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Hafnia (One-pager): Ton mile increase lifts Q3 results as markets remain solid

Summary

Hafnia rapporterede en TCE-indkomst på USD 247 millioner og en justeret EBITDA på USD 150,5 millioner i Q3 2025, hvilket viser en sekventiel forbedring trods øget tørdokaktivitet.
Nettoresultatet steg til USD 91,5 millioner, og selskabet øgede sin kvartalsudbytte til USD 0,147 pr. aktie, mens LTV blev reduceret til 20%.
Produkt-tankmarkedet blev styrket i Q3, understøttet af LR2-skibe, lavere russisk raffinaderiproduktion og øgede produktstrømme fra Mellemøsten og Asien.
Hafnia bekræftede sin USD 311 millioner erhvervelse af 14,5% af TORM fra Oaktree, hvilket markerer en ændring i kapitalallokeringspolitikken.

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Read the latest Hafnia One-pager update following the Q3 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 key investment risks and reasons to consider for Hafnia.

In Q3 2025, Hafnia delivered TCE income of USD 247 million and Adjusted EBITDA of USD 150.5 million (up from USD 134.2 million in Q2 2025), showing sequential improvement despite elevated drydock activity. Net profit rose to USD 91.5 million (compared to USD 75.3 million in Q2 2025) and broadly in line with analyst expectations. Hafnia increased its quarterly dividend to USD 0.147 per share (USD 73.2 million total), maintaining its 80% payout ratio, while its strong balance sheet supported a further reduction in LTV to 20%.

The product tanker market strengthened through Q3, supported by LR2 vessels shifting into the crude market, lower Russian refinery output, and increased Middle Eastern and Asian product flows. Hafnia also confirmed its USD 311 million acquisition of 14.5% of TORM from Oaktree, pending final approvals, marking a shift in the capital allocation policy to acquire shares of a peer trading below NAV.

To learn more about Hafnia, its updated market outlook for 2025, and its capital allocation priorities, read the full One-pager or catch up on the latest Q3 2025 earnings presentation with Hafnia's CFO Perry Van Echtelt and Head of Asset Management Søren Steenberg Jensen. Link: 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 subscription agreement.
/Philip Coombes, 02 December 2025, 14:30, updated 09:30 03/12/2025

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.