 On April 3, 2008, Micky Arison, the chairman of Carnival Corporation & plc, stated that due to the low value of the United States dollar because of the recession, inflation and high shipbuilding costs, the company would not be ordering any new ships for their U.S.-based brands (Princess, Carnival Cruise Line, and Holland America Line) before the economic situation improved.In May 2010, Carnival Corporation & plc signed a contract with Fincantieri for the construction of two new 3,600-passenger ships, known as the "Royal-"class cruise ships, for Princess Cruises.The "Royal"-class vessels are the largest ships ever constructed for Princess.