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HAFNIA-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026
The first quarter of 2026 was defined by a geopolitical disruption to global oil markets without modern precedent. The closure of the Strait of Hormuz fundamentally reshaped global crude and refined product trade flows.

At the same time, attacks on Middle East refineries, refinery run cuts, and export restrictions in Asia further disrupted supply chains and trade volumes across multiple regions. The loss of an estimated 12.8 million barrels per day (mb/d) in global oil supply triggered a rapid rerouting of crude and refined product supply chains. This was partially offset by increased production from Atlantic Basin and the International Energy Agency’s (IEA) coordinated release of up to 400 mb from strategic reserves to help fill the supply gap.

Against this backdrop, Hafnia delivered another quarter of strong earnings. In Q1 2026, we recorded a net profit of USD 179.7 million. This included USD 32.5 million from gains on vessel sales, while our fee-based business generated USD 7.8 million. The IFRS 15 load-to-discharge adjustment has resulted in a negative TCE adjustment of USD 17.9 million. Q1 results include approximately 210 off-hire vessel-days from scheduled drydocking. We expect drydocking activity to continue through the remainder of 2026, with approximately 300 off-hire days anticipated in Q2.

Our average fleet TCE for Q1 was USD 30,327 per day. As of 13 May 2026, 73% of our Q2 earning days are covered at an average of USD 46,600 per day, supporting our expectation that Q2 will be stronger than Q1. In addition, 39% of our earning days for Q2 to Q4 2026 have been covered at an average rate of USD 38,281 per day.
 
At the end of the first quarter, our net asset value (NAV1) rose to approximately USD 4.0 billion, up USD 0.5 billion from Q4 2025. This is equivalent to USD 8.09 (~NOK 78.81) per share, driven by higher vessel valuations across all segments amid a strengthened freight market. Our net Loan-to-Value (LTV) ratio decreased from 24.9% in the fourth quarter to 20.2%, primarily due to strong cashflow generation from both operations and vessel sales.
 
I am pleased to announce an 80% payout ratio for the first quarter. Accordingly, we will distribute a total of USD 143.8 million in dividends, or USD 0.2877 per share. This reflects our continued commitment to delivering strong shareholder returns. Shareholders who have held Hafnia shares over the past 12 months have achieved a total return exceeding 100%, including share price appreciation and dividends.
 
As part of our fleet renewal strategy, we divested older tonnage while enhancing the overall quality and efficiency of our fleet. In Q1, we completed the sale of three LR1s, two MRs, and one Handy. During Q2, we further sold and delivered one LR1, one MR, and three Handy vessels, with an additional MR committed for sale and pending delivery to the buyer. These transactions, together with our recently announced contracts for eight MR newbuilds and the exercise of two additional newbuild options, demonstrate our focus on modernizing the fleet, reducing average fleet age, and strengthening Hafnia’s long-term earnings capacity.
 
Since making our 13.97% investment in TORM in December 2025, the position has contributed meaningfully to our overall financial performance. Since the investment, we have recognized approximately USD 9.9 million in dividend income. As at Q1 2026, the market value of the position stood at USD 395.0 million, representing an unrealized fair value gain of approximately USD 117.8 million from the previous quarter.
 
The investment represents a meaningful financial position in a high-quality product tanker company, and we continue to evaluate it within the context of our strategy and our commitment to delivering shareholder returns. While we maintain our view that industry consolidation can create value, the specific path and timing of any strategic steps will be guided by our overriding priority: maximizing returns for Hafnia’s shareholders. We will take the approach that best serves this objective.
 
We have commenced the deployment of Complexio, an enterprise AI platform that integrates conversational AI, workflow analytics, and automation to transform operational data into faster and more informed decision making. Initial applications have already improved response times across commercial and finance workflows, and we believe the platform has significant potential to scale across Hafnia as adoption accelerates through 2026 and 2027.

1 NAV is calculated using the fair value of Hafnia’s owned vessels (including joint venture vessels).

2
HAFNIA-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026
Looking ahead, the outlook remains highly uncertain and depends largely on the duration of the disruption to traffic through the Strait of Hormuz and the time required for oil production and global refinery operations to recover. The IEA estimates refinery throughput will plunge by 4.5 mb/d in the second quarter. Even if the Strait gradually reopens, structural damage to Gulf infrastructure is expected to drive a prolonged rerouting of global product trade flows, supporting tonne-mile demand well beyond this year.
 
With nearly 200 tankers and thousands of seafarers unable to transit the Strait at the end of the quarter, the human dimension of this crisis must not be overlooked. The safety and well-being of our own crews, and those across the industry, remain our foremost concern. We are operating in a market environment without modern precedent, characterized by significant disruption and volatility. At the same time, we continue to monitor the demand-side impact of elevated oil prices, which the IEA now forecasts will lead to the first year-over-year contraction in global oil demand since the COVID-19 pandemic, with demand forecast to decline by approximately 0.4 mb/d to around 104 mb/d.
 
Despite this backdrop, I remain highly confident in Hafnia’s commercial expertise and operational agility. Our ability to navigate complex market conditions, optimize trade flows, and respond to evolving market dynamics positions us strongly to capture opportunities while prudently managing risk.
 
Mikael Skov
CEO Hafnia

3
HAFNIA-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026
Table of Contents

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10

 
11

 
12

 
13

 
14

 
15

 
16

 
18


Notes to the Condensed Consolidated Interim Financial Information

19
   
21
   
23
   
24
   
27
   
31
   
32
   
33
   
35

4
HAFNIA-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026
Safe Harbour Statement
 
Disclaimer regarding forward-looking statements in the
interim report
 
Matters discussed in this unaudited interim report of the quarterly results of Hafnia Limited (the “Company” or “Hafnia”, together with its subsidiaries, the “Group”) (this “Report”) may constitute “forward-looking statements”. The Private Securities Litigation Reform Act of 1995 provides safe harbour protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts or present facts and circumstances.
 
We desire to take advantage of the safe harbour provisions of the Private Securities Litigation Reform Act of 1995 and are including this cautionary statement in connection with this safe harbour legislation. This Report and any other written or oral statements made by us or on our behalf may include forward-looking statements, which reflect our current views with respect to future events and financial and operational performance.
 
These forward-looking statements may be identified by the use of forward-looking terminology, such as the terms “anticipates”, “assumes”, “believes”, “can”, “contemplate”, “continue”, “could”, “estimates”, “expects”, “forecasts”, “intends”, “likely”, “may”, “might”, “plans”, “should”, “potential”, “projects”, “seek”, “target”, “will”, “would” or, in each case, their negative, or other variations or comparable terminology. They include statements regarding Hafnia’s intentions, beliefs or current expectations concerning, among other things, the financial strength and position of the Group, operating results, liquidity, prospects, growth, the implementation of strategic initiatives, including a potential business combination with TORM plc (“TORM”), as well as other statements relating to the Group’s future business development, financial performance and the industry in which the Group operates.
 
By their nature, forward-looking statements involve, and are subject to, known and unknown risks, uncertainties and assumptions as they relate to events and depend on circumstances that may or may not occur in the future. Actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors including, but not limited to:
 
•
general economic, political, security, and business conditions, including the ongoing war between Russia and Ukraine, conflicts in the Middle East and the closure of the Strait of Hormuz, disruptions in the Red Sea, sanctions and other measures;
•
general chemical and product tanker market conditions, including fluctuations in charter rates, vessel values and factors affecting supply and demand of crude oil and petroleum products or chemicals;
•
the imposition by the United States, China, EU and other countries of tariffs and other policies and regulations affecting international trade, including fees and import and export restrictions;
•
changes in expected trends in recycling of vessels;
•
changes in demand in the chemical and product tanker industry, including the market for LR2, LR1, MR and Handy chemical and product tankers;
•
competition within our industry, including changes in the supply of chemical and product tankers;
•
with respect to a potential transaction with TORM, uncertainty as to whether Hafnia or TORM will pursue, enter into or complete a potential transaction; potential adverse reactions or changes to business relationships resulting from pursuit or completion of a potential transaction; uncertainties as to the timing of a potential transaction; and adverse effects on Hafnia’s share price resulting from pursuit, completion of, or failure to complete a potential transaction;
•
our ability to successfully employ the vessels in our Hafnia Fleet and the vessels under our commercial management;
•
changes in our operating expenses, including fuel or cooling down prices and lay-up costs when vessels are not on charter, drydocking and insurance costs;
•
changes in international treaties, governmental regulations, tax and trade matters and actions taken by regulatory authorities;
•
potential disruption of shipping routes and demand due to accidents, piracy, conflicts or political events;
•
vessel breakdowns and instances of loss of hire;
•
vessel underperformance and related warranty claims;
•
our expectations regarding the availability of vessel acquisitions and our ability to complete the acquisition of newbuild vessels;
•
our ability to procure or have access to financing and refinancing;
•
our continued borrowing availability under our credit facilities and compliance with the financial covenants therein;
•
fluctuations in commodity prices, foreign currency exchange and interest rates;
•
potential conflicts of interest involving our significant
shareholders;
•
our ability to pay dividends;
•
technological developments;
•
the occurrence, length and severity of epidemics and pandemics and the impact on the demand for transportation of chemical and petroleum products; and
•
other factors that may affect our financial condition, liquidity and results of operations.
Additional information about material risk factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found under “Item 3. – Key Information – D. Risk Factors” of Hafnia’s Annual Report on Form 20-F, filed with the U.S. Securities and Exchange Commission on 17 April 2026. Because of these known and unknown risks, uncertainties and assumptions, We caution that forward-looking statements are not guarantees of future performance and that the Group’s actual financial position, operating results and liquidity, and the development of the industry and potential market in which the Group may operate in the future, may differ materially from those made in, or suggested by, the forward-looking statements contained in this Report.
 
Hafnia cannot guarantee that the intentions, beliefs or current expectations upon which its forward-looking statements are based, will occur. These forward-looking statements speak only as at the date on which they are made. Hafnia undertakes no obligation to publicly update or publicly revise any forward-looking statement, whether as a result of new information, future events or otherwise. All subsequent written and oral forward-looking statements attributable to Hafnia or to persons acting on Hafnia’s behalf are expressly qualified in their entirety by the cautionary statements referred to above and contained elsewhere in this Report.

5
HAFNIA-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026
Highlights – Q1 2026
 
Financial – Q1

 
In Q1 2026, Hafnia recorded a net profit of USD 179.7 million, equivalent to a profit of USD 0.36 per share1 (Q1 2025: USD 63.2 million, equivalent to a profit of USD 0.13 per share).
 

 
The fee-based businesses generated earnings of USD 7.8 million2 (Q1 2025: USD 7.9 million).
 

 
Time Charter Equivalent (TCE)3 earnings for Hafnia were USD 282.5 million in Q1 2026 (Q1 2025: USD 218.8 million), resulting in an average TCE3 of USD 30,327 per day4.
 

 
Adjusted EBITDA3 was USD 198.6 million in Q1 2026 (Q1 2025: USD 125.1 million).
 

 
As of 13 May 2026, 73% of the total earning days of the fleet were covered for Q2 2026 at USD 46,600 per day.
 

 
For Q1 2026, Hafnia will distribute a total of USD 143.8 million or USD 0.2877 per share in dividends, corresponding to a payout ratio of 80%.
  

1 Based on weighted average number of shares as at 31 March 2026.
2 Excluding USD 9.9 million of dividend income from Hafnia’s investment in TORM.
3 See Non-IFRS Measures in Note 9.
4 TCE per day presented here excludes USD 0.6 million of prior period adjustments to operating segments that Hafnia exited in prior financial years.

