Hafnia Stock Earnings Reports

Hafnia reported a transformative Q1 2026 driven by unprecedented geopolitical disruptions (closure of the Strait of Hormuz) that tightened tanker supply and lifted freight rates. Key financials: net profit of $179.7M (≈3x Q1 2025), TCE income $282.5M, adjusted EBITDA $198.6M, NAV ~ $4.0B ($8.09/share), net LTV improved to 20.2%, and total liquidity about $660M. The board declared an 80% payout ratio: a cash dividend of $143.8M ($0.2877/share), representing an annualized yield of ~14% and continuing a 17-quarter dividend streak. Commercially, Hafnia owns/charters 118 vessels (average age 9.6 years), is executing fleet renewal (signed 8 MR newbuilds with Hyundai Heavy plus exercised 2 options — total 10 MRs), and continues divesting older tonnage while winding down the Handy and LR2 pool operations. Market commentary highlights large inventory drawdowns (IEA cumulative deficit to Sept ~900M barrels), significant LR2-to-Aframax migration (≈72 vessels year-to-date), elevated ton miles/ballast distances, and regionally uneven stock draws; management expects persistent tightness into late 2026 and a potential multi-quarter inventory rebuild once Eastern supply normalizes. Forward coverage is robust: 73% of Q2 earning days covered at $46,600/day and 39% of Q2–Q4 covered at $38,281/day, underpinning management’s FY 2026 net income scenarios of roughly $700M–$1B. CapEx: expected progress payments ~ $80M in Q2 for the newbuilds, with most remaining capex concentrated in 2028. Sustainability targets and an enterprise AI rollout were also highlighted.