Shipbuilding business on the “Icons.” Meyer Turku will receive $2.3 billion annually.
Fot. Meyer Turku
By A cruise ship will sail from the Turku shipyard every year, generating revenues of $2.3 billion. In 2025, Meyer Turku and Royal Caribbean Group signed a long-term framework agreement securing Royal Caribbean’s contracts for the construction of cruise ships at the Turku shipyard until 2036, according to Meyer Turku management in its “Annual Report 2025.”
This is the shipyard’s first annual report. Its management emphasizes that “The publication of our first annual report further strengthens transparency and positions us as an independent company. Our progress reflects the expertise, innovation, and commitment of Meyer Turku employees and partners.” The shipyard directly employs 2,347 people in production and its organization, including 446 women.
In 2025, the share of office workers was 60%, and production workers 40%. The share of office workers increased by 2% compared to the previous year (2024: 58% office workers, 42% production workers). This change reflects the trend in employment structure, which is toward a relative increase in the number of specialist and design positions.
The Report emphasizes that “Their expertise—from naval architecture and automation, to new fuels, energy efficiency, and advanced steel structures—is the foundation of shipyard competitiveness. Continuous development of skills and cooperation with universities and vocational training institutions will remain crucial.”
Meyer Turku’s financial results. Source: Meyer Turku “Annual Report 2025”.
Shipyard Donations Professors
That’s not all. Meyer Turku is investing in creating a knowledge environment. The shipyard will make a donation of €800,000 to Aalto University. With this donation, Aalto University will establish a five-year professorship program. The goal is “to accelerate the development of maritime technologies and ensure access to expertise in this field in Finland. This new donation is part of Meyer Turku’s extensive collaboration with educational and research institutions,” the press release emphasizes.
Previously, the professorship program funded a chair in mechanical engineering, launched at the University of Turku in 2021. In this way, the shipyard directly “strengthened the region’s technical competences and responded to the specific needs of companies.”
The new program will be funded by the Professor of Practice in Interdisciplinary Naval Architecture at Aalto University. The shipyard will allocate funds for studies that will combine technology and shipbuilding engineering with economics, finance, contract law, architecture, and design.
Meyer Turku explains that “The goal is the holistic development of shipbuilding and strengthening cooperation between science and industry. This interdisciplinary approach supports the renewal of the maritime industry and responds to the sector’s growing demand for competent employees.” Recruitment for the five-year Professor of Practice program will begin in 2026.
Icons in Options
The cooperation agreement also includes an option for Icon 7. This complements the previously announced agreement for Icon 6. Plans call for three ships to be built at the shipyard. One Icon series ship will depart Meyer Turku dock annually, generating approximately $2.3 billion in revenue.
“The recovering cruise market, execution discipline, and the ability to deliver large, complex ships translated into improved results: revenue reached €2.1 billion (+17.2% year-on-year), and adjusted operating profit before interest and tax (EBIT) reached €105.1 million (5.0% compared to 4.2% in 2024),” wrote Casimir Lindholm, CEO of Meyer Turku, in the introduction to the 2025 Annual Report.
Lindholm emphasizes that the Finnish shipyard has “a strong order book, an updated financing model, and a focus on consistent execution, which provides a solid foundation for long-term growth.” More than 20 years ago, the Turku shipyard was facing difficult times. It was struggling to find its place and secure contracts in the international shipbuilding market.
Meyer Turku shipyard area. Source: Meyer Turku “Annual Report 2025”.
Ownership Changes
The German shipbuilding family Meyer (owner of Meyer Werft) acquired the Turku shipyard in Finland in 2014 from STX Europe. Initially, a 70% stake was purchased. The Finnish government joined the shipyard’s rescue with a 30% stake. In April 2015, Meyer exercised its call option and purchased the government’s 30% stake. This made the Meyer family the owner of the Meyer Turku shipyard.
