Hafnia Q3 2025 - Solid results in line with consensus driven by tighter vessel supply
Oversigt
- Hafnia's Q3 2025 financial results showed TCE income of USD 247.0m, slightly above Q2 2025 and in line with market expectations, driven by reduced vessel supply and increased output from the Middle East and Asia.
- Adjusted EBITDA was USD 150.5m, slightly below the consensus of USD ~151.6m, but showed sequential improvement despite increased drydock activity.
- Net profit for Q3 2025 was USD 91.5m, aligning closely with consensus estimates of USD ~92m, and the dividend was set at USD 0.147 per share, reflecting an 80% payout ratio.
- Hafnia's net asset value at the end of Q3 2025 was USD 3.4bn, with a net loan-to-value ratio improvement to 20.5%, and the company announced a pending acquisition of 14.5% of TORM for USD 311m.
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Hafnia this morning released its financial results for the third quarter of 2025, which came in slightly above Q2 2025 and broadly in line with market expectations. The product tanker market benefited in Q3 from larger LR2 vessels switching to the crude market, reducing supply, while attacks on Russian oil refineries reduced availability of Russian oil products, increasing output from the Middle East and Asia, with a positive ton mile effect.
Hafnia reported TCE income of USD 247.0m in Q3 2025, compared to USD 231.2m in Q2 2025 and USD 361.6m in Q3 2024, when product tanker rates were significantly higher.
Adjusted EBITDA came in at USD 150.5m versus USD 134.2m in Q2 2025 and USD 257.0m in Q3 2024, reflecting sequential improvement despite heavier drydock activity. According to S&P Capital IQ, consensus among analysts was USD ~151.6m, placing the result marginally below expectations.
Net profit for Q3 2025 amounted to USD 91.5m, compared to USD 75.3m in Q2 2025 and USD 215.6m in Q3 2024. The result was broadly in line with consensus estimates of USD ~92m.
The dividend for Q3 2025 has been set at USD 0.147 per share (total USD 73.2m), corresponding to a payout ratio of 80%, up from USD 0.121 per share in Q2 2025. At the end of the quarter, Hafnia’s net asset value (NAV) stood at USD 3.4bn (USD 6.76/share), while its net loan-to-value ratio improved to 20.5% from 24.1% in Q2, supported by strong cash generation and vessel repayments. In September, Hafnia also announced its agreement to acquire 14.5% of TORM from Oaktree Capital for USD 311m, a transaction pending regulatory and governance approvals.
You can read the full Q3 report from Hafnia here: https://investor.hafnia.com/financials/quarterly-results/default.aspx
Tomorrow, on 02 December at 10:00 CET, we are hosting an event with Hafnia’s CEO Mikael Skov, where you can hear more about the quarter and ask questions to management – registration below. Register here: https://www.inderes.dk/videos/hafnia-presentation-of-the-quarterly-report-for-q3-2025
Disclaimer: HC Andersen Capital receives payment from Hafnia for a Digital IR/Corporate Visibility agreement./Philip Coombes, 08:48, 1 December 2025