Havila Shipping ASA Reports Strong Q4 2024 Performance and Successful Debt Restructuring
Havila Shipping ASA has released its financial results for the fourth quarter of 2024, showcasing steady freight revenues, robust fleet utilization, and a successful debt restructuring initiative. The company’s performance highlights its resilience in navigating challenging market conditions and its commitment to sustainable growth.
Key Financial Highlights (Q4 2024):
- Freight Revenues: Havila Shipping recorded NOK 148.0 million in freight revenues for Q4 2024, demonstrating consistency with the same period in 2023 and a notable increase of NOK 7.1 million from Q3 2024.
- Fleet Utilization: The company maintained a fleet utilization rate of 92% in Q4 2024, with an improved average rate compared to the previous quarter.
- Operating Expenses: Operating expenses totaled NOK 87.7 million, reflecting a decrease of NOK 1.6 million from Q4 2023 but an increase of NOK 6.5 million from Q3 2024.
- Operating Income Before Depreciation: Havila Shipping reported NOK 68.2 million in operating income before depreciation for Q4 2024, slightly lower than the NOK 72.9 million recorded in Q4 2023.
- Profit Before Tax: The company posted a profit before tax of NOK 2.6 million in Q4 2024, down from NOK 28.7 million in the same period last year.
Debt Restructuring and Balance Sheet Update:
- Havila Shipping successfully refinanced NOK 500 million in interest-bearing debt through agreements with three banks and two bond loan owners, enhancing its financial stability.
- The company converted NOK 522 million in non-interest-bearing debt into 123.3 million shares, optimizing its capital structure and improving its liquidity position.
- Havila Holding converted NOK 46 million into 128.1 million shares to maintain its majority ownership stake of 50.96% in the company.
- As of December 31, 2024, the book value of the company’s fleet stood at NOK 1,173.6 million, underscoring the value of its maritime assets.
- Havila Shipping’s total long-term debt amounted to NOK 499.6 million, primarily consisting of loans from Havila Finans AS, reflecting a sustainable debt profile.
Operational Overview:
- Fleet: Havila Shipping operates a fleet of 14 vessels from Fosnavåg, including 10 Platform Supply Vessels (PSVs), 3 subsea vessels, and 1 Remote Operating Vehicle (ROV), supporting its diversified service offerings.
- Workforce: The company employs 402 seamen and 14 administrative staff, ensuring operational efficiency and effective management of its maritime operations.