Havila Continues to Look for Insurance and Financing Solution

Havila Capella in Bergen

The Havila Capella was temporarily taken out of service on April 14 after conditions in the company's financing meant that the ship's insurance was affected by sanctions against Russia, according to a press release. 

Now the company is looking for a solution and hopes to restart operations soon, according to a statement

The ship is financed through a leasing company in Hong Kong. The company is owned by the Russian company GTLK which is owned by the Ministry of Transport of Russia. 

The company stressed that the financing of the ship and the formal registration do not change the fact that Havila controls and operates the Havila Capella as if the financing were an ordinary bank loan; Havila Kystruten has a right of purchase and a purchase obligation for Havila Capella in accordance with the desire for long-term control of the ship.

Insurance also covers liability Havila Kystruten has as a result of international conventions to which Norway has acceded. This also applies to liability imposed on the formal owner. Without these insurances, the ship cannot sail.

Havila said it is working along all conceivable channels to find a short-term solution to get the Havila Capella back into operation as soon as possible. In the company's assessment, a short-term solution requires the participation of the Norwegian authorities in relation to sanctions against Russia.

The company hopes that provided that a temporary solution exists, and that it can be active until a permanent solution is possible.

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