I have no idea where you are hearing anything about Princess putting new builds on hold, but there's no indication of such from any official source. In fact, the company just released the names of the vessels under construction:
>> The third sister to MV Grand Princess and MV Golden Princess, scheduled to debut in March of 2002, will be MV Star Princess.
>> The two "baby Grands" under construction at Chantiers de l'Atlantique in France will be MV Coral Princess, scheduled to debut in October of 2002, and MV Island Princess, scheduled to debut in June of 2003.
>> The two vessels under construction at Mitsubishi Heavy Industries in Japan will be MV Diamond Princess, scheduled to debut in July of 2003, and MV Sapphire Princess, scheduled to debut in March or April of 2004.
A couple vessels probably will leave the Princess fleet as these new vessels enter service. The company has announced plans to transfer MV Crown Princess to Aida Cruises, its German division, in the spring of 2002. There's also a rumor that MV Regal Princess will leave the Princess fleet in 2002 or 2003, probably by transfer to another division (the P&O Cruises Australia division has been mentioned as a possibile recipient), and it's widely expected that the company will sell MV Pacific Princess after she completes her current three-year commitment to Bermuda runs in the fall of 2002, but the company has not yet made an official announcement in either regard.