{"id":11481,"date":"2026-05-27T10:59:00","date_gmt":"2026-05-27T08:59:00","guid":{"rendered":"http:\/\/stocks-future.com\/?guid=9d3145bd30fb975d1ce87697ee3514ba"},"modified":"2026-05-27T10:59:00","modified_gmt":"2026-05-27T08:59:00","slug":"hafnia-limited-announces-financial-results-for-the-three-months-ended-31-march-2026","status":"publish","type":"post","link":"https:\/\/stocks-future.com\/?p=11481","title":{"rendered":"Hafnia Limited Announces Financial Results for the Three Months Ended 31 March 2026"},"content":{"rendered":"<p>SINGAPORE--(BUSINESS WIRE)--Hafnia Limited (\u201cHafnia\u201d, the \u201cCompany\u201d or \u201cwe\u201d, OSE ticker code: \u201cHAFNI\u201d, NYSE ticker code: \u201cHAFN\u201d), a leading product tanker company with a diversified and modern fleet of over 100 vessels, today announced results for the three months ended 31 March 2026.<\/p><br\/><a href=\"https:\/\/mms.businesswire.com\/media\/20260526832119\/en\/2815847\/5\/Hafnia_RGB_72dpi.jpg\"><img src=\"https:\/\/mms.businesswire.com\/media\/20260526832119\/en\/2815847\/22\/Hafnia_RGB_72dpi.jpg\" \/><\/a><br\/><a href=\"https:\/\/mms.businesswire.com\/media\/20260526832119\/en\/2815847\/5\/Hafnia_RGB_72dpi.jpg\"><img src=\"https:\/\/mms.businesswire.com\/media\/20260526832119\/en\/2815847\/21\/Hafnia_RGB_72dpi.jpg\" \/><\/a><p>\nThe full report can be found in the Investor Relations section of Hafnia\u2019s website: <a  href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Finvestor.hafniabw.com%2Ffinancials%2Fquarterly-results%2Fdefault.aspx&amp;esheet=54542509&amp;newsitemid=20260526832119&amp;lan=en-US&amp;anchor=https%3A%2F%2Finvestor.hafniabw.com%2Ffinancials%2Fquarterly-results%2Fdefault.aspx&amp;index=1&amp;md5=de291fcfecfa4058ed4e006eef78373e\" rel=\"nofollow\" shape=\"rect\">https:\/\/investor.hafniabw.com\/financials\/quarterly-results\/default.aspx<\/a><\/p><p>\n<b>Highlights and Recent Activity<\/b><\/p><p>\n<b>First Quarter 2026<\/b><\/p><ul class=\"bwlistsquare\">\n<li>\nRecorded net profit of <b>USD 179.7 million<\/b> or USD 0.36 per share<sup>1<\/sup> compared to USD 63.2 million or USD 0.13 per share in Q1 2025.<\/li>\n<li>\nFee-based businesses generated earnings of <b>USD 7.8 million <\/b>compared to USD 7.9 million in Q1 2025.<\/li>\n<li>\nTime Charter Equivalent (TCE)<sup>3<\/sup> earnings were <b>USD 282.5 million<\/b> compared to USD 218.8 million in Q1 2025, resulting in an average TCE<sup>3<\/sup> of USD 30,327 per day<sup>4<\/sup>.<\/li>\n<li>\nAdjusted EBITDA<sup>3<\/sup> of <b>USD 198.6 million<\/b> compared to USD 125.1 million in Q1 2025.<\/li>\n<li>\n<b>73%<\/b> of total earning days of the fleet were covered for Q2 2026 at <b>USD 46,600 <\/b>per day as of 13 May 2026.<\/li>\n<li>\nNet asset value (NAV)<sup>5<\/sup> was approximately <b>USD 4.0 billion<\/b>, or approximately <b>USD 8.09<\/b> per share (<b>NOK 78.81<\/b>), at quarter end.<\/li>\n<li>\nHafnia will distribute a total of <b>USD 143.8 million<\/b>, or <b>USD 0.2877 <\/b>per share, in dividends, corresponding to a payout ratio of <b>80%.<\/b><\/li>\n<\/ul><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<sup>1<\/sup><\/p><\/td><td colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nBased on weighted average number of shares as at 31 March 2026.<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<sup>2<\/sup><\/p><\/td><td colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nExcluding USD 9.9 million of dividend income from Hafnia\u2019s investment in TORM.<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<sup>3<\/sup><\/p><\/td><td colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nSee Non-IFRS Measures Section below.<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<sup>4<\/sup><\/p><\/td><td colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nTCE per day presented here excludes USD 0.6 million of prior period adjustments to operating segments that Hafnia exited in prior financial years.<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<sup>5<\/sup><\/p><\/td><td colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nNAV is calculated using the fair value of Hafnia\u2019s owned vessels (including joint venture vessels).<\/p><\/td><\/tr>\n<\/table><p>\nMikael Skov, CEO of Hafnia, commented:<\/p><p>\nThe first quarter of 2026 was defined by a geopolitical disruption to global oil markets without modern precedent. The closure of the Strait of Hormuz fundamentally reshaped global crude and refined product trade flows.<\/p><p>\nAt the same time, attacks on Middle East refineries, refinery run cuts, and export restrictions in Asia further disrupted supply chains and trade volumes across multiple regions. The loss of an estimated 12.8 million barrels per day (mb\/d) in global oil supply triggered a rapid rerouting of crude and refined product supply chains. This was partially offset by increased production from Atlantic Basin and the International Energy Agency\u2019s (IEA) coordinated release of up to 400 mb from strategic reserves to help fill the supply gap.<\/p><p>\nAgainst this backdrop, Hafnia delivered another quarter of strong earnings. In Q1 2026, we recorded a net profit of <b>USD 179.7 million<\/b>. This included <b>USD 32.5 million<\/b> from gains on vessel sales, while our fee-based business generated <b>USD 7.8 million<\/b>. The IFRS 15 load-to-discharge adjustment has resulted in a negative TCE adjustment of <b>USD 17.9 million<\/b>. Q1 results include approximately 210 off-hire vessel-days from scheduled drydocking. We expect drydocking activity to continue through the remainder of 2026, with approximately 300 off-hire days anticipated in Q2.<\/p><p>\nOur average fleet TCE for Q1 was <b>USD 30,327<\/b> per day. <b>As of 13 May 2026, 73% of our Q2 earning days are covered at an average of USD 46,600 per day, supporting our expectation that Q2 will be stronger than Q1<\/b>. In addition, 39% of our earning days for Q2 to Q4 2026 have been covered at an average rate of USD 38,281 per day.<\/p><p>\nAt the end of the first quarter, our net asset value (NAV<sup>1<\/sup>) rose to approximately <b>USD 4.0 billion<\/b>, up <b>USD 0.5 billion<\/b> from Q4 2025. This is equivalent to <b>USD 8.09<\/b> (~<b>NOK 78.81<\/b>) per share, driven by higher vessel valuations across all segments amid a strengthened freight market. Our net Loan-to-Value (LTV) ratio decreased from 24.9% in the fourth quarter to <b>20.2%, <\/b>primarily due to strong cashflow generation from both operations and vessel sales.