6-K
Hafnia Ltd (HAFN)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of August, 2025.
Commission File Number: 001-41996
HAFNIA LIMITED
c/o Hafnia SG Pte Ltd
10 Pasir Panjang Road,
#18-01 Mapletree Business City,
Singapore 117438
+65 6434 3770
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F ☑ Form 40-F ☐
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached to this Report on Form 6-K as Exhibit 99.1 is the report of Hafnia Limited (the “Company”) of its condensed consolidated interim financial information results for the second quarter and half-year ended June 30, 2025.
The information contained in Exhibit 99.1 to this Report on Form 6-K, except for the commentary of Hafnia CEO Mikael Skov, the section entitled “Highlights – Q2 and H1 2025” and the section entitled “Responsibility statements” is hereby incorporated by reference into the Company’s registration statement on Form F-3 (File No. 333-287637) that was filed with the U.S. Securities and Exchange Commission effective May 29, 2025.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| HAFNIA LIMITED | ||
|---|---|---|
| By: | /s/ Petrus Wouter Van Echtelt | |
| Name: | Petrus Wouter Van Echtelt, | |
| Title: | Chief Financial Officer | |
| Date: August 27, 2025 |
Exhibit 99.1
| The positive momentum of Hafnia’s second quarter in 2025 has continued into the third quarter, with continued growth in trade volumes and tonne-miles. This has been driven by strong<br> underlying global demand and improved refining margins, which has boosted the spot market.<br><br> <br>I am pleased to announce that Hafnia reported strong earnings, with a net profit of USD 75.3 million in Q2 2025, with our commercially managed<br> pool and bunker procurement business contributing USD 7.9 million^1^<br> of the total result. Our Q2 performance was affected by several vessels undergoing scheduled drydocking, leading to approximately 630 off-hire days during the quarter, and we anticipate another 510 off-hire days in Q3.<br><br> <br><br><br> <br>At the end of the second quarter, our net asset value (NAV^2^) stood at<br> approximately USD 3.3 billion, translating to an NAV per share of about USD 6.55 (~NOK 66.07). Our net<br> Loan-to-Value (LTV) ratio remained unchanged from the first quarter at 24.1%, balancing a decrease in our vessel market values and a further reduction in our debt.<br><br> <br><br><br> <br>I am pleased to announce a payout ratio of 80% for the second quarter. We will distribute a total of USD 60.3 million or USD<br> 0.1210 per share in dividends. |
|---|
In May, we took delivery of the Ecomar Guyenne, the second vessel in the dual-fuel methanol MR (IMO II) newbuild fleet, together with our partner Socatra. In July, we took delivery of the Ecomar Garonne, the third vessel in the joint venture.
Seascale Energy - our bunker joint venture with Cargill commenced operations in mid-May, where the joint venture will be accounted for using the equity method.
In July, we concluded a USD 715 million revolving credit facility with a syndicate of 11 banks. This facility has since been partially used to refinance
existing debt. A competitive margin and attractive structure enabled us to lower our overall funding cost and cash flow breakeven levels, strengthening our liquidity position and providing flexibility for future growth.
We expect Hafnia’s strong performance to continue into the third quarter, influenced by our current bookings and solid market conditions, with OPEC’s production boosting refinery throughput, generating positive momentum for product tanker demand. On a macro level, geopolitical conflicts, sanctions, trade policies, and tariffs continue to shape trade flows, and we continue to closely monitor these developments. With limited newbuild contracts in 2025, the orderbook-to-fleet ratio remains around 20%, and incoming deliveries could impact the market unless offset via meaningful scrapping. This has yet to materialize, despite many vessels built in the 2000s are now reaching secondary trading or scrapping age. Simultaneously, a significant number of LR2s have moved to trading in the crude space, limiting product supply growth.
As of 15 August 2025, 75% of the Q3 earning days are covered at an average of USD 25,395 per day, and 48% of the earning days for the remainder of the year are covered at USD 25,158 per day.
