Financial Performance - Q3 2025 TCE income was USD 247 million, with a year-to-date (YTD) 9M 2025 figure of USD 6969 million[15] - Adjusted EBITDA for Q3 2025 reached USD 1505 million, and YTD 9M 2025 stood at USD 4097 million[15] - Net profit for Q3 2025 was USD 915 million (USD 018 per share), while YTD 9M 2025 amounted to USD 230 million (USD 046 per share)[15] - Dividends declared for Q3 2025 totaled USD 732 million (USD 01470 per share), representing 80% of the net profit[15] - Net LTV at the end of Q3 2025 improved to 205%[28] Fleet and Market Dynamics - As of November 14, 2025, 71% of the fleet's total earning days were covered for Q4 2025 at USD 25610 per day[16] - Approximately 88% of coated LR2 newbuilds have migrated into the Aframax dirty trading segment YTD 2025[43] - The effective increase in clean trading supply is only around 11 million DWT, equivalent to 05% clean trading supply growth after factoring in LR2 migration and sanctioned vessels[50] - Clean tonnage growth from 2025-2028 is projected to be around 11%, with nearly half of this increase expected in 2026[54] Strategic Initiatives - Hafnia entered into a joint venture with Cargill to create Seascale Energy, a stronger bunker procurement entity[21, 113] - The company has invested in several dual-fuel newbuilds, including LR2 LNG dual-fueled vessels and Chemical IMO-II MR Methanol dual-fueled vessels[114]

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Dec 1, 2025 2:23 AM Eastern Standard Time HAFNIA LIMITED: Key Information Relating to Dividend for the Third Quarter 2025 Share Contacts Key information relating to the cash dividend paid by the Company for the third quarter 2025: Shares registered in the Euronext VPS Oslo Stock Exchange: Shares registered in the Depository Trust Company: This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act. * * * About Hafnia Limited: Hafnia is one of t ...

Core Insights - Hafnia Limited, a leading product tanker company, reported its financial results for the three and nine months ended September 30, 2025, highlighting its diversified and modern fleet of over 120 vessels [1] Financial Performance - The company announced its quarterly results, which can be accessed in detail on its Investor Relations website [1] Recent Activity - Hafnia Limited continues to maintain a strong position in the product tanker market, reflecting its operational capabilities and fleet size [1]

Core Points - Hafnia Limited will release its Q3 2025 results on December 1, 2025, at approximately 07:30 CET [1] - An investor presentation will follow the results release, featuring key executives including the CEO, CFO, VP, and EVP [1] - The presentation will take place at different local times: 14:30 CET in Oslo, 08:30 EST in New York, and 21:30 in Singapore [1]

Group 1 - BW LPG is part of the BW Group, which has interests in various energy infrastructure businesses, including Hafnia [1] - The analyst expresses a positive outlook on Bitcoin and encourages following for detailed investment ideas [1] Group 2 - No stock or derivative positions are held by the analyst in the mentioned companies, nor are there plans to initiate any within the next 72 hours [2] - The article reflects the analyst's personal opinions and is not influenced by compensation from any company [2]

Group 1 - Hafnia Limited has entered into a preliminary agreement to acquire 14.45% of TORM plc A Shares from Oaktree [1] - The investment is referred to as the "Torm Investment" [1] - The company aims to clarify the treatment of this investment in relation to the calculation of net loan-to-value (LTV) upon completion [1]