6
HAFNIA-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026
Highlights – Q1 2026 CONTINUED
 
Market
 
Market Fundamentals
The product tanker market entered 2026 on a seasonally firm footing, supported by higher crude production and a meaningful shift of LR2 vessels into dirty trading, before the outbreak of war in the Persian Gulf in early March transformed the operating landscape. From early March, the conflict involving the US, Israel, and Iran in the Persian Gulf, and the subsequent closure of the Strait of Hormuz, removed significant volumes of crude oil and vessels from the market and fundamentally altered global trade flows.

At the same time, attacks on refineries reduced refinery runs, while concerns over tightening crude supply prompted several countries to impose export restrictions. This created an increasingly fragmented market environment, with trading activity East of Suez materially constrained, while Atlantic Basin producers, particularly the US Gulf, stepped in to offset supply shortfalls. The resulting dislocation significantly increased tonne-mile demand and drove freight rates in the West to elevated levels. On the supply side, a large share of the existing orderbook consists of LR2 vessels, many of which trade in the crude segment, further tightening effective supply within the product tanker market.

Refining margins remained at historically high levels throughout the period, supported by record middle distillate cracks, incentivizing maximum throughput wherever feedstock was available and driving product movements that directly benefit tanker utilization. The United States became a net crude exporter for the first time in over 50 years, with weekly crude exports reaching a record 6.4 mb/d in late April, a direct consequence of lost Gulf supply and rising US output, materially increasing tonne-mile demand on Atlantic Basin routes.

Forward View
The outlook remains highly uncertain. The IEA’s base case assumes the Strait remains shut until early June, with at least two to three months needed thereafter to fully normalize trade flows, implying that even under a favourable scenario, market dislocations will persist well into the second half of 2026. The IEA estimates refinery crude throughput will plunge by 4.5 mb/d in Q2 2026 to 78.7 mb/d, and by 1.6 mb/d to 82.3 mb/d for 2026, as operators contend with infrastructure damage, export restrictions, and lower feedstock availability.

The pace of global inventory drawdowns underscores the severity of the supply shock. Global observed oil inventories drew by 129 mb in March and a further 117 mb in April, with OECD on-land stocks plummeting by 146 mb (4.9 mb/d) in April alone. The IEA’s cumulative stock deficit is projected to reach approximately 900 mb by September 2026, including the 400 mb coordinated stock release, of which only approximately 164 mb had been released as of 8 May.

Even if the Strait gradually reopens, structural impairment to Gulf infrastructure is expected to prolong the rerouting of global trade flows, supporting tonne-mile demand well beyond this year. At the same time, a prolonged closure of the Strait could put downward pressure on freight rates as ballast tonnage from the East repositions to other markets and the loss of crude supply becomes increasingly visible in weaker global oil demand. The IEA now projects world oil demand contracting by approximately 0.4 mb/d year-on-year to around 104 mb/d in 2026, the first annual decline since COVID-19, with the sharpest impact concentrated in Q2, where demand is forecast to fall by 2.45 mb/d year-on-year as petrochemical feedstock availability, aviation activity, and industrial consumption are all severely curtailed.

However, as countries, especially the US, continue drawing down inventories, we believe the eventual restoration of flows through the Strait of Hormuz and the recovery of refinery operations in the East could trigger a meaningful, multi-quarter inventory rebuilding cycle. Rebuilding these inventories would require roughly an additional 1 mb/d of supply over the next three years, on top of underlying demand growth, providing strong underlying support for tanker demand and freight rates.

On the supply side, in our view, the overall outlook remains more balanced than headline orderbook figures suggest. While a sizeable number of newbuild vessels are expected to deliver in 2026, the potential for scrapping is also increasing as the global fleet continues to age. In addition, the number of sanctioned vessels has grown materially and continues to rise, with many unlikely to return to mainstream trading markets. Together, these factors support a tighter and more constructive long-term supply outlook for the tanker sector.

7
HAFNIA-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026
Fleet1
 
At the end of the quarter, Hafnia’s fleet consisted of 109 owned vessels2 and 9 chartered-in vessels. The Group’s total fleet includes 10 LR2s, 29 LR1s (including two bareboat-chartered in and two time-chartered in), 56 MRs of which 13 are IMO II (including seven time-chartered in), and 23 Handy vessels of which 18 are IMO II (including one bareboat-chartered in).

The average estimated broker value of the owned fleet1 was USD 4,116 million, of which USD 3,625 million relates to Hafnia’s 100% owned fleet, and USD 490 million relates to Hafnia’s 50% share in the joint venture fleet. Including Hafnia’s 50% share in the joint venture fleet, the LR2 vessels had a broker value of USD 629 million3, the LR1 fleet had a broker value of USD 1,023 million3, the MR fleet had a broker value of USD 1,688 million4 and the Handy vessels had a broker value of USD 776 million5. The unencumbered vessels had a broker value of USD 1,116 million. The chartered-in fleet had a right-of-use asset book value of USD 36.5 million with a corresponding lease liability of USD 35.9 million.

1 Vessels under construction that are not delivered as at the financial reporting date are not included in the fleet count.
2 Including bareboat chartered in vessels; six LR1s and four LR2s owned through 50% ownership in the Vista Shipping Joint Venture, two MRs owned through 50% ownership in the H&A Shipping Joint Venture and four IMO II MRs owned through 50% ownership in the Ecomar Joint Venture; and one LR1, two MRs and three Handy vessels classified as held for sale.
3 Including USD 326 million relating to Hafnia’s 50% share of six LR1s and four LR2s owned through 50% ownership in the Vista Shipping Joint Venture; and one LR1 classified as held for sale.
4 Including USD 164 million relating to Hafnia’s 50% share of two MRs owned through 50% ownership in the H&A Shipping Joint Venture and four IMO II MRs owned through 50% ownership in the Ecomar Joint Venture; and IMO II MR vessels; and two MRs classified as held for sale.
5 Including IMO II Handy vessels; and three Handys classified as held for sale.
 
8
HAFNIA-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026
Highlights – Q1 2026 CONTINUED
 
Hafnia will pay a quarterly dividend of USD 0.2877 per share. The record date will be 4 June 2026.

For shares registered in the Euronext VPS Oslo Stock Exchange, dividends will be distributed in NOK with an ex-dividend date of 3 June 2026 and a payment date on, or about, 22 June 2026.

For shares registered in the Depository Trust Company, the ex-dividend date will be 4 June 2026, with a payment date on, or about, 16 June 2026.

Please see our separate announcement for additional details regarding the Company’s dividend.

The Quarterly Financial Information Q1 2026 has not been audited or reviewed by auditors.

Webcast and Conference call
 
Hafnia will host a conference call for investors and financial analysts at 8:30 pm SGT/2:30 pm CET/8:30 am EST on 27 May 2026.

The investor presentation will be available via live video webcast via the following link: Click here to join Hafnia’s Investor Presentation on 27 May 2026.

Meeting ID: 388 844 800 223 275

Passcode: uJ6oM6Pv
Download Teams | Join on the web
 
Dial in by phone: +45 32 72 66 19,,557564486# Denmark, All locations
 
Find a local number

Phone conference ID: 557 564 486#
 
A recording of the presentation will be available after the live event on the Hafnia Investor Relations Page: https://investor.hafnia.com/financials/quarterly-results/default.aspx.

Hafnia
 
Mikael Skov, CEO Hafnia: +65 8533 8900
 
www.hafnia.com
 
9
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026
Key figures

 
USD million
Q2 2025
Q3 2025
Q4 2025
Q1 2026
 
 
Income Statement





 
Operating revenue (Hafnia vessels and TC vessels)
346.6
366.5
368.4
412.9
 
Profit before tax
78.0
92.2
107.4
180.5

 
Profit for the period
75.3
91.5
109.7
179.7

 
Financial items
(8.1)
(13.3)
(9.3)
(12.0)
 
Share of profit from joint ventures
3.0
4.4
6.8
10.0
 
TCE income1
231.2
247.0
259.0
282.5

 
Adjusted EBITDA1
134.2
150.5
149.7
198.6

 
Balance Sheet





 
Total assets
3,669.9
3,570.1
3,811.9
4,029.0

 
Total liabilities
1,369.5
1,239.5
1,482.3
1,487.6
 
Total equity
2,300.4
2,330.7
2,329.6
2,541.4

 
Cash at bank and on hand2
194.0
132.5
103.6
146.5

 
Key financial figures





 
Return on Equity (RoE) (p.a.)3
13.2%
15.9%
19.1%
29.5 %
 
Return on Invested Capital (p.a.)4
10.6%
12.8%
13.4%
22.7%

 
Equity ratio
62.7%
65.3%
61.1%
63.1%
 
Net loan-to-value (LTV) ratio5
24.1%
20.5%
24.9%
20.2%

 
For the 3 months ended 31 March 2026
LR2
LR16
MR7
Handy8
Total
  
 
Vessels on water at the end of the period9
6
23
50
23
102
  
 
Total operating days10
 540
 2,267
 4,392
 2,134
 9,333
  
 
Total calendar days (excluding TC-in)
 540
 2,135
 3,907
 2,157
 8,739
  
 
TCE (USD per operating day)1
 35,316
 38,194
 27,958
 25,589
 30,327
  
 
Spot TCE (USD per operating day)1
 51,869
 39,458
 29,601
 26,060
 31,543
  
 
TC-out TCE (USD per operating day)1
 30,660
 31,533
 22,026
 22,311
 25,594
  
 
OPEX (USD per calendar day)11
 8,663
 8,454
 8,319
 7,805
 8,247
  
 
G&A (USD per operating day)12
        
1,497
  

Vessels on the balance sheet

As of 31 March 2026, total assets amounted to USD 4,029.0 million, of which USD 2,267.7 million represents the carrying value of the Group’s vessels, including dry docking but excluding right-of-use assets. The breakdown by operating segment is as follows:

 
Balance Sheet
USD million
LR2
LR16
MR7
Handy8
Total
  
 
Vessels and scrubbers (including dry-dock)
232.7
523.7
1,031.4
479.9
2,267.7
  

1 See Non-IFRS Measures in Note 9.
2 Excluding cash retained in the commercial pools.
3 Annualised
4 ROIC is calculated using annualised EBIT less tax.
5 Net loan-to-value is calculated as all debt (excluding debt relating to the pools), including finance lease debt, minus cash (excluding cash retained in the commercials pools), divided by broker vessel values (100% owned vessels) and the lower of the market value or purchase price of the Torm investment. The calculation of net loan-to-value does not include debt or values of vessels held through our joint ventures.
6The LR1 vessel classified as held for sale is excluded from vessels on the balance sheet, while it is included in the table for the 3 months ended 31 March 2026.
7 Inclusive of nine IMO II MR vessels. The two MRs classified as held for sale are excluded from vessels on the balance sheet, while they are included in the table for the 3 months ended 31 March 2026.
8 Inclusive of 18 IMO II Handy vessels. The three Handys classified as held for sale are excluded from vessels on the balance sheet., while they are included in the table for the 3 months ended 31 March 2026.
9 Excluding six LR1s and four LR2s owned through 50% ownership in the Vista Shipping Joint Venture, two MRs owned through 50% ownership in the H&A Shipping Joint Venture and four IMO II MRs owned through 50% ownership in the Ecomar Joint Venture.
10 Total operating days include owned vessel days and bareboat charter-out days. Vessel-owned days are defined as the total number of days, including waiting time, in a period during which a vessel is owned, technical off-hire days and docking days. Bareboat arrangements include sale-and-leaseback or time charter-in arrangements.
11 OPEX includes vessel running costs and technical management fees.
12 G&A includes all expenses and is adjusted for costs incurred in managing external vessels.
 
