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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
    Old forum: http://captainsvoyage.7.forumer.com/
    Join us: Save the "Kong Olav" on facebook

    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
            Hurtigruten rent out MV Nordnorge.
            They get 80 million NOK. for three months

            Friday afternoon was the agreement signed.
            In a stock exchange message states that the MV Nordnorge will go into service as a hotel ship in the Mediterranean from 20 December 2008 to 5 April 2009.
            Aker Solutions has also secured the option for extension of the agreement.
            Actually is a good thing that they can earn some money on this ship instead of her been laid up at a dock.
            Best wishes from
            Bengt Domben

            Comment


            • #7
              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


              • #8
                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


                • #9
                  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


                  • #10
                    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


                    • #11
                      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
                      Old forum: http://captainsvoyage.7.forumer.com/
                      Join us: Save the "Kong Olav" on facebook

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

                      Comment


                      • #12
                        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


                        • #13
                          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


                          • #14
                            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


                            • #15
                              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

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