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    Kan seile trygt videre.

    The HRG ships can safely continue to sail.

    The banks has given a YES to HRG restructuring plan worth about 1,7 billion kroner. This will give them a solid platform ahead.

    The restructuring plan has a validity of 3 years and is a crucial part in the future of the travel giant. Director Fjell can however not promise that those ships laid up, will be put back into service as they must continue to do what is financially safe.

    Next milestone will be to finalize the next subsidy-round with the Government.
    With best regards from Jan-Olav Storli

    Administrator and Owner of CaptainsVoyage.
    Main page:

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


      Here the official news in English from

      03.02.2009 14:58
      Satisfaction of conditions for the conditional private placement

      Reference is made to the stock exchange notice dated
      22 December 2008 and the stock exchange notice dated
      16 January 2009 regarding the update on the financial

      Hurtigruten ASA ('Hurtigruten' or the 'Company') has
      today achieved consents from 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, subject to
      the terms and conditions agreed between the Banks and
      Hurtigruten, 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. The acceptance is subject to execution of
      required agreements.

      As previously communicated, the amended loan
      agreement 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 free cash in excess of NOK 500 million at the
      expiry of the first quarter each year to make
      extraordinary prepayments of the loan. After
      negotiations with the Banks over the last weeks, the
      original communicated cash sweep agreement has been
      changed so that only 50% of extraordinary prepayment
      under the cash sweep in the first quarter 2010 can be
      re-borrowed under the loan agreement. The same
      amendment will apply for the bareboat hire for the
      two vessels financed through Kystruten KS and KirBerg
      Shipping KS.

      All participants in the private placement have
      accepted the agreed change of the cash sweep-

      This change will also have to be accepted by the
      bondholders of the NOK 150 million convertible bond
      loan originally named '7.00 per cent Troms Fylkes
      Dampskibsselskap ASA Senior Unsecured Convertible
      Bond Issue 2004/2009'. A bondholder meeting is
      scheduled to be held in the near future.

      Due to the satisfaction of this condition for the
      private placement, Hurtigruten plan to call for an
      Extraordinary General Meeting in the Company to be
      held on or about 20 February 2009.
      Lofoten '07 ...... Nordnorge '11


        Meaning we can lean back and breathe normally again, for a few(?) more years!!!

        I'm of course thinking in terms of the original route being kept and the oldships still sailing...

        When the oldies leave, my time-travel adventure is over.


          ...wise words. And i must say, the coastal service will be over. Only the cruises will be left...
          Lofoten '07 ...... Nordnorge '11


            Originally posted by Ralf__ View Post
            ...wise words. And i must say, the coastal service will be over. Only the cruises will be left...
            Not really.

            If anything, it will only be a matter of adjusting the route - skipping some ports in one or the other direction, probably in the winter only.

            It still is our "Coastal Highway No 1" and a lot of areas depend on it for daily shipping of all kinds of cargo. People can choose to travel by road or air, but small industries cannot send their cargo by trucks (too small and irregular amounts) and the train runs too far inland. Business have really suffered this last season with so many cancellations. Trouble with the oldships is that they have no cooling area for frozen or fresh fish or produce.

            Some people dislike or are afraid of flying, and for them HR is a most welcome alternative. Also, if you look at the roadmap, in some places driving a car between two coastal towns will take longer than crossing the fjords with HR.

            We should keep in mind the sparse population of Norway's remote areas, but they too do need a means of transport even if they can't fill a HR every day...

            Looking forward to many more trips with the oldships the next years!
            Last edited by HARALD JARL; February 4th, 2009, 18:25.


              It is fine to read such positive and optimistic words. But for me times are changing faster and faster and transports will more and more done by trucks. There will be also offers for small companies, however i really don't know anything about freight prices in Finnmarken and their comparison to Hurtigruten. And there are not enough people fearing the planes to fill one of the HRG-cruisers every day.

              There is a conflict between the interests of the country and the society living and working there and the interests of a "private", profit oriented cruise company.

              The cruise guest gives in average about 350 € per day/night to HRG.
              The day on board for a Norwegian riding along the coast may cost about 150-200 € per day/night.
              I have no meaning about the freight volume or incomes, because the annual report does not show these numbers.

              The ships are producing big losses during the winter, when also cruisers pay about 150-200 € per day/night.

              We are not able to compare if the incomes in summer plus the "donations" by the government can generally cover the losses in winter. We only see that the whole company is burning the money.

              If this problem will not be solved during the next years. I see no possibility for Hurtigruten to survive.

              My solution is to divide the cruiser business and the "Coastal Highway" and return the Cosstal Service to be stronger controlled and financed through the government and operating with smaller ships.
              Lofoten '07 ...... Nordnorge '11


                05.02.2009 08:48

                Hurtigruten ASA calls extraordinary general meeting

                Hurtigruten ASA holds extraordinary general meeting
                Friday 20 February, 2009 at 12:30 at the Quality
                Hotel Grand Royal in Narvik. The extraordinary
                general meeting will consider and decide share
                capital reduction, share capital increase and the
                granting of authority to the Board of Directors to
                increase the share capital.

                Shareholders registered in VPS per 5 February, will
                receive invitation and agenda with attachments. All
                documents are attached to this stock exchange
                announcement, and can also be downloaded from
                Hurtigruten's website, [] under
                Investor Relation.
                Lofoten '07 ...... Nordnorge '11


                  Hurtigruten is still in the news, here an article dated today: February 23rd 2009:

                  Do you want a quick translation you say?... OK, a rough and abbreviated one follows:

                  Despite smaller changes in the operation, HRG ASA still goes for a considerable deficit. Last years results before tax ends up at 686 million NOK negative.

