Hafnia Limited Announces Financial Results For The Three and Nine Months Ended 30 September 2025
The full report can be found in the Investor Relations section of Hafnia’s website: https://investor.hafniabw.com/financials/quarterly-results/default.aspx
Highlights and Recent Activity
Third Quarter 2025
-
Recorded net profit of
USD 91.5 million orUSD 0.18 per share1 compared toUSD 215.6 million orUSD 0.42 per share in Q3 2024. -
Fee-based businesses generated earnings of
USD 7.1 million compared toUSD 7.8 million in Q3 2024. -
Time Charter Equivalent (TCE)3 earnings were
USD 247.0 million compared toUSD 361.6 million in Q3 2024, resulting in an average TCE3 ofUSD 26,040 per day. -
Adjusted EBITDA3 of
USD 150.5 million compared toUSD 257.0 million in Q3 2024. -
71% of total earning days of the fleet were covered for Q4 2025 atUSD 25,610 per day as of 14 November 2025. -
Net asset value (NAV)4 was approximately
USD 3.4 billion , or approximatelyUSD 6.76 per share (NOK 67.55 ), at quarter end. -
Hafnia will distribute a total of
USD 73.2 million , orUSD 0.1470 per share, in dividends, corresponding to a payout ratio of80% .
Year-to-Date 30 September 2025
-
Recorded net profit of
USD 230.0 million orUSD 0.46 per share1 as compared toUSD 694.4 million orUSD 1.36 per share in YTD 9M 2024. -
Fee-based businesses generated earnings of
USD 22.9 million 2 compared toUSD 28.3 million in YTD 9M 2024. -
Time Charter Equivalent (TCE)3 earnings were
USD 696.9 million compared toUSD 1,157.7 million for YTD 9M 2024, resulting in an average TCE3 ofUSD 24,493 per day. -
Adjusted EBITDA3 of
USD 409.7 million compared toUSD 861.1 million in YTD 9M 2024.
1 Based on weighted average number of shares as at 30 September 2025. |
2 Excluding a one-off item amounting to |
3 See Non-IFRS Measures Section below. |
4 NAV is calculated using the fair value of Hafnia’s owned vessels (including joint venture vessels). |
Mikael Skov, CEO of Hafnia, commented:
The product tanker market was counter-cyclically firm throughout the third quarter, driven by continued growth in clean petroleum products exports, especially from the
I am pleased to announce that Hafnia delivered strong earnings for the quarter. In Q3, we achieved a net profit of
At the end of the third quarter, our net asset value (NAV1) stood at approximately
I am pleased to announce a payout ratio of
As part of our ongoing fleet renewal policy, we divested four older vessels during the period. In September, we sold the 2011-built MR vessel Hafnia Andromeda, followed by the sale of the 2012-built MR Hafnia Lupus in October, and both the 2010-built MR Hafnia Nordica and 2011-built MR Hafnia Taurus in November.
In September, we announced a preliminary agreement to acquire
As winter approaches, seasonal demand is expected to strengthen the oil market, supporting higher earnings through increased tonne-mile activity and operational delays. The early part of the fourth quarter has been marked by significant geopolitical developments, including ongoing sanctions and regional conflicts that continue to alter global trade flows. Recent positive developments, such as the
On the supply side, the outlook for product tankers remains constructive. Fleet growth in Q3 was minimal despite ongoing newbuild deliveries, largely due to vessel sanctions and the transition of LR2s into dirty trading, which has tightened availability in the clean product segment. In addition, tonnage supply crossing over from the crude sector has decreased sharply into Q4, supported by a strong crude tanker market.
Overall, these dynamics point to a favourable environment for product tanker earnings through the rest of the year, with solid fundamentals likely to carry into early 2026.
As of 14 November 2025,
As we approach the end of 2025, we remain encouraged by the continued strength of the product tanker market. Despite global uncertainty, I believe Hafnia is well-positioned for the future we and expect our operational cash flow breakeven in 2026 to be below
1 NAV is calculated using the fair value of Hafnia’s owned vessels (including joint venture vessels). |
Fleet
At the end of the quarter, Hafnia’s fleet consisted of 117 owned vessels1 and 9 chartered-in vessels. The Group’s total fleet includes 10 LR2s, 32 LR1s (including two bareboat-chartered in and two time-chartered in), 60 MRs of which 12 are IMO II (including seven time-chartered in), and 24 Handy vessels of which 18 are IMO II (including two bareboat-chartered in).
