Havila Shipping (HAVI) Q1 2025 earnings summary

Executive summary

• Freight revenues reached NOK 166.3 million in Q1 2025, up NOK 49.6 million year-over-year and NOK 18.3 million sequentially, driven by higher assignment rates and utilization.

• Operating profit before depreciation was NOK 81.6 million, up from NOK 44.8 million in Q1 2024; profit before tax was NOK 18.8 million, compared to NOK 0.1 million last year.

• Fleet utilization was 97.4% in Q1 2025, with all 14 vessels under contract and several contract extensions secured.

• Three banks extended the restructuring agreement by one year, but a dispute over alleged breaches has led to legal proceedings.

Financial highlights

• Total operating income: NOK 172.6 million (Q1 2024: NOK 126.1 million).

• Total operating expenses: NOK 91.0 million (Q1 2024: NOK 81.3 million).

• Depreciation: NOK 45.0 million (Q1 2024: NOK 34.5 million).

• Reversal of impairment charges: NOK 32.0 million (Q1 2024: NOK 0 million).

• Net financial items: NOK -53.2 million (Q1 2024: NOK -6.1 million), mainly due to a NOK -37.9 million value adjustment of debt.

• Earnings per share: NOK 0.07 (Q1 2024: NOK 0.00).

Outlook and guidance

• All vessels are under contract, with several contracts extended into 2025 and beyond.

• Non-interest-bearing debt is expected to be reduced based on vessel earnings; further share dilution is anticipated due to conversion rights.

• The company maintains a minimum liquidity requirement of NOK 50 million and expects to meet all financial obligations.