Until now, none of the four major cruise lines had invested in this niche. Only Carnival owned the Arosa for a few months after its merger with P&O-Princess, but quickly sold it in 2003. Until now, marketing and sales seemed incompatible between ships capable of carrying thousands of passengers and others with a maximum capacity of 200 guests. But Celebrity Cruises seems poised to prove otherwise.
Article from CruisesNews magazine no. 76 – March 2026
Celebrity Cruises' entry into the river cruise segment is one of the industry's biggest news stories in recent years.
In fact, Celebrity isn't the first ocean-going cruise line to venture into river cruises. Previously, other lines like Crystal, Peter Deilmann, and Sea Cloud had taken that step. But the results have always been quite modest, even for luxury cruise liners with relatively small ocean-going vessels.
However, when a river cruise line has ventured into ocean cruises, the initiative has generally been successful: Viking is the prime example, although we can also include the offerings of Scenic/Emerald Cruises, Mystic Cruises, Phoenix, or Saga. Finally, there are river cruise lines that have only made a token appearance on the oceans, such as Croisieurope or New Century.
The river cruise segment generated revenue of $1.996 billion in 2025. By 2033, it is expected to reach $5.873 billion, with an annual growth rate of 14.4% over that period.
Currently, the United States is the largest issuer of revenue, although China will experience the greatest growth between 2026 and 2033.
The river cruise market in Germany experienced record demand in 2024, with 1.39 million passengers in the 2024 season, 14% more than in 2023.
From Sea to River: A Story of Highs and Lows.
Peter Deilmann Bankrupts in 2009.
The German shipowner Peter Deilmann began offering ocean cruises in the 1960s with the Regina Maris. Then came the Berlin, his first newly built ocean-going vessel, in 1980, and his entry into river cruises in 1983. In 1998, he received the Deutschland, his first premium ship. The 2009 financial crisis led to his bankruptcy in the spring of that year. His business was based on group bookings and incentives, which simply ceased to exist due to the economic crisis. This situation particularly affected "premium" operators, and with the decline in passenger numbers, the shipping company, which operated eight river cruise ships, was able to finish the 2009 season with the help of the German government, but mortally wounded. All of its river ships were sold, including the Mozart, the largest in the world, and Deilmann's river business ceased.
However, Deilmann's only ocean-going vessel, the Deutschland, was saved and continued sailing for that shipowner until 2015. That year, Deilmann disappeared for good.
Saga, three decades of experience in river cruises.
During the 1990s, Saga began offering river cruises around Europe to its senior clientele, always using chartered tonnage. Its ocean fleet at that time consisted of second-hand vessels, such as the Saga Rose and the Saga Sapphire. In May 2014, Saga Group Ltd began trading on the London Stock Exchange as Saga PLC. With greater financial stability, this situation began to change.
On January 12, 2016, it was officially announced that Saga had signed a contract to build its first cruise ship, with an option for another, with Meyer Werft, to be delivered in 2019. It was a 55,900 GT “boutique luxury” ship, with 1,000 passengers… conceptually very similar to Viking's.
Having renewed its ocean-going fleet, it was time for the river fleet. The new river cruise ship would bring the "boutique luxury" of ocean cruises to the rivers. Saga's CEO, Robin Shaw, said at the time that they had used their experience in ocean cruising to design a river cruise ship tailored to their passengers, who desired a "boutique" cruise experience on European rivers. Thus, Saga built its first three river cruise ships: the Spirit of the Rhine, delivered in 2021, followed by the Spirit of the Danube in 2022. In 2025, the Spirit of the Moselle joined the fleet.
Since launching its first two ships, Saga has experienced steady growth in its river cruise business, attracting new customers and retaining many repeat passengers. In 2024, Saga's river division grew by 33%, with a profit exceeding £4 million.
Fred Olsen Cruises
is a century-old Norwegian cruise line known for its small, intimate ships and traditional British-style cruises. It also ventured into the river cruise market in 2018 with the Brabant. This was Fred Olsen's first river cruise ship, but it was only chartered between 2018 and 2020.
