Hafnia Ltd. ((NO:HAFNI)) has held its Q3 earnings call. Read on for the main highlights of the call.
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Hafnia Ltd. recently held its earnings call, revealing a robust financial performance with record profits and EBITDA. The company showcased improved financial metrics and maintained consistent dividend payouts, demonstrating resilience in its fleet strategy and market position despite facing challenges such as drydocking and geopolitical tensions. The overall sentiment during the call was positive, with strategic plans and a favorable market environment contributing to an optimistic outlook.
Record Net Profit and EBITDA
Hafnia Ltd. achieved remarkable financial results in Q3 2025, reporting a net profit of $91.5 million and an adjusted EBITDA of $150.5 million. These figures represent the company’s best quarterly performance of the year, underscoring its strong operational capabilities and market positioning.
Strong Financial Position and Dividend Consistency
The company improved its net loan-to-value ratio from 24.1% to 20.5%, supported by robust operational cash flows. Hafnia declared a dividend payout ratio of 80%, amounting to $73.2 million, marking 15 consecutive quarters of dividend payments, which highlights its commitment to returning value to shareholders.
Strategic Fleet and Investment Moves
In a strategic move, Hafnia sold four older vessels and announced a binding agreement to acquire 14.45% of TORM shares from Oaktree, contingent upon the appointment of a new independent board chair at TORM. This decision aligns with Hafnia’s focus on fleet renewal and strategic investments.
Positive Market Outlook and Operational Efficiency
The product tanker market exhibited countercyclical strength, with increased trading activity and tonne-miles. Hafnia secured 71% of Q4 earnings days at an average rate of $25,610 per day and 15% of 2026 earnings days at $24,506 per day, indicating strong operational efficiency and market confidence.
Higher Off-Hire Days Due to Drydocking
Hafnia experienced approximately 740 off-hire days in Q3, exceeding expectations by about 230 days due to drydock glass and special cargo tank recoating. This impacted fleet utilization but was managed effectively within the broader operational strategy.
Potential Geopolitical and Market Risks
Geopolitical tensions, particularly in the Red Sea, and the potential reentry of ‘dark fleet’ vessels into mainstream trade pose risks to regulatory trust and environmental safety. Hafnia remains vigilant in navigating these challenges.
Forward-Looking Guidance
Looking ahead, Hafnia continues to focus on fleet renewal and strategic acquisitions, such as the TORM shares. The company maintains a strong financial position with a net loan-to-value ratio improvement and a significant liquidity position of over $630 million, supported by a $750 million revolving credit facility. Hafnia is also committed to sustainability and innovation, positioning itself as a leader in the maritime sector’s energy transition.
In summary, Hafnia Ltd.’s earnings call highlighted a positive sentiment with record financial performance and strategic initiatives. The company’s robust financial position, consistent dividend payouts, and strategic fleet management underscore its resilience and adaptability in a challenging market environment. As Hafnia continues to navigate potential geopolitical and market risks, its commitment to sustainability and innovation remains a key focus, promising a strong future outlook.