Record Year for Havila Shipping

Highest income ever

By MarEx 2014-01-31 13:11:00

2013 was a year of record results for Havila Shipping ASA: The operating result of 710 million NOK is the highest in the company’s history; operating income of 1.436 billion NOK is another record, 100 million NOK better than the previous year; the operating income for Q3 was the best ever for a single quarter and new contracts worth 2.9 billion NOK is yet another record. 

Never before in the company’s 10-year history has the Fosnavåg-based shipping company noted such incomes, and never before has the company has as great a contract coverage as today – despite that they now have 27 vessels compared to 28 in 2012. 

Q4 was also a good period for the company with an operating income of 360 million NOK – compared to 340 million NOK for the corresponding period in 2012. 

•    Havila Shipping signed new contracts worth 2.9 billion NOK, which is a record high
•    The high percentage of long term contracts represents a secure footing for the profitability of the fleet in 2014
•    Re-financing agreements and extensions have been secured for all loans expiring in 2014

Njål Sævik, CEO of Havila Shipping is pleased with the results for 2013:

“I cannot be anything but pleased by us setting new records across the board. We have 830 employees who are all doing a great job on board our vessels and on shore and we have a new and top modern fleet. After a period of extensive new-building of vessels over the past five years we have now said that we are concentrating on improving operations of our fleet. Our ambition is to return to a position where dividends can be paid to our shareholders as soon as possible,” Njål Sævik, CEO of Havila Shipping ASA, says. 

The improved results for the Fosnavåg-based shipping company have been noticed among the investors at the Oslo Stock Exchange: the company is doing well on the stock exchange among the offshore supply companies. 

There is only one thing CEO Njål Sævik is less than pleased about: the Norwegian Tax Authority hold that the company owe 72 million NOK in taxes in connection with some earlier sales of vessels. Havila Shipping ASA has chosen – to err on the side of caution – to include this cost in total in the 2013 books, although the company is disputing the case. Without the effect of this extra tax the results before tax for 2013 would have been around 82 million NOK, while it as it is looks set to end just below the 10 million NOK mark. 

”If it had not been for this tax issue, I would also have been able to say I was pleased with the year end results for 2013. We hold that this decision is wrong, but have chosen to take the full effect of this on the 2013 books,” says Njål Sævik, CEO of Havila Shipping ASA. 

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