Following the pandemic, it restructured its offering, focusing on renewing its ocean fleet with larger and more modern ships, seeking to improve profitability in the face of a lack of demand during certain periods; and it abandoned the river cruise market.
Sea Cloud River
Sea Cloud Cruises entered the cruise market in 1979, offering as its main attraction the possibility of sailing on one of the most famous ships in the world: the Sea Cloud.
In the late 1990s, Sea Cloud Cruises entered a phase of expansion, both within its historical niche of super-luxury sailing ships, with the construction of the Sea Cloud II in Spain, and by entering the river cruise segment. In 1996, it took delivery of its first river vessel, the River Cloud I, from the Dutch shipyard Grave. Designed in the style of its own sailing ships, it aimed to offer a similar high-end experience on European rivers.
In 2001, it received the River Cloud II, which had only 44 cabins for a maximum of 88 passengers, served by 35 people. It also offered an exclusive seven-night itinerary on the Po River between Venice and Cremona, with stops in cities such as Ravenna, Padua, Ferrara, and Verona, and at Giuseppe Verdi's residence, Casa Verdi. It was even chartered by luxury tour operators such as Abercrombie & Kent.
However, the river cruise venture did not go well for Sea Cloud Cruises. In 2010, it sold the River Cloud I, and on December 19, 2013, Sea Cloud announced its withdrawal from river cruising. The cruise line cited increasing competition in that market as the primary reason for its decision, as well as its strategic resolve to focus on its core niche, sailing, by operating its luxurious Sea Cloud and Sea Cloud II vessels. While many river cruise companies were expanding, Sea Cloud determined that its sailing cruise ships offered a better and unique position in the market.
Sea Cloud believed its popular ocean-going sailing cruises offered a unique niche, allowing it to compete effectively in the ocean cruise market. However, it also indicated that emphasizing the high standards of quality aboard the River Cloud II in the saturated river cruise market had become unsustainable. Thus, in 2014, the River Cloud II was sold.
Sea Cloud's exit from the river cruise market was a real disappointment. But it also raised a troubling question at the time about river cruises: is there a place in that market for ultra-luxury vessels?
Crystal
River Cruises. Their idea was to redefine luxury on European rivers with "river yachts," offering only balcony suites, butler service, exceptional cuisine, and more.
The first river yacht was the Crystal Mozart. After its purchase in 2015, it was redesigned to become the most spacious ship on European rivers, even offering two-bedroom suites. Following this vessel, four more arrived: the Crystal Bach, Crystal Debussy, Crystal Mahler, and Crystal Ravel, between 2017 and 2018. Crystal River Cruise went on to win the "Best River Cruise Line" award at several industry awards, thanks to its personalized experience and all-inclusive amenities.
The then-president of Crystal Cruises, Edie Rodriguez, described its design as similar to that of a yacht, emphasizing Crystal's butler service for each suite, its king-size beds overlooking panoramic verandas, dressing rooms, etc. Other attractions included the same restaurants as on the ocean fleet: the elegant Waterside, the Bistro cafes, the Vintage Room, Palm Court, etc.
Following the insolvency of Genting Hong Kong, the Crystal brand was sold to A&K Travel Group in 2022. Although ocean-going vessels resumed sailing under that brand in 2023, the river ships were sold around that time to Riverside, marking the end of the Crystal brand on European rivers.
Another victim of the pandemic was Vantage Deluxe World Travel, which went bankrupt in 2023. This operator was founded in 1983, offering a premium product to its American clientele, providing several river cruise ships in Europe, as well as two expedition ships: the Ocean Explorer and the Ocean Odyssey. After its bankruptcy, the brand was acquired by Aurora Expeditions, which showed no interest in river cruises and withdrew from that market.
From river to sea, a succession of successes
Scenic/Emerald Cruises
Scenic Luxury Cruises & Tours was founded in 1986 by Australian entrepreneur Glen Moroney, initially operating tours before expanding into luxury river cruises in Europe in 2008.
