HKY.OL Havila Kystruten
Passenger · Cruise · 40 documents
Havila Kystruten pays no dividend, in its own words, so our forecast is $0.00 a share.
Yields annualise each quarter ×4 at the last close, $4.72 (2026-10-19). Our model is not company guidance.
What will Havila Kystruten 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 |
|---|---|---|---|---|
| Cruise · 4 | $139,6112026Q2 · fleet avg | —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 cruise: no off-hire or drydock days are deducted there. |
368 | 368 | |||||||||
By class
| |||||||||||
| Fleet TCE, $/day assumed | 123,267 | 123,267 | |||||||||
Revenue (TCE basis), $m assumedVessel-days × fleet TCE. |
45.4 | 45.4 | |||||||||
Vessel opex, $m assumedAs reported for 2026Q2. Disclosed, but no break-even derives from them: derived $155,410/day exceeds the trailing-4Q mean realized revenue per ship-day $123,267/day — its cash costs exceed what the ships earned over the last year. |
(33.7) | ||||||||||
G&A, $m assumedAs reported for 2026Q2. Disclosed, but no break-even derives from them: derived $155,410/day exceeds the trailing-4Q mean realized revenue per ship-day $123,267/day — its cash costs exceed what the ships earned over the last year. |
(6.7) | ||||||||||
EBITDA, $mNeeds vessel opex and G&A on a per-day basis; derived $155,410/day exceeds the trailing-4Q mean realized revenue per ship-day $123,267/day — its cash costs exceed what the ships earned over the last year. |
— | — | |||||||||
Hire for chartered-in ships, $mNot on file for any quarter (not extracted, or not disclosed). |
— | ||||||||||
Interest expense, $m assumedAs reported for 2026Q2. Disclosed, but no break-even derives from them: derived $155,410/day exceeds the trailing-4Q mean realized revenue per ship-day $123,267/day — its cash costs exceed what the ships earned over the last year. |
(12.8) | ||||||||||
Scheduled debt amortisation, $m statedAs reported for 2026Q2. Disclosed, but no break-even derives from them: derived $155,410/day exceeds the trailing-4Q mean realized revenue per ship-day $123,267/day — its cash costs exceed what the ships earned over the last year. |
(4.0) | ||||||||||
Drydock cost, $mNo separate drydock cash line on file. |
— | — | |||||||||
Cash break-even, $/dayNo cash break-even: derived $155,410/day exceeds the trailing-4Q mean realized revenue per ship-day $123,267/day — its cash costs exceed what the ships earned over the last year. |
— | — | |||||||||
| Cushion vs fleet TCE, $/day | — | — | |||||||||
Free cash flow to equity, $mNo cash break-even: derived $155,410/day exceeds the trailing-4Q mean realized revenue per ship-day $123,267/day — its cash costs exceed what the ships earned over the last year. |
— | — | |||||||||
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 $4.72 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 HKY.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
4× cruise current
Revenue model track record model vs realized
Each quarter priced at the mean of up to four prior quarters' realized revenue per ship-day — the figure the model holds once that quarter is reported — against the rate the fleet actually realized. Average miss 26.1% over 3 backtested quarters.
| Quarter | Record | Model $/day | Realized $/day | Model rev $M | Realized rev $M | Miss |
|---|---|---|---|---|---|---|
| 2025Q4 | backtest | 146,791 | 94,882 | 54.0 | 34.9 | +54.7% |
| 2026Q1 | backtest | 120,836 | 111,785 | 43.5 | 40.2 | +8.1% |
| 2026Q2 | backtest | 117,819 | 139,611 | 42.9 | 50.8 | -15.6% |
Backtest rows apply today's rule to past quarters using only the prior quarters' reported rates; live rows are the forecast as frozen on the date shown. Revenue is rate × vessel-days, so a miss here is a rate miss.
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 |
|---|---|---|---|---|---|---|---|---|---|
| Cruise | 4 | — | — | — | — | — | 123,267 | — | 45.4 |
| Total | 4 | 123,267 | — | 45.4 | |||||
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
cruise: no index and no guidance — priced at the issuer's own trailing-4Q mean revenue per ship-day $123,267/day (2025Q3–2026Q2) (owner 2026-09-26: seasonal, so not the last quarter held flat) · no dividend, in the company's words: “The Board did not propose dividend payments for the 2025 financial year.” (2026-05-28)
Profit statement highlights
| Line | 2026Q2 | 2026Q1 | YoY Δ |
|---|---|---|---|
| Revenue | $50.8M | $40.2M | — |
| Opex | $33.7M | — | — |
| Net income | −$12.2M | $12.1M | — |
reconciliation: insufficient data for an earnings bridge (2026Q2) earnings bridge incomplete — treat income-derived figures as provisional
Full P&L grid — 4 quarters
| Line item | 2026Q2 | 2026Q1 | 2025Q4 | 2025Q3 |
|---|---|---|---|---|
| Revenue $M | 50.8 | 40.2 | 35.7 | 64.2 |
| Voyage expenses $M | — | — | — | — |
| Vessel opex $M | 33.7 | — | — | — |
| G&A $M | 6.7 | — | — | — |
| Depreciation $M | 5.4 | 5.3 | — | — |
| Interest expense, gross $M | 12.8 | 12.7 | — | — |
| Net income $M | −12.2 | 12.1 | −16.0 | −56.6 |
| Declared DPS | — | — | — | — |
Realized fleet TCE
Realized fleet TCE versus benchmark: 4 points, 2025-07-01 to 2026-04-01; Realized fleet TCE latest 139,611.00.
Benchmark comparison will appear once issuer-printed benchmark data is available.
Guidance & sources
Sources — press, filings & documents
Press & filings by quarter
Recent documents
- newsweb 2026-10-12T12:51:06Z Havila Kystruten AS: Trading Update September 2026 (2026-10-12)
- newsweb 2026-10-12T12:18:57Z Havila Kystruten AS: Trading Update September 2026 (2026-10-12)
- newsweb 2026-09-14T07:41:01Z Havila Kystruten AS: Trading Update August 2026 (2026-09-14)
- newsweb 2026-08-27T06:06:21Z Havila Kystruten AS: Second quarter and first half 2026 accounts (2026-08-27) reportpresentation
- newsweb 2026-08-21T12:16:22Z Havila Kystruten AS: Invitation to Q2 2026 Earnings Call Presentation (2026-08-21)
- newsweb 2026-08-11T11:23:54Z Havila Kystruten AS: Trading Update July 2026 (2026-08-11)
- newsweb 2026-07-14T07:44:51Z Havila Kystruten AS: Trading Update June 2026 (2026-07-14)
- newsweb 2026-06-16T07:19:36Z Havila Kystruten AS: Trading Update May 2026 (2026-06-16)
- newsweb 2026-06-11T10:52:50Z Havila Kystruten AS: Annual General Meeting 2026 held (2026-06-11) pdf
- newsweb 2026-06-11T10:52:50Z Havila Kystruten AS: Ordinær generalforsamling 2026 er avholdt (2026-06-11) pdf
- newsweb 2026-05-28T18:56:22Z Havila Kystruten AS: First quarter 2026 accounts (2026-05-28) presentationreport
- newsweb 2026-05-28T18:52:15Z Havila Kystruten AS: Integrated Annual Report for 2025 (2026-05-28) report