Hafnia posts profits in Q4, FY2019

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Hafnia Tankers released Condensed Consolidated Interim Financial Information for Q4 2019 and FY 2019.

2019 highlights:

• Time Charter Equivalent (TCE) earnings for Hafnia Limited (the “Company” or “Hafnia”, together with its subsidiaries, the “Group”) were USD 514.4 million in 2019 and EBITDA was USD 277.8 million in 2019.

• In Q4 2019, Hafnia had a net profit of USD 42.4 million (USD 0.11 per share) and the full year net profit ended at USD 71.7 million (USD 0.19 per share).

• At the end of the quarter, Hafnia had 81 owned vessels1. In 2019, Hafnia took delivery of six LR2 vessels, whereby Hafnia’s newbuild program was completed. As at the end of 2019, the total fleet of the Group comprises of 95 vessels hereunder six LR2s, 30 LR1s (including six bareboat-chartered in and three timechartered in), 46 MRs (including five time-chartered in) and 13 Handy vessels owned/operated.

• In 2019, the newbuild LR1 vessels Hafnia Guangzhou and Hafnia Beijing were delivered and at the end of 2019, the outstanding yard instalments for the two remaining LR1 newbuilds through Vista Shipping Ltd., a joint venture between Hafnia and CSSC Shipping (the “Vista Joint Venture”) is USD 35.1 million on a 50% basis. The final newbuild yard instalments are fully funded by traditional bank financing.

• In November 2019, Hafnia successfully completed a private placement and listing on Oslo Axess, raising gross proceeds of USD 75.0 million which was used towards financing of the equity portion of two MR vessels, repayment of an unsecured USD 34.5 million loan from BW Group, working capital and other general corporate purposes.

• As of 15 February 2020, the coverage for the first quarter of 2020 was 61% at USD 22,123/day. For the individual segments, the coverage was 99% at USD 23,900/day for LR2, 58% at USD 22,096/day for LR1, 59% at USD 20,739/day for MR and 57% at USD 25,960/day for Handy.

• Hafnia will pay a quarterly dividend of USD 0.0573 per share, record date of the dividend will be 3 March with ex. date of 2 March and the dividend will be paid 11 March. Please see separate announcement for dividend.

“I am pleased to see that the hard work in 2019 is paying off. The results and achievements are very satisfactory and provide a promising platform for the future. This is the outcome of great perseverance and craftsmanship throughout the organization. In 2019, we completed a strategically important merger and a successful private placement followed by a listing on Oslo Bors, resulting in a strong balance sheet.

As the leading listed product tanker company, Hafnia takes a front-row seat in global efforts to combat climate change and is committed to providing safe, sustainable and efficient hydrocarbon transportation solutions. I believe in leading with purpose and guiding with values, where the development, implementation and maintenance of good governance policies and practices are important focus areas for Hafnia. I am pleased that we can distribute capital back to our shareholders as a dividend in our first quarter as a public company. “

– Mikael Skov, CEO Hafnia

 

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