Financial Data and Key Metrics Changes - Net income for Q4 2025 was $128 million or $2.56 per diluted share, with adjusted net income at $122 million or $2.45 per diluted share, and adjusted EBITDA at $175 million [5][14] - The company declared its largest quarterly dividend of $2.15 per share, representing an 87% payout ratio of Q4 adjusted net income, marking the sixth consecutive quarter with a payout ratio of at least 75% [6][7] - Total liquidity stands at $724 million, including nearly $170 million in cash and $560 million in undrawn revolver capacity [9][17] Business Line Data and Key Metrics Changes - TCE revenues from crude and product segments were evenly balanced, with the crude segment outperforming products in Q4, driven by VLCCs leading tanker earnings [14] - The company sold 10 older vessels for proceeds of $131 million and continued selling older vessels into 2026, with another 7 sold for $216 million [8] Market Data and Key Metrics Changes - Oil demand growth is projected at over 1 million barrels per day for both 2026 and 2027, with OPEC+ unwinding previous cuts to supplement non-OPEC production increases [10] - The market is expected to experience oversupply in 2026, yet the market structure remains backwardated with elevated absolute prices [11][12] Company Strategy and Development Direction - The company is consolidating Tankers International by acquiring the remaining 50% interest and expanding with a Suezmax platform [8] - The company aims to maintain a balanced capital allocation strategy, focusing on fleet renewal while returning cash to shareholders [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the tanker market's fundamentals, anticipating a continued upcycle over the next few years [13] - Geopolitical tensions, including U.S.-Iran relations and the Russia-Ukraine conflict, are seen as significant factors impacting the tanker market [11][12] Other Important Information - The company has invested about $2 billion in vessels, currently valued at approximately $3 billion, with a net loan to value ratio below 13% [17][18] - The company has 31 unencumbered vessels and aims to lower breakeven costs further while maximizing returns to shareholders [18][22] Q&A Session Summary Question: What is driving the strong TCE rates for the first quarter? - Management noted geopolitical factors, including reduced refined product imports from Russia, as key drivers for strong MR rates [27][28] Question: Is the company considering further fleet renewal, particularly for older vessels? - Management confirmed ongoing fleet renewal efforts, particularly focusing on modernizing the Suezmax segment [35] Question: What is the profit-sharing structure for VLCC contracts with Shell? - The profit share includes a base rate plus a market element, with profits above the base split 50/50 with the charterer [42][43] Question: Will the recent dividend increase to 87% be a new baseline moving forward? - Management indicated that the high dividend reflects strong cash flow and a solid balance sheet, suggesting a commitment to maintaining high returns to shareholders [46][48] Question: What impact has Sinokor Merchant Marine had on the VLCC segment? - Management acknowledged that the consolidation of VLCC tonnage by major players strengthens the market and provides stability [54][55]

Financial Data and Key Metrics Changes - For Q4 2025, time charter revenues were $52.1 million, down from $57.1 million in Q4 2024, while adjusted EBITDA decreased to $19.3 million from $25.9 million year-on-year [9][10] - Net income for Q4 2025 was $3.1 million, compared to $9.7 million in the same quarter last year, with diluted earnings per share remaining at $0.02 for both quarters [10][12] - For the full year 2025, time charter revenues totaled $213.5 million, down from $228.2 million in 2024, while net income increased to $17.8 million from $12.7 million in 2024 [13][14] Business Line Data and Key Metrics Changes - Fleet utilization reached 99.7% for the year ended December 31, 2025, with an average of 36 vessels operated compared to 38 vessels in the same quarter last year [5][12] - Time charter equivalent for Q4 averaged $15,397, a 1% decrease from $16,589 in Q4 2024, with operating expenses increasing by 6% to $20.3 million [12][13] Market Data and Key Metrics Changes - The dry bulk market saw a recovery in the second half of 2025, with Capesize vessels peaking at $45,000 per day in December, up from less than $10,000 per day earlier in the year [3][19] - Global dry seaborne volumes edged up to 7.2 billion metric tons in 2025, with iron ore and coal accounting for around 55% [22][23] Company Strategy and Development Direction - The company is focused on a disciplined chartering strategy, securing medium to long-term charters to ensure earnings visibility and resilience against market downturns [8][17] - Diana Shipping is pursuing strategic acquisitions, including a proposal