The average estimated broker value of the owned fleet1 was
Including Hafnia’s
1 Including bareboat chartered in vessels; six LR1s and four LR2s owned through |
2 Including |
3 Including |
4 Including IMO II Handy vessels |
Market Review & Outlook
The product tanker market began the year with modest activity, but gained momentum in the third quarter, supported by increased trading volumes and strong refinery margins. This improvement was largely driven by higher export activity from the
Market Fundamentals
Underlying fundamentals remain strong. The ongoing closure of refineries in
Geopolitical Developments
Geopolitical tensions continue to shape market dynamics despite encouraging progress early in Q4. The Trump Administration brokered a peace plan between
Supply Outlook
The supply outlook remains constructive. Fleet growth in Q3 was minimal despite ongoing newbuild deliveries, with the orderbook-to-fleet ratio declining to about
Forward View
Looking ahead to the remainder of 2025 and into 2026, the product tanker market appears well-positioned for a strong winter season. However, several key factors including trade policy shifts, evolving oil trade routes, sanctions, and ongoing geopolitical tensions will continue to shape market conditions and influence overall dynamics.
Key Figures
USD million |
|
Q1 2025 |
Q2 2025 |
Q3 2025 |
YTD 2025 |
Income Statement |
|
|
|
|
|
Operating revenue (Hafnia vessels and TC vessels) |
|
340.3 |
346.6 |
366.5 |
1,053.4 |
Profit before tax |
|
64.6 |
78.0 |
92.2 |
234.8 |
Profit for the period |
|
63.2 |
75.3 |
91.5 |
230.0 |
Financial items |
|
(13.9) |
(8.1) |
(13.3) |
(35.3) |
Share of profit from joint ventures |
|
3.0 |
3.0 |
4.4 |
10.3 |
TCE income1 |
|
218.8 |
231.2 |
247.0 |
696.9 |
Adjusted EBITDA1 |
|
125.1 |
134.2 |
150.5 |
409.7 |
Balance Sheet |
|
|
|
|
|
Total assets |
|
3,696.4 |
3,669.9 |
3,570.1 |
3,570.1 |
Total liabilities |
|
1,418.0 |
1,369.5 |
1,239.5 |
1,239.5 |
Total equity |
|
2,278.4 |
2,300.4 |
2,330.7 |
2,330.7 |
Cash at bank and on hand2 |
|
188.1 |
194.0 |
132.5 |
132.5 |
Key financial figures |
|
|
|
|
|
Return on Equity (RoE) (p.a.)3 |
|
|
|
|
|
Return on Invested Capital (p.a.)4 |
|
|
|
|
|
Equity ratio |
|
|
|
|
|
Net loan-to-value (LTV) ratio5 |
|
|
|
|
|
For the 3 months ended 30 September 2025 |
LR2 |
LR1 |
MR6 |
Handy7 |
Total |
Vessels on water at the end of the period8 |
6 |
26 |
55 |
24 |
111 |
Total operating days9 |
545 |
2,174 |
4,824 |
1,942 |
9,485 |
Total calendar days (excluding TC-in) |
552 |
2,164 |
4,493 |
2,208 |
9,417 |
TCE (USD per operating day)1 |
36,527 |
29,229 |
24,785 |
22,648 |
26,040 |
Spot TCE (USD per operating day)1 |
37,625 |
29,404 |
24,683 |
22,699 |
26,219 |
TC-out TCE (USD per operating day)1 |
31,126 |
27,367 |
25,080 |
22,289 |
25,252 |
OPEX (USD per calendar day)10 |
8,459 |
8,515 |
8,476 |
8,371 |
8,459 |
G&A (USD per operating day)11 |
|
|
|
|
1,220 |
1 See Non-IFRS Measures Section below. |
2 Excluding cash retained in the commercial pools. |
3 Annualised |
4 ROIC is calculated using annualised EBIT less tax. |
5 Net loan-to-value is calculated as all debt (excluding debt relating to the pools), including finance lease debt, minus cash (excluding cash retained in the commercial pools), divided by broker vessel values (for |
6 Inclusive of nine IMO II MR vessels and excluding three MRs classified as assets held for sale. |
7 Inclusive of 18 IMO II Handy vessels. |
8 Excluding six LR1s and four LR2s owned through |
9 Total operating days include operating days for vessels that are time chartered-in. Operating days are defined as the total number of days (including waiting time) in a period during which each vessel is owned, partly owned, operated under a bareboat arrangement (including sale and lease-back) or time chartered-in, net of technical off-hire days. Total operating days stated in the quarterly financial information include operating days for TC Vessels. |
10 OPEX includes vessel running costs and technical management fees. |
11 G&A includes all expenses and is adjusted for cost incurred in managing external vessels. |
Declaration of Dividend
Hafnia will pay a quarterly dividend of
For shares registered in the Euronext VPS Oslo Stock Exchange, dividends will be distributed in NOK with an ex-dividend date of 8 December 2025 and a payment date on, or about, 19 December 2025.
