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Small Cruise Lines are Struggling to Get Out from Under Russian Sanctions.

Sanctions on Russian Leasing company GTLK which the Russian Government reportedly owns, are causing repercussions in the marine and airline industry.

Swan Hellenic Andrea Zito CEO has announced that the company has divested itself of any involvement with Russian investors. Zito said, “The company is not under sanctions because it broke ties with any Russian owners. Now, the only Vodohod parties with interests in Swan are EU citizens”. Vodohod is a Russian-controlled river cruise company.

Zito who took over as head of Swan Hellenic in July 20202 after leaving Silversea added that Swan Hellenic is also in the process of buying SH Minerva from the Russian-owned leasing company GTLK Europe, which is under EU sanctions. In addition, he said that the company planned to acquire their new build SH Vega which is expected to be completed in early June directly from Helsinki Shipyard where it is being built. According to Zito, the company is "actively and successfully in discussions with various financial parties," and that news is expected to be forthcoming.

Havila Voyages a Norwegian controlled coastal cruise company was recently denied insurance and permission to sail because their ship Havila Capella is also leased from GTLK . They are currently searching for new financing.

EASYJET recently announced that they had terminated their leases for Airbus aircraft thru GTLK.



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