The positive momentum of Hafnia’s second quarter in 2025 has continued into the third quarter, with continued growth in trade volumes and tonne-miles. This has been driven by strong underlying global demand and improved refining margins, which has boosted the spot market.

I am pleased to announce that Hafnia reported strong earnings, with a net profit of USD 7 5.3 million in Q2 2025, with our commercially managed pool and bunker procurement business contributing USD 7 .9 million 1 of the total result. Our Q2 performance was affected by several vessels undergoing scheduled drydocking, leading to approximately 6 3 0 off-hire days during the quarter, and we anticipate another 5 1 0 off-hire days in Q3.

At the end of the second quarter, our net asset value (NAV2) stood at approximately USD 3 .3 billion, translating to an NAV per share of about USD 6 .55 (~NOK 66.07). Our net Loan-to-Value (LTV) ratio remained unchanged from the first quarter at 2 4 .1%, balancing a decrease in our vessel market values and a further reduction in our debt.

I am pleased to announce a payout ratio of 80% for the second quarter. We will distribute a total of USD 60.3 million or USD 0.1210 per share in dividends. In May, we took delivery of the Ecomar Guyenne, the second vessel in the dual-fuel methanol MR (IMO II) newbuild fleet, together with our partner Socatra. In July, we took delivery of the Ecomar Garonne, the third vessel in the joint venture.

Seascale Energy – our bunker joint venture with Cargill commenced operations in mid-May, where the joint venture will be
accounted for using the equity method. In July, we concluded a USD 7 15 million revolving credit facility with a syndicate of 11 banks. This facility has since been partially used to refinance existing debt. A competitive margin and attractive structure enabled us to lower our overall funding cost and cash flow breakeven levels, strengthening our liquidity position and providing flexibility for future growth.

We expect Hafnia’s strong performance to continue into the third quarter, influenced by our current bookings and solid market conditions, with OPEC’s production boosting refinery throughput, generating positive momentum for product tanker demand. On a macro level, geopolitical conflicts, sanctions, trade policies, and tariffs continue to shape trade flows, and we continue to closely monitor these developments. With limited newbuild contracts in 2025, the orderbook-to-fleet ratio remains around 20%, and incoming deliveries could impact the market unless offset via meaningful scrapping. This has yet to materialize, despite many vessels built in the 2000s are now reaching secondary trading or scrapping age. Simultaneously, a significant number of LR2s have moved to trading in the crude space, limiting product supply growth.

As of 15 August 2025, 75% of the Q3 earning days are covered at an average of USD 25,395 per day, and 48% of the earning days for the remainder of the year are covered at USD 25,158 per day.

As we conclude the first half of 2025, we are encouraged by the ongoing strength of the product tanker market, driven by strong demand and solid fundamentals. I believe Hafnia is well-positioned for the future. Our young, modern fleet and recent refinancing give us a strong stance amid market fluctuations, as well as the flexibility to pursue new opportunities.

Source: Hafnia