For shares registered in the Depository Trust Company, the ex-dividend date will be 9 December 2025, with a payment date on, or about, 16 December 2025.
Please see our separate announcement for additional details regarding the Company’s dividend.
Webcast and Conference Call
Hafnia will host a conference call for investors and financial analysts at 9:30 pm SGT/2:30 pm CET/8:30 am EST on 1 December 2025.
The investor presentation will be available via live video webcast via the following link: Click here to join Hafnia's Investor Presentation on 1 December 2025
Meeting ID: 373 112 852 629 17
Passcode: 5VN2Di2s
Download Teams | Join on the web
Dial in by phone: +45 32 72 66 19,,576208826#
Find a local number
Phone conference ID: 576 208 826#
A recording of the presentation will be available after the live event on the Hafnia Investor Relations Page: https://investor.hafnia.com/financials/quarterly-results/default.aspx.
About Hafnia
Hafnia is one of the world's leading tanker owners, transporting oil, oil products and chemicals for major national and international oil companies, chemical companies, as well as trading and utility companies.
As owners and operators of around 200 vessels, we offer a fully integrated shipping platform, including technical management, commercial and chartering services, pool management, and a large-scale bunker procurement desk. Hafnia has offices in
Hafnia is part of the BW Group, an international shipping group involved in oil and gas transportation, floating gas infrastructure, environmental technologies, and deep-water production for over 80 years.
Non-IFRS Measures
Throughout this press release, we provide a number of key performance indicators used by our management and often used by competitors in our industry.
Adjusted EBITDA
“Adjusted EBITDA” is a non-IFRS financial measure and as used herein represents earnings before financial income and expenses, depreciation, impairment, amortization and taxes. Adjusted EBITDA additionally includes adjustments for gain/(loss) on disposal of vessels and/or subsidiaries, share of profit and loss from equity accounted investments, interest income and interest expense, capitalised financing fees written off and other finance expenses. Adjusted EBITDA is used as a supplemental financial measure by management and external users of financial statements, such as lenders, to assess our operating performance as well as compliance with the financial covenants and restrictions contained in our financing agreements.
We believe that Adjusted EBITDA assists management and investors by increasing comparability of our performance from period to period. This increased comparability is achieved by excluding the potentially disparate effects of interest, depreciation, impairment, amortization and taxes. These are items that could be affected by various changing financing methods and capital structure which may significantly affect profit/(loss) between periods. Including Adjusted EBITDA as a measure benefits investors in selecting between investment alternatives.
Adjusted EBITDA is a non-IFRS financial measure and should not be considered as an alternative to net income or any other measure of our financial performance calculated in accordance with IFRS. Adjusted EBITDA excludes some, but not all, items that affect profit/(loss) and these measures may vary among other companies. Adjusted EBITDA as presented below may not be comparable to similarly titled measures of other companies.
