Order of the Icon 6 and Icon 7 cruise ships ensure the continuity of Finland’s maritime industry – Juuso Heinilä: “The sustainable financing model is well established, and progress is positive”

Royal Caribbean Group (RCG) has announced its plans to order the Icon 6 and Icon 7 vessels from Meyer Turku Shipyard. The ships are scheduled for delivery in 2029 and 2030. The planned shipbuilding projects send a positive signal for Finland and for the continuity of the Finnish maritime industry as a whole. They reflect a strengthened outlook across the entire sector, extending from shipping companies to shipyards and the wider maritime industry ecosystem. The execution of vessel projects generally requires financing arrangements, in which an established and sustainable financing model has been built regarding the recent Icon Class vessels, says Juuso Heinilä, CEO at Finnvera.

According to Juuso Heinilä, the financing arrangements are fundamental to the execution of vessel projects. The plan regarding Icon 7 is still subject to financing. The progress of the projects requires sustainable and viable financing solutions, and Finnvera will continue its close cooperation with the shipyard and RCG to negotiate financially sustainable financing arrangements.

“Building a sustainable financing model has required significant effort, but we have found a way to structure the financing in a balanced manner together with other financiers so that the overall risk remains under control. This operating model has been successfully established in the financing of the most recent Icon Class vessels, and the progress is positive, at the moment”, Heinilä says. 

Cooperation between the different parties is essential to ensure that financing solutions support both industrial competitiveness and prudent risk management. 

“The goal is to ensure that ships can continue to be built in Finland responsibly and on a long-term basis also in the future,” Heinilä says.

At the end of 2025, the cruise shipping sector accounted for slightly over half of Finnvera’s total exposure of EUR 25.2 billion. Finnvera’s financing is provided on a commercial basis, and customers pay a guarantee fee for it. The long‑term self‑sustainability required of Finnvera has been achieved.

Overall outlook for the entire sector has clearly strengthened

According to Juuso Heinilä, the announcement is a significant message for the Finnish economy and the industrial expertise.

“The strengthened outlook for the shipbuilding and shipyard sector is good news for Finland. The maritime industry is one of Finland’s key export sectors, and its development has a broad impact on employment, investments, and industrial competitiveness. As a result of cruise ship and icebreaker orders, thousands of new jobs will be created in the shipyard industry in the coming years. Projects of this kind support the entire value chain, from shipping companies to shipyards and subcontractors, with impacts extending to the service sector,” Heinilä says.

In recent years, the operating environment of the maritime industry has become more stable, which is reflected in the improved outlook for the sector.

“The overall picture of the entire industry has clearly strengthened. The financial position of shipping companies has improved, creating better conditions for new investments and for the long-term development of capacity. This lays the foundation for new projects and long-term development in Finland,” Heinilä notes.

Further information:

Juuso Heinilä, CEO, Finnvera, tel. +358 29 460 2576