Havila Shipping ASA: First quarter 2025 accounts

Core Viewpoint - The company is currently in a legal dispute with three banks regarding a restructuring agreement, which has been extended until December 31, 2025, while the company asserts that there has been no breach of contract [2]. Financial Performance - Freight revenues for Q1 2025 reached NOK 166.3 million, marking an increase of NOK 49.6 million year-over-year and NOK 18.3 million quarter-over-quarter [5]. - Operating expenses in Q1 2025 were NOK 91.0 million, up NOK 9.7 million from Q1 2024 and up NOK 3.3 million from the previous quarter [5]. - The company reported a profit before depreciation of NOK 81.6 million in Q1 2025, compared to NOK 44.8 million in Q1 2024 [5]. - Profit before tax for Q1 2025 was NOK 18.8 million, a significant increase from NOK 0.1 million in Q1 2024 [5]. Asset and Debt Management - As of March 31, 2025, total current assets were NOK 295.7 million, with bank deposits amounting to NOK 170.9 million [5]. - The book value of the fleet was NOK 1,186.4 million, and total long-term debt was NOK 546.5 million, which includes loans from Havila Finans AS [5]. - The nominal value of interest-bearing debt was NOK 644.2 million, while non-interest-bearing debt was NOK 610.7 million [5]. Fleet and Employment - The company operates 14 vessels, including 10 Platform Supply Vessels (PSVs) [6]. - In Q1 2025, the company employed 402 seamen and 12 administrative staff [6].