Scenic was organizing coach tours and chartering ships to other cruise lines like Viking and Avalon Waterways when one of its European directors encouraged Moroney to invest in river cruise ships. The decisive moment came in 2007: Moroney decided to build his own ships, designed according to his own vision: suites with balconies, luxury finishes, and a wide range of dining options, all under the "Spaceships" concept. Under the name Scenic Cruises, he launched his own fleet on Europe's major rivers in 2008.
These ships defied previous design conventions and were among the first to be built up to 135 meters, with balconies and more space for the bar, lounge and even a second restaurant.
Over the following years, the fleet of spaceships continued to grow, as did the destinations they offered, reaching the Seine, Saône, and Rhône rivers in France and the Douro River in Portugal. In 2014, Scenic announced its expansion into Southeast Asia with the launch of Scenic Spirit on the Mekong River and Scenic Aura on the Irrawaddy River in Myanmar.
In 2019, the company launched its first ocean-going vessel, the Scenic Eclipse, which was classified as a “Discovery yacht.” Its sister ship, the Scenic Eclipse II, entered service in 2023, and a third, larger vessel, the Scenic Ikon, for only 270 passengers, is scheduled to arrive in 2028.
In addition, in 2013 Glen Moroney launched Emerald as a division of Scenic Group; and it began operating in 2014 as Emerald Waterways with its first vessel, the Emerald Sky, with the ambition of offering premium, high-value river cruises in Europe. Known for its modern "Star-Ships," the brand expanded to the Mekong River in 2019. In 2020, it underwent a rebranding and became Emerald Cruises as a prelude to its leap into the oceans. Its first ocean yacht, the Emerald Azzurra, arrived in 2022, offering a capacity of only 100 passengers, again seeking to recreate the ambiance of the brand's river vessels.
Emerald increased its yacht fleet with the Emerald Sakara in 2023. Between 2026 and 2027, three more yachts will be added, all with a capacity of around 130 passengers.
Today, the Scenic group has two cruise lines offering both ocean and river cruises. On the one hand, there are the all-inclusive, high-end luxury Scenic cruises. On the other, Emerald is an "upper premium" product geared towards a younger, more active cruiser, with included excursions and numerous onboard activities.
Viking River Cruises
is undoubtedly the quintessential cruise line with a mixed ocean and river fleet. It was founded in 1997 in Russia by Torstein Hagen, who purchased four ex-Soviet river cruise ships and began offering cruises on the Russian river network, which continued until the invasion of Ukraine.
After establishing its headquarters in Zurich, it began operating more river cruise ships, which it marketed through major European tour operators.
The year 2000 was a pivotal one for Viking. First, it acquired the German river cruise line KD in March. This purchase provided Viking with additional capacity, bringing its fleet to 26 ships, as well as preferential berthing rights in several European cities. Furthermore, Viking opened a branch in the United States and began investing in advertising and marketing in the American market.
That expansion slowed after 9/11, although that situation allowed Viking to gradually build a powerful sales and marketing team, which strengthened its US distribution. At the same time, they were selling directly to consumers.
This direct marketing push was expensive. Hagen claimed to have invested £1.5 billion by 2019. But it had three main benefits:
– A higher proportion of direct sales, reducing commissions.
– Viking became the benchmark brand for river cruises.
– They could directly stimulate demand when a ship needed to be filled.
During this period (the first decade of the 21st century), Viking also adapted to American tastes, dedicating half of its river fleet to the English-speaking market. They were also very specific about their target audience: mature, well-traveled, and curious couples. Today, more than 50% of Americans who enjoy a river cruise do so with Viking.
But Viking hadn't yet scaled up. In 2012, it only had 29 vessels, all riverboats. At that point, it dedicated all its efforts to designing a riverboat that would incorporate all the lessons learned from those early years. Thus, in 2011, a new riverboat prototype, the "Longship," was born, mass-produced by a single shipyard, Neptun Werft, part of the German Meyer Group. In 2012, they launched six identical boats; in 2013, ten; in 2014, sixteen, and so on. Viking even earned a Guinness World Record for its multiple ship christenings. And the fleet continues to grow: five "Longship" boats were delivered last year, and Neptun will deliver another five in 2026.
