Nor Cruises signs MoU with Chinese shipyard for luxury vessels

Norwegian startup Nor Cruises has signed a Memorandum of Understanding (MoU) with Shanghai Waigaoqiao Shipbuilding to enter the luxury cruise market. The agreement, signed at the SMM maritime trade fair in Hamburg, outlines the construction of two large cruise ships, with options for three additional units.

The planned vessels are expected to be approximately 80,000 to 84,000 gross register tons (GRT) and will feature an all-suite configuration to target the high-margin luxury niche. The design is based on an adapted platform from the Italian shipbuilder Fincantieri. To improve sustainability, the company plans to use a propulsion system combining liquefied natural gas (LNG) engines with large-scale battery storage systems for electric operation during port stays or low-speed transit.

If finalized, this would represent a significant milestone for the China State Shipbuilding Corp. (CSSC) as its first major cruise ship order from a foreign entity. While the MoU is a preliminary step, a binding construction contract has not yet been signed, as technical specifications and financing structures remain under negotiation. Nor Cruises, led by CEO Terje Berg Adolfsen, is exploring various funding options, including equity and convertible bonds, following difficulties in securing financing from the Middle East.