As we conclude the first half of 2025, we are encouraged by the ongoing strength of the product tanker market, driven by strong demand and solid fundamentals. I believe Hafnia is well-positioned for the future. Our young, modern fleet and recent refinancing give us a strong stance amid market fluctuations, as well as the flexibility to pursue new opportunities.
Mikael Skov
CEO Hafnia
^^
^1^ Excluding a one-off item amounting to USD 0.2 million in Q2 2025. The Group’s bunker procurement business was transferred to its joint venture, Seascale, upon commencement of operations in May 2025.
^2^ NAV is calculated using the fair value of Hafnia’s owned vessels (including joint venture vessels).
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| HAFNIA<br> CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-Q2-AND-H1-2025 | |
|---|---|
| Table of Contents | |
| --- | --- |
| Safe Harbour Statement | 4 |
| Highlights – Q2 and H1 2025 | 5 |
| Key figures | 8 |
| Condensed consolidated statement of comprehensive income | 9 |
| Condensed consolidated balance sheet | 10 |
| Condensed consolidated statement of changes in equity | 11 |
| Condensed consolidated statement of cash flows | 12 |
| Dividend policy | 13 |
| Coverage of earning days | 14 |
| Tanker segment results | 15 |
| Risk factors | 16 |
| Responsibility statements | 16 |
| Notes to the Condensed Consolidated Interim Financial Information | |
| Note 1: General information | 17 |
| Note 2: Basis of preparation | 17 |
| Note 3: Material accounting policies | 17 |
| Note 4: Revenue | 18 |
| Note 5: Property, plant and equipment | 18 |
| Note 6: Shareholders’ equity | 20 |
| Note 7: Borrowings | 21 |
| Note 8: Commitments | 23 |
| Note 9: Financial information | 24 |
| Note 10: Significant related party transactions | 26 |
| Note 11: Joint ventures | 27 |
| Note 12: Segment information | 31 |
| Note 13: Subsequent events | 33 |
| Note 14: Fleet list | 34 |
| Note 15: Non-IFRS measures | 36 |
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| HAFNIA<br> CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-Q2-AND-H1-2025 |
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, as well as other statements relating to the Group’s future business development, financial performance and the industry in which the Group operates.
Prospective investors in Hafnia are cautioned 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.
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 development of the ongoing war between Russia and Ukraine, the conflict between Israel and Hamas, 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<br> 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; |
| --- | --- |
| • | 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 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; |
| --- | --- |
| • | the impact of increasing scrutiny and changing expectations from investors, lenders and other market participants with respect to environmental, social and governance initiatives, objectives and compliance; 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 30 April 2025. Because of these known and unknown risks, uncertainties and assumptions, the outcome may differ materially from those set out in the forward-looking statements. 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.
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| HAFNIA<br> CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-Q2-AND-H1-2025 |
Highlights – Q2 and H1 2025
Financial – Q2
| In Q2 2025, Hafnia recorded a net profit of USD 75.3 million, equivalent to a<br> profit of USD 0.15 per share^1^ (Q2 2024: USD 259.2 million, equivalent to a profit of USD 0.51 per share). |
|---|
| The commercially managed pool and bunker procurement business generated earnings of<br> USD 7.9 million^2^ (Q2 2024: USD 10.7 million). |
| Time Charter Equivalent (TCE)^1^ earnings for Hafnia Limited (the "Company" or "Hafnia", together with its subsidiaries, the "Group") were USD<br> 231.2 million in Q2 2025 (Q2 2024: USD 417.4 million), resulting in an average TCE^3^ of USD 24,452 per day. |
| Adjusted EBITDA^3^ was USD 134.2 million in Q2 2025 (Q2 2024: USD 317.1 million). |
| As of 15 August 2025, 75% of the total earning days of the fleet were covered for Q3 2025 at USD 25, 395 per day. |
| For Q2 2025, Hafnia will distribute a total of USD 60.3 million or USD 0.1210 per share in dividends, corresponding to a<br> payout ratio of 80%. |
Financial – H1
| In H1 2025, Hafnia recorded a net profit of USD 138.5 million, equivalent to a profit of USD 0.28 per share^1^ (H1 2024: USD 478.8 million, equivalent to a profit of USD 0.94 per share). |
|---|
| The commercially managed pool and bunker procurement business generated an income<br> of USD 15.8 million^2^ (H1 2024: USD 20.5 million). |
| Time Charter Equivalent (TCE)^3^ earnings for Hafnia Limited were USD 449.9 million in H1 2025 (H1 2024: USD 796.2 million), resulting in an average TCE^3^ of USD 23,720 per day. |
| Adjusted EBITDA^3^ was USD 259.3 million in H1 2025 (H1 2024: USD 604.1 million). |
^1^ Based on weighted average number of shares as at 30 June 2025.
