Havila Voyages (Havila Kystruten AS) announced its fourth-quarter 2024 financial results, marking its third consecutive quarter with a positive operating result and continued revenue growth.
For the fourth quarter of 2024, Havila’s revenue in the fourth quarter of 2024 reached NOK 403 million, a notable increase from NOK 249 million in the same period in 2023. For the full year, the company’s total revenue reached NOK 1.529 billion, compared to NOK 764 million in 2023.
Operating costs for the quarter amounted to NOK 352 million, mainly driven by regular operational expenses for its four-ship fleet. Havila Voyages reported an operating profit of NOK 50 million, improving from a negative operating result of NOK 33 million in the fourth quarter of 2023. For the full year, the company achieved 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,” said 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.”
The company also reported exceeding the Norwegian authorities’ emission requirements for the coastal route.
In Q4 2024, Havila Voyages cut CO₂ emissions by 33 percent compared to 2017 levels for the coastal route. This exceeds the Ministry of Transport & Communications’ requirement of a 25 percent CO₂ reduction. The ships’ plug-in hybrid system, using 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,” said 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.”
The company also maintained its goal of reducing food waste onboard 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 added.
“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.”
Additionally, ship occupancy increased to 78 percent in Q4 2024, up from 63 percent in Q4 2023. For the full year, occupancy rose from 65 percent to 73 percent.
2025 Outlook
The company has sold 53 percent of its 2025 capacity to date, with an average cabin rate of NOK 5,200. The company expects continued price growth and anticipates selling around 75 percent 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,” said Martini.
“This allows for more efficient planning and optimization, especially during the peak season when the northbound route is particularly popular.
“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,” he said.
