Norwegian offshore vessel operator Havila Shipping was in the red in Q3 as vessel supply far exceeded demand.
Havila Shipping reported a loss after tax of NOK72.3m ($8.87m) in the third quarter compared to NOK72.2m profit in the same period in 2014.
It painted a bleak picture on the state of demand and supply in the offshore vessels sector.
“The spot market for offshore vessels during the third quarter was characterised by supply far exceeding demand. The consequence of low utilisation and low rates is that many vessels have achieved revenues lower than operating expenses,” the company said.
Havila has laid-up two AHTS vessel in response to the poor market conditions.
The company had a fleet of 28 vessels in operation at the end of the third quarter with a fleet utilisation of 92% in the period.
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