to acquire Genco Shipping & Trading, and has nominated candidates for Genco's board to explore this opportunity [6][32] Management's Comments on Operating Environment and Future Outlook - Management noted that 2025 was marked by geopolitical disruptions affecting trade, but the second half saw a recovery supported by China's economic stimulus and infrastructure spending [3][21] - The company anticipates continued growth in iron ore trade and a stable global GDP growth of around 3.3% for 2026, despite potential declines in coal imports [26][29] Other Important Information - The company declared a quarterly cash dividend of $0.01 per common share for Q4 2025, totaling approximately $1.16 million, bringing cumulative dividends paid since 2021 to $2.70 per share [7][17] - Diana Shipping achieved a CDP score of B for environmental disclosure and a 31% score from S&P Global for investor-focused ESG ratings [31] Q&A Session Summary - No questions were raised during the Q&A session, and the call concluded with management expressing gratitude for participation [34][36]

Financial Data and Key Metrics Changes - Net income for Q4 2025 was $128 million or $2.56 per diluted share, with adjusted net income at $122 million or $2.45 per diluted share, and adjusted EBITDA at $175 million [5][14][17] - The company declared its largest-ever quarterly dividend of $2.15 per share, representing a payout ratio of 87% of Q4 adjusted net income [6][7] - Total liquidity stands at $724 million, including nearly $170 million in cash and $560 million in undrawn revolver capacity [9][17] Business Line Data and Key Metrics Changes - TCE revenues from crude and product segments were evenly balanced, with the crude segment outperforming products in Q4 [14] - The company sold 10 older vessels for proceeds of $131 million and continued selling older vessels into 2026, generating $216 million [8][9] Market Data and Key Metrics Changes - Oil demand growth is projected at over 1 million barrels per day for both 2026 and 2027, with OPEC+ unwinding previous cuts [10] - The market is expected to experience oversupply in 2026, yet the market structure remains backwardated with elevated prices [11][12] Company Strategy and Development Direction - The company is consolidating Tankers International by acquiring the remaining 50% interest and expanding with a Suezmax platform [8] - The company aims to maintain a balanced capital allocation strategy while renewing its fleet and returning cash to shareholders [14][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the tanker market's fundamentals, anticipating a continued upcycle over the next few years [13][22] - Geopolitical tensions, including U.S.-Iran relations and the Russia-Ukraine conflict, are impacting the tanker market dynamics [11][12] Other Important Information - The company has a net loan-to-value ratio below 13% and a spot cash break-even rate of less than $15,000 per day [9][17] - The company has invested about $2 billion in vessels, currently valued at approximately $3 billion [17] Q&A Session Summary Question: What is driving the TCE rates for the first quarter? - Management noted geopolitical factors, including reduced imports of refined products from Russia, are benefiting MR rates [27][28] Question: Is the current dividend payout ratio a new baseline? - Management indicated that the 87% payout ratio reflects strong earnings power and liquidity, suggesting it may be a new baseline moving forward [46][49] Question: What impact has Sinokor Merchant Marine had on the VLCC segment? - Management acknowledged that the consolidation of VLCC tonnage is a strength in the market, providing more demand for owners [55][56]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported a net profit of $109.7 million, contributing to a full-year net profit of $339.7 million, indicating solid performance [5][22] - The adjusted EBITDA for Q4 was $149.7 million, with a return on equity of 14.8% and a return on invested capital of 11.2% for the full year [22] - The net loan-to-value (LTV) ratio increased from 20.5% at the end of Q3 to 24.9% at the end of Q4, primarily due to the investment in TORM [23] Business Line Data and Key Metrics Changes - The company continued its fleet renewal strategy, divesting older vessels while acquiring new ones, including the delivery of the Ecomar Gironde [6][7] - Fee-based businesses contributed $6.9 million in fee income for Q4 [22] - The average time charter equivalent (TCE) income for Q4 was $27,346 per day, with TCE income totaling $259 million [25] Market Data and Key Metrics Changes - The product tanker market remained seasonally firm in Q4, supported by growth in refined oil exports and higher crude oil exports [11] - The U.S. Gulf experienced historically high earnings in the clean product segment, while the overall net fleet growth for product tankers remained limited due to sanctions [14][16] - Clean petroleum