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    Havila Shipping unveils second quarter 2014 accounts - over-capacity affects North Sea market

    Company News // July 24, 2014

    Havila Shipping achieved a profit before tax of NKr 24.4 million in the second quarter of 2014, compared with NKr 33.0 million in the saem period in 2013.

    Total operating income and gains was NKr 402.3 million. Total operating income for corresponding period last year was NKr 367.2 million.

    The group had 27 vessels in operation per 30/06/2014. Four of the vessels are operated by the 50 per cent owned company in Singapore, Posh Havila Pte Ltd. One vessel is leased through a bareboat contract.

    The company said the spot market for offshore service vessels was "negatively influenced by too many vessels being available.

    "Most of the market players in the market expected higher utilization in the North Sea spot market during second quarter than have been seen," said Havila.

    The group had a fleet utilization level of 94 per cent in the second quarter, which is close to expected utilization with the existing contract coverage.

     

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