Roberto Martinoli was answering a question from TTG during the shakedown cruise for Silversea’s Silver Cloud expedition ship, which has undergone a $40 million revamp.

Martinoli and other executives from the line outlined some of their visions and opinions to trade and media guests from across the globe on the sailing from Montevideo, Uruguay, to Buenos Aires in Argentina.

After chairman Manfredi Lefebvre d’Ovidio revealed to the audience that Silversea has exercised an option for an 11th ship and made clear that the line has no intention of slowing down its growth, Martinoli commented on global capacity.

“Yes there is more offering in the luxury market and there is going to [continue to] be so,” he said.

“It’s an interesting trend in demographics and there is definitely under-penetration in many areas of the world.

“When you look at all that all together there is a pretty good balance between offer and demand, which is expected to come between now and 2022/23.

“There are more ships coming but demand is coming in-line with the additional capacity.

“One more consideration is that this industry has always shown that capacity increase generates additional demand. All of these things together are looking good in this segment.”

It comes after Azamara Club Cruises’ chief executive, Larry Pimentel, told last year’s Clia UK and Ireland conference that he was concerned about the amount of new tonnage entering the luxury sector.

“It’s too much, too quickly, and it will drive down pricing,” Pimentel said at the time.