Havila duo hurt by pay cut

Havila Shipping has taken a pay cut of around $8,000 a day after Statoil extended contracts for two of its vessels at a reduced rate.

Havila Mercury.

Oslo-listed Havila says the oil major has taken the first of three yearly options on the 200-tbp pair Havila Mars and Havila Mercury (both built 2007).

In a statement the shipowner says the contracts run until June and November 2011 respectively, but did not disclose any financial details.

TradeWinds understands the anchor handlers were previously earning NOK 220,000 each per day. This has now been reduced to NOK 195,000 ($33.218) each a day, sources say.

“Nobody will get extensions at the same rate as the vessel was fixed for, or at the level of the options, if the original deal was done in the past three years,” one broker explained.

It appears the charters are still profitable for Havila though.

Modern anchor handlers have a breakeven rate of around $25,000 a day in the North Sea, TradeWinds is told.

Arne Johan Dale, CFO of Havila, could not be reached for comment Monday after Norwegian office hours.

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