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Mar 31, 2025
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.
Revenue by Segment
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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