Havila Shipping Banks Q3 Profit as Fleet Use Climbs

Havila Shipping delivered a stronger third quarter in 2025, reporting improved profit before tax and maintaining high fleet utilization despite softer day rates and several vessels undergoing planned maintenance.

According to the company’s quarterly report, freight revenues reached NOK 149.3 million in Q3 2025, up NOK 8.5 million from the same period last year but down sequentially from Q2. Utilization remained robust at 95.3%, although two vessels were temporarily out of service for scheduled yard work. Total operating income for the quarter came in at NOK 156.7 million, compared to NOK 150.2 million in Q3 2024.

Operating expenses were broadly stable at NOK 84.1 million, leaving Havila with an operating profit before depreciation of NOK 72.5 million, slightly higher year-on-year. Profit before tax climbed to NOK 9.0 million, nearly triple the Q3 2024 result of NOK 3.3 million. A key contributor was a NOK 38.7 million positive value adjustment of debt, a major reversal from the NOK –30.5 million adjustment recorded in the same period last year.

Year-to-date figures also show steady improvement: Havila generated NOK 504.2 million in operating income for the first nine months of 2025, up from NOK 429.2 million in the same period of 2024.