<\/p><p>\n<b>I am pleased to announce an 80% payout ratio for the first quarter. Accordingly, we will distribute a total of USD 143.8 million in dividends, or USD 0.2877 per share. <\/b>This reflects our continued commitment to delivering strong shareholder returns. Shareholders who have held Hafnia shares over the past 12 months have achieved a total return exceeding 100%, including share price appreciation and dividends.<\/p><p>\nAs part of our fleet renewal strategy, we divested older tonnage while enhancing the overall quality and efficiency of our fleet. In Q1, we completed the sale of three LR1s, two MRs, and one Handy. During Q2, we further sold and delivered one LR1, one MR, and three Handy vessels, with an additional MR committed for sale and pending delivery to the buyer. These transactions, together with our recently announced contracts for eight MR newbuilds and the exercise of two additional newbuild options, demonstrate our focus on modernizing the fleet, reducing average fleet age, and strengthening Hafnia\u2019s long-term earnings capacity.<\/p><p>\nSince making our 13.97% investment in TORM in December 2025, the position has contributed meaningfully to our overall financial performance. Since the investment, we have recognized approximately USD 9.9 million in dividend income. As at Q1 2026, the market value of the position stood at USD 395.0 million, representing an unrealized fair value gain of approximately USD 117.8 million from the previous quarter.<\/p><p>\nThe investment represents a meaningful financial position in a high-quality product tanker company, and we continue to evaluate it within the context of our strategy and our commitment to delivering shareholder returns. While we maintain our view that industry consolidation can create value, the specific path and timing of any strategic steps will be guided by our overriding priority: maximizing returns for Hafnia's shareholders. We will take the approach that best serves this objective.<\/p><p>\nWe have commenced the deployment of Complexio, an enterprise AI platform that integrates conversational AI, workflow analytics, and automation to transform operational data into faster and more informed decision making. Initial applications have already improved response times across commercial and finance workflows, and we believe the platform has significant potential to scale across Hafnia as adoption accelerates through 2026 and 2027.<\/p><p>\nLooking ahead, the outlook remains highly uncertain and depends largely on the duration of the disruption to traffic through the Strait of Hormuz and the time required for oil production and global refinery operations to recover. The IEA estimates refinery throughput will plunge by 4.5 mb\/d in the second quarter. Even if the Strait gradually reopens, structural damage to Gulf infrastructure is expected to drive a prolonged rerouting of global product trade flows, supporting tonne-mile demand well beyond this year.<\/p><p>\nWith nearly 200 tankers and thousands of seafarers unable to transit the Strait at the end of the quarter, the human dimension of this crisis must not be overlooked. The safety and well-being of our own crews, and those across the industry, remain our foremost concern. We are operating in a market environment without modern precedent, characterized by significant disruption and volatility. At the same time, we continue to monitor the demand-side impact of elevated oil prices, which the IEA now forecasts will lead to the first year-over-year contraction in global oil demand since the COVID-19 pandemic, with demand forecast to decline by approximately 0.4 mb\/d to around 104 mb\/d.<\/p><p>\nDespite this backdrop, I remain highly confident in Hafnia\u2019s commercial expertise and operational agility. Our ability to navigate complex market conditions, optimize trade flows, and respond to evolving market dynamics positions us strongly to capture opportunities while prudently managing risk.<\/p><p>\n<i>Mikael Skov\n<br\/><\/i><i>CEO Hafnia<\/i><\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwpadb3\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<sup>1<\/sup><\/p><\/td><td colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nNAV is calculated using the fair value of Hafnia\u2019s owned vessels (including joint venture vessels).<\/p><\/td><\/tr>\n<\/table><p>\n<b>Fleet<sup>1<\/sup><\/b><\/p><p>\nAt the end of the quarter, Hafnia\u2019s fleet consisted of <b>109<\/b> owned vessels<sup>2<\/sup> and <b>9<\/b> chartered-in vessels. The Group\u2019s total fleet includes <b>10 LR2s<\/b>, <b>29 LR1s<\/b> (including two bareboat-chartered in and two time-chartered in), <b>56 MRs<\/b> of which 13 are IMO II (including seven time-chartered in), and <b>23 Handy<\/b> vessels of which 18 are IMO II (including one bareboat-chartered in).<\/p><p>\nThe average estimated broker value of the owned fleet<sup>1<\/sup> was <b>USD 4,116 million<\/b>, of which <b>USD 3,625 million<\/b> relates to Hafnia\u2019s 100% owned fleet, and <b>USD 490 million<\/b> relates to Hafnia\u2019s 50% share in the joint venture fleet.<\/p><p>\nIncluding Hafnia\u2019s 50% share in the joint venture fleet, the LR2 vessels had a broker value of <b>USD 629 million<sup>3<\/sup><\/b>, the LR1 fleet had a broker value of <b>USD 1,023 million<sup>3<\/sup><\/b>, the MR fleet had a broker value of <b>USD 1,688 million<sup>4<\/sup> <\/b>and the Handy vessels had a broker value of <b>USD 776 million<sup>5<\/sup><\/b>. The unencumbered vessels had a broker value of <b>USD 1,116 million<\/b>. The chartered-in fleet had a right-of-use asset book value of <b>USD 36.5 million<\/b> with a corresponding lease liability of <b>USD 35.9 million.<\/b><\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n1<\/p><\/td><td colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nVessels under construction that are not delivered as at the financial reporting date are not included in the fleet count.