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    Hurtigruten ASA - news and comments

    We will continue here the old thread:

    Hurtigruten ASA 2007 /-8 accounts: Disappointing results

    former posts can be seen here:

    http://captainsvoyage.7.forumer.com/...=asc&start=144
    Lofoten '07 ...... Nordnorge '11

    #2
    Thank you Ralf for continuing this important post....

    Recommend all that haven't done so yet, to go back to the old forum to see what already has been written. There have been many changes in HRG the past months.

    Hope to see a lot of new and maybe even more positive news in the time to come.
    With best regards from Jan-Olav Storli

    Administrator and Owner of CaptainsVoyage.
    Main page: http://www.captainsvoyage.com

    Surround yourself with positive, ethical people who are committed to excellence.

    Comment


      #3
      Just an interesting aspect of the new sales stategy:

      "Booking and billing with a joint
      system solution for the entire organisation will
      make it possible to set up a booking centre in low-
      cost countries at a lower cost."

      Will be interesting to see how someone in India (f.e.) is managing the really interesting booking requests like:

      ...Bergen to Bergen in a double outside cabin with breakfast and lunch, with stops in Tromso and Stokmarknes, only using old ships...

      Ambitious plans!
      Lofoten '07 ...... Nordnorge '11

      Comment


        #4
        It will not be India....., but nothing better (I think), it's already decided to move the booking dept. to Tallin.....

        http://http://e24.no/boers-og-finans/article2792003.ece
        "IF GOD COULD MAKE ANGELS...., WHY IN HELL MAKE MAN?"

        Comment


          #5
          And did you all know that the norwegian government now let Hurtigruten AS cut places to dock in the wintertime...?

          Well, here's the link from the norwegian broadcasting corporation, NRK:

          http://http://www.nrk.no/nyheter/dis...land/1.6366234

          I'm afraid the cut will be done where there are few passengers, and I take a chanse to say Finnmark...
          As another forumist already said on another forum: It's crazy to think about that it's people around who can decide such things and at the same time mean that there are good alternatives to travel for the coastal people...., in Finnmark....
          "IF GOD COULD MAKE ANGELS...., WHY IN HELL MAKE MAN?"

          Comment


            #6
            News from www.newsweb.no:

            Hard stuff to read, but interesting!

            22.12.2008 08:45:05
            NOK 314 million conditional private placement and ex date for proposed subsequent offering

            Hurtigruten ASA (`Hurtigruten` or the `Company`)
            has received binding subscription agreements for a
            private placement of a total of 313,850,000] new
            shares at a subscription price of NOK 1.00 per
            share (the `Private Placement`), which will result
            in gross proceeds of NOK 313,850,000] assuming that
            the conditions for the Private Placement described
            below are satisfied.

            The purpose of the Private Placement is to secure
            the liquidity position of the Company through the
            turn-around period. The largest shareholders of the
            Company subscribed for NOK 287 million in the
            Private Placement, while the largest bondholders of
            the Company subscribed for NOK 27 million.

            As previously announced, the Private Placement is
            one of the elements of the total financial
            restructuring solution the Company is working on
            and completion of the Private Placement is hence
            conditional upon satisfaction of the following
            conditions:

            (i) that a short term credit facility of NOK
            300 million is provided to the Company by DnB NOR
            Bank ASA and Nordea Bank Norge ASA on the terms and
            conditions to be agreed between DnB NOR Bank ASA,
            Nordea Bank Norge ASA and the Company(the `Bridge
            Loan`) and that the due date for repayment of any
            amount drawn under the Bridge Loan at the earliest
            is set to 31 December 2009,

            (ii) that an agreement is entered into between
            the Company and the Company`s financing banks,
            represented by Nordea Bank Norge ASA as Agent
            (the `Banks`), whereby payment of the instalments
            payable in the period from March 2009 until
            December 2011 under the loan agreement dated 22
            September 2006 in the original amount of NOK 3.3
            billion are deferred and made payable on a pro rata
            basis together with the then remaining instalments
            from and including the instalment due in March 2012
            on the terms and conditions to be agreed between
            the Banks and the Company, provided however, that
            the amended loan agreement also will contain a cash
            sweep-provision whereby the Company on an annual
            basis from the expiry of the first quarter 2010
            shall undertake to use any cash in excess of NOK
            500 million at the expiry of the first quarter each
            year to make extraordinary prepayments of the loan.
            Any payments made under the cash sweep arrangement
            shall not reduce the loan facility amount that can
            be drawn under the loan agreement and shall further
            reduce the instalments payable from March 2012
            onwards to the extent that the Company has not re-
            borrowed any funds pre-paid under the cash sweep,

