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Havila Shipping (HAVI) investor relations material
Havila Shipping Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q1 2026 freight revenues were NOK 115.5 million, down NOK 50.8 million year-over-year and NOK 20.0 million sequentially, reflecting lower assignment rates and utilization, with one vessel out of service for part of the quarter.
Operating profit before depreciation was NOK 30.6 million, a sharp decline from NOK 81.6 million in Q1 2025.
Profit before tax was NOK -47.4 million, compared to NOK 18.8 million in Q1 2025.
Fleet utilization in Q1 2026 was 84.0%.
The company operated 14 vessels as of 31/03/26, with six managed for external owners.
Financial highlights
Total operating income for Q1 2026 was NOK 120.5 million, down from NOK 172.6 million in Q1 2025.
Operating expenses were NOK 89.9 million, slightly lower than NOK 91.0 million in Q1 2025.
Depreciation increased to NOK 60.3 million from NOK 45.0 million year-over-year.
Net financial items improved to NOK -18.4 million from NOK -53.2 million in Q1 2025, with value adjustment of debt near zero.
Net cash flow from operations was NOK -12.8 million, compared to NOK 53.3 million in Q1 2025.
Outlook and guidance
Contracts for three PSVs secured assignments through the summer, with expectations for improved PSV rates in the longer term.
The company expects to handle different outcomes of ongoing legal disputes and believes conditions for going concern are present.
- Q4 2025 delivered lower earnings and a net loss amid legal and restructuring challenges.HAVI
Q4 202526 Feb 2026 - Q3 2025 delivered higher revenues and profit, but legal and refinancing risks remain.HAVI
Q3 202519 Nov 2025 - Q2 2025 saw higher revenues, strong utilization, and improved profit before tax, but legal risks persist.HAVI
Q2 202521 Aug 2025 - Debt conversion and full contract coverage mark a pivotal transition for Havila Shipping.HAVI
Q3 202413 Jun 2025 - Improved rates and utilization offset by lower revenue and major debt adjustments in Q2 2024.HAVI
Q2 202413 Jun 2025 - Q1 2025 saw robust revenue growth, high utilization, and full contract coverage for Havila Shipping.HAVI
Q1 20256 Jun 2025 - Debt restructuring and high fleet utilization drove a return to profit in Q4 2024.HAVI
Q4 20245 Jun 2025
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