Havila Voyages Continues Its Positive Growth

Havila Voyages' revenue in the fourth quarter of 2024 reached NOK 403 million, a substantial increase compared to NOK 249 million in the same period in 2023.
For the full year, Havila Voyages' total revenue amounted to NOK 1.529 billion, up from NOK 764 million in 2023.

The company’s operating costs for the quarter amounted to NOK 352 million, mainly related to the regular operational expenses of its four-ship fleet. The company achieved an operating profit of NOK 50 million, a significant improvement from a negative operating result of NOK 33 million in the same quarter of 2023, continuing the positive trend from the previous two quarters in 2024. For the full year, Havila Voyages reported an operating profit of NOK 219 million, compared to a negative operating result of NOK 180 million in 2023.

"We are very pleased to deliver another quarter with a positive operating result, as well as for the year as a whole. This demonstrates that we have established stable and efficient operations, thanks to our dedicated employees at sea, supported by our onshore organization," says CEO Bent Martini.

"At the same time, we have higher ambitions, and the figures show that we are still in the early stages of fully operating all four ships after a very challenging start on the coastal route."

Exceeding Emission Reduction Requirements
In the fourth quarter of 2024, Havila Voyages reduced its CO₂ emissions by 33% compared to the reference figures from the coastal route in 2017. This is significantly better than the requirements in the contract with the Ministry of Transport & Communications that requires a minimum 25% CO₂ reduction. The ships’ plug-in hybrid operation with liquefied natural gas (LNG) and large battery packs also eliminates particulate emissions.

"We have come a long way in reducing our emissions, and although the reduction is slightly lower than in previous periods, this is partly due to challenges with the stability of the charging infrastructure along the coast. Nevertheless, we are delivering well beyond the authorities' emission requirements, and that is something we should be proud of," says Martini.

"Our ambitions are high, and we are actively working towards achieving climate-neutral operations by 2028, including the potential introduction of biogas in the coming years."

Havila Voyages has also maintained its goal of reducing food waste on board to below 75 grams per guest per day, achieving an actual result of 70 grams in the fourth quarter.

"We made a slight adjustment to our breakfast concept, and last year, we included meals from Havly Café in our meal package for guests. This has slightly impacted food waste compared to the previous year. However, we remain well below our target level and significantly below the industry standard, which we are pleased with. Our food concept contributes to a significant reduction in food waste and is also economically beneficial," he explains.

"We continuously adjust and learn along the way, listening to feedback from our customers. In 2025, we will make some small modifications, particularly in Havly Café, which we strongly believe will help us further reduce food waste."

Increased Occupancy and Cabin Revenue
The occupancy rate on Havila Voyages’ ships in the fourth quarter was 78%, compared to 63% in the same quarter of the previous year. For the full year, occupancy increased from 65% to 73%.

The average daily cabin rate (ACR) also increased from NOK 2,650 to NOK 3,800 in the quarter, and from NOK 3,300 to NOK 4,300 for the full year. Onboard sales per guest per day also improved, rising from NOK 670 in 2023 to NOK 710 in 2024. In the fourth quarter, the increase was slightly smaller, with NOK 640 in 2024 compared to NOK 650 in 2023.

"The last quarter of last year was partly impacted by bad weather, leading to cancellations of port calls and excursions. The increase in cabin revenue can be partly attributed to the fact that low-cost bookings from 2023 and earlier have now been completed, allowing us to price our product more appropriately," says Martini.

Strong Outlook
As of today, 53% of capacity for 2025 has already been sold, with an average cabin rate of NOK 5,200. The company sees a positive trend in average prices and expects to sell around 75% of its total capacity for the year.

"We see a better balance between the number of guests traveling on the northbound and southbound routes compared to previous years, and also compared to historical trends on the coastal route. This allows for more efficient planning and optimization, especially during the peak season when the northbound route is particularly popular," says Martini.
"At the same time, we are experiencing increased interest in traveling on coastal route ships with reduced emissions and with a company that delivers on sustainability. The silence experienced on board our ships is something many of our guests highly value. We have a unique and award-winning food concept that receives great feedback, as well as large and spacious cabins and generous public areas, which many of our travelers appreciate," Martini concludes.

Download and read the full quarterly report below.