Hurtigruten Secures Liquidity Through 2021

MS Roald Amundsen

The Hurtigruten Group has announced that it has secured a 105 million euros loan facility increasing its liquidity to approximately 200 million euros.

Financed by international investors the 105 million euros can be used for its and its subsidiaries’ general corporate and working capital requirements.

The loan has a maturity of three years and is said to carry an interest rate of approximately 11 percent.

Hurtigruten stated that is now has liquidity to secure its business through 2021 based on the current activity level.

Earlier this week, Hurtigruten also announced that has been able to suspend certain financial covenants until December 2021.

In Norwegian media reports, Hurtigruten CEO Daniel Skjeldam expressed disappointment that the Norwegian government had not come up with a financial aid package for the company. He said further that he could not sit and wait for the politicians to work out a plan, but that he instead took the initiative to create his own so-called aid package.

While being able to sail in Norway this summer, the closed borders mean that most passengers can only be sourced in Norway, and from Denmark being an exception. As foreign tourists tend to make up a large portion of Hurtigruten’s guests, this summer and fall will most likely see fewer passengers and less revenue.

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