Work on the construction of Costa Diadema, the cruise brand’s flagship and the biggest Italian-flagged vessel, has kicked off at Fincantieri’s Marghera shipyard.

Costa Diadema will be ready for the end of October 2014 andit will be able to accommodate up to 4,947 guests

Costa Diadema is expected to cost the line €550 million with a capacity for 4,947 passengers. She will weigh in at 132,500 gross tonnes.

“The construction of the Costa Diadema is a tangible commitment to the future growth of our company,” Costa chief executive officer Michael Thamm said.

“It is significant not only for us but also for Italy, in general, and Venice, in particular. The Costa Diadema consolidates our alliance with Fincantieri, which has already resulted in the building of 10 new ships for us since 2000, worth a total of almost €5 billion with the creation of wealth and employment for the country as a whole,” he said.

“The end of year is approaching and it’s time for us to take stock – 2012 has been an extremely difficult year, especially for shipbuilding. Total global investments have been little more than a quarter of those in 2007, resulting in a halving of the number of cruise ship orders,” Fincantieri chief executive Giuseppe Bono said. “Today, as we start work on what will be another splendid ship for our friends at Costa, we’re looking to the future with a bit more certainty”.

The first building block of the ship was lifted by a crane and laid on the bottom of the dock where the ship will take shape. The building and fit-out will continue until October 30, 2014, the ship’s scheduled date of delivery.