<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwvertalignt bwalignl\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n2<\/p><\/td><td colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nIncluding bareboat chartered in vessels; six LR1s and four LR2s owned through 50% ownership in the Vista Shipping Joint Venture, two MRs owned through 50% ownership in the H&amp;A Shipping Joint Venture and four IMO II MRs owned through 50% ownership in the Ecomar Joint Venture; and one LR1, two MRs and three Handy vessels classified as held for sale.<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwvertalignt bwalignl\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n3<\/p><\/td><td colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nIncluding USD 326 million relating to Hafnia\u2019s 50% share of six LR1s and four LR2s owned through 50% ownership in the Vista Shipping Joint Venture; and one LR1 classified as held for sale.<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwvertalignt bwalignl\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n4<\/p><\/td><td colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nIncluding USD 164 million relating to Hafnia\u2019s 50% share of two MRs owned through 50% ownership in the H&amp;A Shipping Joint Venture and four IMO II MRs owned through 50% ownership in the Ecomar Joint Venture; and IMO II MR vessels; and two MRs classified as held for sale.<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwvertalignt bwalignl\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n5<\/p><\/td><td colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nIncluding IMO II Handy vessels; and three Handys classified as held for sale.<\/p><\/td><\/tr>\n<\/table><p>\n<b>Market Review &amp; Outlook<\/b><\/p><p>\n<span class=\"bwuline\">Market Fundamentals<\/span><\/p><p>\nThe product tanker market entered 2026 on a seasonally firm footing, supported by higher crude production and a meaningful shift of LR2 vessels into dirty trading, before the outbreak of war in the Persian Gulf in early March transformed the operating landscape. From early March, the conflict involving the US, Israel, and Iran in the Persian Gulf, and the subsequent closure of the Strait of Hormuz, removed significant volumes of crude oil and vessels from the market and fundamentally altered global trade flows.<\/p><p>\nAt the same time, attacks on refineries reduced refinery runs, while concerns over tightening crude supply prompted several countries to impose export restrictions. This created an increasingly fragmented market environment, with trading activity East of Suez materially constrained, while Atlantic Basin producers, particularly the US Gulf, stepped in to offset supply shortfalls. The resulting dislocation significantly increased tonne-mile demand and drove freight rates in the West to elevated levels. On the supply side, a large share of the existing orderbook consists of LR2 vessels, many of which trade in the crude segment, further tightening effective supply within the product tanker market.<\/p><p>\nRefining margins remained at historically high levels throughout the period, supported by record middle distillate cracks, incentivizing maximum throughput wherever feedstock was available and driving product movements that directly benefit tanker utilization. The United States became a net crude exporter for the first time in over 50 years, with weekly crude exports reaching a record 6.4 mb\/d in late April, a direct consequence of lost Gulf supply and rising US output, materially increasing tonne-mile demand on Atlantic Basin routes.<\/p><p>\n<span class=\"bwuline\">Forward View<\/span><\/p><p>\nThe outlook remains highly uncertain. The IEA's base case assumes the Strait remains shut until early June, with at least two to three months needed thereafter to fully normalize trade flows, implying that even under a favourable scenario, market dislocations will persist well into the second half of 2026. The IEA estimates refinery crude throughput will plunge by 4.5 mb\/d in Q2 2026 to 78.7 mb\/d, and by 1.6 mb\/d to 82.3 mb\/d for 2026, as operators contend with infrastructure damage, export restrictions, and lower feedstock availability.<\/p><p>\nThe pace of global inventory drawdowns underscores the severity of the supply shock. Global observed oil inventories drew by 129 mb in March and a further 117 mb in April, with OECD on-land stocks plummeting by 146 mb (4.9 mb\/d) in April alone. The IEA's cumulative stock deficit is projected to reach approximately 900 mb by September 2026, including the 400 mb coordinated stock release, of which only approximately 164 mb had been released as of 8 May.<\/p><p>\nEven if the Strait gradually reopens, structural impairment to Gulf infrastructure is expected to prolong the rerouting of global trade flows, supporting tonne-mile demand well beyond this year. At the same time, a prolonged closure of the Strait could put downward pressure on freight rates as ballast tonnage from the East repositions to other markets and the loss of crude supply becomes increasingly visible in weaker global oil demand. The IEA now projects world oil demand contracting by approximately 0.4 mb\/d year-on-year to around 104 mb\/d in 2026, the first annual decline since COVID-19, with the sharpest impact concentrated in Q2, where demand is forecast to fall by 2.45 mb\/d year-on-year as petrochemical feedstock availability, aviation activity, and industrial consumption are all severely curtailed.<\/p><p>\nHowever, as countries, especially the US, continue drawing down inventories, we believe the eventual restoration of flows through the Strait of Hormuz and the recovery of refinery operations in the East could trigger a meaningful, multi-quarter inventory rebuilding cycle. Rebuilding these inventories would require roughly an additional 1 mb\/d of supply over the next three years, on top of underlying demand growth, providing strong underlying support for tanker demand and freight rates.<\/p><p>\nOn the supply side, in our view, the overall outlook remains more balanced than headline orderbook figures suggest. While a sizeable number of newbuild vessels are expected to deliver in 2026, the potential for scrapping is also increasing as the global fleet continues to age. In addition, the number of sanctioned vessels has grown materially and continues to rise, with many unlikely to return to mainstream trading markets. Together, these factors support a tighter and more constructive long-term supply outlook for the tanker sector.