^2^ Excluding a one-off item amounting to USD 0.2 million in Q2 2025 and USD 1.3 million in H1 2025. From mid-May 2025, the Group transferred its bunker procurement business to its joint venture, Seascale Energy, which is equity accounted.
^3^ See Non-IFRS Measures in Note 15.
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| HAFNIA<br> CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-Q2-AND-H1-2025 |
Highlights – Q2 and H1 2025 CONTINUED
Market
Strong product demand, low global inventories, improving refining margins, and high export volumes have gradually supported the second quarter product tanker market and have continued into the third quarter. Refined product volumes on water have steadily increased, and daily loadings of refined products have grown even more in the third quarter, signalling further strength in the market as we approach the peak earning season.
Underlying demand remains strong, with the IEA forecasting a 0.7 million barrel per day increase in global oil demand in 2025 to 103.7 million barrels per day. OPEC+ plans to boost production by 0.5 million barrels per day in September, supporting near-term crude tanker rates and benefiting the product tanker market through higher refinery throughput and exports.
Global product inventories have fallen below historical averages, with continued drawdowns in both Europe and the US. The ongoing closure of refineries in these regions is expected to further tighten diesel and jet fuel supply, with replacement barrels likely supplied from the Middle East Gulf, adding to product tonne-miles. Refining margins are trending higher, with low refinery maintenance activity expected in the third quarter; these indicators point toward sustained strong oil demand.
The outlook for the product tanker supply remains positive, with limited newbuild activity planned for 2025. As of August 2025, the product tanker orderbook-to-fleet ratio is about 20%, but vessel scrapping has started, supported by an aging fleet, as many vessels built in the early 2000s are now reaching scrapping age. Additionally, vessels built in the latter part of the 2000s are nearing the end of their primary trading life. Furthermore, the capacity from newbuild deliveries has been absorbed by a large number of LR2s and LR1s entering the dirty trade.
The recent EU sanction package on Russia has further tightened the tanker supply effectively, by potentially pushing more vessels into the shadow fleet. By Q3 2025, a total of approximately 800 tankers have been sanctioned. The ban on products refined from Russian crude oil would also contribute to market inefficiencies, expand trade routes, and increase tonne-miles.
Looking ahead to the rest of 2025, we believe the product market is well-positioned for a strong winter season. However, several key factors could influence market dynamics, such as trade policy developments, changes in oil trade routes, sanctions, and ongoing geopolitical tensions.
Fleet
At the end of the quarter, Hafnia’s fleet consisted of 117 owned vessels1
and 9 chartered-in vessels. The Group’s total fleet includes 10 LR2s, 32 LR1s \(including three bareboat-chartered in and
two time-chartered in\), 60 MRs of which 11 are IMO II \(including seven time-chartered in\), and 24 Handy vessels of which 18 are IMO II \(including six
bareboat-chartered in\).
The average estimated broker value of the owned fleet^1^ was USD 3,748 million, of which USD 3,358 million relates to Hafnia’s 100% owned fleet, and USD 390 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 542 million2, the LR1 fleet had a broker value of USD 976 million2, the
MR fleet had a broker value of USD 1,529 million3 and the Handy
vessels had a broker value of USD 701 million4. The unencumbered vessels had a broker value of USD 1,024 million. The chartered-in fleet had a right-of-use asset book value of USD 23.6 million with a corresponding lease liability of USD 24.3 million.
