Havila Shipping Reports Stable Q4 2024 Results

February 26, 2025

Havila Shipping ASA announces its Q4 2024 financial results, highlighting steady freight revenues, strong fleet utilization, and the successful completion of a major debt restructuring.

Key Financial Highlights (Q4 2024):

Freight revenues: NOK 148.0 million, consistent with Q4 2023 and up NOK 7.1 million from Q3 2024.
Fleet utilization: Maintained at 92%, with a higher average rate than the previous quarter.
Operating expenses: NOK 87.7 million, down NOK 1.6 million from Q4 2023 but up NOK 6.5 million from Q3 2024.
Operating income before depreciation: NOK 68.2 million (Q4 2023: NOK 72.9 million).
Profit before tax: NOK 2.6 million (Q4 2023: NOK 28.7 million).

Debt Restructuring and Balance Sheet Update:

Refinancing NOK 500 million in interest-bearing debt through agreements with three banks and two bond loan owners.
Conversion of NOK 522 million in non-interest-bearing debt into 123.3 million shares.
Havila Holding converted NOK 46 million into 128.1 million shares to maintain a 50.96% ownership stake.
Book value of the fleet: NOK 1,173.6 million as of 31/12/24.
Total long-term debt: NOK 499.6 million, consisting of loans from Havila Finans AS.

Operational Overview:

Fleet: 14 vessels operated from Fosnavåg, including 10 PSVs, 3 subsea vessels, and 1 RRV.
Workforce: 402 seamen employed, plus 14 administrative staff.