Havila Shipping reports stable YOY revenues but lower operating income in Q4 2024

Norway's Havila Shipping reports that freight revenues were NOK148 million (US$13.2 million) in the fourth quarter of 2024, at the same level as the corresponding period the previous year and an increase of NOK7.1 million (US$630,000) compared to the previous quarter.

The average rate is higher in Q4 than the previous quarter, and utilisation is on same level as the previous quarter. Operating expenses were NOK87.7 million (US$7.82 million) in Q4 2024, a decrease compared to Q4 2023 of NOK1.6 million (US$140,000) and an increase compared to the previous quarter of NOK6.5 million (US$580,000).

The company achieved an operating income before depreciation of NOK68.2 million (US$6.08 million) in Q4 2024, compared with NOK72.9 million (US$6.5 million) in Q4 2023.

No impairment charges or reversals of previous impairment charges were made in the fourth quarter. In the Q4 2023, previous impairment charges were reversed by NOK400 million (US$36 million).

Profit before tax was NOK2.6 million (US$230,000) in Q4 2024, compared with a loss of NOK28.7 million (US$2.56 million) in Q4 2023.

Full-year 2024 results

Total operating income amounted to NOK585.1 million (US$52.16 million), dropping from NOK912.2 million (US$81.32 million) in 2023.

Total operating expenses were NOK324.8 million (US$28.96 million) compared to NOK431.2 million (US$38.44 million) in 2023.

The operating profit before depreciation was NOK260.3 million (US$23.21 million) compared to NOK488.1 million (US$43.51 million) in 2023.

The profit before tax was NOK10.4 million (US$930,000), dropping from NOK113.1 million (US$10.08 million) in the previous year.