^^
^1^ 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 two IMO II MRs owned through 50% ownership in the Ecomar Joint Venture
^2^ Including USD 293 million relating to Hafnia’s 50% share of six LR1s and four LR2s owned through 50% ownership in the Vista Shipping Joint Venture
^3^ Including USD 97 million relating to Hafnia’s 50% share of two MRs owned through 50% ownership in the H&A Shipping Joint Venture and two IMO II MRs owned through 50% ownership in the Ecomar Joint Venture; and IMO II MR vessels
^4^ Including IMO II Handy vessels
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| HAFNIA<br> CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-Q2-AND-H1-2025 |
Highlights – Q2 and H1 2025 CONTINUED
Hafnia will pay a quarterly dividend of USD 0.1210 per share. The record date will be 4 September 2025.
For shares registered in the Euronext VPS Oslo Stock Exchange, dividends will be distributed in NOK with an ex-dividend date of 3 September 2025 and a payment date on, or
about, 15 September 2025.
For shares registered in the Depository Trust Company, the ex-dividend date will be 4 September 2025, with a payment date on, or about, 10 September 2025.
Please see our separate announcement for additional details regarding the Company’s dividend.
The Condensed Consolidated Interim Financial Information Q2 and H1 2025 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 August 2025.
The investor presentation will be available via live video webcast via the following link:
Click here to join Hafnia's Investor Presentation
on August 27 2025
Meeting ID: 393 651 111 894 9
Passcode: b2ET6oZ3
Download Teams | Join on the web
Dial in by phone: +45 32 72 66 19,,509249796# Denmark, All locations
Find a local number
Phone conference ID: 509 249 796#
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.hafniabw.com
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| HAFNIA<br> CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-Q2-AND-H1-2025 |
Key figures
| USD million | Q1 2025 | Q2 2025 | H1 2025 | |
|---|---|---|---|---|
| Income Statement | ||||
| Operating revenue (Hafnia vessels and TC vessels) | 340.3 | 346.6 | 686.9 | |
| Profit before tax | 64.6 | 78.0 | 142.6 | |
| Profit for the period | 63.2 | 75.3 | 138.5 | |
| Financial items | (13.9) | (8.1) | (21.9) | |
| Share of profit from joint ventures | 3.0 | 3.0 | 6.0 | |
| TCE income^1^ | 218.8 | 231.2 | 449.9 | |
| Adjusted EBITDA^1^ | 125.1 | 134.2 | 259.3 | |
| Balance Sheet | ||||
| Total assets | 3,696.4 | 3,669.9 | 3,669.9 | |
| Total liabilities | 1,418.0 | 1,369.5 | 1,369.5 | |
| Total equity | 2,278.4 | 2,300.4 | 2,300.4 | |
| Cash at bank and on hand^2^ | 188.1 | 194.0 | 194.0 | |
| Key financial figures | ||||
| Return on Equity (RoE) (p.a.)^3^ | 11.1% | 13.2% | 12.1% | |
| Return on Invested Capital (p.a.)^4^ | 9.6% | 10.6% | 10.1% | |
| Equity ratio | 61.6% | 62.7% | 62.7% | |
| Net loan-to-value (LTV) ratio5 | 24.1% | 24.1% | 24.1% | |
| For the 3 months ended 30 June 2025 | LR1 | MR^6^ | Handy^7^ | Total |
| --- | --- | --- | --- | --- |
| Vessels on water at the end of the period8 | 26 | 56 | 24 | 112 |
| Total operating days9 | 2,170 | 4,982 | 1,757 | 9,454 |
| Total calendar days (excluding TC-in) | 2,093 | 4,459 | 2,184 | 9,282 |
| TCE ( per operating day)1 | 28,164 | 22,967 | 19,808 | 24,452 |
| Spot TCE ( per operating day)1 | 28,216 | 22,157 | 19,169 | 24,147 |
| TC-out TCE ( per operating day)1 | 27,579 | 25,741 | 25,339 | 26,050 |
| OPEX ( per calendar day)10 | 8,989 | 8,085 | 7,456 | 8,153 |
| G&A ( per operating day)11 | 1,710 |
All values are in US Dollars.
