Record Result for Havila Shipping

Havila Shipping sets yet another record: Never before has the Fosnavåg-based shipping company noted higher operating income for one quarter than for Q3 2013. The total income and gains is also at a record high. The fleet of 27 top modern vessels have generated income of 401 MNOK for the third quarter 2013, compared to 360 MNOK for the corresponding period last year. The profit before tax was 78.8 MNOK compared to 21.1 MNOK last year. Year to date, the profit before tax was 89.2 MNOK.

These record results come despite the reduction of the fleet by one ship: this year the shipping company operated 27 vessels compared to 28 vessels in 2012. Year to date, total operating income and gains were 1.099.0 MNOK, compared with 1.071.9 MNOK last year.

The shipping company has already entered into refinancing agreements related to balloon repayment during 2014 for 6 of 7 vessels

Njål Sævik, CEO of Havila Shipping ASA, is pleased with the result for Q3:

”This has been a very god quarter both in terms of income and profit. The work we have done to increase profitability in the company is starting to pay off. We are getting ever closer to our goal of being in a position where dividends again can be paid to our shareholders. I am also very satisfied that we have settled refinancing agreements for 6 out of 7 vessels with repayment in 2014,” Njål Sævik says.

In addition to the record result for the third quarter, CEO Njål Sævik can enjoy another record: the offshore shipping company has entered new contracts worth close to 2.9 BN NOK so far this year. Including options, Havila Shipping has an order reserve of 6.6 BN NOK.