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Sep 30, 2025
Hafnia Ltd Q3 2025 Earnings Report
Hafnia reported a solid third quarter with continued profitability despite lower earnings compared to last year.
Key Takeaways
Hafnia Limited posted a net income of $91.5M in Q3 2025 with strong TCE income and adjusted EBITDA, despite reduced fleet utilization due to unexpected drydock delays.
Net income reached $91.5 million for the quarter.
TCE income was $247 million, averaging $26,040 per day.
Adjusted EBITDA came in at $150.5 million.
Approximately 740 off-hire days impacted earnings due to drydock delays.
Revenue by Segment
Forward Guidance
Hafnia expects a strong winter season in the product tanker market with supportive fundamentals and easing geopolitical risks.
Positive Outlook
- 71% of Q4 earning days covered at $25,610/day
- Improved refining margins supporting demand
- Expected decrease in off-hire days to ~440 in Q4
- Seasonal demand expected to boost tonne-mile activity
- Stable vessel market values and low net LTV at 20.5%
Challenges Ahead
- Reduced TCE income compared to Q3 2024
- Delays in drydocking increased off-hire days by 230 days
- Global uncertainty from ongoing conflicts remains
- Fleet utilization impacted by special recoating operations
- Geopolitical fragmentation continues to disrupt trade flows
Historical Earnings Impact
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Avg. Return Before/After Earnings
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