Havila Shipping (HAVI) Q2 2026 earnings summary

Executive summary

• Freight revenues in Q2 2026 were NOK 139.9 million, down NOK 25.6 million year-over-year and down NOK 24.4 million sequentially, with slightly improved assignment rates and significantly better fleet utilization compared to the previous quarter.

• Operating profit before depreciation in Q2 2026 was NOK 59.4 million, down from NOK 91.3 million in Q2 2025.

• Profit before tax for Q2 2026 was NOK -12.3 million, compared to NOK 8.7 million in Q2 2025.

• As of June 30, 2026, 12 vessels were operated, with fleet utilization at 99.3%.

Financial highlights

• Total operating income for Q2 2026 was NOK 145.8 million (NOK 175.0 million in Q2 2025).

• Total operating expenses were NOK 86.4 million (NOK 83.7 million in Q2 2025).

• Depreciation in Q2 2026 was NOK 59.1 million (NOK 50.1 million in Q2 2025).

• Net financial items were NOK -13.4 million (NOK -35.1 million in Q2 2025), with value adjustment of debt at zero.

• For the first half of 2026, total operating income was NOK 266.3 million (NOK 347.5 million in 2025), and profit before tax was NOK -59.7 million (NOK 27.5 million in 2025).

Outlook and guidance

• The company expects continued robust fleet utilization and is prepared for various outcomes of ongoing legal disputes, maintaining that conditions for going concern are present.

• The board assumes robust prospects for refinancing debt before the maturity of current financing, despite material uncertainty due to ongoing litigation.