HAVI.OL Havila Shipping
Offshore · PSV / Subsea · 44 documents
Havila Shipping pays no dividend, in its own words, so our forecast is $0.00 a share.
Yields annualise each quarter ×4 at the last close, $0.12 (2026-10-19). Our model is not company guidance.
What will Havila Shipping pay for 2026Q3?
Rates in, dividend out 2026Q3
Model Your scenarioSet a rate per vessel class and the statement below re-prices: our model’s figures in one column, yours beside them. These are your numbers, not our forecast and not company guidance; nothing you set is saved.
Latest rates
| Class | Company earned | Booked 2026Q3 | Market now | 8 weeks |
|---|---|---|---|---|
| Psv · 5 | $18,2742026Q2 · class | —none printed | —no open $/day series | |
| Subsea · 2 | $30,4002026Q2 · class | —none printed | —no open $/day series |
Company earned: the issuer’s own reported TCE (linked). Booked: cover the issuer printed for 2026Q3. Market now: the median across the broker route prints we hold for the class — a derived blend, not a vendor index; the trend is rebased to 100 eight weeks ago.
Your rates every day is at your rate
2026Q3 P&L and cash
| Line | Model | Your scenario | Δ | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Vessel-days, days modelledShips on the fleet list × the quarter's calendar days for psv, subsea: no off-hire or drydock days are deducted there. |
644 | 644 | |||||||||||||
By class
| |||||||||||||||
| Fleet TCE, $/day assumed | 21,739 | 21,739 | |||||||||||||
Revenue (TCE basis), $m assumedVessel-days × fleet TCE. |
14.0 | 14.0 | |||||||||||||
Vessel opex, $m assumed2026Q2: $7.5m over 644 vessel-days, held per day. |
(7.5) | (7.5) | |||||||||||||
G&A, $m assumed2026Q2: $1.6m over 644 vessel-days, held per day. |
(1.6) | (1.6) | |||||||||||||
| EBITDA, $m assumed | 4.8 | 4.8 | |||||||||||||
Hire for chartered-in ships, $mNot on file for any quarter (not extracted, or not disclosed). |
— | — | |||||||||||||
Interest expense, $m assumed2026Q2: $2.0m over 644 vessel-days, held per day. |
(2.0) | (2.0) | |||||||||||||
Scheduled debt amortisation, $m stated2026Q2: $3.3m over 644 vessel-days, held per day (the issuer’s scheduled principal). |
(3.3) | (3.3) | |||||||||||||
Drydock cost, $mNo separate drydock cash line on file. |
— | — | |||||||||||||
Cash break-even, $/day assumedΣ cash costs above ÷ vessel-days. |
22,416 | 22,416 | |||||||||||||
| Cushion vs fleet TCE, $/day | (677) | (677) | |||||||||||||
Free cash flow to equity, $m assumedRevenue − cash costs: the cash available for distribution. |
(0.4) | (0.4) | |||||||||||||
Maintenance capex, $mNot disclosed as a cash line; not in the model’s cash. |
— | ||||||||||||||
Dividend policy stated
No stated payout policy on file.
The company’s own word sets this dividend; it does not move with the rate.
| Output | Model | Your scenario | Δ |
|---|---|---|---|
| Estimated DPS, $/share stated | $0.00 | ||
| Forward yield, run-rate % | 0.0% |
Yield annualises the quarter’s DPS × 4 (a run-rate, not a forecast of the year) against the $0.12 close on 2026-10-19.
This dividend is set by the company's stated decision to pay none, not by the rate — your scenario moves the cash line, not the DPS.
Showing the model’s own figures. Setting your own rates needs JavaScript.
Market context — rates, the dividend, and the price
Rates and dividend — realized rate and declared
Bars are the fleet TCE this issuer reported. Dashed-outline bars are the model estimate — see Dividend forecast.
The line is the declared dividend per share — dashed where it is the model's estimate. Model estimate — not issuer guidance.
How we got the number
How to read this page
Every figure here is built the same way: the fleet's vessel-days are priced at the rate its classes earned, costs and debt service come off, and what is left is measured against the dividend the company actually declared. Nothing is estimated where it can be sourced, and a number that cannot be sourced is withheld rather than filled in. The full method, and the rates behind it →
Where HAVI.OL departs from that
- The company has said it pays no dividend, so the page publishes $0.00 with its own words rather than a model figure.
- No market index covers this fleet's vessel types, so each is priced at the company's own last realized rate per calendar vessel-day (revenue divided by vessel-days), held flat — the revenue track record shows how that has done.
