Havila Shipping ASA has achieved a profit before tax of NOK 41.9 million in Q1 2014,compared with NOK -19.6 million in Q1 last year. Total operating income and gains was NOK 378.5 million in the Q1 of 2014. Total operating income for corresponding period last year was NOK 330.4 million.
The group had 27 vessels in operation per March 31, 2014. Four of the vessels are operated by the 50 % owned company in Singapore, Posh Havila Pte Ltd. One vessel is still leased through a bareboat contract.
The market for offshore service vessels in the 1st quarter at times has been better than expected. Activity has been good, but at times characterized by many available vessels. The utilization was 94 % in Q1 for the fleet, with average day rates for vessels in the spot market in line with the average market rates.
Based on the estimates of brokers dated 31/12/13, the fleet had a market value of NOK 8.347.0 million at the end of March. This is equivalent to a value per share of NOK 97. The book value of the fleet was NOK 7,489.3 million. Book equity per share is NOK 68.
Net cash flow from operations per 31.03.14 was NOK 26.0 m (NOK -12.3 million). Cash flow from investing activities was NOK -36.5 m (NOK 55.3 million). Payment of installments, raising loans and constitute a net change from financing activities of NOK 139.7 million (NOK -162.8 million).
Total interest-bearing debt per March 31, 2014 is NOK 6068.2 million. This includes bond loans of NOK 1.914.8 million, whereof NOK 714.8 million is secured. Of interest-bearing debt, 11.2% is loan in USD, while the remainder is nominated in NOK. Next year’s repayment of debt is classified as current liability in conformity with IFRS, and amounts to NOK 652.2 million. Whereof approximate NOK 483.1 million is annual ordinary installments on loans.
Havila Shipping ASA operates 27 vessels. Four of the vessels are operated by the joint venture company in Singapore, Posh Havila Pte. Ltd. One vessel is hired in on a bareboat contract. The fleet comprises 14 platform Supply Vessel, 9 anchor Handling vessels, 3 subsea and 1 rescue & recovery vessel.
Havila Shipping ASA has around 800 maritime employees and 45 administrative staff.