product volumes on the water reached their highest levels in nine years, reflecting resilience in global oil demand [14] Company Strategy and Development Direction - The company aims to maintain a transparent dividend policy, declaring an 80% payout ratio for Q4, resulting in a total cash dividend of $87.7 million [8] - The strategic rationale for acquiring TORM shares includes potential commercial, operational, and financial benefits, enhancing market presence and trading liquidity [6][50] - The company is focused on sustainability initiatives and technological advancements to strengthen its competitive edge [28][29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for Q2 2026, citing strong earnings leverage and a favorable market outlook despite anticipated newbuild deliveries [21][30] - The ongoing geopolitical disruptions and sanctions are expected to continue reshaping trade flows, supporting both crude and product tankers [17][20] - The company is committed to disciplined financial management and pursuing strategic opportunities to enhance its competitive position [30] Other Important Information - The company has paid dividends for 16 consecutive quarters, with total dividends for 2025 amounting to $271.7 million, representing a yield of about 10% [9] - The company operates one of the largest and most diversified fleets in the industry, with a net asset value of approximately $3.5 billion [7] Q&A Session Summary Question: Discussion on the LR2/crude Aframax spread - Management noted that the spread between LR2s and Aframaxes is causing more ships to enter Aframax trade, indicating a transition is ongoing [32][33] Question: View on seasonality and potential shifts - Management acknowledged geopolitical unrest could lead to a stronger-than-normal Q2, with various factors positively impacting Aframaxes [35][36] Question: Impact of EU regulations on MRs - Management indicated that the European market for MRs remains weak, but there is a significant supply from the U.S. Gulf driving the market [37] Question: Increased scrapping of sanctioned vessels - Management confirmed that a few sanctioned vessels have been allowed to be scrapped in India, but significant scrapping is not yet occurring [39][41] Question: Reason for not moving more LR2 into Aframax trade - Management explained the decision to charter LR2s on long-term contracts rather than entering the spot market as part of their hedge strategy [42][43] Question: Commercial performance versus peers - Management stated that Hafnia's performance is competitive with peers like TORM, with a close run in various segments [47][48] Question: Status of TORM shareholding and future expectations - Management highlighted the strategic importance of the TORM investment and the potential for consolidation to create synergies and enhance shareholder value [49][50]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported a net profit of $109.7 million, contributing to a full-year net profit of $339.7 million, indicating solid performance [4][21] - The adjusted EBITDA for Q4 was $149.7 million, with a return on equity of 14.8% and a return on invested capital of 11.2% for the full year [21] - The net loan-to-value (LTV) ratio increased from 20.5% at the end of Q3 to 24.9% at the end of Q4, primarily due to the investment in TORM [22] Business Line Data and Key Metrics Changes - The company divested older vessels as part of its fleet renewal strategy, selling 2 MR vessels and committing to sell additional vessels [5] - Fee-based businesses contributed $6.9 million in fee income for Q4 [21] - The company owned or chartered 123 vessels with an average age of 9.7 years, below the industry average of 14.1 years [6] Market Data and Key Metrics Changes - The product tanker market remained seasonally firm in Q4, supported by growth in refined oil exports and higher crude oil exports [11] - Clean petroleum product volumes on the water reached their highest levels in 9 years, reflecting resilience in global oil demand [13] - The overall net fleet growth for product tankers remained limited due to the impact of crude tanker sanctions [14] Company Strategy and Development Direction - The company aims to maintain a transparent dividend policy, declaring an 80% payout ratio for Q4, resulting in a total cash dividend of $87.7 million [7] - The company is pursuing strategic opportunities, including a potential combination with TORM, which could create a market leader in scale and performance [5][46] - The sustainability strategy focuses on maintaining high operational and environmental standards while advancing technological capabilities [27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for Q2 2026, citing strong earnings leverage in the current market with secured rates above operational cash flow breakeven [25][28] - The company anticipates that the impact of sanctioned vessels and ongoing LR2 transitions will help ease