            (iii) that the repayment date for the NOK 150
            million convertible bond loan originally
            named `7.00 per cent Troms Fylkes Dampskibsselskap
            ASA Senior Unsecured Convertible Bond Issue
            2004/2009` (the `Convertible Loan`) is extended
            with at least 36 months and the conversion price re-
            set according to the applicable provisions of the
            loan agreement and further amended so that no
            instalments are payable during the term of the
            Convertible Loan and that the Convertible Loan is
            interest free until 31 December 2009 after which it
            shall carry interest at the rate of 7% per annum,
            such interest to be payable at the repayment date
            of the Convertible Loan,

            (iv) that the instalments payable by the limited
            partnerships (in Norwegian kommandittselskaper)
            named Kystruten KS and KirBerg Shipping KS under
            their bareboat charter hires in respect of MS
            Richard With and MS Nordlys respectively at the
            latest on 30 January 2009 are deferred for the same
            period as for the loan agreement described in item
            (ii) above and

            (v) that the Board of Directors and the
            Extraordinary General Meeting of the Company
            approves the necessary resolutions to implement the
            Private Placement and issue the New Shares,
            including but not limited to a reduction of the par
            value of the shares to NOK 1 per share.

            It is a condition that the agreements referred to
            above have been entered into prior to completion of
            the Private Placement, provided however, that the
            effectiveness of the agreements may be subject to
            completion of the Private Placement. No guarantees
            or assurances can be made that the conditions will
            be satisfied. In the event that the conditions are
            not satisfied within 28 February 2009, the Private
            Placement will be cancelled. The subscriptions made
            by DnB NOR Bank ASA and Sparebanken Nord-Norge in
            the Private Placement do not represent an
            undertaking to approve the amendment of the loan
            agreement referred to in item (ii) above in their
            capacity as one of the Banks nor for DnB NOR Bank
            ASA and obligation to provide the Bridge Loan
            referred to in item (i) above.

            As an alternative to maintaining their interests in
            the Convertible Loan on the revised terms described
            above, bondholders will be given the right of
            redemption/repurchase of bonds held in the
            Convertible Loan, by subscribing for new shares at
            the proposed subscription price in the Private
            Placement for an amount equal to 50% of the nominal
            amount of the bonds held by the relevant bondholder
            and the remaining 50% in a new bond loan to be
            issued by the Company (the `New Bond Loan`) against
            contribution in cash. The New Bond Loan will have a
            term of 36 months from disbursement and will fall
            due in one amount with no instalments payable
            during the term of the loan, will carry interest at
            the rate of 10% per annum payable annually in
            arrears, will have no conversion right and
            otherwise be based on the standard agreement of the
            Norwegian Trustee. Bondholders electing this option
            will be given a right of redemption or re-purchase
            by the Company of its bonds in the Convertible Loan
            within 30 days after the new shares and the New
            Bond Loan have been issued. The bondholders will be
            given the right to elect to maintain parts of its
            holding in the Convertible Loan (as amended) and
            subscribe for new shares and the New Bond Loan for
            an amount equal to its remaining part of the
            Convertible Loan, provided however, that the amount
            subscribed shall be split 50/50 between New Shares
            and the New Bond Loan and that the right of
            redemption/repurchase of bonds held in the
            Convertible Loan will be limited to the subscribed
            amount.

            Following the completion of the Private Placement,
            the number of shares outstanding in Hurtigruten
            will be 341,592,130 shares, each with a nominal
            value of NOK 1.00.

            The shares will not be issued or be tradable until
            the share capital increase has been resolved by an
            Extraordinary General Meeting in Hurtigruten ASA
            expected to be held ultimo January 2009
            (the `EGM`), the shares has been fully paid, the
            share capital increase has been registered in the
            Norwegian Register of Business Enterprises and the
            VPS and a listing prospectus for the listing of the
            new shares on Oslo Børs has been approved and
            published.

