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Mar 31
Hafnia Ltd Q1 2025 Earnings Report
Hafnia posted lower earnings amid drydocking disruptions but maintained profitability and continued strategic investments.
Key Takeaways
Hafnia Ltd delivered a net income of $63.2M in Q1 2025, down from the previous year, primarily due to 500 off-hire days for vessel maintenance. Despite reduced revenue and earnings, the company remained profitable and distributed $50.6M in dividends.
Net income dropped to $63.2M due to drydocking and repair off-hire days.
Revenue declined to $340.3M from $521.8M in Q1 2024.
Adjusted EBITDA was $125.1M, nearly halved year-over-year.
Declared an 80% payout ratio, distributing $50.6M in dividends.
Hafnia Ltd
Hafnia Ltd
Hafnia Ltd Revenue by Segment
Revenue by Segment
TCE income Revenue
CapyFin.comCommercial pool income Revenue
CapyFin.com Forward Guidance
Hafnia expects continued market improvement in Q2 2025, supported by higher coverage rates and stable TCEs, despite anticipated off-hire days due to further drydocking.
Positive Outlook
- 57% of Q2 earning days already covered at $24,839/day
- Stable to rising TCE rates expected for Q2 to Q4 2025
- Robust demand supported by US Gulf exports and Asian refining
- Strategic joint ventures expected to boost operational efficiency
- Global tanker supply remains constrained due to limited new orders
Challenges Ahead
- 630 off-hire days expected in Q2 from scheduled maintenance
- Declining NAV due to vessel value reductions
- Macroeconomic uncertainty impacting global oil demand
- Geopolitical tensions may affect routing and freight rates
- Tariff risks and regulation changes increase fleet ordering hesitation