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30 May 2020 The on-line newspaper devoted to the world of transports 23:04 GMT+2

May 6, 2020

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Norwegian shipping company Hurtigruten risks don't survive the impact of the pandemic

Rating downgrade does not allow the company to access to the system of government loan guarantees

The Norwegian shipping company Hurtigruten, which has more employees and a fleet of 16 ferries and ships risk not surviving the impact of the pandemic of coronavirus on its business. The alarm was raised launched by the company's CEO, Daniel Skjeldam, stating that the company's situation can become critical without the support of the state since -- he Reported - Hurtigruten cannot access warranty system adopted by the Oslo government to allow companies to address the liquidity shortage determined by the impact of the crisis.

Emphasizing that the company does not ask for grants but possibility of obtaining loans to be repaid with interests, Skjeldam explained that with the system put in place by the government to provide loan guarantees to large companies affected by the health crisis was given to the Statens Obligasjonsfond (SOF) to provide loan guarantees to companies that have a rating higher than CCC. Because of the crisis, which caused the downtime of 14 ships in the fleet, the rating class Hurtigruten has been lowered to CCC, cutting out the company from the government support system. It is clear that company had notice that they could not access the system at the end of last month, Skjeldam urged to ensure that based on the recognized rating class company before the outbreak of the crisis, even in view of the fact that in the year before the start of the pandemic Hurtigruten posted record economic performance.

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