Havila Shipping (HAVI) Q3 2024 earnings summary

Executive summary

• Q3 2024 freight revenues were NOK 140.8 million, down NOK 28.9 million year-over-year and NOK 5.1 million sequentially, with higher average rates but lower utilization due to vessel contract preparations.

• Operating income before depreciation rose to NOK 69.0 million from NOK 57.0 million in Q3 2023; profit before tax was NOK 3.7 million, down from NOK 28.9 million last year.

• Year-to-date, total operating income was NOK 429.2 million (NOK 757.0 million in 2023, which included NOK 209.2 million gain on asset sales); profit before tax was NOK 7.8 million (NOK 141.9 million in 2023).

• Fleet utilization in Q3 2024 was 90%, with 14 vessels operated, including six for external owners.

Financial highlights

• Q3 2024 total operating income: NOK 150.2 million (NOK 176.0 million in Q3 2023).

• Q3 2024 total operating expenses: NOK 81.2 million (NOK 119.0 million in Q3 2023).

• Q3 2024 depreciation: NOK 36.9 million (NOK 34.1 million in Q3 2023).

• Net financial items in Q3 2024: NOK -30.2 million (NOK -456.2 million in Q3 2023), mainly due to value adjustment of debt.

• Earnings per share in Q3 2024: NOK 0.15 (NOK 1.22 in Q3 2023); diluted EPS: NOK 0.06 (NOK 0.85 in Q3 2023).

Outlook and guidance

• All vessels are now under contract following new agreements for three PSVs and one subsea vessel.

• The company has received a refinancing offer to address debt maturing at year-end.

• The Board concludes that going concern conditions are present, with estimated liquidity above required minimums for the next 12 months.