TUI Group said in a statement that Marella Cruises is moving to replace existing tonnage and has now confirmed slot availability for two newbuilds with Fincantieri.

“Following Sunday’s approval by TUI’s Supervisory Board and today’s confirmation of the slot avail-ability by the shipbuilder Fincantieri S.p.A, the first ship delivery is expected in financial year 2031, with the second ship expected to follow in financial year 2033,” the company said.

“The value of the order for the two new vessels will exceed €2 billion. The re-fleeting is subject to the conclusion of binding shipbuilding contracts, the availability of financing and other customary terms and conditions. The re-fleeting may take place within the current Marella ownership structure. In parallel TUI continues to explore partnership options”

The company said that the UK cruise market should grow by 9 percent year through until 2030.

“The project is anticipated to enhance Marella’s competitive position in the UK market ensuring a long-term cruise product proposition. An indicative business case calculates an EBIT of between €130m and €150m p.a. per ship and Return on Invested Capital (ROIC) of 11% to 12%,” the company said.