<\/p><p>\n<b>Key Figures<\/b><\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth48\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>USD million<\/b><\/p><\/td><td class=\"bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth13 bwalignr\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n<b>Q2 2025<\/b><\/p><\/td><td class=\"bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth13 bwalignr\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n<b>Q3 2025<\/b><\/p><\/td><td class=\"bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth13 bwalignr\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n<b>Q4 2025<\/b><\/p><\/td><td class=\"bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth13 bwalignr\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n<b>Q1 2026<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth48\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Income Statement<\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignt bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignt bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth48\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nOperating revenue (Hafnia vessels and TC vessels)<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n346.6<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n366.5<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n368.4<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n412.9<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth48\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nProfit before tax<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n78.0<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n92.2<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n107.4<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n180.5<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth48\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nProfit for the period<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n75.3<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n91.5<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n109.7<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n179.7<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth48\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nFinancial items<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(8.1)<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(13.3)<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(9.3)<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(12.0)<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth48\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nShare of profit from joint ventures<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n3.0<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n4.4<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n6.8<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n10.0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth48\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nTCE income<sup>1<\/sup><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n231.2<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n247.0<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n259.0<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n282.5<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth48\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdjusted EBITDA<sup>1<\/sup><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n134.2<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n150.5<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n149.7<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n198.6<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth48\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Balance Sheet<\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth48\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nTotal assets<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n3,669.9<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n3,570.1<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n3,811.9<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n4,029.0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth48\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nTotal liabilities<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n1,369.5<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n1,239.5<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n1,482.3<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n1,487.6<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth48\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nTotal equity<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n2,300.4<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n2,330.7<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n2,329.6<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n2,541.4<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth48\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nCash at bank and on hand<sup>2<\/sup><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n194.0<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n132.5<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n103.6<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n146.5<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth48\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Key financial figures<\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth48\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nReturn on Equity (RoE) (p.a.)<sup>3<\/sup><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n13.2%<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n15.9%<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n19.1%<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n29.5%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth48\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nReturn on Invested Capital (p.a.)