Havila Shipping Reports Stable Q4 2024 Results

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.