Vessels on the balance sheet
As of 30 June 2025, total assets amounted to USD 3,669.9 million, of which USD 2,568.7 million represents the carrying value of the Group’s vessels, including dry docking but excluding right-of-use assets, is as follows:
| Balance Sheet<br><br> <br>USD million | LR2 | LR1 | MR^6^ | Handy^7^ | Total |
|---|---|---|---|---|---|
| Vessels (including dry-dock) | 240.4 | 595.6 | 1,174.7 | 558.0 | 2,568.7 |
^1^ See Non-IFRS Measures in Note 15.
^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 vessel bank and finance lease debt (excluding debt for vessels sold but pending legal completion), debt from the pool borrowing base facilities less cash at bank and on hand, divided by broker vessel values (100% owned vessels). The calculation of net loan-to-value does not include debt or values of vessels held through our joint ventures.
^6^ Inclusive of nine IMO II MR vessels.
^7^ Inclusive of 18 IMO II Handy vessels.
^8^ 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 two IMO II MRs owned through 50% ownership in the Ecomar Joint Venture.
^9^ Total operating days include operating days for vessels that are time chartered-in. 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.
^10^ OPEX includes vessel running costs and technical management fees.
^11^ G&A includes all expenses and is adjusted for cost incurred in managing external vessels.
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| HAFNIA<br> CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-Q2-AND-H1-2025 |
Condensed consolidated statement of comprehensive income
| For the 3 months ended 30 June 2025<br><br> <br>USD’000 | For the 3 months ended 30 June 2024<br><br> <br>USD’000 | For the 6 months ended 30 June 2025<br><br> <br>USD’000 | For the 6 months ended 30 June 2024<br><br> <br>USD’000 | |
|---|---|---|---|---|
| Revenue (Hafnia Vessels and TC Vessels)^1^ | 346,564 | 563,098 | 686,907 | 1,084,890 |
| Revenue (External Vessels in Disponent-Owner Pools)^2^ | 207,591 | 268,064 | 415,158 | 531,165 |
| Voyage expenses (Hafnia Vessels and TC Vessels)^1^ | (115,406) | (145,739) | (236,998) | (288,729) |
| Voyage expenses (External Vessels in Disponent-Owner Pools)^2^ | (82,949) | (84,270) | (169,172) | (168,483) |
| Pool distributions for External Vessels in Disponent-Owner Pools^2^ | (124,642) | (183,794) | (245,986) | (362,682) |
| 231,158 | 417,359 | 449,909 | 796,161 | |
| Other operating income^3^ | 8,090 | 10,675 | 17,079 | 20,499 |
| Vessel operating expenses | (68,676) | (69,063) | (136,775) | (138,692) |
| Technical management expenses | (7,001) | (7,607) | (12,219) | (13,326) |
| Charter hire expenses | (8,154) | (11,663) | (16,776) | (21,193) |
| Other expenses | (21,243) | (22,618) | (41,951) | (39,314) |
| 134,174 | 317,083 | 259,267 | 604,135 | |
| Depreciation charge of property, plant and equipment | (50,977) | (54,595) | (100,502) | (108,388) |
| Amortisation charge of intangible assets | (107) | (251) | (212) | (587) |
| Loss on disposal of assets | – | (100) | – | (100) |
| Operating profit | 83,090 | 262,137 | 158,553 | 495,060 |
| Capitalised financing fees written off | (6) | – | (792) | (1,663) |
| Interest income | 3,424 | 4,479 | 6,084 | 7,284 |
| Interest expense | (12,475) | (13,215) | (26,836) | (29,042) |
| Other finance income/(expense) | 1,005 | (1,185) | (398) | (5,398) |
| Finance expense – net | (8,052) | (9,921) | (21,942) | (28,819) |
| Share of profit of equity-accounted investees, net of tax | 2,957 | 8,553 | 5,993 | 15,842 |
| Profit before income tax | 77,995 | 260,769 | 142,604 | 482,083 |
| Income tax expense | (2,660) | (1,572) | (4,079) | (3,315) |
