Significant Revenue Growth for Havila Voyages

The company’s revenues in Q3 2024 totaled NOK 464 million, a substantial increase compared to NOK 225 million in the same period last year. This represents a 62% growth when adjusted for the increase in the number of ships in operation. Havila Voyages’ two latest ships, Havila Polaris and Havila Pollux, began operations in August 2023.

For the first nine months of 2024, the company’s total revenues reached NOK 1.126 billion, up from NOK 515 million last year. Operating costs for the quarter amounted to NOK 336 million, primarily related to regular operating expenses for the four ships in the fleet. The operating result ended in positive NOK 128 million, a substantial improvement from an operating loss of NOK 36 million in the same quarter last year and continuing and enhancing the positive trend from earlier this year.

"We are very pleased to deliver a strong operating result this quarter. It demonstrates that our business model, with an efficient onshore organization supporting onboard operations, combined with increased demand, creates results," says CEO Bent Martini about the financial performance.

"It is clear that more environmentally friendly coastal voyages and the quality experienced by our guests onboard are being noticed, leading to increased demand and higher occupancy rates."

In Q3 2024, 78% of the capacity on the company’s ships was sold, compared to 70% in the same period last year.

"More people are becoming aware of the new company along the Norwegian coast, with new and modern ships. Coupled with targeted marketing and positive feedback from those who have already traveled with us, we see growing interest in Havila Voyages," he adds.

Significant Potential
Havila Voyages has already sold 41% of its capacity for 2025 and is implementing targeted measures to meet the company’s ambitions for the new year.

"There is great potential to increase occupancy, especially on the southbound part of the route, from Kirkenes to Bergen. This leg has traditionally had lower occupancy than the northbound part of the route," says Martini.

"Looking ahead, we will continue to develop our digital sales platforms, which will enable us to reach new markets and secure more direct bookings. The results also show how we are continuously improving the customer journey, both through higher levels of service and a broader range of onboard products. We will continue to offer flexibility and shorter trips to attract an even larger market that wants to experience the calming and pleasant journey onboard our quiet ships along the Norwegian coast."

Delivering on Sustainability Goals
In Q3, Havila Voyages' ships emitted 30% less CO2 than the benchmark figures for the Coastal Route in 2017, when the route was operated with diesel-powered ships. The company’s food waste in Q3 was 66 grams per passenger per day onboard, significantly lower than the company’s goal of a maximum of 75 grams.

"Our CO2 emissions are significantly better than the requirements in our contract with the Ministry of Transport, which mandates a minimum 25% reduction compared to 2017 figures. We have clear ambitions to further reduce our CO2 emissions in the future and are continuously optimizing our daily operations. At the same time, there have been some challenges related to shore power along the coast in recent months. Once these issues are resolved, we will see further emission reductions," says Martini.

Havila Voyages has also received several awards and gained international recognition for its innovation and focus on sustainability and environmentally friendly solutions in all aspects of its operations.

"It is gratifying to be recognized and win awards, as it shows we are on the right track. This also helps position us as a preferred choice for travelers seeking calming and scenic experiences."

"We have employees, both at sea and on land, who work every day to offer our guests unique experiences along the Norwegian coast while helping us achieve our goals in climate, environment, and sustainability. The dedication they show is fantastic," Martini concludes.

Download the quarterly report below.