Hurtigruten and Havila Report Q4 Financials

Two ships

Hurtigruten and Havila Kystruten in Norway have both reported losses for the fourth quarter ended December 31, 2022.

Hurtigruten reported a loss of NOK 908 million (after taxes) for the fourth quarter which were attributed to higher operating costs, including air travel disruptions, higher fuel costs and a stronger dollar. The company described this as a temporary increase that is expected to come down in the first quarter

The company posted total revenues of approximately NOK 1.5 billion, which was an increase of 80 percent from the fourth quarter of last year with an average occupancy of 57 percent compared to 41 percent for the same quarter the year before. Occupancy in Hurtigruten expeditions were said to be still influenced by covid testing regimes and travel disruptions in South America.

As of Feb. 27, Hurtigruten, which operates 15 vessels, seven on expeditions and eight in coastal service,  reported that bookings for the first half of the year were more than NOK 1.5 billion, which is up 100 percent from the same period last year and described as the best booking period in the company’s history.

Havila Kystruten, which operated two ships in Norwegian coastal service during the quarter, reported a loss of NOK 237 million (before taxes) on revenues of NOK 85 million.

The company said in a prepared statement that occupancy during the quarter was characterized by uncertainty and cancellations from several tour operators.

Operating costs were described as being impacted by the brand’s build-up phase with salary and operating costs related to the education and training of crew before the ships went into service, high LNG prices, and legal costs in connection with the sanctions (against Russia) and refinancing.

Havila also said that reimbursement of the LNG costs from the Ministry of Transport of NOK 116 million was included in its results.

Bookings for January and February were reported to be 13 percent higher than projected.

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