Faroese shipping company expands fleet with new vessels and acquisitions

The Faroese transport company Navigare Shipping now owns 13 cargo ships and leases six more, following recent purchases and plans to build four new vessels, Kringvarp Føroya reports.

The Søldarfjørður-based company has acquired two previously leased ships, Hav Vestlandia and Hav Nordlandia, which have been renamed Hav Felli and Hav Frakt. Four additional newbuilds are under construction in the Netherlands, with the first two expected in June and October 2026, and the remaining pair in April and August 2027.

Once completed, the new vessels will bring Navigare Shipping’s total fleet to 21 ships, including leased units. Managing director Álvur Højgaard confirmed that two older vessels will be sold to accommodate the expansion.

The company’s growth follows years of steady financial performance, with a combined profit after tax of 125.4 million DKK over the past five years. However, 2025 results fell short of expectations, with a profit of just 1 million DKK—significantly lower than the 27 million DKK recorded in 2024. Management attributed the decline partly to challenges in Faroese salmon farming, a key sector for Navigare’s feed transport operations.

Despite last year’s setback, the company anticipates improved results in 2026, citing strong long-term contracts as a foundation for its operations.