<sup>4<\/sup><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n10.6%<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n12.8%<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n13.4%<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n22.7%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth48\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nEquity ratio<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n62.7%<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n65.3%<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n61.1%<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n63.1%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth48\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nNet loan-to-value (LTV) ratio<sup>5<\/sup><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n24.1%<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n20.5%<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n24.9%<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n20.2%<\/p><\/td><\/tr>\n<\/table><table cellspacing=\"0\" class=\"bwblockalignl bwtablemarginb bwwidth100\">\n<tr>\n<td class=\"bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth48\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>For the 3 months ended 31 March 2026<\/b><\/p><\/td><td class=\"bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>LR2<\/b><\/p><\/td><td class=\"bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>LR1<span><sup>6<\/sup><\/span><\/b><\/p><\/td><td class=\"bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>MR<span><sup>7<\/sup><\/span><\/b><\/p><\/td><td class=\"bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>Handy<span><sup>8<\/sup><\/span><\/b><\/p><\/td><td class=\"bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>Total<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth48\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nVessels on water at the end of the period<sup>9<\/sup><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n6<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n23<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n50<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n23<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n102<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth48\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nTotal operating days<sup>10<\/sup><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n540<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n2,267<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n4,392<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n2,134<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n9,333<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth48\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nTotal calendar days (excluding TC-in)<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n540<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n2,135<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n3,907<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n2,157<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n8,739<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth48\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nTCE (USD per operating day)<sup>1<\/sup><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n35,316<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n38,194<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n27,958<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n25,589<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n30,327<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth48\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nSpot TCE (USD per operating day)<sup>1<\/sup><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n51,869<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n39,458<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n29,601<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n26,060<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n31,543<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth48\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nTC-out TCE (USD per operating day)<sup>1<\/sup><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n30,660<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n31,533<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n22,026<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n22,311<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n25,594<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth48\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nOPEX (USD per calendar day)<sup>11<\/sup><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n8,663<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n8,454<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n8,319<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n7,805<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n8,247<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth48\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nG&amp;A (USD per operating day)<sup>12<\/sup><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n1,497<\/p><\/td><\/tr>\n<\/table><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n1<\/p><\/td><td colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nSee Non-IFRS Measures section below.<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwalignl bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n2<\/p><\/td><td colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nExcluding cash retained in the commercial pools.<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwalignl bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n3<\/p><\/td><td colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAnnualised<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwalignl bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n4<\/p><\/td><td colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nROIC is calculated using annualised EBIT less tax.