| Profit for the financial period | 75,335 | 259,197 | 138,525 | 478,768 |
| Other comprehensive (loss)/income: | ||||
| Items that may be subsequently reclassified to profit or loss: | ||||
| Foreign operations – foreign currency translation differences | 164 | – | 247 | 23 |
| Fair value (losses)/gains on cash flow hedges | (731) | 4,623 | (3,770) | 18,747 |
| Reclassification to profit or loss | (3,054) | (8,032) | (5,734) | (16,424) |
| (3,621) | (3,409) | (9,257) | 2,346 | |
| Items that will not be subsequently reclassified to profit or loss: | ||||
| Equity investments at FVOCI – net change in fair value | – | – | – | 1,260 |
| Total other comprehensive (loss)/income | (3,621) | (3,409) | (9,257) | 3,606 |
| Total comprehensive income for the period, net of tax | 71,714 | 255,788 | 129,268 | 482,374 |
| Earnings per share attributable to the equity holders of the Company | ||||
| Basic no. of shares | 498,369,364 | 509,156,418 | 498,369,364 | 509,156,418 |
| Basic earnings in USD per share | 0.15 | 0.51 | 0.28 | 0.94 |
| Diluted no. of shares | 503,985,265 | 514,834,444 | 503,985,265 | 514,834,444 |
| Diluted earnings in USD per share | 0.15 | 0.51 | 0.27 | 0.93 |
^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.
^3^Including
a one -off item amounting to USD 0.2 million in Q2 2025 and USD 1.3 million in H1 2025.
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| HAFNIA<br> CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-Q2-AND-H1-2025 |
Condensed consolidated balance sheet
| As at 30 June 2025<br><br> <br>USD’000 | As at 31 December 2024<br><br> <br>USD’000 | |
|---|---|---|
| Vessels | 2,459,641 | 2,521,223 |
| Dry docking and scrubbers | 109,064 | 66,945 |
| Right-of-use assets – Vessels | 23,574 | 18,661 |
| Other property, plant and equipment | 655 | 733 |
| Total property, plant and equipment | 2,592,934 | 2,607,562 |
| Intangible assets | 298 | 510 |
| Total intangible assets | 298 | 510 |
| Other investments | 23,069 | 23,069 |
| Derivative financial instruments | 4,320 | 12,024 |
| Restricted cash^1^ | 10,000 | 13,542 |
| Loans receivable from joint ventures | 61,318 | 64,133 |
| Joint ventures | 87,562 | 81,371 |
| Total other non-current assets | 186,269 | 194,139 |
| Total non-current assets | 2,779,501 | 2,802,211 |
| Intangible assets | 17,902 | 5,919 |
| Total intangible assets | 17,902 | 5,919 |
| Inventories | 82,307 | 94,155 |
| Loan receivables from joint venture | 1,172 | – |
| Trade and other receivables, and prepayments | 465,956 | 503,836 |
| Derivative financial instruments | 9,775 | 12,601 |
| Cash at bank and on hand | 194,022 | 195,271 |
| Cash retained in the commercial pools^2^ | 119,289 | 88,297 |
| Total other current assets | 872,521 | 894,160 |
| Total current assets | 890,423 | 900,079 |
| Total assets | 3,669,924 | 3,702,290 |
| Share capital | 1,093,055 | 1,093,055 |
| Other reserves | 507,317 | 517,713 |
| Treasury shares | (78,449) | (53,439) |
| Retained earnings | 778,524 | 705,177 |
| Total shareholders’ equity | 2,300,447 | 2,262,506 |
| Borrowings | 631,058 | 785,954 |
| Total non-current liabilities | 631,058 | 785,954 |
| Borrowings | 395,629 | 336,295 |
| Derivative financial instruments | 177 | 1,939 |
| Current income tax liabilities | 4,559 | 2,757 |
| Trade and other payables | 338,054 | 312,839 |
| Total current liabilities | 738,419 | 653,830 |
| Total liabilities | 1,369,477 | 1,439,784 |
| Total shareholders’ equity and liabilities | 3,669,924 | 3,702,290 |
^1^ Restricted
cash includes cash placed in debt service reserve and 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.
