Havila Shipping reports record results and best ever quarterCompany News // October 24, 2013
Havila Shipping, the Fosnavåg, Norway-based offshore shipowner recorded its highest ever operating income in the third quarter of 2013.
Total income was at a record high, with the company’s fleet of 27 vessels generating income of NK4 401 million for the third quarter of 2013, compared to NKr 360 million for the corresponding period last year. Profit before tax was NKr 78.8 million compared to NKr 21.1 million last year. For the year-to-date, the company’s profit before tax was NKr 89.2 million.
The record results came despite a reduction in the size of Havila’s fleet by one ship compared to 2012. In the year to date, total operating income was NKr 1,099 million compared with Nkr 1,071.9 million in 2012.
Njål Sævik, CEO of Havila Shipping, said he was pleased with the result. “This has been a very good 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,” Mr Sævik said.
In addition to the record result for the third quarter, the company has entered into new contracts worth close to NKr 2.9 billion this year. Including options, Havila Shipping has an order reserve of Nkr 6.6 billon.
The contracts include one for Havila Harmony and Havila Phoenix worth NKr 425 million; a seven year deal for Havila Phoenix with DeepOcean, which includes four one-year options; a contract extension for Havila Subsea; contracts for Havila Mars and Havila Mercury with Statoil for three years and three one-year options and one year plus a one-year option, respectively; deals for Havila Clipper and Havila Crusader with Statoil; and a contract with Petrobras for Havila Princess.