Home / Shipping News / International Shipping News / Havila Shipping ASA: First quarter 2019 accounts

Havila Shipping ASA: First quarter 2019 accounts

Havila Shipping ASA achieved an operating income before depreciation of NOK 34.3 million in Q1 2019, compared with NOK 18.1 million in Q1 2018.

Total operating income was NOK 148.5 million in Q1 2019, compared with NOK 124.7 million in Q1 2018.
The group had as of 31/03/19 23 vessels operated from Fosnavåg, six for external owners.
The group had 3 AHTS vessels laid up at the end of Q1 2019.
The fleet utilization Q1 2019 was 79 % exclusive vessels in lay-up.

Result for 1 quarter 2019
• Total operating income amounted to NOK 148.5 million (NOK 124.7 million).
• Total operating expenses were NOK 114.3 million (NOK 106.6 million).
• The operating profit before depreciation was NOK 34.3 million (NOK 18.1 million).
• Depreciation was NOK 79.9 million (NOK 89.9 million).
• Net financial items were NOK -45.3 million (NOK -5.6 million), whereof unrealized agio gain was NOK 8.6 million (unrealized agio gain NOK 39.4 million).
• The profit before tax was NOK -91.9 million (NOK -80.4 million).

Image: Havila Shipping ASA

Balance and liquidity per 31/03/19
The book value of the fleet is NOK 3,138.1 million.
Total current assets amounted to NOK 302.9 million on 31/03/19, whereof bank deposits were NOK 68.1 million (of this NOK 1.0 million restricted). On 31/03/18, total current assets amounted to NOK 418.2 million, whereof bank deposits amounted to NOK 196.6 million (of this NOK 5.8 million restricted).
Net cash flow from operations was in Q1 NOK 5.0 million (NOK -31.6 million). Cash flow from investing activities was NOK -14.1 million (NOK 6.7 million). Payment of loan instalments and lease liabilities constitute a net change from financing activities of NOK –7.9 million (NOK -30.9 million).
Total interest-bearing debt per 31/03/19 is NOK 4, 110.0 million. Of interest-bearing debt, 19.0 % is loan in USD, while the remainder is in NOK. Secured debt are classified as long term debt, except from first year instalment is classified as short term debt.

Per today, Havila Shipping ASA operates 23 vessels,
• 14 PSV
– Four owned externally
– One owned 50% and not consolidated
• 5 AHTS
• 3 Subsea
• 1 RRV (bareboat)

Havila Shipping ASA had per 31/03/19 466 employees on the company’s vessels and 33 employees in the administration.

Full Report

Source: Havila Shipping ASA

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping