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Jun 30, 2025
Hafnia Ltd Q2 2025 Earnings Report
Hafnia reported a profitable second quarter, though results declined versus last year due to lower vessel values and scheduled off-hire days.
Key Takeaways
Hafnia posted solid earnings in Q2 2025 with a net income of $75.3M and strong TCE income despite lower NAV and fewer operating days due to scheduled drydocking.
Net income for Q2 2025 was $75.3 million, impacted by scheduled vessel drydocking.
TCE income reached $231.2 million with average earnings of $24,452 per day.
Adjusted EBITDA declined to $134.2 million from $317.1 million a year ago.
Net asset value fell to $3.3 billion, mainly due to decreased vessel valuations.
Revenue by Segment
Forward Guidance
Management expects strong performance to continue into Q3 2025 driven by robust demand and favorable market conditions.
Positive Outlook
- 75% of Q3 2025 earning days already covered at $25,395/day.
- Refining margins and trade volumes remain strong.
- OPEC production increases supporting tanker demand.
- New joint venture operations initiated in Q2.
- Strong liquidity following $715M credit facility.
Challenges Ahead
- 510 off-hire days expected in Q3 from scheduled drydockings.
- Vessel values declined impacting NAV.
- Market still awaiting meaningful vessel scrapping.
- Geopolitical tensions and sanctions could disrupt trade routes.
- Aging fleet may pressure operating efficiency in future.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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