Norwegian Coastal Cruise Company Stopped Short by Sanctions

All four Havila Voyages ships were to be leased through Russian controlled GTLK.

When the latest sanctions imposed on Russian-owned companies were announced, Russia and one company in Norway surely felt the effect.


Coastal Cruise company Havila Voyages realized that GTLK, the Russian leasing company providing financing for their current ship Havila Capella and scheduled to provide the funding for their ships under construction was on the list.


The company has issued the following statement, "On Friday, April 8, the EU extended sanctions against Russian companies. GTLK, the owner of the leasing company in Hong Kong that has financed the Havila Capella, is among the sanctioned companies."


Brent Martini Havila, CEO said, "We support sanctions against Russia in this dire situation the world is in and are now working to refinance Havila Capella to break all ties with sanctioned and Russian-owned companies. He added, "The Havila Capella is the only one of our ships that is financed and leased from GTLK. The remaining ships are owned by the Tersan shipyard until we take delivery of them.


According to the company, all sailings on the Havila Capella will go ahead. The ship is registered in the Norwegian Ordinary Ship Register, with the Norwegian flag, Norwegian crew, and Norwegian operating company.


Martini explained, "Havila Voyages is the operator of Havila Capella. The ship is approved by the Norwegian authorities and satisfies all requirements in the Norwegian Maritime Act so that it can sail under the Norwegian flag. Even though we have paid rent to a Russian-owned company, the ship is Norwegian for all practical purposes,."


The company has a second ship Havilia Castor scheduled to be delivered in May.


Martini said further, “We have to work with several options. 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."


He explained further, “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. We will comply with current sanctions, regulations and Norwegian legislation when refinancing our ships."




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