<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwalignl bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n5<\/p><\/td><td colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nNet loan-to-value is calculated as all debt (excluding debt relating to the pools), including finance lease debt, minus cash (excluding cash retained in the commercials pools), divided by broker vessel values (100% owned vessels) and the lower of the market value or purchase price of the Torm investment. The calculation of net loan-to-value does not include debt or values of vessels held through our joint ventures.<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwalignl bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n<sup>6<\/sup><\/p><\/td><td colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nThe LR1 vessel classified as held for sale is excluded from vessels on the balance sheet, while it is included in the table for the 3 months ended 31 March 2026.<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwalignl bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n<sup>7<\/sup><\/p><\/td><td colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nInclusive of nine IMO II MR vessels. The two MRs classified as held for sale are excluded from vessels on the balance sheet, while they are included in the table for the 3 months ended 31 March 2026.<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwalignl bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n<sup>8<\/sup><\/p><\/td><td colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nInclusive of 18 IMO II Handy vessels. The three Handys classified as held for sale are excluded from vessels on the balance sheet., while they are included in the table for the 3 months ended 31 March 2026.<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwalignl bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n<sup>9<\/sup><\/p><\/td><td colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nExcluding six LR1s and four LR2s owned through 50% ownership in the Vista Shipping Joint Venture, two MRs owned through 50% ownership in the H&amp;A Shipping Joint Venture and four IMO II MRs owned through 50% ownership in the Ecomar Joint Venture.<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwalignl bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n<sup>10<\/sup><\/p><\/td><td colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nTotal operating days include owned vessel days and bareboat charter-out days. Vessel-owned days are defined as the total number of days, including waiting time, in a period during which a vessel is owned, technical off-hire days and docking days. Bareboat arrangements include sale-and-leaseback or time charter-in arrangements.<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwalignl bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n<sup>11<\/sup><\/p><\/td><td colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nOPEX includes vessel running costs and technical management fees.<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwalignl bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n<sup>12<\/sup><\/p><\/td><td colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nG&amp;A includes all expenses and is adjusted for costs incurred in managing external vessels.<\/p><\/td><\/tr>\n<\/table><p>\n<b>Declaration of Dividend<\/b><\/p><p>\nHafnia will pay a quarterly dividend of USD 0.2877 per share. The record date will be <b>4 June 2026<\/b>.<\/p><p>\nFor shares registered in the Euronext VPS Oslo Stock Exchange, dividends will be distributed in NOK with an <b>ex-dividend date of 3 June 2026<\/b> and a payment date on, or about, 22 June 2026.<\/p><p>\nFor shares registered in the Depository Trust Company, the <b>ex-dividend date will be 4 June 2026,<\/b> with a payment date on, or about, 16 June 2026.<\/p><p>\nPlease see our separate announcement for additional details regarding the Company\u2019s dividend.<\/p><p>\n<b>Webcast and Conference Call<\/b><\/p><p>\nHafnia will host a conference call for investors and financial analysts at 8:30 pm SGT\/2:30 pm CET\/8:30 am EST on 27 May 2026.<\/p><p>\nThe investor presentation will be available via live video webcast via the following link: <a  href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Feur03.safelinks.protection.outlook.com%2Fap%2Ft-59584e83%2F%3Furl%3Dhttps%253A%252F%252Fteams.microsoft.com%252Fmeet%252F388844800223275%253Fp%253DPo6YU6jVF0kQ8z3OfI%26data%3D05%257C02%257Ccli%2540hafnia.com%257C3c1b328f3be8454e642308deac247ebd%257Ca364eb28e95b4ad0a4fb5b4f7767ad84%257C0%257C0%257C639137469948133944%257CUnknown%257CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%253D%253D%257C0%257C%257C%257C%26sdata%3Dl1GsrcLxg69R51unnLIOUcQDR3tZfJz9IPhPN8DbWmA%253D%26reserved%3D0&amp;esheet=54542509&amp;newsitemid=20260526832119&amp;lan=en-US&amp;anchor=Click+here+to+join+Hafnia%27s+Investor+Presentation+on+27+May+2026&amp;index=2&amp;md5=f84c56cf578944af0f6bb466e253fda8\" rel=\"nofollow\" shape=\"rect\"><b>Click here to join Hafnia's Investor Presentation on 27 May 2026 <\/b><\/a>.<\/p><p>\n<b>Meeting ID: 388 844 800 223 275<\/b><\/p><p>\n<b>Passcode: uJ6oM6Pv\n<br\/><\/b><a  href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Feur03.safelinks.protection.outlook.com%2F%3Furl%3Dhttps%253A%252F%252Fwww.microsoft.com%252Fen-us%252Fmicrosoft-teams%252Fdownload-app%26data%3D05%257C01%257Cswh%2540hafniabw.com%257Cf0d091ac1e5c46781b6e08dbd6bf3fb3%257Ca364eb28e95b4ad0a4fb5b4f7767ad84%257C0%257C0%257C638339889119302206%257CUnknown%257CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%253D%257C3000%257C%257C%257C%26sdata%3DZ7jZba03S%252FRfHlBE3NuAYiqX2hFu4Ti8tOiBcFN2YKg%253D%26reserved%3D0&amp;esheet=54542509&amp;newsitemid=20260526832119&amp;lan=en-US&amp;anchor=Download+Teams&amp;index=3&amp;md5=c6794813999c1ee742d34b64c5297c38\" rel=\"nofollow\" shape=\"rect\">Download Teams<\/a> | <a  href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Feur03.safelinks.protection.outlook.com%2F%3Furl%3Dhttps%253A%252F%252Fwww.microsoft.com%252Fmicrosoft-teams%252Fjoin-a-meeting%26data%3D05%257C01%257Cswh%2540hafniabw.com%257Cf0d091ac1e5c46781b6e08dbd6bf3fb3%257Ca364eb28e95b4ad0a4fb5b4f7767ad84%257C0%257C0%257C638339889119302206%257CUnknown%257CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%253D%257C3000%257C%257C%257C%26sdata%3DppdxqT5eg5lM8hJEP77mKMlV7YVip8ZkWsnsDApeHDg%253D%26reserved%3D0&amp;esheet=54542509&amp;newsitemid=20260526832119&amp;lan=en-US&amp;anchor=Join+on+the+web&amp;index=4&amp;md5=a5e69267e5bd4fd22f144d5f12f34fc9\" rel=\"nofollow\" shape=\"rect\">Join