Recently, the federal and state governments were required to recapitalize the struggling Meyer Werft. The Papenburg shipyard received significant financial support in September 2024. The federal government and the state of Lower Saxony jointly acquired approximately 80% of the shares in Meyer Werft and invested €400 million. Both institutions also provided guarantees of approximately €1 billion each. The purpose was to finance ongoing contracts and stabilize the shipyard.
The Turku shipyard, on the other hand, performed well in the market. Turku designs and builds complex passenger ships. Meyer Turku was also affected by the changes in the ownership structure of some former companies that took place at the end of 2024. 2025 demonstrated that Meyer Turku’s management had managed organizationally and ensured production within the new corporate framework. This was reflected in “strengthened independent management and limited internal connections with other business areas,” explains the shipyard’s management in its “Annual Report 2025.”
Under New Structures
The operations of the Finnish facility had to be adapted to new ownership conditions, a leaner structure, and a new organizational framework. “Over the course of the year, Meyer Turku updated its long-term strategy, striving to become a financially stronger and more competitive, independent company,” writes Casimir Lindholm, CEO.
The new structures necessitated “stronger management, including the introduction of an external Board of Directors, more transparent decision-making, and greater transparency.” Lindholm emphasizes that these principles “guide our process of setting priorities, developing competencies, investing in the shipyard, and implementing complex projects.”
Thanks to private contracts and government procurement, the situation in Turku has stabilized. In July 2025, Meyer Turku delivered Star of the Seas, the second Icon-class ship for Royal Caribbean. “The delivery was completed with greater efficiency than during the prototype phase, marking an important milestone in the Icon program,” notes the Meyer Turku management board.
CRIST for Meyer Turku
Progress is visible on Icon 3, Icon 4, and Icon 5. Preparation work for the start of production of Icon 5 (delivery in 2028) was completed in 2025, and construction formally began in early 2026.
It is important to note that CRIST is contributing to the production of innovative passenger vessels. Hull sections for the Meyer Turku NB-1402 ICON 3 were built at the Gdynia shipyard. A 94×48×15 m block for the ICON 3 machinery deck was built in Gdynia. The completed structure will weigh approximately 5,200 tons. The block will be equipped to be incorporated into the passenger ship’s structure. The equipment weight is estimated at approximately 2,500 tons. Two LNG fuel tanks with cooling and power systems are installed in the block. The block’s delivery is scheduled for the end of 2024.
Multipurpose patrol vessels will be produced in 2025 and this year. Meyer Turku is producing for the Finnish Border Guard. Shipyard work includes the construction of two complete multipurpose patrol vessels.
Cruise Portfolio
The shipyard’s management is most proud of its unique and unprecedented order portfolio. In 2025, Meyer Turku and Royal Caribbean Group signed a long-term framework agreement with Royal Caribbean. The contract stipulates the construction of additional passenger ships at the Turku shipyard until 2036.
Meyer Turku’s management emphasizes that the shipyard is the nucleus of a maritime cluster that “focuses on long-term partnerships with customers, disciplined project implementation, and the continuous development of its industrial capabilities.” The shipyard combines tradition with the introduction of new technologies and innovative technical and organizational solutions. The cluster prioritizes “close collaboration with suppliers, research institutions, and educational partners.”
The shipyard’s management emphasizes that “through its activities, Meyer Turku contributes to the competitiveness of the Finnish industry, employment, and technological development, while playing an active role in shaping the future of sustainable cruise ship construction.”
To strengthen its competitive position, the shipyard is continuously working on the sustainable development of production processes and new ships. Work has been intensified on the NEcOLEAP program, a project to implement the net-zero emission cruise ship concept. Previous initiatives have already led to a reduction of Scope 2 emissions to zero.
The company has also launched a four-year investment program. Investments worth €150 million will ensure further modernization of the shipyard. It is expected to increase processing capacity and improve productivity. Among other things, a new Meyer Turku headquarters will be built. Office and design facilities worth approximately €40 million will be constructed within the Blue Industry Park. Construction is scheduled to begin in the summer of 2026, with completion in early 2028.
Source: Meyer Turku „Raport Roczny 2025”.