Navigare Shipping accelerates fleet expansion with strategic vessel acquisitions and newbuild program

Eva Andrésen
13 minutes ago
3 min read

Navigare Shipping, one of the Faroe Islands’ steadily rising maritime operators, has taken another significant step in its long‑term growth strategy with the acquisition of two cargo vessels and the continued development of four newbuilds. The Søldarfjørður‑based company, which has expanded consistently over recent years, is strengthening both capacity and operational resilience as demand for freight services grows across the region.

The company recently finalized the purchase of the sister ships Hav Nordlandia and Hav Vestlandia, both previously owned by Arco Sp/f, the partnership of Rodmund Nielsen and Andy Knudsen. Navigare Shipping had operated the vessels under long‑term lease agreements for several years before moving to acquire them outright.

New ownership, new Names — same operational routes

Upon acquisition, both vessels were renamed to reflect their integration into Navigare Shipping’s expanding fleet.

Hav Nordlandia now sails as Hav Frakt.
Hav Vestlandia has been renamed Hav Felli.

According to the company, the renaming marks the formal transition of ownership, but day‑to‑day operations will remain unchanged, as both vessels were already fully embedded in Navigare’s established freight network. The purchase price has not been disclosed.

A fleet that continues to grow

With the two new acquisitions, Navigare Shipping now owns 13 vessels and leases an additional six, giving the company a total of 19 cargo ships in regular operation. The growth is part of a broader expansion plan that also includes the construction of four new vessels at Dutch shipyards.

The company expects to receive the first of these newbuilds in June 2026, followed by deliveries in October 2026, and two additional vessels scheduled for April and August 2027. The new ships will further enhance capacity, efficiency, and operational reliability across Navigare Shipping’s key freight routes.

Fleet optimization and expected vessel sales

Chief Executive Álvur Højgaard confirms that two older vessels are likely to be sold as the newbuilds enter service. If executed, the company’s operational fleet will reach 21 vessels, supported by stable long‑term contracts that underpin the majority of Navigare’s freight activities.

Over the past five years, the company has posted cumulative net earnings of 125.4 million DKK after tax, reflecting strong commercial performance and consistent market demand.

Financial performance: solid growth despite a slight dip

Navigare Shipping has reported robust economic results in recent years, though the 2025 figures came in slightly below expectations. The company had projected results on par with 2024’s solid 27 million DKK post‑tax profit, but the outcome ended roughly 1 million DKK lower than anticipated.

Management attributes the softer result partly to weaker performance in the salmon‑farming logistics segment during the autumn season—a key sector in which the company transports large volumes of fish feed and related supplies. Despite the temporary downturn, Navigare Shipping expects stronger financial results for the coming year.

Strengthening Its position in Faroese maritime logistics

Beyond fleet expansion, Navigare Shipping continues to serve as a central logistics provider for the Faroese aquaculture sector, one of the islands’ most important export industries. Increased activity in aquaculture, combined with a rising demand for reliable regional freight services, supports the company’s ongoing investment strategy.

With new vessels arriving, strengthened operational capacity, and steady long‑term contracts, Navigare Shipping is positioning itself for continued growth. The recent acquisitions—together with the upcoming delivery of newbuilds—underscore the company’s commitment to developing a modern, efficient, and competitive fleet serving the Faroe Islands and surrounding markets.

(Photos 📺 Navigare)

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Kelda: Navigare