World’s largest cruise ship firm Carnival Corporation (NYSE/LSE: CCL; NYSE: CUK) has introduced a memo of settlement signed with Italian shipbuilder Fincantieri for the development of 4 new cruise ships for supply by 2020.

Two of the 4 new ships shall be constructed for Costa Asia for deployment in China, with the 2 others going to P&O Cruises Australia and Princess Cruises, Carnival Corp. revealed Wednesday. All 4 new ships shall be constructed by Fincantieri on the firm’s shipyards in Monfalcone and Marghera, Italy, with supply anticipated in 2019 and 2020.

Final contracts are anticipated in 2016, Carnival stated.

Including the brand new settlement, Carnival Corporation now has 17 new ships scheduled to be delivered between 2016 and 2020.

The two new 135,500-ton ships for Costa Asia and one new ship for P&O Cruises Australia will carry 4,200 passengers. The ship for Princess Cruises, at 143,700-tons, will carry 3,560 passengers. It would be the model’s fourth “Royal Princess” class vessel.

The settlement for the brand new ships comes on the heels of a strategic partnership between Carnival Corp. and Fincantieri introduced in March 2015 that requires the design and development of 5 ships on the Fincantieri shipyards. At the identical time, Carnival additionally entered right into a strategic partnership with Germany’s Meyer Werft for development of 4 cruise ships at its shipyards in Papenburg, Germany, and Turku, Finland.

“We will deliver on our fleet enhancement plan with the construction of these four new, exciting ships that are consistent with our long-term strategy of measured capacity growth over time,” stated Arnold Donald, CEO of Carnival Corporation. “These ships will be great additions to our fleet that support our goal to exceed guest expectations and create great vacation memories for each guest onboard our ships. These strategic investments in new ships that wow our guests are an important part of our measured growth strategy, which includes replacing less efficient ships with newer, larger and more efficient vessels over a very specific period of time.”

“The signing of this agreement happens during a real and beyond all expectations boom of the cruise sector,” stated Giuseppe Bono, CEO of Fincantieri. “This announcement confirms – once again – the effectiveness of our strategy: with these projects we ensure continuity and development for our company, and we also further strengthen our already consolidated partnership with the Carnival group.”