Hurtigruten ships: liquidity secured until 2021

Hurtigruten ships: liquidity secured until 2021

June 6, 2020 - Liquity is everything. The Norwegian post and expedition shipping company Hurtigruten has raised around 105 million euros on the financial market to secure liquidity. This measure increases the company's available liquidity to an estimated 200 million euros.

Unnamed international investors are providing the funds. Hurtigruten is obliged to pay eleven percent interest on the three-year loan. Based on the currently planned activities, Hurtigruten will resume operations with four ships along the Norwegian coast in the second half of June 2020, the liquidity will last until 2021. In addition to borrowing, the company has managed to suspend short-term payment obligations until the end of 2021 allowed to.

 

Hurtigruten ship Richard With in the Geirangerfjord

Hurtigruten ship Richard With in the Geirangerfjord


Norway is currently severely restricting the entry of tourists due to the corona pandemic. For Hurtigruten this means that because of the closed borders, most of the passengers can only come from Norway or, as an exception, from Denmark. As passengers from other countries normally predominate at Hurtigruten, the ships will transport fewer travelers and generate less revenue in summer and autumn.

Hurtigruten's CEO, Daniel Skjeldam, is dissatisfied with the Norwegian government. You miss a financial aid package suitable for the shipping company. He goes on to say that he cannot sit still and wait for the politicians to come up with a plan. Instead, he would have put together his own aid package.

Booking options Hurtigruten

Hurtigrouten at Astoria Cruises Central