Reconciliation of Non-IFRS measures
The following table sets forth a reconciliation of Adjusted EBITDA to profit/(loss) for the financial period, the most comparable IFRS financial measure, for the periods ended 30 September 2025 and 30 September 2024.
|
For the 3 months
|
For the 3 months
|
For the 9 months
|
For the 9 months
|
Profit for the financial period |
91,503 |
215,635 |
230,028 |
694,403 |
Income tax expense |
699 |
1,164 |
4,778 |
4,479 |
Depreciation charge of property, plant and equipment |
51,969 |
53,516 |
152,471 |
161,904 |
Amortisation charge of intangible assets |
107 |
108 |
319 |
695 |
Gain on disposal of assets |
(2,769) |
(15,621) |
(2,769) |
(15,521) |
Share of profit of equity-accounted investees, net of tax |
(4,351) |
(4,072) |
(10,344) |
(19,914) |
Interest income |
(2,746) |
(4,455) |
(8,830) |
(11,739) |
Interest expense |
9,992 |
9,688 |
36,828 |
38,730 |
Capitalised financing fees written off |
1,528 |
406 |
2,320 |
2,069 |
Other finance expense |
4,545 |
645 |
4,943 |
6,043 |
Adjusted EBITDA |
150,477 |
257,014 |
409,744 |
861,149 |
Time charter equivalent (or “TCE”)
TCE (or TCE income) is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company’s performance despite changes in the mix of charter types (i.e., voyage charters and time charters) under which the vessels may be employed between the periods. We define TCE income as income from time charters and voyage charters (including income from Pools, as described above) for our Hafnia Vessels and TC Vessels less voyage expenses (including fuel oil, port costs, brokers’ commissions and other voyage expenses).
We present TCE income per operating day1, a non-IFRS measure, as we believe it provides additional meaningful information in conjunction with revenues, the most directly comparable IFRS measure, because it assists management in making decisions regarding the deployment and use of our Hafnia Vessels and TC Vessels and in evaluating their financial performance. Our calculation of TCE income may not be comparable to that reported by other shipping companies.
1 Operating days are defined as the total number of days (including waiting time) in a period during which each vessel is owned, partly owned, operated under a bareboat arrangement (including sale and lease-back) or time chartered-in, net of technical off-hire days. Total operating days stated in the quarterly financial information include operating days for TC Vessels. |
Reconciliation of Non-IFRS measures
The following table reconciles our revenue (Hafnia Vessels and TC Vessels), the most directly comparable IFRS financial measure, to TCE income per operating day.
(in USD’000 except operating days and TCE income per operating day) |
For the 3 months
|
For the 3 months
|
For the 9 months
|
For the 9 months
|
Revenue (Hafnia Vessels and TC Vessels) |
366,505 |
497,889 |
1,053,412 |
1,582,779 |
Revenue (External Vessels in Disponent-Owner Pools) |
220,377 |
221,842 |
635,535 |
753,007 |
Less: Voyage expenses (Hafnia Vessels and TC Vessels) |
(119,505) |
(136,331) |
(356,503) |
(425,060) |
Less: Voyage expenses (External Vessels in Disponent-Owner Pools) |
(80,240) |
(80,324) |
(249,412) |
(248,807) |
Less: Pool distributions for External Vessels in Disponent-Owner Pools |
(140,137) |
(141,518) |
(386,123) |
(504,200) |
TCE income |
247,000 |
361,558 |
696,909 |
1,157,719 |
Operating days |
9,485 |
10,776 |
28,453 |
31,867 |
TCE income per operating day |
26,040 |
33,549 |
24,493 |
36,330 |
Revenue, voyage expenses and pool distributions in relation to External Vessels in Disponent-Owner Pools nets to zero, and therefore the calculation of TCE income is unaffected by these items:
(in USD’000 except operating days and TCE income per operating day) |
For the 3 months
|
For the 3 months
|
For the 9 months
|
For the 9 months
|
Revenue (Hafnia Vessels and TC Vessels) |
366,505 |
497,889 |
1,053,412 |
1,582,779 |
Less: Voyage expenses (Hafnia Vessels and TC Vessels) |
(119,505) |
(136,331) |
(356,503) |
(425,060) |
TCE income |
247,000 |
361,558 |
696,909 |
1,157,719 |
Operating days |
9,485 |
10,776 |
28,453 |
31,867 |
TCE income per operating day |
26,040 |
33,549 |
24,493 |
36,330 |
‘TCE income’ as used by management is therefore only illustrative of the performance of the Hafnia Vessels and the TC Vessels; not the External Vessels in our Pools.
