Havila Shipping has reported a profit before tax of NOK9 million ($900,000) for the third quarter of 2025, an increase from NOK3.3 million in the same period last year. The result was positively impacted by a value adjustment of the company's debt amounting to NOK38.7 million, compared to a negative adjustment of NOK30.5 million in the third quarter of 2024.
Freight revenues for the quarter totalled NOK149.3 million, representing an increase of NOK8.5 million year-on-year. However, revenues decreased by NOK16.2 million compared to the previous quarter.
The company attributed this sequential decline to lower average rates and utilisation, noting that two vessels were out of service for parts of the quarter for planned maintenance. Fleet utilisation for the period stood at 95.3 per cent.
Operating expenses were NOK84.1 million, up NOK2.9 million from the third quarter of 2024. The profit before depreciation was NOK72.5 million, compared to NOK69.0 million in the corresponding period last year.
For the first nine months of 2025, total operating income reached NOK504.2 million, up from NOK429.2 million in 2024. Year-to-date profit before tax was NOK36.5 million, compared to NOK7.8 million in the previous year.
As of September 30, 2025, the company operated 14 vessels, six of which are managed for external owners. The book value of the fleet was recorded at NOK1.17 billion. Total long-term debt amounted to NOK544.2 million, which includes loans provided by sister company Havila Finans.
