Fast growing Premier Cruises has added a seventh cruise ship to its fleet with the purchase of the 25,500-ton, 842-passenger Regent Sun.

Built in 1964, the ship is also the former Royal Odyssey, and before that, sailed as the Doric, Hanseatic and Shalom.

Premier reportedly bought the Regent Sun for $15 million, or nearly $18,000 per berth, after two years in lay-up, compared to the $22 million Regency Cruises paid for the ship in 1988.

Premier will reportedly use part of the proceeds of its upcoming bond offering to pay for the ship, which will also undergo a multi-million dollar refurbishment. A new name and itineraries will be announced by mid­ December.

The acquisition makes Premier Cruises the fifth largest cruise company in North America, or seventh largest brand. with approximately 6,600 berths, and an estimated market share of approximately 5.5 percent.