Havila Shipping Banks Q3 Profit as Fleet Use Climbs
November 19, 2025
Havila Shipping delivered a stronger third quarter in 2025, reporting improved profit before tax and maintaining high fleet utilization despite softer day rates and several vessels undergoing planned maintenance.
According to the company’s quarterly report, freight revenues reached NOK 149.3 million in Q3 2025, up NOK 8.5 million from the same period last year but down sequentially from Q2. Utilization remained robust at 95.3%, although two vessels were temporarily out of service for scheduled yard work. Total operating income for the quarter came in at NOK 156.7 million, compared to NOK 150.2 million in Q3 2024.
Operating expenses were broadly stable at NOK 84.1 million, leaving Havila with an operating profit before depreciation of NOK 72.5 million, slightly higher year-on-year. Profit before tax climbed to NOK 9.0 million, nearly triple the Q3 2024 result of NOK 3.3 million. A key contributor was a NOK 38.7 million positive value adjustment of debt, a major reversal from the NOK –30.5 million adjustment recorded in the same period last year.
Year-to-date figures also show steady improvement: Havila generated NOK 504.2 million in operating income for the first nine months of 2025, up from NOK 429.2 million in the same period of 2024.
- Fleet: 14 Offshore Vessels Across PSV, Subsea and RRV Segments
- Havila continues to operate a mixed offshore fleet of 14 vessels, managed from its Fosnavåg base. The lineup includes:
- 10 platform supply vessels (PSVs), four of which are owned by external owners and one held at 50%
- 3 subsea construction vessels, including one externally owned and one on bareboat charter
- 1 multi-field rescue/recovery vessel (RRV), hired on bareboat terms
- The fleet’s book value as of September 30 was NOK 1.17 billion, reflecting stable vessel valuations and no impairment charges for the quarter.
Total current assets stood at NOK 301.9 million, with cash deposits of NOK 149.7 million. Free liquidity of NOK 144.1 million sits comfortably above the loan covenant requirement of NOK 50 million.
Long-term debt—including loans from sister company Havila Finans—totaled NOK 544.2 million, while the company continues to manage a complex mix of interest-bearing and non-interest-bearing debt under its multi-year restructuring framework.
Havila states it is operating in line with expectations and sees continued demand for offshore support tonnage. With solid utilization, a stable contract base, and improved financial performance, the company expects to maintain momentum through the remainder of 2025 while monitoring the outcome of ongoing legal proceedings related to its restructuring agreements.
