Hafnia More Than Triples Net Profits During First Half of 2020


Mikael Skov, CEO Hafnia, said: “The first six months of 2020 have been among the most extreme periods in the product tanker space, and I am pleased that Hafnia delivered the best quarterly result in our company’s history. However, due to Covid-19, we are now all living with confinement restrictions, leading to unprecedented demand destruction and weak economic fundamentals. This negatively impacts our short to medium-term market outlook. We are very proud of establishing the Hafnia Specialized pool, adding an additional pillar to our successful pool management business. In addition, we have invested together with a strategic joint venture partner in a methanol project, exemplifying our strategy to look at sustainable and modern shipping technologies. Finally, I would like to thank all employees, both at sea and ashore, for their extraordinary efforts during these challenging times, and stress that the priority for Hafnia will always be the health and safety of our employees”.

Second Quarter
Time Charter Equivalent (TCE) earnings for Hafnia Limited (the “Company” or “Hafnia”, together with its subsidiaries, the “Group”) were USD 206.9 million in Q2 2020 (Q2 2019: 118.0 million). EBITDA was USD 145.9 million in Q2 2020 (Q2 2019: 59.0 million). In Q2 2020, Hafnia achieved a net profit of USD 97.7 million and earnings per share of USD 0.27 per share (Q2 2019: 12.0 million and earnings per share of USD 0.03 per share). The commercially managed pool business generated an income of USD 7.1 million. Hafnia arranged for five-year unsecured interest rate swap lines to further manage its cashflow interest rate risks. In June 2020, an interest rate swap of USD 75.0 million notional amount was executed. The swap tenor is for five years and swap rate is 0.4705%. As of August 14, 63% of total earning days of the fleet were covered for Q3 at USD 14,053 per day. Cash flow breakeven was USD 13,402 per day in the quarter.

First Half
H1 Time Charter Equivalent (TCE) earnings for Hafnia Limited (the “Company” or “Hafnia”, together with its subsidiaries, the “Group”) were USD 400.4 million in H1 2020 (H1 2019: 250.6 million). EBITDA was USD 275.5 million in H1 2020 (H1 2019: 133.0 million). In H1 2020, Hafnia achieved a net profit of USD 174.8 million and earnings per share of USD 0.48 per share (H1 2019: net profit of 39.9 million and earnings per share of USD 0.12 per share). The commercially managed pool business generated an income of USD 13.0 million
Full Report

Source: Hafnia Tankers



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