effective market supply despite newbuild deliveries [28] - Management highlighted the importance of scale and capital market track record for future positioning in the energy complex [46] Other Important Information - The company returned 88.1% of its net profit to shareholders through dividends and share buybacks in 2025 [9] - The company has a strong liquidity profile with $104 million in cash and $324 million in undrawn capacity, totaling around $430 million [22] Q&A Session Summary Question: Discussion on the LR2/crude Aframax spread - Management noted that the spread between LR2s and Aframaxes is causing more ships to enter Aframax trade, indicating a tight market in the Middle East [30][31] Question: Potential shifts in seasonality - Management acknowledged geopolitical unrest could lead to a stronger than normal Q2, with various factors positively impacting Aframaxes [32][33] Question: Impact of EU regulations on MRs - Management indicated that the European market for MRs remains weak, primarily due to reduced volumes from Russia and strong supply from the US Gulf [34] Question: Increased scrapping of sanctioned vessels - Management confirmed that a couple of sanctioned ships have been allowed to be scrapped in India, but overall scrapping remains limited [36][37] Question: Why not move more LR2 into Aframax trade - Management explained the decision to charter out LR2s on long-term contracts as part of a housekeeping hedge strategy [39] Question: Commercial performance versus peers - Management stated that Hafnia's performance is competitive with peers like TORM, with close results across segments [43]

Financial Highlights - The company reported a net profit of $90 million for Q4 2025, bringing the full-year profit to $140 million. The EBITDA for Q4 was $322 million, resulting in a total EBITDA of $943 million for the year [4][5] - Liquidity is strong at $560 million, with a covenant for bonds on equity at 31% and for other loan agreements at 44% [4][6] - The company successfully deleveraged and paid dividends, with an interim dividend declared at $0.16, amounting to approximately $45 million [7][8] Business Line Performance - The dry bulk segment constitutes 60% of the total fair market value of the fleet, which is approximately $10.7 billion [3] - The contract backlog stands at $3.05 billion, with $304 million added in Q4, primarily from Capesize and one CSOV [7] - The company has a large spot exposure, particularly in dry bulk, with 53,000 shipping days in 2026, of which 44,000 are spot [9] Market Overview - The company remains positive on dry bulk tankers and offshore markets, while being cautious on container and chemical sectors [13] - There is expected ton-mile growth for iron ore and bauxite in 2026, with manageable fleet growth of 2.3% for Capesizes [14][22] - The tanker market is currently very positive, with strong earnings and sentiment, despite a muted supply-demand balance [15][26] Strategic Direction and Industry Competition - The company aims to strengthen its balance sheet and increase dividends while continuing to fund capital expenditures [11][12] - The management is cautious about new tanker orders, preferring to capitalize on the current spot market rather than committing to new builds [47] - The company is focused on maintaining a competitive edge in the dry bulk market, believing there is more potential for growth compared to the tanker market [56] Management Commentary on Operating Environment and Future Outlook - Management expressed optimism about the dry bulk market, anticipating strong demand driven by iron ore and bauxite [21][23] - The company is also optimistic about the offshore wind market, expecting new projects to drive demand for offshore supply vessels [90][91] - The management highlighted the importance of maintaining flexibility in operations and capitalizing on market opportunities as they arise [41][79] Other Important Information - The company has secured a small investment in a logistics company for ammonia-powered vessels, which is part of its strategy to enhance operational efficiency [81][82] - The company is not currently pursuing new tanker orders but remains open to opportunities that may arise [47] Q&A Session Summary Question: Did the strong tanker market assist in repaying the Golden Ocean bridge? - Yes, the sale of eight VLCCs contributed significantly to the repayment, with net proceeds of approximately $420 million from the sales [41][42] Question: What is the target for reducing loan-to-value (LTV)? - The long-term target is to achieve a 50% LTV, with current estimates suggesting they are close to that level [43][44] Question: Are there plans to sell Suezmax tankers to pay down debt? - The company is open to selling older vessels if high prices are offered but is currently focused on maintaining its younger fleet [52] Question: What is the stance on adding more coverage in the dry bulk market? - The company is interested in taking more long-term cover when market conditions are favorable [67][68] Question: What are the expectations regarding the U.S. Maritime Action Plan? - The impact of the new U.S. Maritime Action Plan is still uncertain, but the company does not foresee significant changes affecting its operations [63] Question: Can you elaborate on the recent cooperation signed with China? - The cooperation involves building ammonia-powered vessels and securing logistics for green ammonia, with a small investment made to enhance control over logistics [81][82]

