Norway's Havila Shipping is continuing to benefit from lower finance costs after restructuring its debt in the summer.
The Saevik family-owned offshore vessel company said net earnings in the third quarter were NOK 16.77m ($1.9m), compared with a loss of NOK 100m a year ago.
The June agreement with banks and bondholders pushed $420m of maturity and some repayments out to 2024 as the family maintained control through the issuing of a new convertible loan.
In the second quarter, Havila accounted for a NOK 2bn gain due to the adjustment in the value of its borrowings.
Financial gains
In the subsequent reporting period, vessel depreciation and a NOK 48.6m provision for loss on receivables hit the bottom line, but the company was boosted by net financial items of NOK 68m as interest costs were cut.
"The sharp fall in oil prices and the outbreak of the Covid-19 virus in the first quarter have reduced activity in the markets where the vessels operate," Havila said.
Revenue was down at NOK 188.7m from NOK 211.5m last year.
Havila operates 23 ships, of which six are managed for third-party owners.
Three anchor-handling tug supply vessels and four platform supply vessels were laid up as of 30 September.
Fleet utilisation was 87% excluding these ships.
Total current assets amounted to NOK 295m, with bank deposits making up NOK 139.5m of this. Long-term debt is NOK 2bn.
