Lindblad Says Ships Are Coming but Won’t Say How Yet

Lindblad Expeditions is close to finalizing plans to add ships to its fleet, chief executive Natalya Leahy said on the company’s third-quarter earnings call on Tuesday. She declined to give details, asking investors to be patient, when an analyst asked whether the new capacity would come from building, buying or chartering vessels.

Until then, charters are carrying much of the growth. Leahy said the company saw mid-single-digit capacity growth this year, mostly from smarter deployment and a significant expansion of charters, and expects similar growth from its charter-expanded business going forward. She pointed to a larger Amazon program and a growing Alaska business, where the Greg Mortimer will replace two smaller ships in summer 2027.

Chief financial officer Rick Goldberg said the balance sheet leaves Lindblad well placed to pursue fleet expansion through new builds, acquisitions and charters, as well as more land acquisitions. That leaves every route open, from ordering new vessels to buying existing ones, which is why the lack of detail matters to anyone watching where the next expedition itineraries might appear.

Leahy framed the expedition market as still early in its growth. By her account, capacity has more than doubled over the past decade yet still makes up less than one percent of total cruise capacity, and Lindblad’s roughly 60,000 annual guests across eight brands represent less than 0.1 percent of travelers with the means to take such trips. Details of the fleet plan are expected to follow once the company finishes its deliberations.

Sources: Cruise Industry News, Travel Weekly