Financial Highlights - The company reported a net profit of $90 million for Q4 2025, bringing the full-year profit to $140 million [4] - EBITDA for Q4 was $322 million, resulting in a total EBITDA of $943 million for the year [4] - Liquidity stood at $560 million, with a remaining CapEx of $1.5 billion as of the end of January [4][3] - The company successfully deleveraged and paid dividends, with an interim dividend declared at $0.16, totaling approximately $45 million [7][8] Business Line Performance - Dry bulk accounted for 60% of the total fair market value of the fleet, with a modern fleet age of 5.9 years [3] - The contract backlog reached $3.05 billion, with $304 million added in Q4 primarily from Capesize and one CSOP [7] - The company secured $420 million in capital gains, with $50 million booked in Q4 and $370 million guaranteed in Q1 and Q2 [8][9] Market Overview - The company remains positive on dry bulk tankers and offshore markets, while cautious on container and chemical sectors [13] - Dry bulk ton-mile growth for iron ore and bauxite is expected to be strong in 2026, with manageable fleet growth [14] - The tanker market is currently supported by sentiment and earnings, despite a muted supply-demand balance [15][26] Company Strategy and Industry Competition - The company aims to maintain a long-term target of 50% loan-to-value (LTV) ratio, currently at approximately 55% [42][43] - The focus is on operational cash flow to support dividends and further deleveraging, with a cautious approach to new builds in the tanker segment [47][56] - The company is strategically positioned to benefit from the aging fleet and limited scrapping in the dry bulk market [20] Management Commentary on Operating Environment and Future Outlook - Management expressed optimism about the dry bulk market, anticipating increased utilization and cash flow in 2026 [22] - The tanker market is expected to remain strong, supported by stockpiling and geopolitical factors [28] - The offshore wind market is projected to see increased demand due to new projects in the North Sea [90] Other Important Information - The company has secured a small investment in a logistics company for ammonia-powered vessels, enhancing control over its supply chain [81][82] - The company is not actively pursuing new tanker builds but remains opportunistic in the market [47] Q&A Session Summary Question: Impact of strong tanker market on Golden Ocean bridge repayment - Management confirmed that the strong tanker market and sales of VLCCs facilitated early repayment of the bridge facility [39][41] Question: Target for LTV reduction - The long-term target is to achieve a 50% LTV, with current estimates suggesting they are close to that level [42][43] Question: Investment opportunities in new builds - Management is currently not pursuing new tanker builds, preferring to capitalize on the spot market [47] Question: Potential sale of older vessels - The company is open to selling older vessels if high prices are offered but is focused on maintaining younger assets [52] Question: Long-term charters and market conditions - Management confirmed confidentiality regarding charter counterparties and rates but indicated a willingness to seek more long-term coverage [60][67] Question: Expectations on regulatory impacts from U.S. Maritime Action Plan - Management noted that while they have limited port calls in the U.S., they are monitoring the situation closely [63] Question: Future prospects in the offshore wind market - Management expressed optimism due to upcoming projects and the ability to transition vessels between oil and gas and wind markets [90]

