Havila Shipping Reports Stable Q4 2024 Results

Wednesday, February 26, 2025
Copyright Sergey Kohl/AdobeStock

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.
Categories: Vessels Offshore Energy OSV

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