We've been conditioned to believe the newest cruise ships are the best cruise ships and when Royal Caribbean announced earlier this year its new class of cruise ships they have ordered, dubbed Project Sunshine, many of us got excited for what we could see someday.

FoxBusiness wrote a piece about how the next generation of cruise ships, such as Royal Caribbean's Project Sunshine, will be different than previous classes of cruise ships because these ships are being developed to be "optimized for the new economic reality".

Ships like Project Sunshine will carry substantially more passengers per square foot so that the ship can have optimal fuel efficiency and get a greater return on investment per passenger.

To put this in perspective, the Project Sunshine ship will be a 158,000-ton ship that will hold 4,100 passengers.  If we compare that to a different Royal Caribbean cruise ship of similar size, such as Freedom of the Seas, Freedom is 160,000 gross tons but only carries 3,634 passengers.

While details on Project Sunshine are still scarce, one thing is for certain: you will see a lot more passengers on the ship than you may have thought.

Royal Caribbean has secured the necessary funds for it's next class of ships, dubbed "Project Sunshine".  According to cruise industry expert Stewart Chiron, Royal Caribbean has secured $779.35 million.

For the price, Royal Caribbean will receive a ship that will weigh in at 158,000 tons and accommodate 4,100 passengers. 

The Project Sunshine ships will be built  with German shipyard Meyer Werft, with whom Royal Caribbean has a formal agreement already.  The first ship should be delivered in 2014. The agreement also allows for an option for a second ship for delivery in spring 2015.

Royal Caribbean Adam Goldstein outlined some new details about the new class of Royal Caribbean ships that is on order in a recent blog entry.  While Goldstein can't divulge details about the ship quite yet, he did clue us into the process they are engaged in that will bring Royal Caribbean its next new ships in about 3 years.

Royal Caribbean has a department that specializes in these new ship designs called "Fleet Design & Newbuild", although Goldstein notes that is more commonly referred to as simply "Newbuild".  Newbuild is also involved in ship upgrades, such as the one that is going on right now for Radiance of the Seas.

The new Project Sunshine class ship design is being headed up by Executive VP Harri Kulovaara and chief designer Kelly Gonzalez.

The design process involves the Operations, Marketing and Executive Steering committee divisions of Royal Caribbean.  The Executive Steering committee is made up of Adam Goldstein, Royal Caribbean Chairman Richard Fain and Harri Kulovaara.  They meet once a month for a day to go over "critical aspects of the project".  The executive steering  committee normally meet in Miami, but for the May meeting, they flew out to Germany to the Meyerwerft shipyard for a meeting there.

Goldstein reiterated that Project Sunshine should be ready sometime in 2014.

After announcing a new class of cruise ships last month, Royal Caribbean signed an agreement with German shipyard Meyer Werft to build them.  Previously the two companies had  signed a letter of intent but Royal Caribbean has now signed an agreement that will solidify the deal.

The new class of ships, called "Project Sunshine", will be a 4,100 passenger ship that is scheduled to be delivered in the fall of 2014.  The agreement also allows for an option for a second ship for delivery in spring 2015.

Royal Caribbean has signed a letter of intent with German shipyard Meyer Werft to build the cruise line its newest ship, a 4,100-passenger, 158,000-ton ship with an expected delivery of fall 2014.

The order is for one ship with the option of a second ship that would be delivered for Spring 2015.

"This next generation will not disappoint," said Richard Fain, chairman and CEO of Royal Caribbean's parent company Royal Caribbean' Cruises, Ltd., in a statement. "It will offer features for everyone," Fain said. "From grand, spectacular spaces to small intimate settings; from active, invigorating activities to the serenity of more personal space; and from a plethora of dining alternatives to a cornucopia of opportunities for families."

The new ship class is being called "Project Sunshine" until a formal name for the new class is decided upon.  

