Havila Shipping reduces third quarter loss

Havila Shipping has reduced its third quarter loss after cutting costs.

The Oslo-listed owner said the net deficit was NOK 65.32m ($7.67m), from NOK 72.31 in the same period of 2015.

Revenue dropped to NOK 253m, compared to NOK 378m a year ago, but operating costs were reduced to NOK 141m from NOK 200m, while financial expenses were also slashed.

The owner was facing bankruptcy on Monday after bondholders rejected a vital refinancing deal last week.

But