10
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026
Condensed consolidated statement of comprehensive income
 
   
For the 3 months
ended 31 March 2026
USD’000
For the 3 months
 ended 31 March 2025
USD’000
  
 
Revenue (Hafnia Vessels and TC Vessels)1
412,923
340,343
  
 
Revenue (External Vessels in Disponent-Owner Pools)2
258,299
207,567
  
 
Voyage expenses (Hafnia Vessels and TC Vessels) 1
(130,428)
(121,592)
  
 
Voyage expenses (External Vessels in Disponent-Owner Pools)2
(79,816)
(86,223)
  
 
Pool distributions for External Vessels in Disponent-Owner Pools2
(178,483)
(121,344)
  
   
282,495
218,751
  
         
 
Other operating income
17,652
8,989
  
 
Vessel operating expenses
(66,318)
(68,099)
  
 
Technical management expenses
(5,743)
(5,218)
  
 
Charter hire expenses
(8,811)
(8,622)
  
 
Other expenses
(20,654)
(20,708)
  
   
198,621
125,093
  
         
 
Gain on disposal of assets
32,526
–
  
 
Depreciation charge of property, plant and equipment
(47,985)
(49,525)
  
 
Amortisation charge of intangible assets
(83)
(105)
  
 
Impairment loss on trade receivables
(576)
–
  
 
Operating profit
182,503
75,463
  
         
 
Interest income
2,341
2,660
  
 
Interest expense
(12,332)
(14,361)
  
 
Capitalised financing fees written off
–
(786)
  
 
Other finance expenses
(1,962)
(1,403)
  
 
Finance expense – net
(11,953)
(13,890)
  
         
 
Share of profit of equity-accounted investees, net of tax
9,968
3,036
  
 
Profit before income tax
180,518
64,609
  
         
 
Income tax expense
(788)
(1,419)
  
 
Profit for the financial period
179,730
63,190
  
         
 
Other comprehensive (loss)/income:
      
 
Items that may be subsequently reclassified to profit or loss:
      
 
Foreign operations – foreign currency translation differences
(18)
83
  
 
Fair value gains/(losses) on cash flow hedges
1,866
(3,039)
  
 
Reclassification to profit or loss
(1,552)
(2,680)
  
   
296
(5,636)
  
         
 
Items that will not be subsequently reclassified to profit or loss:
      
 
Equity investments at FVOCI – net change in fair value
111,298
–
  
 
Total other comprehensive income/(loss), net of tax
111,594
(5,636)
  
         
 
Total comprehensive income for the period, net of tax
291,324
57,554
  
         
 
Earnings per share attributable to the equity holders of the Company
      
 
Basic no. of shares
498,567,216
498,753,305
  
 
Basic earnings in USD per share
0.36
0.13
  
 
Diluted no. of shares
505,321,911
503,945,617
  
 
Diluted earnings in USD per share
0.36
0.13
  

1 “TC Vessels” are vessels that have been time chartered-in to the Group (including ROU assets).
2 “External Vessels in Disponent-Owner Pools” means vessels that are commercially managed by the Group in the Disponent-Owner Pool arrangements that are not Hafnia Vessels or TC Vessels.
 
11
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026
Condensed consolidated balance sheet
 
   
As at 31 March 2026
USD’000
As at 31 December 2025
USD’000
  
 
Vessels and scrubbers
 2,162,313
                 2,344,757
  
 
Dry docking
 105,346
                     114,636
  
 
Right-of-use assets – Vessels
 36,549
                       38,413
  
 
Other property, plant and equipment
 829
                             865
  
 
Total property, plant and equipment
 2,305,037
                 2,498,671
  
         
 
Intangible assets
–
83
  
 
Total intangible assets
–
83
  
         
 
Other investments
408,504
297,581
  
 
Derivative financial instruments
2,228
2,627
  
 
Restricted cash1
17,500
10,000
  
 
Loans receivable from joint ventures
52,026
59,845
  
 
Joint ventures
107,789
97,821
  
 
Trade and other receivables, and prepayments
1,320
1,320
  
 
Total other non-current assets
589,367
469,194
  
         
 
Total non-current assets
2,894,404
2,967,948
  
         
 
Intangible assets
9,650
16,665
  
 
Total intangible assets
9,650
16,665
  
         
 
Inventories
85,684
69,027
  
 
Loans receivable from joint venture
6,886
–
  
 
Trade and other receivables, and prepayments
670,185
521,954
  
 
Derivative financial instruments
13,726
6,237
  
 
Cash at bank and on hand
146,457
103,609
  
 
Cash retained in the commercial pools2
88,806
88,966
  
 
Assets held for sale
113,227
37,490
  
 
Total other current assets
1,124,971
827,283
  
         
 
Total current assets
1,134,621
843,948
  
         
 
Total assets
4,029,025
3,811,896
  
         
 
Share capital
1,065,927
1,093,055
  
 
Other reserves
578,033
468,761
  
 
Treasury shares
(314)
(78,449)
  
 
Retained earnings
897,758
846,220
  
 
Total shareholders’ equity
2,541,404
2,329,587
  
         
 
Borrowings
779,504
910,402
  
 
Total non-current liabilities
779,504
910,402
  
         
 
Borrowings
246,025
212,574
  
 
Derivative financial instruments
30,747
163
  
 
Current income tax liabilities
5,422
5,019
  
 
Trade and other payables
419,987
350,735
  
 
Provision
5,936
3,416
  
 
Total current liabilities
708,117
571,907
  
         
 
Total liabilities
1,487,621
1,482,309
  
         
 
Total shareholders’ equity and liabilities
4,029,025
3,811,896
  

1 Restricted cash includes FFA collateral accounts.
2 The cash retained in the commercial pools represents cash in the pool bank accounts that are opened in the name of the Group’s pool management companies and can only be used for the operation of vessels within the commercial pools.

12
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026
Condensed consolidated statement of changes in equity
 
   
Share
capital
USD’000
Share
premium
USD’000
Contributed
surplus
USD’000
Translation
reserve
USD’000
Hedging
reserve
USD’000
Treasury
shares
USD’000
Capital
reserve
USD’000
Share-based
payment
reserve
USD’000
Fair
value
reserve
USD’000
Retained
earnings
USD’000
Total
USD’000
  
 
Balance at
1 January 2026
1,093,055
–
–
127
7,826
(78,449)
480,270
6,589
(26,051)
846,220
2,329,587
  
 
Transactions with owners
                      
 
Equity-settled share-based payment
–
–
–
–
–
–
–
802
–
–
802
  
 
Share options exercised
–
–
–
–
–
10,798
629
(3,415)
–
–
8,012
  
 
Cancellation of treasury shares
(27,128)
–
–
–
–
67,337
–
–
–
(40,209)
–
  
 
Disposal of FVOCI investment
                
(338)
68
(270)
  
 
Dividends paid
–
–
–
–
–
–
–
–
–
(88,051)
(88,051)
  
 
Total transactions with owners
(27,128)
–
–
–
–
78,135
629
(2,613)
(338)
(128,192)
(79,507)
  
 
Total comprehensive income
                      
 
Profit for the financial year
–
–
–
–
–
–
–
–
–
179,730
179,730
  
 
Other comprehensive (loss)/gain
–
–
–
(18)
314
–
–
–
111,298
–
111,594
  
 
Total comprehensive income for the year
–
–
–
(18)
314
–
–
–
111,298
179,730
291,324
  
 
Balance at 31 March 2026
1,065,927
–
–
109
8,140
(314)
480,899
3,976
84,909
897,758
2,541,404
  

   
Share
capital
USD’000
Share
premium
USD’000
Contributed
surplus
USD’000
Translation
reserve
USD’000
Hedging
reserve
USD’000
Treasury
shares
USD’000
Capital
reserve
USD’000
Share-based
payment
reserve
USD’000
Fair
 value
reserve
USD’000
Retained
earnings
USD’000
Total
USD’000
  
 
Balance at
1 January 2025
1,093,055
–
–
(198)
20,705
(53,439)
482,382
3,918
10,906
705,177
2,262,506
  
 
Transactions with owners
                      
 
Equity-settled share-based payment
–
–
–
–
–
–
–
3,205
–
–
3,205
  
 
Share options exercised
–
–
–
–
–
2,646
(2,112)
(534)
–
–
–
  
 
Purchase of treasury shares
–
–
–
–
–
(27,656)
–
–
–
–
(27,656)
  
 
Dividends paid
–
–
–
–
–
–
–
–
–
(198,639)
(198,639)
  
 
Total transactions with owners
–
–
–
–
–
(25,010)
(2,112)
2,671
–
(198,639)
(223,090)
  
 
Total comprehensive income
                      
 
Profit for the financial year
–
–
–
–
–
–
–
–
–
339,682
339,682
  
 
Other comprehensive income/(loss)
–
–
–
325
(12,879)
–
–
–
(36,957)
–
(49,511)
  
 
Total comprehensive income for the year
–
–
–
325
(12,879)
–
–
–
(36,957)
339,682
290,171
  
 
Balance at 31 December 2025
1,093,055
–
–
127
7,826
(78,449)
480,270
6,589
(26,051)
846,220
2,329,587
  

13
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026
Condensed consolidated statement of cash flows
 
   
For the 3 months ended 31
March 2026
USD’000
For the 3 months ended 31
March 2025
USD’000
  
 
Cash flows from operating activities
      
 
Profit for the financial period
 179,730
 63,190
  
 
Adjustments for:
      
 
-  income tax expense
 788
 1,419
  
 
- depreciation and amortisation charges
48,068
 49,630
  
 
- gain on disposal of assets
 (32,526)
 –
  
 
- interest income
 (2,341)
 (2,660)
  
 
- finance expense
 14,294
 16,550
  
 
- share of profit of equity accounted investees, net of tax
 (9,968)
 (3,036)
  
 
- equity-settled share-based payment transactions
 802
 664
  
 
- provision for claims
 2,520
–
  
 
- impairment loss on trade receivables
576
–
  
 
Operating cash flow before working capital changes
201,943
 125,757
  
 
Changes in working capital:
      
 
- intangible assets
 7,015
 (6,287)
  
 
- inventories
 (16,657)
 1,867
  
 
- trade and other receivables
 (133,436)
 (17,693)
  
 
- trade and other payables
 69,234
34,546
  
 
Cash generated from operations
 128,099
 138,190
  
 
Income tax paid
 (415)
 (833)
  
 
Net cash provided by operating activities
 127,684
 137,357
  
         
 
Cash flows from investing activities
      
 
Interest income received
3,189
1,735
  
 
Loan to joint ventures
–
(2,780)
  
 
Proceeds from disposal of property, plant and equipment
128,966
–
  
 
Purchase of property, plant and equipment
(20,785)
(27,319)
  
 
Proceeds from the disposal of other investment
105
–
  
 
Net cash provided by/(used in) investing activities
111,475
(28,364)
  
         
 
Cash flows from financing activities
      
 
Proceeds from borrowings from external financial institutions
200,000
2,000
  
 
Repayment of borrowings to external financial institution
(294,473)
(15,669)
  
 
Repayment of lease liabilities
(9,550)
(53,354)
  
 
Payment of financing fees
(200)
(219)
  
 
Interest paid to external financial institutions
(12,900)
(16,074)
  
 
Proceeds from exercise of employee share options
8,012
–
  
 
Proceeds from settlement of derivatives
1,661
3,117
  
 
Dividends paid
(88,051)
(14,632)
  
 
Repurchase of treasury shares
–
 (27,656)
  
 
Other finance expense paid
 (970)
 (1,918)
  
 
Net cash used in financing activities
 (196,471)
 (124,405)
  
         
 
Net increase/(decrease) in cash and cash equivalents
 42,688
 (15,412)
  
 
Cash and cash equivalents at beginning of the financial period
 192,575
 283,568
  
 
Cash and cash equivalents at end of the financial period
 235,263
 268,156
  
         
 
Cash and cash equivalents at the end of the financial period consists of:
      
 
Cash at bank and on hand
 146,457
 188,141
  
 
Cash retained in the commercial pools
 88,806
 80,015
  
   
 235,263
 268,156
  

14
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026
Dividend policy
 
Hafnia will target a quarterly payout ratio of net profit, adjusted for extraordinary items, of:

●
50% payout of net profit if net loan-to-value is above 40%,
 
●
60% payout of net profit if net loan-to-value is above 30% but equal to or below 40%,
 
●
80% payout of net profit if net loan-to-value is above 20% but equal to or below 30%, and
 
●
90% payout of net profit if net loan-to-value is equal to or below 20%
 
Net loan-to-value is calculated as all debt (excluding debt relating to the pools), including finance lease debt, minus cash (excluding cash retained in the commercial pools), divided by broker vessel values (for 100% owned vessels) and the lower of the market value or purchase price of the Torm Investment. The calculation of net loan-to-value does not include debt or the values of vessels held through our joint ventures.
 
The final amount of dividend is to be decided by the Board of Directors. In addition to cash dividends, the Company may buy back shares as part of its total distribution to shareholders.
 
In deciding whether to declare a dividend and determining the dividend amount, the Board of Directors will take into account the Group’s capital requirements, including capital expenditure commitments, financial condition, general business conditions, legal restrictions, and any restrictions under borrowing arrangements or other contractual arrangements in place at the time.
 
Dividend for Q1
 
The board has set the quarterly payout ratio at 80% for Q1 2026. This corresponds to a dividend amount of USD 143.8 million or USD 0.2877 per share.

15
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026
Coverage of earning days
 
As of 13 May 2026, 73% of the projected total operating days in Q2 2026 were covered at USD 46,600 per day. The tables below show the figures for Q2 2026, Q2 to Q4 2026 and the full year figures for 2027. The coverage figures include FFA positions.

Hafnia Fleet1

 
Fleet overview
  
Q2 2026
Q2 to Q4 2026
2027
 
Hafnia vessels (average during the period)
        
 
LR2
  
6.0
6.0
6.0
 
LR1
  
22.4
22.2
21.3
 
MR2
  
48.3
47.3
43.7
 
Handy3
  
20.4
20.1
20.0
 
Total
  
97.1
95.6
91.0
           
 
Covered, %
        
 
LR2
  
92%
86%
74%
 
Spot
  
9%
3%
-
 
TC-out
  
83%
83%
74%
 
LR1
  
60%
28%
3%
 
Spot
  
47%
17%
-
 
TC-out
  
13%
11%
3%
 
MR2
  
70%
38%
11%
 
Spot
  
46%
16%
-
 
TC-out
  
24%
22%
11%
 
Handy3
  
85%
40%
11%
 
Spot
  
70%
25%
-
 
TC-out
  
15%
15%
11%
 
Total
  
73%
39%
13%
           
 
Covered rates4, USD per day
        
 
LR2
  
41,744
34,669
30,726
 
Spot
  
145,892
147,498
-
 
TC-out
  
30,800
30,800
30,726
 
LR1
  
58,593
48,298
27,989
 
Spot
  
66,864
62,047
-
 
TC-out
  
27,667
27,719
27,989
 
MR2
  
47,963
38,450
23,001
 
Spot
  
61,138
60,643
-
 
TC-out
  
22,897
22,579
23,001
 
Handy3
  
36,086
32,437
21,892
 
Spot
  
38,911
38,260
-
 
TC-out
  
22,667
22,667
21,892
 
Total
  
46,600
38,281
25,883

For the week beginning 18 May 2026, Hafnia’s pool earnings4 averaged:
•
USD 74,273 per day for the LR15 vessels,
•
USD 35,774 per day for the MR2 vessels,
•
USD 29,211 per day for the Handy3 vessels.

1 Excludes joint ventures vessels.
2 Inclusive of nine IMO II vessels.
3 Inclusive of 18 IMO II vessels.
4 Covered rates and pool earnings do not include any IFRS 15 load to discharge adjustments
5 Excluding vessels trading in our Panamax pool.
 
16
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026
Coverage of earning days CONTINUED
 
Joint Venture Fleet1
 
 
Fleet overview
Q2 2026
Q2 to Q4 2026
2027
 
Joint ventures vessels (average during the period)
      
 
LR2
4.0
4.0
4.0
 
LR1
6.0
6.0
6.0
 
MR
6.0
6.0
6.0
 
Total
16.0
16.0
16.0
         
 
Covered, %
      
 
LR2
100%
100%
100%
 
Spot
-
-
-
 
TC-out
100%
100%
100%
 
LR1
59%
31%
17%
 
Spot
42%
14%
-
 
TC-out
17%
17%
17%
 
MR
100%
91%
68%
 
Spot
-
-
-
 
TC-out
100%
91%
68%
 
Total
85%
71%
57%
         
 
Covered rates2, USD per day
      
 
LR2
25,877
25,876
25,875
 
Spot
-
-
-
 
TC-out
25,877
25,876
25,875
 
LR1
53,232
42,568
24,000
 
Spot
64,830
64,830
-
 
TC-out
24,000
24,000
24,000
 
MR
21,537
22,142
24,315
 
Spot
-
-
-
 
TC-out
21,537
22,142
24,315
 
Total
31,076
26,788
24,967

1  The figures are presented on a 100% basis. The joint ventures vessels are owned through Hafnia’s 50% participation in the Vista Shipping, H&A Shipping and Ecomar joint ventures.
2 Covered rates do not include any IFRS 15 load to discharge adjustments.
 
17
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026
Tanker segment results
 
 
LR2
Q2 2025
Q3 2025
Q4 2025
Q1 2026
  
 
Operating days (owned)
                     545
545
 541
 540
  
 
Operating days (TC -in)
–
–
–
–
  
 
TCE (USD per operating day)1
                38,241
               36,527
 33,163
 35,316
  
 
Spot TCE (USD per operating day)1
               38,596
               37,625
 35,307
 51,869
  
 
TC-out TCE (USD per operating day)1
                32,513
                 31,126
 30,591
30,660
  
 
Calendar days (excluding TC -in)
                     546
                     552
 552
 540
  
 
OPEX (USD per calendar day)
                 8,299
                 8,459
 8,503
 8,663
  
             
 
LR1
Q2 2025
Q3 2025
Q4 2025
Q1 2026
  
 
Operating days (owned)
                  1,988
                   1,991
 2,139
 2,087
  
 
Operating days (TC -in)
                      182
                      183
 184
 180
  
 
TCE (USD per operating day)1
                28,164
               29,229
 30,986
 38,194
  
 
Spot TCE (USD per operating day)1
                28,216
               29,404
 31,473
 39,458
  
 
TC-out TCE (USD per operating day)1
               27,579
               27,367
 27,906
31,533
  
 
Calendar days (excluding TC -in)
                 2,093
                  2,164
 2,208
 2,135
  
 
OPEX (USD per calendar day)
                 8,989
                  8,515
 9,171
 8,454
  
             
 
MR2
Q2 2025
Q3 2025
Q4 2025
Q1 2026
  
 
Operating days (owned)
                 4,362
                  4,195
 3,920
 3,762
  
 
Operating days (TC -in)
                     620
                     629
 631
 630
  
 
TCE (USD per operating day)1
               22,967
               24,785
 26,307
 27,958
  
 
Spot TCE (USD per operating day)1
                22,157
               24,683
 27,305
 29,601
  
 
TC-out TCE (USD per operating day)1
                25,741
               25,080
 23,549
22,026
  
 
Calendar days (excluding TC -in)
                 4,459
                 4,493
 4,240
 3,907
  
 
OPEX (USD per calendar day)
                 8,085
                 8,476
 8,933
 8,319
  
             
 
Handy3
Q2 2025
Q3 2025
Q4 2025
Q1 2026
  
 
Operating days (owned)
                  1,757
                  1,942
 2,054
 2,134
  
 
Operating days (TC -in)
–
                        –
–
 -
  
 
TCE (USD per operating day)1
                19,808
               22,648
 24,006
 25,589
  
 
Spot TCE (USD per operating day)1
                 19,169
               22,699
 24,211
 26,060
  
 
TC-out TCE (USD per operating day)1
               25,339
               22,289
 22,257
 22,311
  
 
Calendar days (excluding TC-in)
                  2,184
                 2,208
 2,208
 2,157
  
 
OPEX (USD per calendar day)
                 7,456
                  8,371
 8,029
 7,805
  

1 TCE represents gross TCE income after adding back pool commissions; See Non-IFRS Measures in Note 9.
2 Inclusive of IMO II MR vessels.
3 Inclusive of IMO II Handy vessels.
 
18
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026
Notes to the Condensed Consolidated Quarterly Financial Information
 
These notes form an integral part of and should be read in conjunction with the accompanying condensed consolidated financial information.

Note 1: Property, plant and equipment
 
   
Vessels and scrubbers
USD’000
Dry docking
USD’000
Right-of-use Assets – Vessels USD’000
 Others
 USD’000
Total
USD’000
  
 
At 31 March 2026
            
 
Cost
 3,048,772
 176,565
223,339
 2,104
 3,450,780
  
 
Accumulated depreciation charge
 (886,459)
 (71,219)
(186,790)
 (1,275)
 (1,145,743)
  
 
Net book value
 2,162,313
 105,346
36,549
 829
 2,305,037
  

   
Vessels and scrubbers
USD’000
Dry docking
USD’000
Right-of-use Assets – Vessels USD’000
 Others
 USD’000
Total
USD’000
  
 
At 31 December 2025
            
 
Cost
3,426,406
193,076
217,595
2,049
3,839,126
  
 
Accumulated depreciation charge
(1,081,649)
(78,440)
(179,182)
(1,184)
(1,340,455)
  
 
Net book value
2,344,757
114,636
38,413
865
2,498,671
  

a.
The Group organises the commercial management of its fleet of vessels into nine (2025: nine) individual commercial pools: LR1, Panamax, LR2, MR, Handy, Chemical-MR, Chemical-Handy and Small and City (“Specialized”) (2025: LR1, Panamax, LR2, MR, Handy, Chemical-MR, Chemical-Handy and Small and City (“Specialized”)). Each individual commercial pool constitutes a separate cash-generating unit (“CGU”). For vessels outside the commercial pools and deployed on time-charter or spot voyages, each of these vessels constitutes a separate CGU. Any time-chartered in vessels which are recognised as right of use (“ROU”) assets by the Group and subsequently deployed in the commercial pools are included as part of the pool CGUs.

The Group evaluates whether there are indications that any vessel as at the reporting date is impaired. If any such indicators of impairment exist, the Group performs impairment testing in accordance with its accounting policy. The estimation of the recoverable amount of vessels is based on the higher of fair value less costs to sell and value in use. The fair value of vessels is determined by professional brokers while the value in use is based on future discounted cash flows that the CGU is expected to generate over its remaining useful life. 

Based on this assessment, the Group concluded that there are no impairment losses to be recognised for the 3 months ended 31 March 2026 (3 months ended 31 March 2025: USD Nil).

19
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026
Note 1: Property, plant and equipment CONTINUED
 
b.
During the quarter, the Group disposed of three LR1 vessels, two MR vessels (classified as assets held for sale) and a Handy vessel for sales proceeds of USD 128.9 million.

c.
The Group has mortgaged vessels with a total carrying amount of USD 1,650.4 million as at 31 March 2026 (31 March 2025: USD 2,267.6 million) as security over the Group’s bank borrowings.

d.
There were additions of USD 5.7 million to right-of-use assets – vessels – as at 31 March 2026 (3 months ended 31 March 2025: USD 9.4 million).

e.
As at 31 March 2026, the Group has time chartered-in seven MRs and two LR1s with purchase options. These chartered-in vessels are recognised as right-of-use assets.

The Group has firm charters in place up till 2030 for these vessels. The current and next average purchase option price are as follows:

 
USD’000
 Current average purchase option price1
Next average purchase option price
  
 
LR1
38,333
38,333
  
 
MR
29,476
29,093
  

The time chartered-in days and average time charter rates for these vessels are as follows:

     
2026
2027
2028
2029
2030
  
 
TC in (Days)2
              
 
LR1 (with purchase option)
  
425
–
–
–
–
  
 
MR (with purchase option)
  
2,333
850
366
365
286
  
                 
 
Average TC in rate (USD/Day)
              
 
LR1 (with purchase option)
  
19,450
–
–
–
–
  
 
MR (with purchase option)
  
17,309
17,480
19,850
19,850
19,850
  

1 The purchase option price decreases by a fixed amount per year, or on a pro-rata basis based on individual contract terms. Prior notice period of three to four months are required before exercise of options. The value of the purchase options amount to USD 157 million as at the end of the current reporting period.
2 Based on firm charter period and does not include optional periods exercisable by Hafnia.

20
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026
Note 2: Borrowings
 
   
As at 31 March 2026
USD’000
As at 31 December 2025
USD’000
  
 
Current
      
 
Bank borrowings
219,536
184,773
  
 
Sale and leaseback liabilities
6,258
5,925
  
 
Other lease liabilities
20,231
21,876
  
 
Total current borrowings
246,025
212,574
  
         
 
Non-current
      
 
Bank borrowings
734,396
863,352
  
 
Sale and leaseback liabilities
29,472
31,170
  
 
Other lease liabilities
15,636
15,880
  
 
Total non-current borrowings
779,504
910,402
  
         
 
Total borrowings
1,025,529
1,122,976
  

As at 31 March 2026, bank borrowings consist of nine (31 December 2025: eight) credit facilities from external financial institutions, namely USD 84 million, USD 40 million, USD 303 million, USD 715 million, USD 175 million, USD 100 million, USD 100 million and two borrowing base facilities. (31 December 2025: USD 473 million, USD 84 million, USD 40 million, USD 303 million, USD 715 million, USD 175 million, and two borrowing base facilities).

USD 200 million was drawn down from two unsecured new financing facilities. In addition, USD 200 million of RCF under the USD 715 million facility was repaid, and the USD 473 million facility was fully repaid and cancelled on 31 March 2026.  A majority of the facilities are secured by the Group’s fleet of vessels and receivables. The tables below summarise key information and the repayment profile of the bank borrowings:

   
Outstanding amount
USD m
Maturity date
  
 
Facility amount
  
 
  
 
USD 84 million facility
68.9
2029
  
 
USD 40 million facility
32.3
2029
  
 
USD 303 million facility
–
    
 
- USD 303 million revolving credit facility
  
2029
  
 
USD 715 million facility
397.0
    
 
- USD 715 million revolving credit facility
  
2032
  
 
Up to USD 175 million borrowing base facility
Up to USD 175 million borrowing base facility
(with an accordion option of up to USD 75 million)
102.8
–1
  
 
USD 175 million facility
      
 
- USD 175 million revolving credit facility
160.0
2032
  
 
USD 100 million revolving credit facility
100.0
2029
  
 
USD 100 million revolving credit facility
100.0
2027
  

1 Renewable semi-annually

   
For the financial year ended
31 December 2026
For the financial year ended
31 December 2027
  
 
Repayment profile USD’000
      
 
USD 84 million facility
6,475
8,633
  
 
USD 40 million facility
2,155
2,874
  
 
USD 715 million facility1
–
–
  
 
Up to USD 175 million borrowing base facility2
Up to USD 175 million borrowing base facility2
(with an accordion option of up to USD 75 million)
–
–
  
 
USD 175 million facility1
2,310
17,310
  
 
USD 100 million revolving credit facility
–
–
  
 
USD 100 million revolving credit facility
–
100,000
  

1 The revolving credit facilities does not have fixed repayment terms and is repayable at the discretion of the Group; subject to the outstanding amounts not exceeding commitment amounts.
2 The borrowing base facilities do not have fixed repayment terms and are repayable when the receivables base decreases below certain thresholds.

21
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026
Note 2: Borrowings CONTINUED
 
As at 31 March 2026, bank borrowings of joint ventures consist of ten credit facilities (31 December 2025: ten credit facilities) from external financial institutions (excluded from LTV ratio under key figures). The tables below summarise key information of the joint ventures’ bank borrowings:

   
Outstanding amount
USD m
Maturity date
  
 
Facility amount
  
 
  
 
Vista Shipping joint venture
      
 
USD 51.8 million facility
26.4
2031
  
 
USD 111.0 million facility
66.1
2032
  
 
USD 89.6 million facility
74.4
2033
  
 
USD 88.5 million facility
77.4
2031
  
         
 
H&A Shipping joint venture
      
 
USD 22.1 million facility
15.5
2026
  
 
USD 23.5 million facility
17.3
2028
  
         
 
Ecomar joint venture
      
 
Vessel 1 French Tax Lease Arrangement
41.3
2032
  
 
Vessel 2 French Tax Lease Arrangement
39.3
2032
  
 
Vessel 3 French Tax Lease Arrangement
39.2
2032
  
 
Vessel 4 French Tax Lease Arrangement
38.8
2033
  

   
For the financial year ended
31 December 2026
For the financial year ended
31 December 2027
  
 
Repayment profile USD’000
      
 
Vista Shipping joint venture
      
 
USD 51.8 million facility
2,590
3,453
  
 
USD 111.0 million facility
5,550
7,400
  
 
USD 89.6 million facility
3,953
5,271
  
 
USD 88.5 million facility
3,687
4,917
  
         
 
H&A Shipping joint venture
      
 
USD 22.1 million facility
15,470
–
  
 
USD 23.5 million facility
1,103
1,470
  
         
 
Ecomar joint venture
      
 
Vessel 1 French Tax Lease Arrangement
639
3,646
  
 
Vessel 2 French Tax Lease Arrangement
5,467
3,584
  
 
Vessel 3 French Tax Lease Arrangement
638
3,835
  
 
Vessel 4 French Tax Lease Arrangement
1,828
4,456
  

As at 31 March 2026, the sale and leaseback liabilities consist of various facilities provided by external leasing houses under sale-and-leaseback contracts. Under these contracts, the vessels were legally sold to external leasing houses and leased back by the Group. The maturity dates of the facilities range from 2029 to 2033. 

The carrying amount relating to the one CTI vessel was USD 14.8 million (31 December 2025: USD 15.2 million) and other finance leases were USD 20.9 million (31 December 2025: USD 21.9 million).

22
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026
Note 2: Borrowings CONTINUED
 
Interest rates
 
The weighted average effective interest rates per annum of total borrowings, excluding the effect of interest rate swaps, at the balance sheet date are as follows:

     
As at 31 March 2026
As at 31 December 2025
  
 
Bank borrowings
  
4.8%
5.2%
  
  Sale and leaseback liabilities  
5.6%
5.7%
  

Carrying amounts and fair values
 
The carrying values of the bank borrowings and sale and leaseback liabilities approximate their fair values as they are re-priceable at one to three-month intervals.
 
Note 3: Commitments
 
Operating lease commitments - where the Group is a lessor
 
The Group leases vessels to non-related parties under non-cancellable operating lease agreements. The Group classifies these leases as operating leases as the Group retains substantially all risks and rewards incidental to ownership of the leased assets.

The undiscounted lease payments1 under operating leases to be received after the reporting date are analysed as follows:
 
 
USD’000
    
As at 31 March 2026
  
 
Less than one year
    
157,100
  
 
One to two years
    
76,832
  
 
Two to five years
    
20,130
  
       
254,062
  

Operating lease commitments - where the Group is a lessee
 
The Group leases vessels from non-related parties under non-cancellable operating lease agreements. The leases have varying terms including options to extend and options to purchase.

The undiscounted lease payments2 under these operating leases, to be paid after the reporting date, are as follows:

 
USD’000
    
As at 31 March 2026
  
 
Less than one year
    
41,407
  
 
One to two years
    
10,119
  
 
Two to five years
    
18,381
  
       
69,907
  

1 Excluding variable lease payments.
2Based on firm charter period and does not include optional periods exercisable by Hafnia.

23
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026
Note 4: Financial information
 
   
Carrying amount
  
Fair value
  
 
 
Fair value
hedging
instruments/
Mandatorily at
FVTPL – others
USD’000
Financial
assets at
amortised
cost
USD’000
FVOCI –
equity
instruments
USD’000
Total
USD’000
  
Level 1
USD’000
Level 2
USD’000
Level 3
USD’000
Total
USD’000
  
 
At 31 March 2026
                    
 
Financial assets measured at fair value
 
 
 
 
 
 
 
 
 
  
 
Forward foreign exchange contracts
9
—
—
9
  
—
9
—
9
  
 
Forward freight agreements
7,751
—
—
7,751
  
—
7,751
—
7,751
  
 
Interest rate swaps used for hedging
8,194
—
—
8,194
  
—
8,194
—
8,194
  
 
Other investments
—
—
408,504
408,504
  
394,954
—
13,550
408,504
  
 
Loans receivable from joint venture
6,886
—
—
6,886
  
—
—
6,886
6,886
  
 
 
22,840
—
408,504
431,344
            
 
 
                    
 
At 31 March 2026
                    
 
Financial assets not measured at fair value
                    
 
Loans receivable from joint ventures
—
52,026
—
52,026
            
 
Trade and other receivables, and prepayments1
—
593,456
—
593,456
            
 
Restricted cash
—
17,500
—
17,500
            
 
Cash at bank and on hand
—
146,457
—
146,457
            
 
Cash retained in the commercial pools
—
88,806
—
88,806
            
   
—
898,245
—
898,245
            

 
   
Carrying amount
  
Fair value
  
 
 
Fair value hedging
instruments
USD’000
Other financial
liabilities
USD’000
Total
USD’000
  
Level 1
USD’000
Level 2
USD’000
Level 3
USD’000
Total
USD’000
  
 
At 31 March 2026
                  
 
Financial liabilities measured at fair value 
                  
 
Forward foreign exchange contracts
(578)
—
(578)
    
(578)
—
(578)
  
 
Forward freight agreements
(30,169)
—
(30,169)
  
—
(30,169)
—
(30,169)
  
 
 
(30,747)
—
(30,747)
 
          
 
 
                  
 
At 31 March 2026
                  
 
Financial liabilities not measured at fair value
                  
 
Bank borrowings
—
(953,932)
(953,932)
            
 
Sale and leaseback liabilities and other lease liabilities
—
(71,597)
(71,597)
            
 
Trade and other payables
—
(419,987)
(419,987)
            
   
—
 (1,445,516)
 (1,445,516)
            

 
1 Excluding prepayments

24
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026
Note 4: Financial information CONTINUED
 
   
Carrying amount
  
Fair value
  
 
 
Fair value
hedging
instruments/
Mandatorily at
FVTPL – others
USD’000
Financial
assets at
amortised
cost
USD’000
FVOCI –
equity
instruments
USD’000
Total
USD’000
  
Level 1
USD’000
Level 2
USD’000
Level 3
USD’000
Total
USD’000
  
 
At 31 December 2025
                    
 
Financial assets measured at fair value
 
 
 
 
 
 
 
 
 
  
 
Forward foreign exchange contracts
267
—
—
267
  
—
267
—
267
  
 
Forward freight agreements
590
—
—
590
  
—
590
—
590
  
 
Interest rate swaps used for hedging
8,007
—
—
8,007
  
—
8,007
—
8,007
  
 
Other investments
—
—
297,581
297,581
  
284,981
—
12,600
297,581
  
 
Loans receivable from joint venture
7,046
—
—
7,046
  
—
—
7,046
7,046
  
 
 
15,910
—
297,581
313,491
            
 
 
                    
 
At 31 December 2025
                    
 
Financial assets not measured at fair value
                    
 
Loans receivable from joint ventures
—
52,799
—
52,799
            
 
Trade and other receivables, and prepayments1
—
450,087
—
450,087
            
 
Restricted cash
—
10,000
—
10,000
            
 
Cash at bank and on hand
—
103,609
—
103,609
            
 
Cash retained in the commercial pools
—
88,966
—
88,966
            
   
—
705,461
—
705,461
            


   
Carrying amount
  
Fair value
  
 
 
Fair value hedging
instruments
USD’000
Other financial
liabilities
USD’000
Total
USD’000
  
Level 1
USD’000
Level 2
USD’000
Level 3
USD’000
Total
USD’000
  
 
At 31 December 2025
                  
 
Financial liabilities measured at fair value 
                  
 
Forward freight agreements
(163)
—
(163)
  
—
(163)
—
(163)
  
 
 
(163)
—
(163)
 
          
 
 
                  
 
At 31 December 2025
                  
 
Financial liabilities not measured at fair value
                  
 
Bank borrowings
—
(1,048,125)
(1,048,125)
            
 
Sale and leaseback liabilities and other lease liabilities
—
(74,851)
(74,851)
            
 
Trade and other payables
—
(350,735)
(350,735)
            
   
—
(1,473,711)
(1,473,711)
            

The Group has Level 1 financial assets but no Level 1 financial liabilities as at 31 March 2026 and 31 December 2025.
 
The fair values of financial instruments traded in active markets (such as exchange-traded and over-the-counter securities and derivatives) are based on quoted market prices at the balance sheet date. The quoted market prices used for financial assets are the current bid prices and the quoted market prices for financial liabilities are the current asking prices.
 
1 Excluding prepayments

25
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026
Note 4: Financial information CONTINUED
 
The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. The Group uses a variety of methods and makes assumptions that are based on market conditions existing at each balance sheet date. The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based on observable yield curves. The fair value of forward freight derivatives are determined using quoted market prices for similar contracts on an exchange.
 
These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. These financial instruments are included in Level 2, as all significant inputs required to fair value an instrument are observable. For financial instruments included in Level 3, other techniques, such as estimated discounted cash flows, are used to determine fair value for the remaining financial instruments.

Level 3 fair values
 
The Group has investments in unquoted equity instruments measured at FVOCI and loans receivable from a joint venture measured at FVTPL that are measured using Level 3 fair value measurements.
 
The Group’s investment in unquoted equity instruments measured at FVOCI was valued using combination of income, cost and market approach based on the Group’s best estimate, which is determined by using information including but not limited to the pricing of recent rounds of financing of the investees and information generated from arm’s-length market transactions involving identical or comparable assets or liabilities. The estimated fair value of the investments would either increase or decrease based on the latest available data that is reasonably available to the Group at each balance sheet date. No sensitivity analysis is presented as the information used by the Group to determine the fair values of its investments are based on latest rounds of financing that have concluded and actual market transactions.

The following table shows a reconciliation from the opening balances to the closing balances of the Group’s investment in unquoted equity instruments measured at FVOCI using Level 3 fair value measurements:

   
 31 March 2026
USD’000
31 December 2025
USD’000
  
 
Opening balance
12,600
23,069
  
 
Equity investments at FVOCI – net change in fair value
—
(2,699)
  
 
Conversion of debt into equity
—
36
  
 
Transfer from Level 3 to Level 1
—
(7,806)
  
 
Closing balance
12,600
12,600
  

The following table shows a reconciliation from the opening balances to the closing balances of the Group’s loans receivable to a joint venture measured at FVTPL using Level 3 fair value measurements:

   
 31 March 2026
USD’000
31 December 2025
USD’000
  
 
Opening balance
7,046
—
  
 
Issuance of convertible loan notes
—
7,046
  
 
Effect of foreign exchange movements
(160)
—
  
 
Closing balance
6,886
7,046
  

26
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026
Note 5: Joint ventures
 
     
 31 March 2026
USD’000
31 December 2025
USD’000
  
 
Interest in joint ventures
  
107,789
97,821
  

a.
Vista Shipping

•
Vista Shipping Pte. Ltd. and its subsidiaries (“Vista Shipping”) is a joint venture in which the Group has joint control and 50% ownership interest. Vista Shipping is domiciled in Singapore and structured as a separate vehicle in shipowning, with the Group having residual interest in its net assets. Accordingly, the Group has classified its interest in Vista Shipping as a joint venture. In accordance with the agreement under which Vista Shipping was established, the Group and the other investor in the joint venture have agreed to provide shareholders’ loans in proportion to their interests to finance the newbuild programme.

•
The following table summarises the financial information of Vista Shipping as included in its own consolidated financial statements. The table also reconciles the summarised financial information to the carrying amount of the Group’s interest in Vista Shipping.

       
 31 March 2026
USD’000
31 December 2025
USD’000
  
 
Percentage ownership interest
    
50%
50%
  
             
 
Non-current assets
    
 409,284
                             413,507
  
 
Current assets
    
 59,273
                               43,119
  
 
Non-current liabilities
    
 (260,856)
                           (265,854)
  
 
Current liabilities
    
 (27,786)
                             (28,904)
  
 
Net assets (100%)
    
 179,915
161,868
  
             
 
Group’s share of net assets (50%)
    
 89,959
 80,935
  
 
Hedging reserve
    
(248)
 41
  
 
Carrying amount of interest in joint venture
    
 89,711
 80,976
  
             
 
Revenue
    
 32,158
 99,293
  
 
Other income
    
 1,067
 2,972
  
 
Expenses
    
 (15,756)
 (68,854)
  
 
Profit and total comprehensive income (100%)
    
 17,469
 33,411
  
             
 
Profit and total comprehensive income (50%)
    
 8,735
 16,706
  
 
Group’s share of total comprehensive income (50%)
    
 8,735
 16,706
  

b.
H&A Shipping

•
In July 2021, the Group and Andromeda Shipholdings Ltd (“Andromeda Shipholdings”) entered into a joint venture, H&A Shipping Pte. Ltd. (“H&A Shipping”) in which the Group has joint control and 50% ownership interest. H&A Shipping is domiciled in Singapore and structured as a separate vehicle in shipowning, with the Group having residual interest in its net assets. Accordingly, the Group has classified its interest in H&A Shipping Pte. Ltd. as a joint venture. In accordance with the agreement under which H&A Shipping was established, the Group and the other investor in the joint venture have agreed to provide equity in proportion to their interests to finance the newbuild programme.

•
The following table summarises the financial information of H&A Shipping as included in its own consolidated financial statements. The table also reconciles the summarised financial information to the carrying amount of the Group’s interest in H&A Shipping.

27
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026
Note 5: Joint ventures CONTINUED
 
       
 31 March 2026
USD’000
31 December 2025
USD’000
  
 
Percentage ownership interest
    
50%
50%
  
             
 
Non-current assets
    
 58,650
 59,271
  
 
Current assets
    
 5,499
 5,071
  
 
Non-current liabilities
    
 (40,415)
 (41,151)
  
 
Current liabilities
    
 (4,945)
 (4,731)
  
 
Net assets (100%)
    
 18,789
 18,460
  
             
 
Group’s share of net assets (50%)
    
 9,395
 9,230
  
 
Shareholder’s loans
    
 5,308
 5,308
  
 
Alignment of accounting policies
    
 4
 20
  
 
Carrying amount of interest in joint venture
    
 14,707
 14,558
  
             
 
Revenue
    
 2,815
 11,069
  
 
Other income
    
 146
 1,496
  
 
Expenses
    
 (2,617)
 (9,377)
  
 
Profit and total comprehensive income (100%)
    
 344
 3,188
  
             
 
Profit and total comprehensive income (50%)
    
 172
 1,594
  
 
Adjustment to previously recognised share of profit from prior year
    
(7)
 (474)
  
 
Alignment of accounting policies
    
(16)
 (147)
  
 
Group’s share of total comprehensive income (50%)
    
 149
 973
  

c.
Ecomar

•
In June 2023, the Group and SOCATRA entered into a joint venture, Ecomar Shipholding S.A.S (“Ecomar”), in which the Group has joint control and 50% ownership interest. Ecomar is incorporated in France and structured as a separate vehicle in shipowning, with the Group having residual interest in its net assets. Accordingly, the Group has classified its interest in Ecomar as a joint venture. In accordance with the agreement under which Ecomar was established, the Group and the other investor in the joint venture have agreed to provide shareholders’ loans in proportion to their interests to finance the newbuild programme. 

•
During the financial period ended 31 March 2026, Hafnia took delivery of one IMO II – MR vessel through its Ecomar joint venture.

•
The following table summarises the financial information of Ecomar as included in its own consolidated financial statements. The table also reconciles the summarised financial information to the carrying amount of the Group’s interest in Ecomar.

28
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026
Note 5: Joint ventures CONTINUED
 
       
 31 March 2026
USD’000
31 December 2025
USD’000
  
 
Percentage ownership interest
    
50%
50%
  
             
 
Non-current assets
    
 213,631
 185,498
  
 
Current assets
    
 16,632
 13,872
  
 
Non-current liabilities
    
 (198,101)
 (172,098)
  
 
Current liabilities
    
 (35,808)
 (32,795)
  
 
Net liabilities (100%)
    
 (3,646)
 (5,523)
  
             
 
Group’s share of net liabilities (50%)
    
(1,823)
(2,762)
  
 
Unrecognised share of liabilities
    
1,753
2,653
  
 
Hedging reserve
    
70
109
  
 
Carrying amount of interest in joint venture
    
—
—
  
             
 
Revenue
    
 8,974
 20,549
  
 
Other income
    
 3,839
 1,717
  
 
Expenses
    
 (11,021)
 (24,490)
  
 
Profit/(loss) and total comprehensive income/(loss) (100%)
    
 1,792
 (2,224)
  
             
 
Profit/(loss) and total comprehensive income/(loss) (50%)
    
896
 (1,112)
  
 
Adjustment to previously recognised share of profit from prior year
    
—
(13)
  
 
Unrecognised share of (profit)/loss
    
(896)
 1,125
  
 
Group’s share of total comprehensive loss (50%)
    
—
 —
  

d.
Complexio

•
In March 2023, the Group and Simbolo Holdings Limited entered into a share purchase agreement where the Group purchased 50% of Class A shares (with voting rights) in Quintessential AI Limited (“Q-AI”). As a result of the transaction, the Group has joint control (with Simbolo Holdings having the remainder of Class A shares) of Q-AI; with a 36.7%3 ownership interest. Q-AI is incorporated in London and operates in the software development industry. Accordingly, the Group has classified its interest in Q-AI as a joint venture.

