Havila Shipping (HAVI) Q1 2026 earnings summary

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.