Hafnia Limited, a leading product tanker company with a diversified and modern fleet of over 120 vessels, announced results for the three and twelve months ended 31 December 2025.
Highlights and Recent Activity
Fourth Quarter 2025
- Recorded net profit of USD 109.7 million or USD 0.22 per share1 compared to USD 79.6 million or USD 0.16 per share in Q4 2024.
- Fee-based businesses generated earnings of USD 6.9 million compared to USD 6.9 million in Q4 2024.
- Time Charter Equivalent (TCE)3 earnings were USD 259.0 million compared to USD 233.6 million in Q4 2024, resulting in an average TCE3 of USD 27,346 per day.
- Adjusted EBITDA3 of USD 149.7 million compared to USD 131.2 million in Q4 2024.
- 76% of total earning days of the fleet were covered for Q1 2026 at USD 29,979 per day as of 11 February 2026.
- Net asset value (NAV)4 was approximately USD 3.5 billion, or approximately USD 7.04 per share (NOK 70.79), at quarter end.
- Hafnia will distribute a total of USD 87.7 million, or USD 0. 1762 per share, in dividends, corresponding to a payout ratio of 80%.
Full Year 2025
- Recorded net profit of USD 339.7 million or USD 0. 68 per share1 as compared to USD 774.0 million or USD 1.52 per share in full year 2024.
- Fee-based businesses generated earnings of USD 29.8 million2 compared to USD 35.2 million in full year 2024.
- Time Charter Equivalent (TCE)3 earnings were USD 955.9 million compared to USD 1,391.3 million for full year 2024, resulting in an average TCE3 of USD 25,206 per day.
- Adjusted EBITDA3 of USD 559.5 million compared to USD 992.3 million in full year 2024.
| 1 | Based on weighted average number of shares as at 31 December 2025. |
| 2 | Excluding a one-off item amounting to USD 1.3 million in YTD 2025. From mid-May 2025, the Group transferred its bunker procurement business to its joint venture, Seascale Energy, which is equity accounted. |
| 3 | See Non-IFRS Measures Section below. |
| 4 | NAV is calculated using the fair value of Hafnia’s owned vessels (including joint venture vessels). |
Mikael Skov, CEO of Hafnia, commented:
“While 2025 began on a softer footing, market conditions strengthened steadily through the second half of the year. The product tanker market remained seasonally firm in the fourth quarter, allowing the year to close on a strong note. This improvement was underpinned by continued growth in clean petroleum product exports, increased crude oil production prompting a meaningful shift of LR2 vessels into dirty trading, and the sustained impact of geopolitical developments, particularly in Russia and the Red Sea, which continue to exert significant influence on the product tanker market.
With this, I am pleased to announce that we delivered our strongest quarterly result of 2025. In Q4, we recorded a net profit of USD 109.7 million, which included USD 9.5 million from gains on vessel sales, while our fee-based business generated USD 6.9 million. This brings our full-year net profit to USD 339.7 million, marking another year of strong performance.
As per earlier quarters of 2025, our Q4 results reflect the impact of several vessels undergoing scheduled drydocking, resulting in approximately 550 off-hire days. This was around 120 days higher than expected, mainly due to unscheduled repairs for three vessels. We expect drydocking activity to continue into the upcoming quarters of 2026, but anticipate off-hire days to taper off slightly, to around 180 in Q1 2026.
At the end of the fourth quarter, our net asset value (NAV1) stood at approximately USD 3.5 billion, equivalent to USD 7.04 (~NOK 70.79) per share. Our net Loan-to-Value (LTV) ratio increased from 20.5% in the third quarter to 24.9%, primarily reflecting our investment in TORM, whose market value is included in the calculation. This was partly offset by higher vessel market valuations and strong operational cash flow generation.
In line with our ongoing fleet renewal strategy, we continue to divest older tonnage. In January 2026, we completed the sale of the 2013-built MR vessels, the Hafnia Libra and the Hafnia Phoenix, and took delivery of the Ecomar Gironde, the fourth and final dual-fuel IMO II MR tanker under our Ecomar joint venture with Socatra of France. Over the first quarter, we have further sold four LR1 vessels, two MR vessels and four Handy vessels to external parties, which are pending delivery to the buyers.
I am pleased to announce a 80% payout ratio for the fourth quarter. We will distribute a total of USD 87.7 million in dividends, or USD 0.1762 per share. This brings our total dividends for 2025 results to USD 0.5457 per share which, based on our share price at the end of 2025, represents a dividend yield of approximately 10%.
On 22 December 2025, Hafnia completed its acquisition of 13.97% of TORM shares from Oaktree. We acquired the shares with a belief that consolidation with TORM represents a compelling long-term value creation opportunity for both companies and their respective shareholders through enhanced scale, meaningful operational synergies, and improved capital markets positioning. While we are convinced of the rationale for consolidation, we cannot predict the timing or outcome, and will remain patient and disciplined in our approach to ensure that any steps we take are aligned with our commitment to create value for Hafnia’s shareholders.
Looking ahead to 2026, we entered the year at seasonally strong rate levels, although we anticipate a gradual easing as newbuild deliveries enter the market. A continued firm crude market is, however, expected to partially mitigate the impact of additional supply. Demand fundamentals remain sound, while political uncertainty continues to represent a key variable, such as potential changes to sanctions regimes, including those affecting Venezuela, Iran, and Russia, which could materially affect trade flows and influence the overall market outlook. Accordingly, shifts in trade policy, evolving oil transportation patterns, and ongoing geopolitical tensions are likely to remain the principal swing factors shaping market conditions for the year ahead.
As of 11 February 2026, 76% of our Q1 earning days are covered at an average of USD 29,979 per day, and 33% of the earning days for 2026 are covered at USD 27,972 per day.
We remain encouraged by the strength of the market and believe that 2026 is set to deliver another year of robust earnings”.