Regent Seven Seas has officially commenced construction on what it is calling the world’s most luxurious ship.

Scheduled for delivery in 2016, the first piece of steel was cut and laid for Seven Seas Explorer at an Italian shipyard this week.

She will be the line’s third all-suite, all-balcony ship with the highest space ratio – weighing 54,000-tonnes and carrying only 750-passengers – and staff-to-guest ratio in the cruise industry.

Regent Seven Seas says Seven Seas Explorer will set a new standard in style and service in cruise, with spacious and sophisticated designer suites, ultra-elegant public areas, a wide-range of gourmet dining options and a world-class spa.

Exotic stones, polished woods, designer furniture and an eclectic art collection will be used to decorate the ship.

The line’s president Kunal S. Kamlani said the moment guests step aboard they will know they have arrived somewhere special.

“Seven Seas Explorer will surpass the current standard in luxury cruising, offering a new level of grandeur throughout the ship from its lavish suites to its elegant public spaces and gourmet restaurants,” he said during the steel cutting ceremony.

Reservations for its maiden voyage and inaugural cruise will go on sale in early 2015.

Watch the ship’s first steel cut in the video below.