on the web<\/a><br\/><b>Dial in by phone: <\/b>+45 32 72 66 19,,557564486# Denmark, All locations\n<br\/><a  href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Feur03.safelinks.protection.outlook.com%2F%3Furl%3Dhttps%253A%252F%252Fdialin.teams.microsoft.com%252F7ba89a56-43a5-46ee-a3bc-82940fe1f9ad%253Fid%253D461559896%26data%3D05%257C02%257Cswh%2540hafnia.com%257Ce4323b986200408e804f08dd41a8e410%257Ca364eb28e95b4ad0a4fb5b4f7767ad84%257C0%257C0%257C638738915813719037%257CUnknown%257CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%253D%253D%257C0%257C%257C%257C%26sdata%3DwXrUijHB1t3Kjd2dH%252Bt36vBS5bQneyB1Rj7L8j1l8T4%253D%26reserved%3D0&amp;esheet=54542509&amp;newsitemid=20260526832119&amp;lan=en-US&amp;anchor=Find+a+local+number&amp;index=5&amp;md5=dbd13529b112618279965d19b86b3469\" rel=\"nofollow\" shape=\"rect\"><b>Find a local number<\/b><\/a><b><br\/><\/b><b>Phone conference ID: <\/b>557 564 486#<\/p><p>\nA recording of the presentation will be available after the live event on the Hafnia Investor Relations Page: <a  href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Finvestor.hafnia.com%2Ffinancials%2Fquarterly-results%2Fdefault.aspx&amp;esheet=54542509&amp;newsitemid=20260526832119&amp;lan=en-US&amp;anchor=https%3A%2F%2Finvestor.hafnia.com%2Ffinancials%2Fquarterly-results%2Fdefault.aspx&amp;index=6&amp;md5=1487dfe5c08c71d2d6a04a907e5fd103\" rel=\"nofollow\" shape=\"rect\">https:\/\/investor.hafnia.com\/financials\/quarterly-results\/default.aspx<\/a>.<\/p><p>\n<b>About Hafnia<\/b><\/p><p>\nHafnia is one of the world's leading tanker owners, transporting oil, oil products and chemicals for major national and international oil companies, chemical companies, as well as trading and utility companies.<\/p><p>\nAs owners and operators of around 200 vessels, we offer a fully integrated shipping platform, including technical management, commercial and chartering services, pool management, and a large-scale bunker procurement desk. Hafnia has offices in Singapore, Copenhagen, Houston, and Dubai and currently employs over 4000 employees onshore and at sea.<\/p><p>\nHafnia is part of the BW Group, an international shipping group involved in oil and gas transportation, floating gas infrastructure, environmental technologies, and deep-water production for over 80 years.<\/p><p>\n<b>Non-IFRS Measures<\/b><\/p><p>\nThroughout this press release, we provide a number of key performance indicators used by our management and often used by competitors in our industry.<\/p><p>\n<span class=\"bwuline\">Adjusted EBITDA<\/span><\/p><p>\n\u201cAdjusted EBITDA\u201d is a non-IFRS financial measure and as used herein represents earnings before financial income and expenses, depreciation, impairment, amortization and taxes. Adjusted EBITDA additionally includes adjustments for gain\/(loss) on disposal of vessels and\/or subsidiaries, share of profit and loss from equity accounted investments, interest income and interest expense, capitalised financing fees written off and other finance expenses. Adjusted EBITDA is used as a supplemental financial measure by management and external users of financial statements, such as lenders, to assess our operating performance as well as compliance with the financial covenants and restrictions contained in our financing agreements.<\/p><p>\nWe believe that Adjusted EBITDA assists management and investors by increasing comparability of our performance from period to period. This increased comparability is achieved by excluding the potentially disparate effects of interest, depreciation, impairment, amortization and taxes. These are items that could be affected by various changing financing methods and capital structure which may significantly affect profit\/(loss) between periods. Including Adjusted EBITDA as a measure benefits investors in selecting between investment alternatives.<\/p><p>\nAdjusted EBITDA is a non-IFRS financial measure and should not be considered as an alternative to net income or any other measure of our financial performance calculated in accordance with IFRS. Adjusted EBITDA excludes some, but not all, items that affect profit\/(loss) and these measures may vary among other companies. Adjusted EBITDA as presented below may not be comparable to similarly titled measures of other companies.<\/p><p>\n<b>Reconciliation of Non-IFRS measures<\/b><\/p><p>\nThe following table sets forth a reconciliation of Adjusted EBITDA to profit\/(loss) for the financial period, the most comparable IFRS financial measure, for the periods ended 31 March 2026 and 31 December 2025.<\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwsinglebottom bwwidth56\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignt bwrowaltcolor0 bwpadl0 bwsinglebottom bwwidth22\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\nFor the 3 months ended<\/p><p class=\"bwalignr bwcellpmargin\">\n31 March 2026<\/p><p class=\"bwalignr bwcellpmargin\">\nUSD\u2019000<\/p><\/td><td class=\"bwvertalignt bwrowaltcolor0 bwpadl0 bwsinglebottom bwwidth22\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\nFor the 3 months ended<\/p><p class=\"bwalignr bwcellpmargin\">\n31 March 2025<\/p><p class=\"bwalignr bwcellpmargin\">\nUSD\u2019000<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwrowaltcolor1 bwwidth56\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Profit for the financial period<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth22\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>179,730<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth22\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n63,190<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth56\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nIncome tax expenses<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth22\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>788<\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth22\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n1,419<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth56\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nDepreciation charge of property, plant and