                  Forth quarter results before tax ends up at 560 million (negative) despite an increase of an incredible 60% increase in guestdays compared to the same period last year.

                  The income increased with 140 million NOK the last 3 quarters of 2008, but it is not enough. Depreciation of values makes out 384 million NOK, and includes depriciation values of ships and goodwill of 281 million NOK and a loss of 103 million NOK following the sale of ferries- and high speed craft parts of the company.

                  HRG ASA is getting rid of everything apart from the running of the HRG ships, everything else is laid out for sale. They have already sold hotels in Bergen, ferries and high speed vessels, travel agencies and the cargo company Nor-Cargo Ltd.

                  They have so far not been able to find a buyer for their shares in the bus company AS TIRB, cargo company Nor Lines and the coastal steamer Nordnorge.

                  Last year's largest battle was the battle with the government for the upkeep of the daily coastal services between Bergen and Kirkenes. In December 2008, HRG ASA got an additional pay-out of 125 million NOK after renegotiations with the government of Norway had taken place in October same year.

                  The company has made some indication they want to get out of the deal with the government and rather compete in a new tender-round with the government.

                  In lieu with the battles of HRG ASA, the sock traded for 2,80 NOK a share last Friday: a sum which is 10,48 NOK lower than last year at the same time.

                  The valuation of the company this ast Friday was set at 393 million NOK.
                  With best regards from Jan-Olav Storli

                  Administrator and Owner of CaptainsVoyage.
                  Main page:

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


                    ...the presentation of the last qarter 2008 can be downloaded here as .pdf-file:


                    Added to the summary of J-O there is stated that Nordnorge is chartered as hotel-ship until April for 80 Mio NOK, with option of prolongation.

                    A lot of shares are bought by shareholders to increase their partizipation in the company. The biggest shareholders are now:
                    Heidenreich 22,17%
                    Sparebanken Nord Norge 15,88%
                    DnB NOR 15,79%
                    Sparebanken Narvik 11,93%
                    Skagen Vekst/Vekst 3 9,97%
                    Troms Kraft Invest 7,94%
                    MP Pensjon 7,60%
                    Odin Norge/Norge2/Maritime 5,11%
                    Narvik Energi 3,19%
                    Together they have more than 99% of the shares.

                    Another interesting aspect is, that the Antarctic cruise business is still producing losses. In my opinion the main costs is the "pole to pole" transfer of Fram which is obviously very low booked.

                    Hopefully the first quarter 2009 will look better.
                    But the "total operating costs" raised from 161 Mio NOK in 2007 to 191 Mio NOK in 2008!!
                    Mainly the "other operation costs" -whatever that is- are now 159 Mio NOK, in 2007 still 96 Mio NOK.

                    I keep on wondering, what this money is used for....
                    Lofoten '07 ...... Nordnorge '11



                      23.02.2009 13:58

                      Reference is made to the stock exchange notice dated
                      18 December 2008 regarding the agreement of sale of
                      the shares in Bergenske Reisebyrå AS to VIA Travel
                      Norge AS.

                      The stock purchase agreement was conditional upon
                      approval from the board of directors of Hurtigruten
                      ASA and VIA Travel Norge AS in addition to approval
                      from the Norwegian Competition Authorities.

                      The conditions for the sale have now been fulfilled,
                      and the shares have been sold. The purchase price for
                      the shares is NOK 52 million, which also will be the
                      effect on the cash position for Hurtigruten ASA. The
                      sale will generate a gain of approximately NOK 26
                      million which will be recognized in the accounts for
                      the first quarter of 2009.
                      Lofoten '07 ...... Nordnorge '11


                        03.03.2009 08:35

                        The resolution to reduce the share capital of
                        Hurtigruten ASA with NOK 249,688,170 from NOK
                        277,431,300 to NOK 27,743,130 by reduction of the
                        nominal value of the shares from NOK 10 to NOK 1 per
                        share, resolved by Hurtigruten ASA's extraordinary
                        general meeting held 20 February 2009, has now been
                        registered with the Norwegian Register of Business

                        Furthermore, the share capital increase resolved by
                        Hurtigruten ASA's extraordinary general meeting held
                        20 February 2009 has been registered with the
                        Norwegian Register of Business Enterprises. Following
                        the registration of the share capital increase, the
                        new share capital of Hurtigruten ASA is NOK
                        341,593,130 divided into 341,593,130 shares, each
                        with a nominal value of NOK 1. The new shares will no
                        be delivered to the subscribers before the prospectus
                        has been approved by Oslo Børs ASA and made public.
                        Lofoten '07 ...... Nordnorge '11


                          Company presentation 2008 can be downloaded here:


                          No new facts...
                          Lofoten '07 ...... Nordnorge '11


                            So with the tree ships in dock the next weeks schedule for Bergen departures looks a little bit sad:

                            Monday 23: Polarlys is leaving Bergen
                            Tuesday 24: no departure
                            Wednesday 25: no departure
                            Thursday 26: Nordstjernen is leaving Bergen
                            Friday 27: no departure
                            Saturday 28: Kong Harald is leaving Bergen
                            Sunday 29: Lofoten is leaving Bergen

                            There is only one positive aspect:

                            Every second Hurtigruten ship going on route is an old one!!
                            Lofoten '07 ...... Nordnorge '11


                              ... they will have a lot of work booking the passengers and cruisers to other tours, cancelling flights and hotel rooms...
                              Not good!
                              Lofoten '07 ...... Nordnorge '11


                                Originally posted by Ralf__ View Post

                                There is only one positive aspect:

                                Every second Hurtigruten ship going on route is an old one!!

                                Thats a good one

                                If at first you don’t succeed, skydiving is not for you...