Financial Highlights - The company reported a net profit of $90 million for Q4, bringing the full-year profit to $140 million, with an EBITDA of $322 million for the quarter and $943 million for the year [3][4] - Liquidity is strong at $560 million, with covenants for bonds at 31% and for other loan agreements at 44% [3][4] - The company successfully deleveraged and paid dividends, with an interim dividend declared at $0.16, totaling approximately $45 million [6][7] Business Line Performance - The dry bulk segment constitutes 60% of the total fair market value of the fleet, with a contract backlog of $3.05 billion [2][6] - The company has a modern fleet with an average age of 5.9 years, and a significant portion of shipping days in 2026 is expected to be spot exposure [8][10] Market Overview - The company remains positive on dry bulk tankers and offshore markets, while being cautious on container and chemical sectors [13][14] - Dry bulk demand is expected to grow, particularly for iron ore and bauxite, with a ton-mile increase forecasted at 2.7% against a fleet growth of 2.3% [23][24] - The tanker market is currently strong, with high rates achieved for both VLCCs and Suezmaxes, despite a muted supply-demand balance [25][26] Company Strategy and Industry Competition - The company aims to maintain a long-term target of 50% loan-to-value (LTV) ratio, currently at approximately 55% [42][43] - The focus is on operational cash flow and potential dividends, with a strategy to leverage market opportunities without committing to new builds in the tanker segment at this time [48][49] Management Commentary on Operating Environment and Future Outlook - Management expressed optimism about the dry bulk market, indicating that the current rates are among the strongest seen in the last 15 years [18][19] - The company is cautious about the container market, anticipating a decline in spot freight rates while maintaining a strong position in long-term charters [30][31] - The offshore wind market is expected to see increased demand due to new projects coming online, which will benefit the company's fleet [90][91] Other Important Information - The company has secured a small investment in a logistics company for ammonia-powered vessels, indicating a strategic move towards sustainable shipping solutions [82][83] - The company has a significant orderbook for new builds, with a focus on modernizing the fleet while managing costs effectively [10][11] Q&A Session Summary Question: Impact of strong tanker market on Golden Ocean bridge repayment - Management confirmed that the strong tanker market and the sale of VLCCs facilitated early repayment of the bridge facility, which was initially $1.4 billion, with $420 million cash from tanker sales [40][42] Question: Future dividend payments and leverage targets - The company aims to reduce LTV to around 50% and confirmed that dividends will be considered based on operational cash flow and market conditions [43][45] Question: Potential sales of older vessels - Management indicated that while older vessels may still be sold if high offers are received, the focus is on maximizing current fleet performance rather than aggressive selling [52][56] Question: Long-term charters and market competition - The company is not disclosing specific rates for long-term charters but is open to increasing coverage based on favorable market conditions [68][70] Question: Regulatory impacts from U.S. Maritime Action Plan - Management stated that the impact of the U.S. Maritime Action Plan remains uncertain, but the company is exempt from certain regulations due to its limited port calls in the U.S. [61][63]

Financial Performance - Freight revenues amounted to NOK 135.5 million in Q4 2025, a decrease of NOK 12.5 million compared to Q4 2024 and a decrease of NOK 13.8 million compared to Q3 2025 [1] - Total operating income for the year 2025 was NOK 648.0 million, an increase from NOK 585.1 million in 2024 [8] - The profit before tax for Q4 2025 was NOK -26.2 million, compared to NOK 6.5 million in Q4 2024 [8] Operating Expenses - Operating expenses were NOK 91.1 million in Q4 2025, an increase of NOK 3.4 million compared to Q4 2024 and an increase of NOK 6.9 million compared to Q3 2025 [2] - Total operating expenses for the year 2025 were NOK 349.9 million, up from NOK 324.8 million in 2024 [8] Cash Flow and Liquidity - Net cash flow from operations as of 31/12/25 was NOK 248.8 million, compared to NOK 229.6 million in the previous year [6] - Total current assets amounted to NOK 318.5 million as of 31/12/25, with bank deposits of NOK 218.0 million [5] Fleet and Utilization - The company operated 14 vessels as of 31/12/25, with a fleet utilization rate of 91.0% in Q4 2025 [8] - The book value of the fleet was NOK 1,125.4 million as of 31/12/25 [6] Debt and Financial Position - Total long-term debt amounted to NOK 40.0 million as of 31/12/25, with short-term debt classified at NOK 499.6 million [7] - The nominal value of interest-bearing debt was NOK 623.4 million, and the nominal value of non-interest-bearing debt was NOK 589.7 million as of 31/12/25 [9]

Hafnia Quarterly Financial Hafnia Quarterly Financial Hafnia Hafnia Limited Quarterly Financial Investor Presentation Q4 2025 26 February 2026 DISCLAIMER – SAFE HARBOUR MESSAGE IMPORTANT: You must read the following before continuing. The following applies to this document, the oral presentation of the information in this document by Hafnia Limited (the "Company") or any person on behalf of the Company, and any question-and-answer session that follows the oral presentation (collectively, the "Information"). ...