Lindblad Nears Decision on Fleet Expansion Plans
For summer 2027, the 148-passenger Greg Mortimer, operated by Aurora Expeditions, will replace two smaller vessels in Lindblad’s Alaska program.
Lindblad Expeditions is close to finalizing plans to add ships to its fleet, CEO Natalya Leahy said during the company’s November 3, 2026, third-quarter earnings call. She did not disclose whether the additional capacity would come from newbuilds, vessel purchases or charters.
The operator currently has 22 small expedition ships, including 12 owned National Geographic-branded vessels, with the remainder operated under long-term charters. Its fleet spans ocean expedition vessels, Galápagos yachts and river ships.
“We’re not ready to share yet, but we’re very close to finalizing our plans in that regard,” Leahy said in response to an analyst’s question about the expansion options. “And I just ask us all to be a little patient with that.”
Chief Financial Officer Rick Goldberg said the company’s balance sheet left it well placed to pursue fleet expansion through all three routes, alongside further land acquisitions. Neither executive identified a specific vessel or shipbuilding project.
Leahy said capacity had increased at a mid-single-digit rate this year, mainly through deployment optimization and also through a significant expansion of charter activity.
“And we will continue to see mid-single-digit capacity growth on our charter-expanded business going forward,” she said. Leahy pointed to an enlarged Amazon program and growth in Alaska as examples of the company’s charter activity.
Leahy said expedition capacity had more than doubled over the past decade but still accounted for less than 1 percent of total cruise capacity. She also cited the company’s approximately 60,000 annual guests across eight brands, saying that total represented less than 0.1 percent of global travelers with the financial means to take its journeys. “This gives us an enormous runway for growth,” Leahy said.
Lindblad’s Alaska plans include Greg Mortimer, a 2019-built vessel operated by Aurora Expeditions with a maximum passenger capacity of 148. The ship will replace two smaller vessels for summer 2027.
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