This new ship will be the first of a new class, although its size is very similar to the Freedom Class ships, which are slightly larger (158,000 tons for Project Sunshine vs 160,000 tons for Freedom).

Royal Caribbean Cruises, Ltd. has signed a letter of intent with shipyard Meyer Werft to build the first of a new generation of Royal Caribbean International cruise ships. Developed under the code-name "Project Sunshine," the new vessel design incorporates new and exciting features that take advantage of the best of Royal Caribbean's experience and imagination. The project is a result of over a year of dedicated research and development.

The order calls for one ship to be delivered in the Fall of 2014 with an option for a second ship for Spring 2015. The 158,000 Gross Registered Tons (GRT) new build will carry just over 4,100 guests based on double occupancy. The estimated all-in cost per berth is about euro 170,000. This all-in cost includes the yard's base contract price plus everything needed to design, operate and build the vessel, from architect fees to supervision costs and all loose inventories from computers to art and bed linens.

"Royal Caribbean has worked hard to earn a reputation of offering the most innovative ships in the cruise industry and this next generation will not disappoint," said Richard D. Fain, Chairman and CEO of Royal Caribbean Cruises, Ltd. "While we continue our policy of keeping our newest ideas and features under wraps during the early stages of construction, I can say that I am very excited about the passion and imagination that our teams have devoted to the project. Project Sunshine builds on the best ideas of our existing ships and adds exciting new activities and entertainment concepts. It will offer features for everyone: from grand, spectacular spaces to small intimate settings; from active, invigorating activities to the serenity of more personal space; and from a plethora of dining alternatives to a cornucopia of opportunities for families. I am also excited about the energy efficiency and environmental technologies which have been incorporated. Our existing ships are some of the most energy efficient in the world and Project Sunshine takes this one further step. Based on our over 20 years of experience with Meyer Werft, along with their compelling proposal, we know they will deliver on all of the innovations Royal Caribbean's guests have come to expect."

"Meyer Werft is pleased to be working with Royal Caribbean especially in light of their reputation for building such innovative ships. I am very happy we are continuing our long time partnership with Royal Caribbean Cruises Ltd. and its brand Royal Caribbean International. Their projects always present incredible opportunities for Meyer Werft to create the latest cutting edge hardware in the cruise industry," said Bernard Meyer, managing partner of Meyer Werft shipyard.

The letter of intent is subject to customary conditions being satisfactorily met.  

In a conference call with investors, Royal Caribbean Chariman and CEO Richard Fain confirmed rumors that Royal Caribbean may be ready to look to building a new ship.

During the call, Fain thinks now may be the time to look at building a new ship, "We feel time may now be right for such a move."  In addition, a new ship would be a new class of ship, meaning it would not be another Oasis class ship or any other pre-existing Royal Caribbean ship class.

There's no timetable yet for placing an order, and Fain added in the short term, Royal Caribbean is focusing on current hardware revitalization, which means they will enhance current ships.  Fain called the program "Oasis-sizing", where they take features from Oasis and Allure of the Seas and roll them out to older ships.  This program was announced earlier this year and will add new features to older ships such as Radiance of the Seas, Splendour of the Seas, Liberty of the Seas and Freedom of the Seas.

UPDATE: (10:30am) Royal Caribbean Chariman and CEO Richard Fain added during a question and answer session that they will remain tight lipped about the new ship, but confirmed the ship will be a Royal Caribbean brand ship and based on the company's previous history of ordering ships for a new class, will likely start with one ship and then add more ships based on that class afterwards

Danske Markets, a brokerage house, believes that Royal Caribbean will increase the fleet in the future. "We believe Royal Caribbean will announce new ship orders until the spring of 2011", writes in an analysis broker comment.

In his bullish scenario they see that Royal Caribbean ordering new vessels in line with recent market order.

"We believe the price of new ship orders may represent a significant share price trigger as Royal Caribbean's ROIC (return on invested capital) is sensitive for new construction investment in the longer term", writes Danske Markets.