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Hafnia Limited Announces Financial Results for the Three Months Ended 31 March 2026

  • Hafnia reported a net profit of USD 179.7 million for Q1 2026, a significant increase from USD 63.2 million in Q1 2025.
  • Earnings per share reached USD 0.36 in Q1 2026 compared to USD 0.13 in the prior year period.
  • Time Charter Equivalent (TCE) earnings totaled USD 282.5 million, with an average daily rate of USD 30,327, up from USD 218.8 million in Q1 2025.
  • Adjusted EBITDA rose to USD 198.6 million from USD 125.1 million in Q1 2025.
  • Net asset value (NAV) stood at approximately USD 4.0 billion, or USD 8.09 per share, driven by higher vessel valuations.
  • Hafnia declared a quarterly dividend of USD 0.2877 per share, totaling USD 143.8 million, reflecting an 80% payout ratio.
  • The CEO attributed strong results to geopolitical disruptions in the Middle East, specifically the closure of the Strait of Hormuz, which increased tonne-mile demand.
  • 73% of Q2 2026 earning days were covered as of 13 May 2026 at an average rate of USD 46,600 per day.
  • The company divested older vessels including three LR1s, two MRs, and one Handy in Q1 2026, while ordering eight new MR vessels.
  • An investment in TORM contributed USD 9.9 million in dividend income with an unrealized fair value gain of USD 117.8 million.
  • The net Loan-to-Value (LTV) ratio improved to 20.2% from 24.9% in Q4 2025 due to strong cash flow from operations and vessel sales.
  • Hafnia deployed the Complexio enterprise AI platform to enhance operational decision-making in commercial and finance workflows.
  • The IEA forecasts a global oil demand contraction of 0.4 mb/d in 2026, the first decline since the COVID-19 pandemic.
  • Global oil inventories are expected to draw down significantly, with a cumulative stock deficit projected to reach 900 mb by September 2026.
  • A conference call for investors is scheduled for 27 May 2026 at 8:30 pm SGT.