Financial Data and Key Metrics Changes - The company reported a net result of $75.3 million for Q2, which is an improvement compared to Q1, indicating a resilient market performance [3][4] - The dividend payout ratio remains at 80% of net profit, consistent with the company's dividend policy [4][17] - The net asset value (NAV) is approximately NOK 67 million, with a narrowing gap to the current trading price of NOK 61 [12][13] Business Line Data and Key Metrics Changes - The company operates around 130 product tankers and manages about 80 additional vessels for other owners, totaling over 200 vessels in operation [6][7] - The company is primarily exposed to the spot market, with approximately 85% to 90% of its operations in this segment, which has been beneficial in the recent market environment [7] Market Data and Key Metrics Changes - The order book for product tankers is reported to be around 19% to 20% of the existing fleet, but the effective order book is closer to 13% to 14% when accounting for LR2 ships that primarily serve the crude market [29][30] - The market is currently undersupplied, with expectations for fleet growth of at least 5% per year to maintain balance [31][32] Company Strategy and Development Direction - The company aims to maintain an average fleet age below 10 years, currently at 9.4 years, to ensure competitiveness and compliance with environmental regulations [10][11] - The company is focusing on consolidation within the industry rather than acquiring individual assets, preferring to return capital to shareholders when attractive opportunities are not present [21][22] Management's Comments on Operating Environment and Future Outlook - The management expressed optimism about the current market conditions, noting that Q3 has started strong, with various factors contributing to a stable outlook [40][41] - The geopolitical situation, including the ongoing Ukraine war and issues in the Red Sea, is viewed as having a neutral impact on the product tanker market [25][26] Other Important Information - The company has established a joint venture with Cargill, named Seascale Energy, to optimize fuel procurement amidst changing energy dynamics [8] - The company has a revolving credit facility of approximately $700 million, which is seen as a standard business practice to enhance financial flexibility [19][20] Q&A Session Summary Question: What is the company's outlook for Q3 and 2026? - The company noted that Q3 has started strong, with various positive factors influencing the market, and does not foresee significant vulnerabilities [40][41] Question: Is the company optimizing the age of its fleet by selling older vessels? - Yes, the company has been actively selling older ships and plans to continue this strategy [44] Question: What is the motivation for acquiring new builds? - The company is currently not looking to order new builds due to high costs and long delivery times, preferring to focus on fleet modernization through secondhand tonnage [46][48] Question: What impact would it have if it becomes safe to sail through the Suez Canal and the Red Sea? - The company believes it would have a neutral impact on the product tanker market, as volume lost during the diversion would not significantly change [49][50]

Financial Data and Key Metrics Changes - For Q2 2025, the company achieved an adjusted EBITDA of $134.2 million and a net profit of $75.3 million, reflecting strong operational execution and market conditions [7][24] - The net asset value at the end of Q2 was approximately $3.3 billion, equating to an NAV of $6.55 per share [9] - The net loan-to-value (LTV) ratio remained unchanged at 24.1%, indicating a balance between reduced vessel market values and further debt reduction [11][29] Business Line Data and Key Metrics Changes - The commercial pool and bunkering operations contributed $7.9 million to overall results, with the Seascale Energy joint venture commencing operations in mid-May [7][24] - The average time charter equivalent (TCE) income for the quarter was $231.2 million, averaging $24,452 per day across vessel segments [26] Market Data and Key Metrics Changes - Clean product volumes transported on sanctioned vessels decreased by 17%, despite an increase in the number of product tankers sanctioned [13] - The company noted a strong recovery in accumulated tonne days for the clean segment, significantly surpassing the three-year average by Q3 [16] - Global refinery margins remain strong, with limited refinery outages projected for the remainder of the year, supporting higher volumes and longer haul trading [18] Company Strategy and Development Direction - The company aims to maintain a transparent and consistent dividend policy, having paid out 82.8% of net profit through dividends and share buybacks in 2024 [11] - Hafnia is focused on sustainability initiatives and aims to provide reliable, efficient, and sustainable solutions through partnerships and smart investments [32][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the market fundamentals, citing limited fleet supply and improved spot rates as drivers for future performance [35] - The company anticipates robust net profits for the full year, with analysts' consensus indicating profits in the range of $300 million to $310 million [31] Other Important Information - The company secured a $750 million revolving credit facility in July, which is expected to reduce overall funding costs and lower cash flow breakeven levels [29][30] - The company has maintained a strong liquidity profile, with over $450 million in liquidity at the end of Q2 [25] Q&A Session Summary Question: Can you quantify the improvement to cash breakeven rates after refinancing? - The refinancing is expected to improve cash flow breakeven to roughly $13,000 per day, reflecting a margin improvement of 50 to 60 basis points [39][40] Question: What is driving the divergence in performance between MRs and LRs? - The LR1s and LR2s have remained resilient, and the improvement in MRs is more about catching up rather than LRs declining [48] Question: How do sanctions impact the market and tonnage availability? - OFAC sanctions are seen as more impactful, but EU and UK sanctions also significantly affect market dynamics, making it challenging to operate sanctioned vessels [56][58] Question: What are the expectations regarding the IMO's net zero framework? - The company believes the IMO will vote through the proposed regulations, despite geopolitical uncertainties [67][68] Question: Will the company consider share buybacks in addition to dividends? - The company maintains a clear dividend policy and will consider share buybacks as an addition to the existing policy [71][74]

