Nor Cruises Signs Deal for Up to Five New Ships

Nor Cruises has signed a memorandum of understanding for up to five new cruise ships. The deal, announced at the SMM Hamburg trade fair, is for two firm ships plus three options.

If finalized, the agreement would see Shanghai Waigaoqiao Shipbuilding, a subsidiary of the China State Shipbuilding Corporation (CSSC), construct the 82,000-ton vessels. According to a report in the South China Morning Post, the newbuilds would adopt designs from the Italian shipbuilder Fincantieri. This potential order would represent the first large-ship contract from a foreign company for CSSC.

Company Background and Financing

Corporate records show Nor Cruises AS was incorporated in early 2023 and is based at a shared office space near Oslo, Norway. Originally founded as Venera Nor AS, the company describes itself as offering maritime technical and project consultancy.

The company's 2025 financial filings state its purpose is to build a cruise ship but acknowledge the need to raise capital first. To date, the company has raised limited funds. Its 2025 accounts show $1.4 million raised alongside $180,000 in shareholder loans. So far in 2026, it has raised a further $310,000 with $100,000 in loans.

The board cites difficulties in raising money in the Middle East due to local circumstances but believes the situation is improving. They express confidence in securing the remaining necessary financing through equity or convertible loans soon.

Leadership and Structure

According to corporate registration data, the Norwegian company has no registered employees. It lists Terje Berg Adolfsen as general manager and Knut Christian Abrahamsen as chair of the board. Other board members include Svein Eloff Pedersen, Kjetil Bogstad, and Ronny Bjørnådal.

Adolfsen's LinkedIn profile identifies him as CEO, having previously served as COO since 2018. Pedersen's profile lists him as CTO since 2018 and based in Dubai. The source notes that requests for comment sent to Adolfsen and Pedersen were not immediately returned. Both executives are described as having decades of experience in the maritime industry, primarily with Norwegian companies in insurance, ship management, and offshore sectors.

CSSC's Broader Cruise Ambitions

The deal with Nor Cruises is part of a broader push by the Chinese state-owned shipbuilder into the cruise market. CSSC is also moving forward with an order from Adora Cruises, which announced plans earlier this year to build two large cruise ships in China, as reported by Cruise Industry News.

The South China Morning Post further reported that CSSC is in contact with other potential clients. These include Resorts World Cruises, the operator of the StarDream Cruises brand.