These ships were a success because they offered balconies in 75% of the cabins; because of their minimalist design; and because of their efficient use of space, which allowed them to increase their capacity to 190 passengers.
In 2013, Viking surprised the industry by announcing the creation of an ocean-going cruise division. To build its offshore fleet, it followed the same strategy: a single prototype, the Viking Star, delivered in 2015, with a capacity limited to just 930 passengers, and then repeated up to 22 times (the last delivery in the series is scheduled for 2031), always built at a single shipyard, Fincantieri, in Ancona.
Once again, the strategy worked: Viking began building one ocean-going ship per year. Today it has 12, with 10 more on the way. Assuming they are all built, by 2032 Viking will be larger than Oceania, Azamara, Seabourn, and Silversea Cruises (the rest of its upper premium and luxury competitors) combined.
In addition, Viking has ventured into other projects: it was the first "upper premium" cruise line to enter the Chinese market with a ship whose flag, crew, and cuisine were fully adapted to that market. It also entered the expedition cruise market in 2021 with two ships designed for polar destinations and the Great Lakes of North America. In the river cruise sector, it launched its first North American river cruise in 2022. It also introduced new river vessels to Egypt and Southeast Asia.
Viking markets the destination as a focal point, with included excursions, a tranquil atmosphere, and no casinos. With over one hundred ocean and river cruise ships, it continues to expand across all segments, with new ocean ships already confirmed and the potential for further growth outside of Europe. Furthermore, its initial public offering (IPO) in May 2024 provided additional financial resources to fund its ongoing expansion, with a market capitalization of $33.34 billion. By 2025, Viking held a 52% market share in the U.S. river cruise market and a 24% share in the upper-premium/luxury ocean cruise segment.
Nicko Tours and Mystic Cruises:
In 1992, Ekkehard Beller founded Nicko Tours, which initially specialized, like Viking, in Volga River cruises for the German tour operator. It later expanded to other European rivers. Nicko Tours was acquired in early 2013 by a Swiss fund for €100 million. The change in direction proved disastrous; it also had to contend with Russia's first invasion of Crimea, which led to the suspension of cruises in Ukraine, and with low water levels on European rivers in the summer of 2013. Financial results worsened, and the company filed for bankruptcy in 2015. Its market value plummeted, but its business potential remained intact.
After a court-ordered sale with more than ten bidders in 2015, it was acquired by Mystic Invest, the holding company of Portuguese businessman Mario Ferreira, who already owned the cruise line Douro Azul. It was a risky bet, since Nicko operated a fleet of 32 ships on rivers around the world, with a turnover of 115 million, three times that of Douro Azul, which operated only on the Douro River, with 10 ships.
Rebranded as Nicko Cruises, it relaunched in all the destinations it previously served. In addition, in 2019, it entered the ocean cruise market with the World Explorer, an expedition ship built in Portugal. This product ultimately failed to gain traction due to the saturated German expedition market, and Nicko Cruises shifted its focus to "slow cruising" after acquiring the Vasco da Gama at a bargain price following C&M Voyages' withdrawal due to the pandemic. The World Explorer was launched in 2021.
The “slow cruise” offers passengers plenty of time to explore all the destinations they visit, on a spacious ship, in a tranquil environment, offering a relaxing experience.
Mystic Invest Holding is the parent company of Mystic Cruises, Nicko Cruises, Douro Azul, and Atlas Ocean Voyages. It is a private Portuguese financial holding company whose history dates back to 1993, when entrepreneur Mario Ferreira founded Ferreira & Rayford Turismo with the riverboat Vista Douro. In 1996, the Douro Azul river cruise brand was created when Ferreira acquired the ships Princesa do Douro and Alto Douro. Currently, Douro Azul operates a fleet of 13 vessels.
