-forward ship designed for fewer guests with enhanced service levels.”

The Regatta has also left the fleet, being chartered to Australian tour operator myCruises. That leaves the brand with one older and smaller R-class ship in the Oceania Insignia.

At Regent, Chidsey said the company is introducing a new suite category on its Seven Seas Explorer-class ships, reimagining and expanding entry-level suites.

“As a result, Regent will offer the largest entry-level suites in the luxury cruise industry, while also improving two important luxury metrics: space ratios and guest-to-crew ratios,” he said.

“Taken together, these actions are about making the products match the positioning, creating clearer differentiation for our guests and improving the financial performance of our luxury portfolio over time,” Chidsey said.

CFO Mark Kempa said the signed agreement for the sale of the Sirena means NCLH now expects five ships to leave the fleet over the next three years, even as it holds an orderbook of 16 vessels across its three brands.

“We are not simply adding capacity for the sake of growth,” Kempa said. “We are actively managing the portfolio to improve fleet quality, better align capacity and product offering with each brand’s positioning and support stronger returns over time.”