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Hafnia (HAFNI) investor relations material
Hafnia Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary2 Dec, 2025
Executive summary
Operates a diversified fleet of 126 product and chemical tankers with a modern average fleet age of 9.6 years, focusing on low-cost operations, innovation, and strong shareholder distributions, including an 80% dividend payout ratio.
Delivered Q3 2025 net profit of USD 91.5 million, the highest quarterly result in 2025, with strong operational cashflows and fee-based businesses contributing USD 7.1 million.
Strategic growth through acquisitions, joint ventures, and fleet modernization, including a preliminary agreement to acquire 14.1 million TORM shares from Oaktree and investments in dual-fuel vessels.
Sold four older MR vessels as part of ongoing fleet renewal, with some sales recognized in Q3 and others in Q4.
As of mid-November, 71% of Q4 2025 fleet earning days were covered at rates of USD 25,600–26,040 per day.
Financial highlights
Q3 2025 TCE income was USD 247.0 million, with adjusted EBITDA of USD 150.5 million and net profit of USD 91.5 million (USD 0.18/share).
Dividends declared for Q3 2025 totaled USD 73.2 million (USD 0.1470/share), maintaining an 80% payout ratio and a 15-quarter streak of distributions.
YTD 9M 2025 net profit was USD 230.0 million, with adjusted EBITDA at USD 409.7 million.
Net loan-to-value (LTV) improved to 20.5% by end of Q3 2025.
Cash at bank and on hand at quarter-end was USD 132.5 million; total liquidity stood at ~USD 636 million.
Outlook and guidance
71% of Q4 2025 earning days covered at USD 25,610 per day, with 15% of 2026 earning days covered at USD 24,506 per day.
Product tanker fundamentals and minimal clean tonnage supply growth support a positive earnings outlook for 2025 and into 2026.
Seasonal demand, low European inventories, and strong refinery margins are expected to support higher earnings.
Dry docking schedule impacted Q3 but will taper off in Q4 and further into 2026, with 28 ships remaining for dry dock.
Operational cash flow breakeven for 2026 expected below USD 13,000/day.
Q3 off-hire days exceed forecast, why?
Status of Torm share acquisition?
How did LTV improvement affect dividend payout?
TORM acquisition: What's the closing timeline?
Product tanker fleet growth outlook for 2025
Red Sea reopening: Net impact on product tankers?
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Q4 202526 Feb, 2026
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Frequently asked questions
Hafnia Limited is a global shipping company specializing in the transportation of oil and oil products. The company operates a modern fleet of tankers designed to carry refined oil products, crude oil, and other liquid cargoes. Hafnia provides safe, reliable, and efficient shipping solutions to customers in the energy and commodity sectors. Its services include spot charters, time charters, and pool management. The company is headquartered in Singapore, and its shares are listed on the Oslo Stock Exchange.
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