Havila Kystruten has finally extricated itself from a red-tape nightmare caused by Russian lease financing.
The Saevik family-controlled Norwegian shipowner has been trying to refinance two cruise ferry newbuildings that were originally funded by sanctioned Russian company GTLK.
Now US and UK authorities have granted licences needed to seal new loans of $370m.
Permission from the US Office of Foreign Assets Control and the UK Office of Financial Sanctions Implementation applies to the 15,800-gt, 640-passenger Havila Polaris (built 2022) and Havila Pollux (built 2023).
The Havila Pollux has completed its sea trials in Turkey, and only final finishing touches remain before it is ready for delivery.
“Obtaining the necessary licences has taken longer than anticipated, and there is not enough time to complete the financing that ensures the ships can be put into operation as scheduled,” Havila Kystruten said.
It has been forced to postpone the planned start-up of 23 June for the Havila Polaris and 29 June for the Havila Pollux.
Both ships have had a chequered history.
They were left unfinished at Astilleros Hijos de J Barreras in 2019 due to the yard’s financial problems and had to be towed to Turkey for completion.
Then GTLK was sanctioned after the Russian invasion of Ukraine.
Fined for delays
In February, the owner cancelled more coastal cruises due to a force majeure at Tersan Shipyard after the earthquakes in Turkey.
Havila Kystruten was fined NOK 7.75m ($715,000) by the Norwegian government over the delayed entry into service of the Havila Polaris.
This related to the period from the first missed trip from Bergen on 29 December to 31 January.