            The Board of Directors in Hurtigruten will also
            propose to the EGM to conduct a subsequent repair
            offering of approximately up to 125,000,000 shares
            with a subscription price of NOK 1.00 per share
            directed to shareholders of the Company who were
            not invited to participate in the Private
            Placement. As a consequence, the share in
            Hurtigruten will trade exclusive of the right to
            participate in the potential subsequent offering
            from and including 23 December 2008

            Holders of the Convertible Loan not being invited
            to subscribe for new shares and the New Bond Loan
            as described above in connection with the Private
            Placement will be provided with the same offer as
            the bondholders having subscribed in the Private
            Placement and this could therefore also result in
            additional new shares being issued.

            The Private Placement was managed by Carnegie ASA
            and Pareto Securities AS.

            The Company will book impairment losses of around
            NOK 270 million and make provisions of NOK 30
            million for implementation of the cost reduction
            program of in the 4th quarter 2008. The investor
            presentation used in connection with the Private
            Placement is attached hereto.
            Lofoten '07 ...... Nordnorge '11

            Comment


              #7
              Originally posted by Sterkoder View Post
              And did you all know that the norwegian government now let Hurtigruten AS cut places to dock in the wintertime...?

              Dear Sterkoder, my Norwegian is very, very poor so i did just understand, that maybe some ports may be served only once per tour during winter from 2010 on and this has to be discussed in Oslo parliament in summer...?

              So i am not sure... did they decide or do they still discuss?

              Basically they are not aware that all the different ports are one outstanding aspect which makes Hurtigruten so different from other cruise tours. Cutting this off means to be more comparable and forces to minimize prices...
              Is this really the right way??
              Lofoten '07 ...... Nordnorge '11

              Comment


                #8
                Continuing my capacity thoughts from the "old-schedule-threads" here...to avoid being OFF-TOPIC.

                Summer capacity:
                Without Nordnorge Hurtigruten is offering with 11 ships a capacity of 440.000 per quarter for the two crowded quarters 2 and 3/2009.
                Compared with the 2008 needs (334.000 and 409.000), this is an occupancy rate of 84,43%.

                Winter capacity: Without Nordlys there is with 10 ships a capacity of 398.000 per quarter for quarter 1/2009 and 4/2009.
                Compared with the 2008 needs (148.000 and 148.000), this is an occupancy rate of 37,19%.

                Overall this means an occupancy rate of 61,99%. This means, the result can not be sufficient. Therefore it should at least have 70%, better 75%.
                Lofoten '07 ...... Nordnorge '11

                Comment


                  #9
                  Proposal for a solution of the winter dilemma:

                  Get back Kong Olav, old Polarlys (Caribbean Mercy, Hope II) and old Ragnvald Jarl (Sjoekurs) into the fleet in Q1 and Q4. Send Finnmarken, Trollfjord and Midnatsol on special Winter Cruises.

                  The capacities would be reduced from 398.000 to 264.000.
                  The occupancy rate would rise from 37,19% to 56,06%.
                  Overall occupancy will rise from 61,99% to 70,25%.
                  I would expect an increase if there will be special marketing for the old fleet.

                  There are a lot of possibilities for a winter program for the big ships:
                  * Transatlantic Cruise to New York
                  * European cities in winter: Oslo, Kobenhavn, Rostock, Kiel, Hamburg, Amsterdam, Antwerpen, London, Olso
                  * Northern light cruises: Bergen, Shetlands, Faroer, Iceland, Bergen
                  * Scotland and Ireland (Whiskey tour)
                  * Portugal(Lisboa) , Canaric Islands, Casablanca and Tanger
                  * Western Mediterrenian Sea: Barcelona, Marseille, Ajaccio, Napoli, Messina, Venezia, Tunis
                  * Eastern Mediterrenian and Black Sea: Piräus, Istanbul, Varna, Constanta, Odessa, Sevastopol, Soci, Trabzon, Samsun, Cyprus, Alessandria
                  ...all tours combined with a well prepared culture program...


                  Anyone else with ideas??
                  Lofoten '07 ...... Nordnorge '11

                  Comment


                    #10
                    A lot of cancellations these days, with ships out of service for several reasons: some planning may be required if you are going traveling by sea:

                    With best regards from Jan-Olav Storli

                    Administrator and Owner of CaptainsVoyage.
                    Main page: http://www.captainsvoyage.com

                    Surround yourself with positive, ethical people who are committed to excellence.