equipment<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth22\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>47,985<\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth22\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n49,525<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth56\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAmortisation charge of intangible assets<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth22\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>83<\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth22\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n105<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth56\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nGain on disposal of assets<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth22\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>(32,526)<\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth22\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u2014<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth56\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nShare of profit of equity-accounted investees, net of tax<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth22\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>(9,968)<\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth22\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(3,036)<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth56\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nInterest income<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth22\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>(2,341)<\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth22\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(2,660)<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth56\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nInterest expense<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth22\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>12,332<\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth22\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n14,361<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth56\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nCapitalised financing fees written off<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth22\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u2014<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth22\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n786<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth56\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nOther finance expense<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth22\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>1,962<\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth22\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n1,403<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth56\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nImpairment loss on trade receivables<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth22\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>576<\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth22\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u2014<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth56\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Adjusted EBITDA<\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth22\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>198,621<\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth22\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n125,093<\/p><\/td><\/tr>\n<\/table><p>\n<span class=\"bwuline\">Time charter equivalent (or \u201cTCE\u201d)<\/span><\/p><p>\nTCE (or TCE income) is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company\u2019s performance despite changes in the mix of charter types (i.e., voyage charters and time charters) under which the vessels may be employed between the periods. We define TCE income as income from time charters and voyage charters (including income from Pools, as described above) for our Hafnia Vessels and TC Vessels less voyage expenses (including fuel oil, port costs, brokers\u2019 commissions and other voyage expenses).<\/p><p>\nWe present TCE income per operating day<sup>1<\/sup>, a non-IFRS measure, as we believe it provides additional meaningful information in conjunction with revenues, the most directly comparable IFRS measure, because it assists management in making decisions regarding the deployment and use of our Hafnia Vessels and TC Vessels and in evaluating their financial performance.<\/p><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><br\/> <b>Contacts<\/b> <br\/><p>\nMikael Skov, CEO Hafnia\n<br\/>+65 8533 8900<\/p><br\/> <a href=\"http:\/\/www.businesswire.com\/news\/home\/20260526832119\/en\/Hafnia-Limited-Announces-Financial-Results-for-the-Three-Months-Ended-31-March-2026\/?feedref=Zd8jjkgYuzBwDixoAdXmJgT1albrG1Eq4mAeVP39212bri8lIe-zl5tWvCOnRHW3evRMp3sIgu8q3wq1OF24lT93qbEzrwa15HGbLqMObxY5fjCLYi_If30KxIsYuhwbuLAuCkn8FS6sh-I3dfDZEg==\"> Read full story here <\/a>","protected":false},"excerpt":{"rendered":"<p>SINGAPORE&#8211;(BUSINESS WIRE)&#8211;Hafnia Limited (\u201cHafnia\u201d, the \u201cCompany\u201d or \u201cwe\u201d, OSE ticker code: \u201cHAFNI\u201d, NYSE ticker code: \u201cHAFN\u201d), a leading product tanker company with a diversified and modern fleet of over 100 vessels, today announced results for the &#8230;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-11481","post","type-post","status-publish","format-standard","hentry","category-infos-businesswire"],"_links":{"self":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/11481","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11481"}],"version-history":[{"count":1,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/11481\/revisions"}],"predecessor-version":[{"id":11482,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/11481\/revisions\/11482"}],"wp:attachment":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11481"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11481"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11481"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}