Growth in the First Quarter

In the first quarter of 2025, Havila Voyages recorded revenues of NOK 350 million, up 20% from NOK 293 million in the first quarter of 2024. The company delivered a positive operating result of NOK 11 million, a significant improvement from a negative NOK 18 million in the same period the year before.

“The improvement is primarily driven by a higher average price per cabin and, on average, a higher cabin factor. At the same time, we were affected by poor weather in the first quarter, which negatively impacted our onboard sales due to cancelled excursions and activities for our guests,” says CEO Bent Martini.

“Nevertheless, our positive development continues, and the first quarter is historically a period with slightly lower occupancy and therefore lower revenue.”

Havila Voyages has also started the process of refinancing the loans on its four coastal route vessels, which has contributed to increased administrative costs in the first quarter.

“We have clear ambitions to reduce our financing costs, and the refinancing of the company will be a high priority going forward,” Martini says.

Stable Operations and Positive Outlook

In the first quarter, Havila Voyages achieved 100% operational uptime, excluding weather-related cancellations. The company also reports a 35% reduction in CO₂ emissions compared to the coastal route reference levels from 2017.

“Stable and efficient operations are crucial for our success. At the same time, we have strong ambitions to reduce our environmental impact, and we consistently perform well above the requirements in our contract with the Norwegian authorities,” says Martini.

So far this year, 61% of the capacity on Havila Voyages’ ships has been booked, which aligns well with the company’s targets for the year overall. Occupancy in the second quarter is currently 73%, compared to 69% in the same period last year.

“There is now a better balance between northbound and southbound occupancy than previously, and that has a positive effect on our load factor. We also see that preliminary figures for 2026 are already better than what we saw at the same point last year.”

“At the same time, we are evolving and exploring measures to increase onboard sales, with more activities and offerings for our guests. We’re also working on optimizing our travel packages – including plans to offer more short voyages. We believe this will lead to higher overall occupancy, reach a broader market than we have historically seen on this route, and increase our revenue. It will improve our operating result and mean better utilization of the resources we have on board our ships,” Martini concludes.

Download and read the quarterly report below.