                    Comment


                      #11
                      Latest news from Oslo Börs:

                      09.01.2009 14:51:20
                      Norwegian government appeal tax case against Hurtigruten ASA

                      The Norwegian Government has decided to appeal on a
                      point of law the judgment in the lawsuit in
                      Hålogaland Court of Appeals that the former Ofotens
                      og Vesteraalens Dampskibsselskab ASA (OVDS), now
                      Hurtigruten ASA, filed against the Norwegian
                      government in 2006 concerning taxes on profits from
                      the sale of Nor-Cargo ASA shares. The judgment
                      upholds Hurtigruten ASA`s claim that the profits
                      from the sale of the shares are not taxable under
                      the tax exemption model.

                      The Supreme Court will decide during the winter if
                      the appeal will be taken into trial in the Supreme
                      Court.

                      Hurtigruten makes reference to the notice to the
                      stock exchange December 10th 2008.
                      Lofoten '07 ...... Nordnorge '11

                      Comment


                        #12
                        Yesterday's news from Oslo:

                        13.01.2009 14:56:17
                        Convertible Bond holders approves refinancing plan

                        In a stock exchange notice of 22 December 2008,
                        Hurtigruten ASA informed the market that it had
                        received subscriptions for a total of 313 850 000
                        shares at subscription price of NOK 1 per share in
                        a private placement. The private placement will
                        give a total proceeds to the company of minimum NOK
                        313 850 000 provided that terms and condition
                        described in the stock exchange notice of 22
                        December 2008 are approved.

                        One of the conditions for the private placement was
                        approval of the required changes in the loan
                        agreement for the NOK 150 million convertible bond
                        loan issued 8 June 2004, as described in the stock
                        exchange notice of 22 December 2008. Today 13
                        January 2009, a Bondholders meeting was held
                        pursuant to the summon of 5 January 2009, regarding
                        Amendment of Loan Agreement, where the suggested
                        amendments were approved by 99.67% of the quorum.
                        The private placement and the comprehensive
                        proposed refinancing plan described in Hurtigrutens
                        stock exchange notice of 22 December 2008 is
                        subject to the outstanding conditions described in
                        the stock exchange notice of 22 December 2008,
                        including approval from the banks and KirBerg
                        Shipping KS/Kystruten KS, in addition to approval
                        at the Extraordinary General Meeting scheduled for
                        ultimo January 2009. Further reference is made to
                        the attached notice from the bondholders trustee,
                        Norsk Tillitsmann.
                        Lofoten '07 ...... Nordnorge '11

                        Comment


                          #13
                          Latest news from www.newsweb.no

                          16.01.2009 12:49:19
                          Hurtigruten ASA

                          Update on the financial restructuring

                          Reference is made to the stock exchange notice
                          dated 22 December 2008 regarding the subscription
                          agreements received in the conditional private
                          placement in Hurtigruten ASA (`Hurtigruten` or
                          the `Company`) totalling NOK 313,850,000 in gross
                          proceeds (the `Private Placement`).

                          As stated in the stock exchange notice, the Private
                          Placement is conditional upon satisfaction of a
                          number of conditions, including obtaining creditor
                          consents for the ongoing financial restructuring of
                          the Company.

                          Hurtigruten has not yet been able to obtain all the
                          creditor consents required to satisfy the
                          conditions for the Private Placement. Although
                          discussions are continuing, the extraordinary
                          general meeting expected to be held ultimo January
                          2009 will therefore be postponed until primo
                          February 2009. The negotiations with the creditors
                          are challenging and no guarantees or assurances can
                          be made that all of the conditions for the Private
                          Placement will be satisfied.
                          Lofoten '07 ...... Nordnorge '11

                          Comment


                            #14
                            As one hardly literate in finance--does this mean that the Norwegian government is trying to get out of the business of running a seafaring/seaferry company? I've always interpreted "Private Placement" as something of the reverse of an "Initial Public Offering"...

                            Comment


                              #15
                              I try to say it in very easy words, i am also not a specialist in finance monopoly...

                              As i understood the news before, they are looking for a way to generate additional money. And for now it seems that this is not as easy as they hoped...
                              Lofoten '07 ...... Nordnorge '11

                              Comment

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