For the avoidance of doubt, in all instances where we use the term “TCE income” and it is not succeeded by “(voyage charter)”, we are referring to TCE income from revenue and voyage expenses related to both voyage charter and time charter.
Forward-Looking Statements
This press release and any other written or oral statements made by us or on our behalf may include “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include statements concerning our intentions, beliefs or current expectations concerning, among other things, the financial strength and position of the Group, operating results, liquidity, prospects, growth, the implementation of strategic initiatives, as well as other statements relating to the Group’s future business development, financial performance and the industry in which the Group operates, which are other than statements of historical facts or present facts and circumstances. These forward-looking statements may be identified by the use of forward-looking terminology, such as the terms “anticipates”, “assumes”, “believes”, “can”, “contemplate”, “continue”, “could”, “estimates”, “expects”, “forecasts”, “intends”, “likely”, “may”, “might”, “plans”, “should”, “potential”, “projects”, “seek”, “target”, “will”, “would” or, in each case, their negative, or other variations or comparable terminology.
The forward-looking statements in this press release are based upon various assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot guarantee prospective investors that the intentions, beliefs or current expectations upon which its forward-looking statements are based will occur.
Other important factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements due to various factors include, but are not limited to:
-
general economic, political, security, and business conditions, including the development of the ongoing war between
Russia andUkraine and the conflict betweenIsrael and Hamas, disruptions in the Red Sea, sanctions and other measures; - general chemical and product tanker market conditions, including fluctuations in charter rates, vessel values and factors affecting supply and demand of crude oil and petroleum products or chemicals;
-
the imposition by
the United States ,China , EU and other countries of tariffs and other policies and regulations affecting international trade, including fees and import and export restrictions; - changes in expected trends in recycling of vessels;
- changes in demand in the chemical and product tanker industry, including the market for LR2, LR1, MR and Handy chemical and product tankers;
- competition within our industry, including changes in the supply of chemical and product tankers;
- our ability to successfully employ the vessels in our Hafnia Fleet and the vessels under our commercial management;
- changes in our operating expenses, including fuel or cooling down prices and lay-up costs when vessels are not on charter, drydocking and insurance costs;
- changes in international treaties, governmental regulations, tax and trade matters and actions taken by regulatory authorities;
- potential disruption of shipping routes and demand due to accidents, piracy or political events;
- vessel breakdowns and instances of loss of hire;
- vessel underperformance and related warranty claims;
- our expectations regarding the availability of vessel acquisitions and our ability to complete the acquisition of newbuild vessels;
- our ability to procure or have access to financing and refinancing;
- our continued borrowing availability under our credit facilities and compliance with the financial covenants therein;
- fluctuations in commodity prices, foreign currency exchange and interest rates;
- potential conflicts of interest involving our significant shareholders;
- our ability to pay dividends;
- technological developments;
- the occurrence, length and severity of epidemics and pandemics and the impact on the demand for transportation of chemical and petroleum products;
- the impact of increasing scrutiny and changing expectations from investors, lenders and other market participants with respect to environmental, social and governance initiatives, objectives and compliance;
- other factors that may affect our financial condition, liquidity and results of operations; and
-
other factors set forth in “Item 3. – Key Information – D. Risk Factors” of Hafnia’s Annual Report on Form 20-F, filed with the
U.S. Securities and Exchange Commission on 30 April 2025
Because of these known and unknown risks, uncertainties and assumptions, the outcome may differ materially from those set out in the forward-looking statements. These forward-looking statements speak only as at the date on which they are made. Hafnia undertakes no obligation to publicly update or publicly revise any forward-looking statement, whether as a result of new information, future events or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20251130092110/en/
Mikael Skov, CEO Hafnia
+65 8533 8900
Source: Hafnia Limited