After a sanctions-related hold-up, Havila Kystruten has finally taken ownership of two cruiseship newbuildings.
The Oslo-listed cruise outfit announced on Tuesday that it now owns the 640-berth Havila Pollux (built 2023) and the 640-berth Havila Polaris (built 2023) after the company secured new financing following the blacklisting of its old, Russian partner.
“The ships are wholly owned by the company and are registered in the Norwegian Ship Register NOR and now sail under the Norwegian flag,” Havila Kystruten said in a stock exchange filing.
The Havila Pollux will begin work on 23 August, 11 days later than the company initially expected in early July, while the Havila Polaris is on schedule to start on 17 August.
The two were built at Turkey’s Tersan Shipyard.
Havila Kystruten financed the duo through Moscow-based JSC State Transport Leasing Co, also known as GTLK, but had to tear up their agreement after it was sanctioned by Western governments following Russia’s invasion of Ukraine.
In May, the company was allowed to find new funding and initially contemplated a €325m ($357m) bond sale.
Instead, it agreed to a €305m debt facility from New York private credit firm HPS Investment Partners.
Another €65m was added from an equity raise and Havila Holding contributed a €20m loan.
The addition of the two ships brings Havila Kystruten’s fleet to four ships, which it said are worth a total of €600m.
In late trading on Tuesday, the company’s shares were trading at NOK 1.15 ($0.11), up NOK 0.10 from the open and NOK 0.12 from the previous close.
