Cruise ship building prices are high enough to not meet the return requirement. Even the mighty Carnival Corporation (the largest cruise company in the world) puts its ship building plans on hold. Royal Caribbean is one of the few companies continuing to place orders for new ships - and not any ships, but the ever largest, the most innovative, the most expensive in the world. Still, most passenger ship lines are trying to keep their current fleet fresh and good looking. Two of the best examples are Holland America with its $450 million SOE program for ship renovations, and Carnival investing over $250 million to fully refit and refurbish 8 of its oldest vessels.