Royal Arctic Line in breach of credit covenants with German bank

Greenland-owned Royal Arctic Line has, due to an operating deficit, breached several covenants in a key credit agreement with Germany's KfW concerning a new container ship. "Completely undramatic," says CEO Verner Hammeken, who is looking to change the conditions of the agreement.

Royal Arctic Lines adm. direktør Verner Hammeken. Photo: Royal Arctic Line

A problem-filled 2017 for Greenland-owned Royal Arctic Line had consequences for a key credit arrangement with German bank KfW.

An operating profit last year is part of the reason that several covenants were breached in the agreement with the bank to finance the new container ship, scheduled for delivery in 2019.

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