Record-Low Emissions and Increased Earnings – Havila Voyages (Havila Kystruten AS)
On Thursday morning, Havila Voyages (Havila Kystruten AS) reported its results for the second quarter of 2025.
The company delivered yet another quarter with a positive operating profit, and CO2 emissions were reduced by 38%.
The company’s coastal cruise ships are plug-in hybrids, using a combination of batteries and liquefied natural gas (LNG) to generate power for propulsion and hotel operations on board. Compared with the Ministry of Transport’s 2017 reference figures, Havila Voyages’ CO2 emissions were 38% lower, NOx emissions were reduced by 87%, and SOx emissions were completely eliminated with a 100% reduction.
“We are proud to deliver such a significant emissions reduction, and we have achieved this because we constantly work to optimize our ships’ energy efficiency, make conscious choices, and can charge our batteries in several ports,” says CEO Bent Martini.
“The way we operate our ships today, the CO2 reduction could have been over 40% if the coastal infrastructure had allowed for more frequent battery charging.”
Despite the government’s decision to postpone the zero-emission requirement in the World Heritage fjords, Havila Voyages continues to visit the Geirangerfjord and other vulnerable areas along the coast emission-free. Going forward, the company’s target is climate-neutral operations on the coastal route by the end of 2028, and zero-emission ship operations by the start of the next concession period in 2030.
“For us, it is important that we do what we can to reduce the impact on Norway’s magnificent and pristine nature. We do this regardless of requirements and regulations, but we hope the authorities will follow and set strict environmental requirements in the next concession period,” says Martini.
“We are exploring several options to reach our ambitions. In the short term, it is about switching from LNG to liquefied biogas (LBG) to achieve climate neutrality and then looking at zero-emission solutions such as carbon capture or hydrogen, combined with energy-saving measures and more frequent battery charging.”
Positive Operating Result
Havila Voyages’ positive financial development continued in the second quarter, and the company delivered strong operational performance, with 100% operational uptime and a positive operating profit, driven mainly by top-line growth.
Total revenues amounted to NOK 416 million, with operational revenues 22% higher than the same period in 2024. This was driven by an 18% increase in passenger guest nights and a 20% increase in average cabin price. The cabin factor (average number of people in cabins sold) increased from 1.77 to 1.88.
“Greater brand awareness and targeted marketing activities in priority markets are contributing to the positive development. Historically, we have seen an imbalance between the northbound and southbound route, and here we have implemented measures that have given us particularly positive results,” explains Martini.
The company’s operating costs are relatively stable compared with the first quarter of 2025 but increased by 8% compared with the same quarter in 2024, mainly due to higher activity levels. The largest cost increase comes because of higher goods costs, directly linked to passenger growth.
In the second quarter, Havila Voyages achieved an operating profit of NOK 79 million, up 35% compared with the same quarter last year, and significantly higher than the first quarter of this year, which ended with an operating profit of NOK 11 million.
“The trend is pointing in the right direction, and this will strengthen us in the ongoing refinancing process, which we are undertaking to further reinforce the company for the future,” concludes Martini.
(Record-Low Emissions and Increased Earnings – Havila Voyages (Havila Kystruten AS)
