Havila Shipping Provides Fourth Quarter 2013 Results

Havila Shipping ASA achieved a profit before tax of NOK 4.3 m in Q4 2013, compared with NOK 11.0 m in Q4 last year. Year to date, the profit before tax was NOK 93.4m, compared with NOK 17.8m per 31/12/12.

Total operating income and gains was NOK 360.2m in the Q4 of 2013. Total operating income for corresponding period last year was NOK 340.8m. Year to date, total operating income and gain was NOK 1.459.7 m where of NOK 1.6 mill was profit from sale of vessel. Compared with NOK 1.412.7m per 31/12/12, whereof NOK 1.7m was profit from sale of vessel.

The group had 27 vessels in operation per 31/12/2013. 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 tax authorities’ change of tax return for 2012 has caused a tax expense of NOK 72m in fourth quarter accounts, whereof NOK 14m is payable for 2013. Thereafter, the payable amount will be reduced by 20% annually. The group has complaint the decision against the tax authorities.

All balloon repayment with maturity in 2014 related to bank financing has been agreed refinanced during 2013 and the refinancing is effectuated during in Q4 2013 for six vessels – for one vessel in January 2014.

Press Release, January 31, 2014