Research

Hafnia (One-pager): Steady Q2 2025 results and continued capital discipline in a normalizing market

Summary

Hafnia reported Q2 2025 TCE earnings of USD 231 million and EBITDA of USD 134 million, consistent with Q1, driven by resilient market conditions and improved trading margins.
The company declared a USD 60.3 million dividend and executed USD 36.1 million in share buybacks, resulting in a total H1 payout of USD 174.6 million, approximately 131% of net profit.
Management remains optimistic about market fundamentals, highlighting increased tonne-miles, low inventories, tight fleet supply, and 75% of Q3 days fixed at USD 25,395/day.

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Read the latest Hafnia One-pager update following the Q2 2025 results. The One-pager includes a brief company profile, a market update on product tankers, the latest financial performance, and valuation perspectives relative to peers. It also outlines several key investment risks and reasons to consider Hafnia as an investment case.

Hafnia delivered TCE earnings of USD 231 million and EBITDA of USD 134 million in Q2 2025, broadly in line with Q1, supported by resilient market conditions and improved trading margins. The company maintained its high shareholder payout, declaring a USD 60.3 million dividend (USD 0.1210 per share) and executing USD 36.1 million in share buybacks, bringing the total H1 payout to USD 174.6 million or approximately 131% of net profit. Management continues to see strong fundamentals, citing increased tonne-miles, low inventories, tight fleet supply, and 75% of Q3 days already fixed at USD 25,395/day.

To learn more about Hafnia, its updated market outlook for 2025, and its capital allocation strategy, read the full One-pager or catch up on the latest Q2 2025 earnings presentation with CEO Mikael Skov.

Link: https://www.inderes.dk/videos/hafnia-presentation-of-q2-2025

Disclaimer: HC Andersen Capital receives payment from Hafnia for a DigitalIR/corporate visibility subscription agreement / Philip Coombes, 04 September 2025 09:50.

Hafnia is an international shipping company that specializes in the transportation of oil and chemical products. It started trading in Norway on the NOTC marketplace for unlisted shares in 2013. In 2019 Hafnia listed on the main market in Norway – Oslo Stock Exchange. The company, headquartered in Singapore, operates in the product tanker market, where it manages six pools combining self-owned and externally-owned vessels to benefit from economies of scale. The pools distribute profits/loss across all vessels in the pool, and Hafnia charges a commission for operating externally-owned tankers. Hafnia’s six pools are categorized by vessel size/type, and reflect the fleet of vessels it owns. Its six pools are the: Handy Pool, MR Pool, LR Pool, LR2 Pool, Specialized Pool and Chemicals Pool. The MR and LR pools are considerably outsize the Handy and Specialized pools in terms of revenue and fleet size. Hafnia’s pools are primarily active in the product tanker spot market, but has also recently ramped up on chemical tankers. In addition, Hafnia procures the bunker fuel for its partners at competitive prices for which it receives a commission.