Mystic Cruises was an ocean cruise brand that also belonged to Mystic Invest Holding. It built five expedition ships in Viana do Castelo, though it has sold two of them to Windstar. In 2019, Mystic Cruises announced its transformation into Atlas Ocean Voyages and has just announced the construction of a sailing exploration vessel in China.
Phoenix Reisen
is a cruise line dedicated exclusively to the German market. Founded in 1973 to sell land tours of Europe, it began offering ocean cruises in 1988 with the Maxim Gorkiy, providing a traditional product based on long cruises with unique itineraries.
In 1993, it chartered a second ocean-going vessel, the Albatros; and currently has a fleet of four ships in this segment. That same year, the shipping company also expanded into European river cruises under its brand, operating riverboats on time-charter terms from other shipowners.
The German company is now a major operator, offering diverse itineraries on the Rhine, the Danube, and in Asia, with a modern fleet of owned and chartered riverboats. It operates a river fleet of around 30 vessels, both owned and chartered. Initially, its river cruises were basic, using relatively old ships.
Currently, its own fleet (whose ships are always named after women beginning with the letter A) offers modern ships, mostly equipped with cabins with balconies, and even an alternative restaurant.
After more than thirty years of offering ocean and river cruises, Phoenix is a clear example of success in combining both segments under the same brand.
Plantours, another German operator, has a very similar profile to Phoenix, although on a smaller scale. It offers a fleet consisting of an ocean-going vessel, the Hamburg, with a maximum capacity of 400 passengers; four river vessels in Europe; and another on the Mekong.
In 2014 (the year Sea Cloud left river cruises), TUI reduced its river cruise offering to seven ships due to low occupancy, removing the luxurious TUI Queen from the program. A year later, it scrapped the rest of its fleet .
However, the entry of operators such as Viking or Emerald, and the growth of river cruises, meant the return of the German giant to the rivers of Europe.
In 2021, TUI resumed river cruises with the launch of the first of its three adults-only ships, following an 18-month delay caused by the pandemic. The TUI Maya was the first ship in the TUI River Cruises fleet, followed by the TUI Skyla in late 2021 and the TUI Isla in 2022.
Celebrity River Cruises:
In early 2025, Celebrity Cruises announced its entry into the river cruise market with the creation of Celebrity River Cruises and an order for 10 river cruise ships. The first two will sail in 2027 and the rest in 2028, cruising European rivers. Even before any of these first ten ships had set sail, last January, Celebrity River Cruises placed an order for another ten cruise ships, bringing its fleet to 20 vessels by 2031.
The first two ships, Celebrity Compass and Celebrity Seeker, will set sail in 2027, following their delivery by the Dutch shipyard TeamCo
In 2028 there will be 5 Celebrity ships, sailing along the Rhine, the Danube, and the canals of the Netherlands, offering 160 cruises to 50 destinations in Europe, with an 80% increase over the previous year.
Royal Caribbean Group CEO Jason Liberty stated that “demand from Celebrity River Cruises travelers has exceeded our expectations, and expanding the fleet allows us to bring this highly anticipated experience to even more travelers.” In fact, the 2027 season sold out completely in 6 minutes.
The Celebrity Compass prototype is a relatively conventional river cruise ship in its layout, although, in keeping with the innovative spirit of its ocean-going fleet, it features some novelties. It has four decks and 86 cabins. Of these, only 16 have windows, 31 have French balconies, and the rest have conventional balconies. But four of these have skylights, a very Celebrity innovation. Regarding public spaces, it offers a swimming pool aft, a spacious outdoor deck with a bar and barbecue forward, and venues such as the Sunset Bar, the Martini Bar, and Café al Bacio, which can be found on Celebrity's ocean-going ships. It will undoubtedly be a notable competitor to Viking's Longships in the US-European river cruise market, as these are not currently sold in Europe. By 2031, the river cruise division is expected to rank among the largest operators in Europe in terms of fleet size.
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