What drives it — fleet TCE, 2026Q3
Earnings bridge — 2026Q2 → 2026Q3
Financials & fleet
Latest quarter 2026Q2 2 qtrs old
5× psv · 2× subsea current
Fleet model — 2026Q3
Fleet model estimate — not issuer guidance.
| Class | Ships | TC | Spot | % Fixed | Guided $/d | Spot $/d | Blended $/d | QTD rev $M | Modeled Q rev $M |
|---|---|---|---|---|---|---|---|---|---|
| Psv | 5 | — | — | — | — | — | 18,274 | — | 8.4 |
| Subsea | 2 | — | — | — | — | — | 30,400 | — | 5.6 |
| Total | 7 | 21,739 | — | 14.0 | |||||
Guided rates are issuer-booked cover for 2026Q3 blended with the company's own realized rates for the open days.
Bear uses booked coverage only; Base prices open vessels at the company's own last realized fleet rate — no market index covers this fleet, so there is no peak-index Bull case.
Model gaps & assumptions
psv: no index and no guidance — priced at the issuer's own last realized psv rate $18,274/day (2026Q2, derived: per-segment freight income per calendar vessel-day — Note 5, H1-2026 less Q1-2026, USDNOK 9.424), held flat (owner ruling 2026-09-26; per-type where printed) · subsea: no index and no guidance — priced at the issuer's own last realized subsea rate $30,400/day (2026Q2, derived: per-segment freight income per calendar vessel-day — Note 5, H1-2026 less Q1-2026, USDNOK 9.424), held flat (owner ruling 2026-09-26; per-type where printed) · no dividend, in the company's words: “The general meeting approves the proposal to not pay dividends to shareholders.” (2026-05-12)
Realized fleet TCE
Realized fleet TCE versus benchmark: 1 points, 2026-04-01 to 2026-04-01; Realized fleet TCE latest 23,301.00.
Benchmark comparison will appear once issuer-printed benchmark data is available.
Benchmark index — monthly average
Benchmark index monthly average: 5 points, 2025-08-01 to 2026-04-01; HE semi dayrate (fixtures) latest 450,000.00; 7th-gen drillship (fixtures) latest 357,250.00; 6th-gen drillship (fixtures) latest 300,000.00; Jackup dayrate (fixtures) latest 150,000.00.
Guidance & sources
Sources — press, filings & documents
Press & filings by quarter
Recent documents
- newsweb 2026-10-19T14:55:55Z Havila Shipping ASA: The Company did not prevail before the Borgarting Court of Appeal in the appeal case concerning the 2020 restructuring agreement (2026-10-19)
- newsweb 2026-10-19T14:55:55Z Havila Shipping ASA: Selskapet fikk ikke medhold av Borgarting lagmannsrett i ankesaken om restruktureringsavtalen fra 2020 (2026-10-19)
- newsweb 2026-10-19T10:13:04Z Havila Shipping ASA: Kontraktsforlengelse med Peterson den Helder BV for PSV fartøyet Havila Borg (2026-10-19)
- newsweb 2026-10-19T10:13:04Z Havila Shipping ASA: Contract extension with Peterson Den Helder BV for PSV Havila Borg (2026-10-19)
- newsweb 2026-10-16T12:14:28Z Havila Shipping ASA: 3-års kontrakter med Neo Next + UK for PSV fartøyene Havila Fanø og Havila Herøy (2026-10-16)
- newsweb 2026-10-16T12:14:28Z Havila Shipping ASA: 3-years contracts with Neo Next + UK for the PSVs Havila Fanø and Havila Herøy (2026-10-16)
- newsweb 2026-08-21T11:17:31Z Havila Shipping ASA: Kontraktsforlengelse med Equinor Energy AS for Havila Troll (2026-08-21)
- newsweb 2026-08-21T11:17:31Z Havila Shipping ASA: Contract extension with Equinor Energy for Havila Troll (2026-08-21)
- newsweb 2026-08-19T12:35:40Z Havila Shipping ASA: Regnskap for andre kvartal 2026 (2026-08-19) pdf
- newsweb 2026-08-19T12:35:32Z Havila Shipping ASA: Second quarter 2026 account (2026-08-19) pdf
- newsweb 2026-05-30T08:07:06Z Havila Shipping ASA: Medhold i arrestsaken i Borgarting lagmannsrett (2026-05-30)
- newsweb 2026-05-30T08:07:06Z Havila Shipping ASA: Ruling in favor of the company in the arrest case in Borgarting Court of Appeal (2026-05-30)