Havila Shipping Reports Solid Q2 on Strong Fleet Utilization
August 21, 2025
Offshore supply vessel operator Havila Shipping ASA delivered stronger results in the second quarter of 2025, supported by high fleet utilization and stable freight revenues.
Freight revenues reached NOK 165.5 million in Q2, up NOK 19.5 million from the same period in 2024 and broadly in line with the previous quarter. Total operating income rose to NOK 175 million compared to NOK 152.9 million last year
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Operating profit before depreciation increased to NOK 91.3 million (Q2 2024: NOK 78.4 million). After depreciation of NOK 50.1 million and net financial costs of NOK -35.1 million, the company booked a pre-tax profit of NOK 8.7 million, more than double the NOK 4 million posted a year earlier
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Notably, no impairment reversals were recorded this quarter, whereas Q2 2024 had included NOK 154 million in impairment reversals.
Strong Fleet Utilization
Havila operated a fleet of 14 vessels at the close of the quarter, with six managed for external owners. Fleet utilization stood at an impressive 98.1%, reflecting steady demand across platform supply, subsea construction, and rescue recovery segments
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For the first half of 2025, Havila reported total operating income of NOK 347.5 million, up from NOK 279 million in H1 2024. Profit before tax rose sharply to NOK 27.5 million, compared with NOK 4.2 million in the prior year period
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The company’s liquidity remains stable, with bank deposits totaling NOK 155.1 million at the end of June. Net cash flow from operations came in at NOK 108.6 million for the first six months
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Havila continues to operate under a financial restructuring plan agreed with lenders, with total long-term debt recorded at NOK 538.9 million as of June 30. A key element is a NOK 500 million bond facility with sister company Havila Finans AS, maturing in late 2026. Shareholder dilution remains a risk, with potential conversion of non-interest-bearing debt into equity by year-end
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Despite this, the board confirmed a positive going-concern outlook, citing equity of NOK 354 million and free liquidity of NOK 152 million, well above the NOK 50 million covenant minimum.
