Reference is made to the stock exchange notice issued by Havila Shipping ASA ("Havila Shipping" or the "Company") on 11 December 2012 regarding the private placement of 8,333,334 new shares and the subsequent offering in the Company.

The Financial Supervisory Authority of Norway has reviewed and approved Havila Shipping's prospectus for the (i) listing of the 8,333,334 shares issued in the private placement completed on 14 December 2012 and (ii) the subsequent offering (the "Subsequent Offering") and listing of up to 944,805 new shares, each with a nominal value of NOK 12.50 (the "Offer Shares"). The prospectus will be made published prior to commencement of the subscription period.

The 8,333,334 shares issued in the Private Placement will be listed on the Oslo Stock Exchange upon publication of the prospectus, i.e. tomorrow 29 January 2013.

The following sets out certain details of the Subsequent Offering:

The subscription price in the Subsequent Offering is NOK 24 per Offer Share.

The subscription period is from and including 29 January 2013 to and including 16:30 hours (CET) on 12 February 2013.

Havila Shipping's shareholders as of 10 December 2012 (as registered in the Company's shareholder register in the VPS as per the end of 13 December 2012) who were neither invited to subscribe for shares in the pre-sounding for the private placement nor allocated shares in the Private Placement (themselves or their respective affiliates), subject to applicable restrictions in the relevant jurisdictions, will receive 0.355 non-tradable subscription rights for each existing share held in Havila Shipping as of 10 December 2012, rounded down to the nearest whole subscription right. Each subscription right will, subject to applicable securities law of eligible shareholders, give the right to subscribe for and be allocated one Offer Share in the Subsequent Offering. Over-subscription and subscription without subscription rights is not permitted. Subscription rights not used to subscribe for Offer Shares will lapse without compensation and be of no value to the holder.

The prospectus will, subject to applicable local securities law, be sent by mail to shareholders in Havila Shipping who receives subscription rights. The prospectus will also be made available at www.havila.no and www.paretosec.no. The prospectus can be obtained by contacting Pareto Securities AS.

Following completion of the Subsequent Offering, and assuming full subscription, the number of shares outstanding in Havila Shipping will increase by 944,805 shares to 30,688,248 shares, each with a nominal value of NOK 12.50, resulting in a total share capital of NOK 383,603,100.

The time table for the Repair Offering is as follows:

· 29 January 2013 - commencement of the subscription period
· 16:30 hours (CET) on 12 February 2013 - expiry of the subscription period
· On or about 13 February 2013 - allocation of the Offer Shares and distribution of allocation letters
· 15 February 2013 - payment due date
· On or about 20 February 2013 - delivery date for the Offer Shares, and listing and commencement of trading in the Offer Shares on the Oslo Stock Exchange

Reference is made to the prospectus for details about the private placement and the Subsequent Offering.

For further information, please contact:
CEO Njål Sævik (+47) 909 35 722
CFO Arne Johan Dale (+47) 909 87 706

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