•
The Company was renamed to Complexio Limited (“Complexio”) on 1 May 2024.

•
The following table summarises the financial information of Complexio as included in its own consolidated financial statements. The table also reconciles the summarised financial information to the carrying amount of the Group’s interest in Complexio.

1 After accounting for the treasury shares held by the Company.
 
29
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026
Note 5: Joint ventures CONTINUED
 
       
 31 March 2026
USD’000
31 December 2025
USD’000
  
 
Percentage ownership interest
    
36.7%
36.7%
  
             
 
Non-current assets
    
 6,381
 6,956
  
 
Current assets
    
 2,302
 6,401
  
 
Non-current liabilities
    
(219)
-
  
 
Current liabilities
    
(25,422)
                             (23,143)
  
 
Net liabilities (100%)
    
 (16,958)
                               (9,786)
  
             
 
Group’s share of net liabilities (36.7%)
    
(6,224)
(3,591)
  
 
Unrecognised share of liabilities
    
6,223
3,457
  
 
Translation reserve
    
1
134
  
 
Carrying amount of interest in joint venture
    
—
—
  
             
 
Revenue
    
578
1,311
  
 
Other income
    
—
—
  
 
Expenses
    
(8,113)
(19,746)
  
 
Loss and total comprehensive loss (100%)
    
(7,535)
(18,435)
  
             
 
Loss and total comprehensive loss (36.7%)
    
(2,765)
                               (6,766)
  
 
Unrecognised share of loss for the current period
    
2,765
                                  3,457
  
 
Adjustment to previously recognised share of profit from prior year
    
—
558
  
 
Group’s share of total comprehensive loss (36.7%)
    
—
(2,751)
  

e.
Seascale

•
In March 2025, the Group and Cargill entered into a joint arrangement, Seascale Energy Pte Ltd (“Seascale”), in which the Group has joint control and 50% ownership interest. Seascale is incorporated in Singapore and provides bunker procurement services.  Accordingly, the Group has classified its interest in Seascale as a joint venture.

•
The following table summarises the financial information of Seascale as included in its own consolidated financial statements. The table also reconciles the summarised financial information to the carrying amount of the Group’s interest in Seascale.

       
 31 March 2026
USD’000
31 December 2025
USD’000
  
 
Percentage ownership interest
    
50%
50%
  
             
 
Current assets
    
8,648
8,356
  
 
Current liabilities
    
(1,907)
(3,782)
  
 
Net assets (100%)
    
6,741
 4,574
  
             
 
Group’s share of net assets (50%)
    
3,371
2,287
  
             
 
Revenue
    
4,131
 9,273
  
 
Other income
    
66
 48
  
 
Expenses
    
(2,029)
(4,798)
  
 
Profit and total comprehensive income (100%)
    
2,168
 4,523
  
             
 
Group’s share of total comprehensive income (50%)
    
1,084
2,262
  

30
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026
Note 6: Segment information
 
 
For the 3 months ended 31 March 2026
LR21
USD’000
LR12
USD’000
MR3
USD’000
Handy4
USD’000
Total
USD’000
  
 
Revenue (Hafnia Vessels and TC Vessels)
 20,690
 130,936
 177,862
 84,006
 413,494
  
 
Revenue (External Vessels in Disponent-Owner Pools)
 26,281
 75,860
 137,826
 18,332
 258,299
  
 
Voyage expenses (Hafnia Vessels and TC Vessels)
 (1,619)
 (44,367)
 (55,084)
 (29,358)
 (130,428)
  
 
Voyage expenses (External Vessels in Disponent-Owner Pools)
 (5,936)
 (19,295)
 (48,855)
 (5,730)
 (79,816)
  
 
Pool distributions for External Vessels in Disponent-Owner Pools
 (20,345)
 (56,565)
 (88,971)
 (12,602)
 (178,483)
  
 
TCE Income5
 19,071
 86,569
 122,778
 54,648
 283,066
  
               
 
Other operating income
 770
 1,926
 3,232
 1,043
 6,971
  
 
Vessel operating expenses
 (4,344)
 (16,703)
 (29,927)
 (15,344)
 (66,318)
  
 
Technical management expenses
 (334)
 (1,345)
 (2,576)
 (1,488)
 (5,743)
  
 
Charter hire expenses
—
 (1,420)
 (7,391)
—
 (8,811)
  
               
 
Adjusted EBITDA5
 15,163
 69,027
 86,116
 38,859
 209,165
  
 
Depreciation charge
 (3,009)
 (12,270)
 (23,162)
 (9,451)
 (47,892)
  
           
161,273
  
 
Unallocated
        
19,245
  
 
Profit before income tax
        
180,518
  

The Group intends to wind down its Handy and LR2 pool operations during the financial year ending 31 December 2026. The Group will exit pooling activities in the Handy segment following the sale of its Handy vessels operating in the spot market and upon the disposal of the remaining third-party owned vessels, which is expected to occur over the coming quarter. The majority of the Group’s owned LR2 vessels will instead be employed under time charter arrangements, consistent with the employment strategy for the remaining owned Handy vessels. 
 
 
For the 3 months ended 31 March 2025
LR21
USD’000
LR12
USD’000
MR3
USD’000
Handy4
USD’000
Total
USD’000
  
 
Revenue (Hafnia Vessels and TC Vessels)
          27,596
                 88,491
             158,720
65,536
              340,343
  
 
Revenue (External Vessels in Disponent-Owner Pools)
          14,733
                 50,130
             122,952
19,752
              207,567
  
 
Voyage expenses (Hafnia Vessels and TC Vessels)
           (9,300)
               (33,682)
              (51,141)
(27,469)
            (121,592)
  
 
Voyage expenses (External Vessels in Disponent-Owner Pools)
           (6,582)
               (19,757)
              (51,683)
(8,201)
              (86,223)
  
 
Pool distributions for External Vessels in Disponent-Owner Pools
           (8,152)
               (30,373)
              (71,268)
(11,551)
            (121,344)
  
 
TCE Income5
          18,295
54,809
107,580
38,067
218,751
  
               
 
Other operating income
 791
 1,222
 2,667
 2,316
 6,996
  
 
Vessel operating expenses
 (3,840)
 (16,210)
 (32,907)
 (15,142)
 (68,099)
  
 
Technical management expenses
 (284)
 (1,163)
 (2,470)
 (1,301)
 (5,218)
  
 
Charter hire expenses
—
 (2,504)
 (6,118)
—
 (8,622)
  
               
 
Adjusted EBITDA5
 14,962
 36,154
 68,752
 23,940
 143,808
  
 
Depreciation charge
 (3,070)
 (13,088)
 (24,923)
 (8,370)
 (49,451)
  
           
94,357
  
 
Unallocated
        
(29,748)
  
 
Profit before income tax
        
64,609
  

1 Vessels between 85,000 DWT and 124,999 DWT in size and provides transportation of clean petroleum oil products.
2 Vessels between 55,000 DWT and 84,999 DWT in size and provides transportation of clean and dirty petroleum products.
3 Vessels between 40,000 DWT and 54,999 DWT in size and provides transportation of clean and dirty oil products, vegetable oil and easy chemicals; inclusive of IMO II vessels
4 Vessels between 25,000 DWT and 39,999 DWT in size and provides transportation of clean and dirty oil products, vegetable oil and easy chemicals; inclusive of IMO II vessels
5 See Non-IFRS Measures in Note 9.

31
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026
Note 7: Subsequent events
 
On 3 April 2026, the Group announced that it had signed a contract for the construction of eight MR newbuild product tankers with Hyundai Heavy Industries (HHI), for a total purchase price of approximately USD 405 million; with deliveries expected between the third quarter of 2028 and the second quarter of 2029.
 
On 9 April 2026, the Group sold and delivered two Handy vessels, Hafnia Sunda and Hafnia Magellan, to an external party.
 
On 13 April 2026, the Group sold and delivered an LR1 vessel, Hafnia Shinano, to an external party.
 
On 17 April 2026, the Group sold and delivered a Handy vessel, Hafnia Torres, to an external party.
 
On 29 April 2026, the Group sold and delivered a MR vessel, Hafnia Leo, to an external party.
 
On 15 May 2026, the Group has exercised two options with HHI for delivery in 2029.
 
