Hard-pressed Havila logs first quarter profit

Norwegian offshore carrier Havila delivered positive numbers on the bottom line in the first quarter with a profit of USD 3.6 million before tax. The carrier is undergoing restructuring and breached its loan terms back in March.

The past six months have been tumultuous for Havila Shipping. Recently the offshore carrier impaired its share capital by a whopping 96 percent in an effort to create better possibilities for the carrier's survival after massive impairments on the fleet and a breach of the company's loan agreements, and despite numerous attempts the carrier has still not managed to achieve refinancing.

But the first quarter did bring some good news to the carrier. In the first quarter, the carrier reported earnings before tax of USD 3.6 million against a loss in the same period last year of USD 7.3 million, according to the interim report published Tuesday.

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