Per Saevik's Havila Shipping has begun a new round of negotiations with its lenders at the same time as up to a dozen vessels face the prospect of being sold off.

Oslo-listed Havila completed a first restructuring in 2016 after the oil crash but chief executive Njal Saevik says a second round was always on the cards.

"In February 2019, we started the dialogue with the creditors to put in place a robust agreement that can take us through the crisis," Saevik wrote in the company's annual report.