Hurtigruten and sister brand HX, formerly Hurtigruten Expeditions, each will be acquired by their existing investors following a rebranding of the two cruise lines that began a year ago.
The 10-ship fleet operated by Hurtigruten plies the Norwegian coastal route while HX’s five ships sail global itineraries and polar cruises. The expedition line was renamed HX in late 2023 in a bid to differentiate it from Hurtigruten.
Their acquisitions, slated to close in January 2025, represent the final stage of financially separating the two brands. The changes in ownership are not expected to have impacts on guests or the daily operations of the two fleets.
HX is being purchased by a consortium consisting of London-based Arini Capital Management and New York-based Cyrus Capital Partners, and will include an investment infusion of EUR 140 million ($147 million USD) in new junior funding. The funding is aimed at expanding growth opportunities.
The HX fleet includes the 250-guest Fram; Fridtjof Nansen and Roald Amundsen, both with capacity for 490 guests; the 90-guest Santa Cruz II; and the 220-guest Spitsbergen.
The two largest ships, Fridtjof Nansen and Roald Amundsen, offer multiple restaurants and staterooms with balconies. The newest of the fleet, they entered service in 2020 and 2019, respectively. Santa Cruz II operates solely in the Galapagos Islands year-round.
“Today’s announcement will allow HX to further enhance our offerings to our guests, boost our focus on greener innovation and explore new destinations around the globe,” said Gebhard Rainer, CEO of HX.
Rainer will remain in his current position following the sale.
In its announcement on November 29, 2024, HX indicated that the acquisition would enable the lines to continue its investment into a fleet of ships, which could imply the building or purchasing of additional vessels.
The expedition cruising market has grown by leaps and bounds in recent years. According to data from Cruise Lines International Association, expedition and exploration are the fastest-growing sectors of cruise tourism, posting a 71% increase in passengers traveling on expedition itineraries from 2019 to 2023.
Growth in the cruise niche is expected to continue to grow as consumers embrace travel opportunities that offer experiences based on adventure, science, and environmental sustainability.
“We believe HX is poised to continue to build market share, and the group of investors is committed to providing the backing needed to accelerate its success,” said Torben Geisler, a representative of Arini Capital Management.
Coastal Cruise Line to Receive Long-Term Funding
Hurtigruten, the Norwegian coastal line, is to be acquired by existing investors that include Arini Capital Management, AlbaCore Capital, and Barings. As part of the purchase, the line will receive EUR 110 million ($116 million USD) in long-term funding.
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Also, the sale will reduce the line’s outstanding debt to EUR 400 million ($422 million USD). Like the HX transaction, the Hurtigruten purchase is slated to close in January 2025.
“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. We look forward to working alongside the new investor group,” said Hedda Felin, CEO of Hurtigruten.
As with its former sister brand, the coastal cruise line is experiencing strong demand. Its 2025 bookings, as of November 24, 2024, are running 24% higher compared to 2024 bookings made by the same date in November 2023.
Both Hurtigruten and HX are tempting future cruisers with Black Friday promotions.
HX is offering cruise fare discounts of up to 50% on certain voyages in 2024 and 2025 when booked by December 9, 2024. Hurtigruten’s Black Friday sale runs to December 2, 2024, providing fare reductions of up to 50% on some Coastal Express departures until September 2025.
