Havila Voyages aims to ‘break all ties’ with Russian financing

Havila Voyages is assessing “several options” as it looks to break ties with a Russian company which is financing the construction of its fleet.

The Norwegian coastal line “assumes” European Union sanctions extended last Friday imposed on Russian firm GTLK will “prevent the company from carrying out the financing of three remaining vessels”.

Havila Voyages’ maiden vessel Havila Capella (pictured) currently operates sailings between Bergen and Kirkenes in Norway.

The three remaining ships – Havila Castor, Havila Polaris and Havila Pollux – are scheduled to come into service later this year.

However, chief executive Bent Martini said: “We have assessed what has now happened as a possible outcome and have for a period worked to find alternative financing for our coastal cruise ships.”

Havila Voyages is scheduled to take delivery of second ship Havila Castor within the next week ahead of its launch on May 10.

“We have to work with several options,” he added. “The short-term solution is to take delivery of Havila Castor as soon as we can.

“The slightly more long-term solution is to find an alternative financing for the last two ships under construction, as well as how we will solve Havila Capella which is already in operation.

“The ships at the Tersan shipyard are owned by the shipyard until delivery.”

Martini said it was difficult to say when new financing would be in place, but added the company was well under way with the work.

“It is about significant sums of money to finance four coastal cruise ships, and these are complex exercises. It will take some time before everything is landed,” he added.

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