Financial Data and Key Metrics Changes - The company reported a net profit of $75.3 million for Q2 2025, an improvement compared to Q1 2025, indicating a resilient market performance [3][4] - The dividend payout ratio remains at 80% of net profit, consistent with the company's dividend policy [4][16] - The net asset value (NAV) is approximately NOK 67 million, with the company narrowing the gap between its trading price and NAV [12][13] Business Line Data and Key Metrics Changes - Hafnia operates around 130 product tankers and manages about 80 additional vessels for other owners, totaling over 200 vessels in operation [6][7] - The company is primarily exposed to the spot market, with approximately 85% to 90% of its operations in this segment, which has been beneficial in the recent market environment [7] Market Data and Key Metrics Changes - The order book for product tankers is reported to be around 19% to 20% of the existing fleet, but the effective order book is closer to 13% to 14% when accounting for LR2 vessels primarily used for crude transportation [29][30] - The market is currently undersupplied, with a significant portion of the fleet being older and poorly maintained, leading to potential scrapping pressures in the future [32][33] Company Strategy and Development Direction - The company aims to maintain an average fleet age below ten years, currently at 9.4 years, to enhance operational efficiency and compliance with environmental regulations [10][11] - Hafnia is focusing on consolidation within the industry rather than acquiring individual assets, emphasizing the importance of scale and access to capital in the evolving market [20][21] Management's Comments on Operating Environment and Future Outlook - The management expressed optimism about the current market conditions, noting that Q3 has started strong, with various factors contributing to a stable outlook [41][53] - The geopolitical situation, particularly regarding the Red Sea and Ukraine, is viewed as having a neutral impact on the product tanker market, with no significant return to previous import levels from Russia expected [25][26] Other Important Information - The company has established a joint venture with Cargill, named Seascale Energy, to optimize fuel procurement amidst changing energy dynamics [8] - The company has a revolving credit facility of approximately $700 million, which is seen as a standard business practice to enhance financial flexibility [18][19] Q&A Session Summary Question: What is the outlook for Q3 and 2026 regarding fixings? - The management noted that Q3 has started strong, with July being the best month of the year, and they expect a stable market moving forward [41][42] Question: Are you optimizing the age of your fleet by selling older vessels? - Yes, the company has been steadily selling older ships and plans to continue this strategy [45] Question: What is the motivation for acquiring new builds? - The management highlighted that ordering new ships would not yield deliveries until 2028, and current prices are not attractive, leading to a focus on consolidation instead [47][49] Question: What would be the impact if it becomes safe to sail through the U.S. and the Red Sea? - The management believes it would have a neutral effect on the product tanker market, as the volume lost during the diversion would not be fully regained [51] Question: How do you see the market currently? - The management sees the market as surprisingly strong, with stability across various parameters and no indications of a return to previous lows [53][55]