Hurtigruten cruise company signs credit facility
BERGEN 27 September – Hurtigruten, the Norwegian coastal shipping company formed from the merger of Troms Fylkes (TFDS) and Ofotens og Vesteraalens (OVDS), has agreed a credit facility of up to NK3.30Bn ($508M) with its banks and chartered out three ships on short-term contracts. The loan facility, which has been tailored to meet the needs of the merged company, offers a 15-month period without repayments, which saves the company NK250M compared with the loan facilities that it replaces. The syndicate comprises of the company’s existing financiers, but also some foreign banks that have not done business with Hurtigruten before joined the syndicate. The company did not disclose other details regarding the facility. Managing director Henrik Andenes said in a statement that the facility will remove uncertainties related to the financing of the company and the management can now pay its full attention to reach an earlier set objective of a break-even result in 2007. Meanwhile, Hurtigruten has chartered three ships, Kong Harald, Narvik and Midnatsol to the oil company Norsk Hydro for use at the Ormen Lange gas field construction site. The charters run from three weeks to three months and add NK30M to the company’s 2006 result.
Via Fairplay.co.uk
Etiquetas: cruceros, shipping business
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on martes, octubre 10, 2006 at 7:10 a. m..
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