32
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026
Note 8: Fleet list
 
 
Vessel
     DWT
   Year Built
           Type
  
Vessel
     DWT
   Year Built
           Type
  
 
Hafnia Bering
 39,067
Apr-15
Handy
  
Hafnia Neso
109,990
Jul-19
LR2
  
 
Hafnia Magellan3
39,067
May-15
Handy
  
Hafnia Thalassa
109,990
Sep-19
LR2
  
 
Hafnia Soya
39,067
Nov-15
Handy
  
Hafnia Triton
109,990
Oct-19
LR2
  
 
Hafnia Sunda3
39,067
Sep-15
Handy
  
Hafnia Languedoc1
109,999
Mar-23
LR2
  
 
Hafnia Torres3
39,067
May-16
Handy
  
Hafnia Larvik1
109,999
Oct-23
LR2
  
 
Hafnia Kallang
74,189
Jan-17
LR1
  
Hafnia Loire1
109,999
May-23
LR2
  
 
Hafnia Shannon
74,189
Aug-17
LR1
  
Hafnia Lillesand1
109,999
Feb-24
LR2
  
 
Hafnia Shinano3
74,998
Oct-08
LR1
  
Beagle2
49,850
Mar-19
MR
  
 
Hafnia Tagus
74,151
Mar-17
LR1
  
Boxer2
49,852
Jun-19
MR
  
 
Hafnia Yara
74,189
Jul-17
LR1
  
Basset2
49,875
Nov-19
MR
  
 
Hafnia Africa
74,539
May-10
LR1
  
Bulldog2
49,856
Feb-20
MR
  
 
Hafnia Asia
74,490
Jun-10
LR1
  
Hafnia Bobcat
49,999
Aug-14
MR
  
 
Hafnia Australia
74,539
May-10
LR1
  
Hafnia Cheetah
49,999
Feb-14
MR
  
 
Hafnia Hong Kong1
74,999
Jan-19
LR1
  
Hafnia Cougar
49,999
Jan-14
MR
  
 
Hafnia Shanghai1
74,999
Jan-19
LR1
  
Hafnia Eagle
49,999
Jul-15
MR
  
 
Hafnia Guangzhou1
74,999
Jul-19
LR1
  
Hafnia Egret
49,999
Nov-14
MR
  
 
Hafnia Beijing1
74,999
Oct-19
LR1
  
Hafnia Falcon
49,999
Feb-15
MR
  
 
Sunda2
79,902
Jul-19
LR1
  
Hafnia Hawk
49,999
Jun-15
MR
  
 
Karimata2
79,885
Aug-19
LR1
  
Hafnia Jaguar
49,999
Mar-14
MR
  
 
Hafnia Shenzhen1
74,999
Aug-20
LR1
  
Hafnia Kestrel
49,999
Aug-15
MR
  
 
Hafnia Nanjing1
74,999
Jan-21
LR1
  
Hafnia Leopard
49,999
Jan-14
MR
  
 
Hafnia Excelsior
74,665
Jan-16
LR1
  
Hafnia Lioness
49,999
Jan-14
MR
  
 
Hafnia Executive
74,319
May-16
LR1
  
Hafnia Lynx
49,999
Nov-13
MR
  
 
Hafnia Prestige
74,996
Nov-16
LR1
  
Hafnia Merlin
49,999
Sep-15
MR
  
 
Hafnia Providence
74,996
Aug-16
LR1
  
Hafnia Myna
49,999
Oct-15
MR
  
 
Hafnia Pride
74,997
Jul-16
LR1
  
Hafnia Osprey
49,999
Oct-15
MR
  
 
Hafnia Excellence
74,613
May-16
LR1
  
Hafnia Panther
49,999
Jun-14
MR
  
 
Hafnia Exceed
74,664
Feb-16
LR1
  
Hafnia Petrel
49,999
Jan-16
MR
  
 
Hafnia Expedite
74,634
Jan-16
LR1
  
Hafnia Puma
49,999
Nov-13
MR
  
 
Hafnia Express
74,663
May-16
LR1
  
Hafnia Raven
49,999
Nov-15
MR
  
 
Hafnia Excel
74,547
Nov-15
LR1
  
Hafnia Swift
49,999
Jan-16
MR
  
 
Hafnia Precision
74,996
Oct-16
LR1
  
Hafnia Tiger
49,999
Mar-14
MR
  
 
Hafnia Experience
74,669
Mar-16
LR1
  
BW Wren
49,999
Mar-16
MR
  
 
Hafnia Pioneer
81,305
Jun-13
LR1
  
Hafnia Ane
49,999
Nov-15
MR
  
 
Hafnia Despina
109,990
Jan-19
LR2
  
Hafnia Crux3
49,999
Feb-12
MR
  
 
Hafnia Galatea
109,990
Mar-19
LR2
  
Hafnia Daisy
49,999
Aug-16
MR
  
 
Hafnia Larissa
109,990
Apr-19
LR2
  
Hafnia Henriette
49,999
Jun-16
MR
  
 
Hafnia Lene
49,999
Jul-15
MR
  
Hafnia Kirsten
49,999
Jan-17
MR
  
 
Hafnia Leo3
49,999
Nov-13
MR
            

1 50% owned through the Vista Shipping Joint Venture
2 Time chartered in vessel
3 Classified as an asset held for sale.
 
33
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026
Note 8: Fleet list CONTINUED
 
 
Vessel
     DWT
   Year Built
           Type
            
 
Hafnia Lise
49,875
Sep-16
MR
            
 
Hafnia Lotte
49,999
Jan-17
MR
            
 
Hafnia Mikala
49,999
May-17
MR
            
 
Hafnia Andrea
49,999
Jun-15
MR
            
 
Hafnia Caterina
49,999
Aug-15
MR
            
 
Orient Challenge1
49,972
Jun-17
MR
            
 
Orient Innovation1
49,997
Jul-17
MR
            
 
Yellow Stars2
49,999
Jul-21
MR
            
 
PS Stars2
49,999
Jan-22
MR
            
 
Hokkaido1
49,948
Oct-25
MR
            
 
Hafnia Almandine
38,506
Feb-15
IMO II – Handy
            
 
Hafnia Amber
38,506
Feb-15
IMO II – Handy
            
 
Hafnia Amethyst
38,506
Mar-15
IMO II – Handy
            
 
Hafnia Ametrine
38,506
Apr-15
IMO II – Handy
            
 
Hafnia Aventurine
38,506
Apr-15
IMO II – Handy
            
 
Hafnia Andesine
38,506
May-15
IMO II – Handy
            
 
Hafnia Aronaldo
38,506
Jun-15
IMO II – Handy
            
 
Hafnia Aquamarine
38,506
Jun-15
IMO II – Handy
            
 
Hafnia Axinite
38,506
Jul-15
IMO II – Handy
            
 
Hafnia Amessi
38,506
Jul-15
IMO II – Handy
            
 
Hafnia Azotic
38,506
Sep-15
IMO II – Handy
            
 
Hafnia Amazonite
38,506
May-15
IMO II – Handy
            
 
Hafnia Ammolite
38,506
Aug-15
IMO II – Handy
            
 
Hafnia Adamite
38,506
Sep-15
IMO II – Handy
            
 
Hafnia Aragonite
38,506
Oct-15
IMO II – Handy
            
 
Hafnia Azurite
38,506
Aug-15
IMO II – Handy
            
 
Hafnia Alabaster
38,506
Nov-15
IMO II – Handy
            
 
Hafnia Achroite
38,506
Jan-16
IMO II – Handy
            
 
Hafnia Turquoise
49,516
Apr-16
IMO II – MR
            
 
Hafnia Topaz
49,561
Jul-16
IMO II – MR
            
 
Hafnia Tourmaline
49,513
Oct-16
IMO II – MR
            
 
Hafnia Tanzanite
49,478
Nov-16
IMO II – MR
            
 
Hafnia Viridian
49,126
Jan-15
IMO II – MR
            
 
Hafnia Violette
49,126
Mar-15
IMO II – MR
            
 
Hafnia Atlantic
49,641
Dec-17
IMO II – MR
            
 
Hafnia Pacific
49,686
Dec-17
IMO II – MR
            
 
Hafnia Valentino
49,126
May-15
IMO II – MR
            
 
Ecomar Gascogne3
49,776
Jan-25
IMO II – MR
            
 
Ecomar Guyenne3
49,763
May-25
IMO II – MR
            
 
Ecomar Garonne3
49,696
Jul-25
IMO II – MR
            
 
Ecomar Gironde3
49,805
Jan-26
IMO II – MR
            

1 Time chartered in vessel
2 50% owned through the H&A Shipping Joint Venture
3 50% owned through the Ecomar Joint Venture

34
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026
Note 9: Non-IFRS measures
 
Throughout this Quarterly Financial Information Q1 2026, we provide a number of key performance indicators used by our management and often used by competitors in our industry.
 
Adjusted EBITDA

“Adjusted EBITDA” is a non-IFRS financial measure and as used herein represents earnings before financial income and expenses, depreciation, impairment, amortization and taxes. Adjusted EBITDA additionally includes adjustments for gain/(loss) on disposal of vessels and/or subsidiaries, share of profit and loss from equity accounted investments, interest income and interest expense, capitalised financing fees written off and other finance expenses. Adjusted EBITDA is used as a supplemental financial measure
by management and external users of financial statements, such as lenders, to assess our operating performance as well as compliance with the financial covenants and restrictions contained in our financing agreements.

We believe that Adjusted EBITDA assists management and investors by increasing comparability of our performance from period to period. This increased comparability is achieved by excluding the potentially disparate effects of interest, depreciation, impairment, amortization and taxes. These are items that could be affected by various changing financing methods and capital structure which may significantly affect profit/(loss) between periods. Including Adjusted EBITDA as a measure benefits investors in selecting between investment alternatives.

Adjusted EBITDA is a non-IFRS financial measure and should not be considered as an alternative to net income or any other measure of our financial performance calculated in accordance with IFRS. Adjusted EBITDA excludes some, but not all, items that affect profit/(loss) and these measures may vary among other companies. Adjusted EBITDA as presented below may not be comparable to similarly titled measures of other companies.

Reconciliation of Non-IFRS measures
 
The following table sets forth a reconciliation of Adjusted EBITDA to profit/(loss) for the financial period, the most comparable IFRS financial measure, for the periods ended 31 March 2026 and 31 December 2025.

   
 For the 3 months ended
31 March 2026
USD’000
For the 3 months ended
31 March 2025
USD’000
  
 
Profit for the financial period
179,730
63,190
  
 
Income tax expenses
788
1,419
  
 
Depreciation charge of property, plant and equipment
47,985
49,525
  
 
Amortisation charge of intangible assets
83
105
  
 
Gain on disposal of assets
(32,526)
—
  
 
Share of profit of equity-accounted investees, net of tax
(9,968)
(3,036)
  
 
Interest income
(2,341)
(2,660)
  
 
Interest expense
12,332
14,361
  
 
Capitalised financing fees written off
—
786
  
 
Other finance expense
1,962
1,403
  
 
Impairment loss on trade receivables
576
—
  
 
Adjusted EBITDA
198,621
125,093
  

Time charter equivalent (or “TCE”)
 
TCE (or TCE income) is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company’s performance despite changes in the mix of charter types (i.e., voyage charters and time charters) under which the vessels may be employed between the periods. We define TCE income as income from time charters and voyage charters (including income from Pools, as described above) for our Hafnia Vessels and TC Vessels less voyage expenses (including fuel oil, port costs, brokers’ commissions and other voyage expenses).

35
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026
Note 9: Non-IFRS measures CONTINUED
 
We present TCE income per operating day1, a non-IFRS measure, as we believe it provides additional meaningful information in conjunction with revenues, the most directly comparable IFRS measure, because it assists management in making decisions regarding the deployment and use of our Hafnia Vessels and TC Vessels and in evaluating their financial performance. Our calculation of TCE income may not be comparable to that reported by other shipping companies.

Reconciliation of Non-IFRS measures

The following table reconciles our revenue (Hafnia Vessels and TC Vessels), the most directly comparable IFRS financial measure, to TCE income per operating day.

 
(in USD’000 except operating days and TCE income per operating day)
 For the 3 months ended
31 March 2026
USD’000
For the 3 months ended
31 March 2025
USD’000
  
 
Revenue (Hafnia Vessels and TC Vessels)
412,923
340,343
  
 
Revenue (External Vessels in Disponent-Owner Pools)
258,299
207,567
  
 
Less: Voyage expenses (Hafnia Vessels and TC Vessels)
(130,428)
(121,592)
  
 
Less: Voyage expenses (External Vessels in Disponent-Owner Pools)
(79,816)
(86,223)
  
 
Less: Pool distributions for External Vessels in Disponent-Owner Pools
(178,483)
(121,344)
  
 
TCE income
282,495
218,751
  
 
Operating days
9,333
9,514
  
 
TCE income per operating day2
30,266
22,992
  

Revenue, voyage expenses and pool distributions in relation to External Vessels in Disponent-Owner Pools nets to zero, and therefore the calculation of TCE income is unaffected by these items:

 
(in USD’000 except operating days and TCE income per operating day)
 For the 3 months ended
31 March 2026
For the 3 months ended 31 March 2025
  
 
Revenue (Hafnia Vessels and TC Vessels)
412,923
340,343
  
 
Less: Voyage expenses (Hafnia Vessels and TC Vessels)
(130,428)
(121,592)
  
 
TCE income
282,495
218,751
  
 
Operating days
9,333
9,514
  
 
TCE income per operating day2
30,266
22,992
  

‘TCE income’ as used by management is therefore only illustrative of the performance of the Hafnia Vessels and the TC Vessels; not the External Vessels in our Pools.

For the avoidance of doubt, in all instances where we use the term “TCE income” and it is not succeeded by “(voyage charter)”, we are referring to TCE income from revenue and voyage expenses related to both voyage charter and time charter.

1 Operating days are defined as the total number of days (including waiting time) in a period during which each vessel is owned, partly owned, operated under a bareboat arrangement (including sale and lease-back) or time chartered-in, net of technical off-hire days. Total operating days stated in the quarterly financial information include operating days for TC Vessels.
 
2 TCE per day presented here for the 3 months ended 31 March 2026 includes USD 0.6 million of prior period adjustments to operating segments that Hafnia exited in prior financial years.


 36