Lindblad Expeditions CEO Natalya Leahy said the right time for the company to grow its capacity is now, speaking on the company’s fourth quarter and year-end earnings call on Thursday morning.

She said the wait for a newbuild ship, if ordered now, would be about four years.

“We are looking at acquisitions of ships and newbuilds,” she said.

She noted that the selling cycle for cruises on a new vessel typically begins around three years before delivery, meaning Lindblad would start publishing itineraries and taking deposits well ahead of the ship entering service, generating revenue before the capital outlay is complete.

Meanwhile, the company, she said, is also looking at acquisitions of existing ships, charter deals and other ways to grow capacity in the near-term.

One example is in Alaska, where the company is retiring its two older U.S.-flagged ships and replacing them with a seasonal charter of the Greg Mortimer in 2027.

Leahy said the addition of the Greg Mortimer, along with optimized deployment for the season, means Alaska capacity for the company will be up 12 percent in 2027.

In 2025, Lindblad acquired two vessels for deployment in the Galapagos, strengthening its leadership position in one of its core markets.

There are also new European river charters and extended agreements in Asia.

CFO Rick Goldberg also commented on the vessel acquisition market, explaining it as one defined more by scarcity than competition.

When it comes to vessel acquisitions, he said: “It’s less about competition and just what’s available in the marketplace.”

The company is constantly looking for ships that meet its standards for guest experience, but acknowledged that vessels fitting those criteria are rarely available.