In This Article:
Summary
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The fright revenues in the fourth quarter were NOK 148 million, an increase of NOK 5 million compared to the corresponding period last year.
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Three vessels were sold and delivered to the new owner after the lenders demanded that the vessels be sold in accordance with the current restructuring agreement.
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Freight revenues is reduced by NOK 22 million compared to the third quarter. Operating expenses were NOK 89 million in the fourth quarter, a reduction compared to the fourth quarter last year and the previous quarter of NOK 33 million and NOK 30 million, respectively.
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Havila Shipping ASA achieved an operating income before depreciation of NOK 73 million in Q4 2023, compared with NOK 50 million in Q4 2022.
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Based on the market development, income expectations have increased, and have resulted in the reversal of previous write-downs on vessels with NOK 400 million in the fourth quarter against NOK 226 million in the corresponding period last year.
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Value adjustment of the debt in the fourth quarter amounts to NOK 479 million compared to NOK 389 million in the corresponding period last year.
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Profit before tax was NOK - 29 million in Q4 2023, compared with NOK - 81 million in Q4 2022.
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The group had as of 31/12/23 14 vessels operated from Fosnavåg, six for external owners.
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The fleet utilization in Q4 2023 was 93 %.
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Debt to credit institutions falls due on 31 December 2024. The debt with associated conversion rights is classified as short-term debt per 31/12/23.
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The company has received offer for refinancing which the company can choose to use to refinance the debt at the end of the agreement period.
Result for 4 quarter 2023
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Total operating income amounted to NOK 162.2 million whereof NOK 5.8 million was gain on sale of fixed assets (NOK 171.9 million whereof NOK 22.1 million was gain on sale of fixed assets).
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Total operating expenses were NOK 89.3 million (NOK 121.5 million).
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Operating profit before depreciation was NOK 72.9 million (NOK 50.4 million).
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Depreciation was NOK 24.2 million (NOK 37.7 million).
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Reversal of impairment charge of fixed assets was NOK 400,0 million (NOK 226.0 million).
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Net financial items were NOK - 478.8 million (NOK - 323.0 million) whereof unrealized agio gain NOK 65.3 million (unrealized agio gain NOK 72.6 million), and value adjustment of debt was NOK - 478.7 million (NOK - 388.7 million).
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The profit before tax was NOK - 28.7 million (NOK - 80.5 million).
Result 2023
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Total operating income were NOK 919.2 million (NOK 824.4 million).
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Total operating expenses were NOK 431.2 million (NOK 427.0 million whereof NOK - 21.2 million s reimbursement of costs from the banks for the vessels in lay-up. This reimbursement is divided between NOK 7.1 million on crew expenses, NOK 9.1 million on vessel expenses and NOK 5.0 million on other operating expenses. Ordinary operating expenses amounts to NOK 448.3 million).
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The operating profit before depreciation was NOK 488.1 million (NOK 397.4 million).
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Depreciation was NOK 131.6 million (NOK 183.7 million).
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Reversal of impairment charges of fixed assets were NOK 865.0 million (NOK 226.0 million).
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Net financial items were NOK - 1,105.3 million (NOK - 545.1 million), whereof unrealized agio gain was NOK 65.5 million (unrealized agio loss NOK 76.6 million) and value adjustment of debt NOK - 1,080.8 million (NOK - 456.5 million).
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The profit before tax was NOK 113.1 million (NOK - 111.8 million).