Hurtigruten Announces Capital Injection

Northwest Passage Fleet Meeting

Hurtigruten Group AS has announced a refinancing with the injection of 185 million euros in new liquidity combined with loan and interest payment extensions to 2027 and 2029.

The Group stated that the transaction will significantly strengthen its balance sheet and serve as an important step towards enabling it to implement the strategic objectives of delivering the legal and operational separation of the business into HX expeditions and the Norwegian cruise business, Hurtigruten.

Shareholders have also agreed to restructure their loan facilities (143 million euros) which will be subordinated to the new senior facilities and have an extended maturity profile.

Also reporting its third quarter results, Hurtigruten posted a loss of 32.3 million euros on total revenues 195 million euros, in line with the third quarter of 2022.

EBITDA was 36.8 million euros in the third quarter of 2023 compared to 18.4 million euros in the same period last year. The increase was said to be driven by the improved financial performance, lower ship operating expenses and lower selling, general and administrative (SG&A) expenses, offset by an increase in direct costs attributable to inflation.

The Group reported that it continued to see improvement in its financial performance in the third quarter.

To strengthen Group’s financial flexibility, shareholders provided further funding totaling 70 million euros during the quarter of which 45 million euros were drawn at the end of the third quarter.

Going into the fourth quarter, the Group had 52 million euros of available free liquidity.

The Group also reported that it continues to see a positive booking momentum from its strategic changes. As November 30, 2023, Hurtigruten and HX had 329 million euros in pre-booked revenues for 2024 with good momentum across all key markets, with the 30-day average and 90-day average bookings up 49 percent and 51 percent respectively compared to the same time last year.

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