Havila Shipping says almost half of its vessels are underperforming

Norway’s Havila Shipping says that 12 vessels in its fleet have failed performance tests, required as part of its restructuring.

Part of the restructuring agreement announced by the company in 2017 was the definition of its fleet into core and non-core vessels, where non-core vessels were sold.

For the 27 core vessels remaining in the fleet, performance tests have been carried out, and 12 vessels failed to generate an EBITDA of more than 2% of the vessel’s debt.

Havila has informed lenders and invited discussions on the matter, although it is not yet clear if the company will be forced to sell the vessels.

The vessels which failed to make the cut include the company’s entire AHTS fleet Havila Neptune, Havila Mars, Havila Mercury, Havila Jupiter and Havila Venus. Also included are PSVs Havila Aurora, Havila Borg, Havila Clipper, Havila Commander, Havila Foresight and subsea vessels Havila Harmony and Havila Subsea.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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