Battery-hybrid MS Fridtjof Nansen about to dock in her new homeport of Longyearbyen, Svalbard for the very first time. PHOTO: Oclin/Hurtigruten Expeditions
Norwegian coastal cruise operator Hurtigruten has announced a transformative acquisition deal by a consortium of existing investors, securing €110 million in new long-term funding that promises to reshape the company’s future trajectory.
The transaction, expected to close in January 2025, marks a significant milestone in Hurtigruten’s evolution, completing its separation from HX (Hurtigruten Expeditions) and positioning the company for sustained growth.
“This is an important milestone for Hurtigruten. The transaction allows us to continue to deliver our long-term goals, enable sustainable growth, and enhance our customer experience,” said CEO Hedda Felin.
The investor consortium, led by Arini Capital Management, AlbaCore Capital, and Barings, will support Hurtigruten’s continued dominance in Norwegian coastal cruises. With its rich 130-year heritage and workforce of nearly 2,000 employees, the company maintains its position as the preeminent operator along Norway’s scenic coastline.
Financial restructuring forms a crucial component of the deal. The transaction set to reduce the company’s outstanding debt by over €1 billion, leaving approximately €400 million in remaining debt with extended maturities until at least 2030.
The company’s market outlook appears strong, with bookings for 2025 showing a 24 percent increase compared to the previous year’s figures for 2024, and further growth anticipated in 2026.
“Hurtigruten is a strong, storied brand that has made a name for itself for over a century as a world-class operator,” said Torben Geisler, who led the Arini investment. “Our investor group looks forward to backing the Hurtigruten management team and its employees to help the company achieve its significant potential while continuing to deliver exceptional travel experiences to its customers.”
The company will maintain its headquarters in Oslo, Norway, continuing to operate its fleet of 10 ships under the Norwegian flag.
Importantly for stakeholders, the ownership transition will not impact Hurtigruten’s customer offerings, business partnerships, or daily operations.
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 109,794 members that receive our newsletter.
Have a news tip? Let us know.
By Adrian Wong (Bloomberg) –Tickets for a voyage on board Walt Disney Co.’s first Asia-based cruise ship go on sale next week, as the entertainment giant takes advantage of a tourism...
The iconic SS United States, once the pride of America’s maritime fleet, is embarking on its final voyage – not across the Atlantic, but towards a new life as the...
PortMiami and Port Everglades have reported record-breaking passenger numbers for fiscal year 2024 as cruisers returned to the high seas en masse following the pandemic. PortMiami, the nation’s busiest cruise...
Maritime and offshore news trusted by our 109,794 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
