Hafnia, which is the world’s largest product tanker company, emerged strengthened from the 3rd quarter with the year’s best quarter so far, resulting in a net profit of 91.5 million dollars.
According to Hafnia, the result was driven by continued higher growth in the export of clean oil products – particularly from the Middle East – and this development continued into the fourth quarter supported by improved refinery margins and the continued effect of sanctions, which still create inefficiency and disruptions on trade routes.
Hafnia achieved time charter equivalent (TCE) revenues of 247 million dollars in the 3rd quarter, equivalent to 26,040 dollars per ship per day on average.
The quarter was, however, also characterized by 740 off-hire days, which was 230 more than expected.
Despite the strong 3rd quarter this year, it is far from the earnings in the same quarter last year, where Hafnia earned 215 million dollars, but substantial dividend payments are still on the way to shareholders.
“I am pleased to announce a payout ratio of 80 pct. for the third quarter. We will pay out a total of 73.2 million dollars in dividends, equivalent to 0.1470 dollars per share,” writes Mikael Skov, CEO of Hafnia in the financial statement.
Hafnia expects stronger demand towards winter, while geopolitical conditions continue to shape trade patterns. The market is also benefiting from limited fleet growth and fewer ships crossing from crude oil to clean trading.
The shipping company assesses that the market fundamentals will remain solid into 2026. As of November 14, 71 pct. of the 4th quarter’s earnings are covered at 25,610 dollars per day, while 15 pct. of 2026 is covered at 24,506 dollars per day. Hafnia expects a cash break-even below 13,000 dollars per day next year.
-emte
