Havila Voyages has entered into a renegotiated liquefied natural gas (LNG) procurement agreement aimed at reducing costs and increasing flexibility.

The new agreement allows Havila Voyages to purchase around one-third of its fuel requirements directly from an alternative supplier in Northern Norway until the end of 2030.

Deliveries will come from the LNG production plant at Melkøya, near Hammerfest, the company said in a press release.

“We are strengthening the flexibility and resilience of our fuel supply, while ensuring a more predictable and competitive cost base by entering into this new agreement,” said Bent Martini, CEO of Havila Voyages.

The agreement means that Havila Voyages will have two suppliers of LNG, with a pricing model partially linked to gas oil. Two-thirds of the volume will remain price-indexed to the so-called TTF index, while one-third will follow gas oil prices.

According to Havila, this model reduces the risk of significant price fluctuations and contributes to more predictable costs.

“The market in which we purchase fuel sees significant fluctuations based on energy prices, so it is crucial to have multiple options. Improved bunkering solutions in Northern Norway, combined with a more favorable pricing model, mean we expect significant savings going forward, aligned with our ongoing work to optimize operational costs,” Martini added.

Based on current forward prices, the expectation is that the new agreement will reduce Havila Voyages’ annual fuel costs by over 10 percent from the fourth quarter of 2025.