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| HAFNIA<br> CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-Q2-AND-H1-2025 |
Condensed consolidated statement of changes in equity
| Share<br><br> <br>capital<br><br> <br>USD’000 | Share<br><br> <br>premium<br><br> <br>USD’000 | Contributed<br><br> <br>surplus<br><br> <br>USD’000 | Translation<br><br> <br>reserve<br><br> <br>USD’000 | Hedging<br><br> <br>reserve<br><br> <br>USD’000 | Treasury<br><br> <br>shares<br><br> <br>USD’000 | Capital<br><br> <br>reserve<br><br> <br>USD’000 | Share-based<br><br> <br>payment<br><br> <br>reserve<br><br> <br>USD’000 | Fair<br><br> <br>value<br><br> <br>reserve<br><br> <br>USD’000 | Retained<br><br> <br>earnings<br><br> <br>USD’000 | Total<br><br> <br>USD’000 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance at<br><br> <br>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<br><br> <br>share-based<br><br> <br>payment | – | – | – | – | – | – | – | 1,507 | – | – | 1,507 |
| Share options<br><br> <br>exercised | – | – | – | – | – | 2,646 | (2,112) | (534) | – | – | – |
| Purchase of<br><br> <br>treasury shares | – | – | – | – | – | (27,656) | – | – | – | – | (27,656) |
| Dividends paid | – | – | – | – | – | – | – | – | – | (65,178) | (65,178) |
| Total<br><br> <br>transactions<br><br> <br>with owners | – | – | – | – | – | (25,010) | (2,112) | 973 | – | (65,178) | (91,327) |
| Total comprehensive income | |||||||||||
| Profit for the<br><br> <br>financial period | – | – | – | – | – | – | – | – | – | 138,525 | 138,525 |
| Other<br><br> <br>comprehensive<br><br> <br>income/(loss) | – | – | – | 247 | (9,504) | – | – | – | – | – | (9,257) |
| Total<br><br> <br>comprehensive<br><br> <br>income for the<br><br> <br>period | – | – | – | 247 | (9,504) | – | – | – | – | 138,525 | 129,268 |
| Balance at 30<br><br> <br>June 2025 | 1,093,055 | – | – | 49 | 11,201 | (78,449) | 480,270 | 4,891 | 10,906 | 778,524 | 2,300,447 |
| Balance at<br><br> <br>1 January 2024 | 5,069 | 1,044,849 | 537,112 | (63) | 39,312 | (17,951) | (25,137) | 3,788 | 9,720 | 631,025 | 2,227,724 |
| Transactions with owners | |||||||||||
| Equity-settled<br><br> <br>share-based<br><br> <br>payment | – | – | – | – | – | – | – | 2,960 | – | – | 2,960 |
| Share options<br><br> <br>exercised | – | – | – | – | – | 33,358 | (29,593) | (2,830) | – | – | 935 |
| Purchase of<br><br> <br>treasury shares<br><br> <br>and issuance of<br><br> <br>shares | 57 | 43,080 | – | – | – | (68,846) | – | – | – | – | (25,709) |
| Dividends paid | – | – | – | – | – | – | – | – | – | (699,883) | (699,883) |
| Total<br><br> <br>transactions<br><br> <br>with owners | 57 | 43,080 | – | – | – | (35,488) | (29,593) | 130 | – | (699,883) | (721,697) |
| Other transactions | |||||||||||
| Effect of re-<br><br> <br>domiciliation | 1,087,929 | (1,087,929) | (537,112) | – | – | – | 537,112 | – | – | – | – |
| Total other<br><br> <br>transactions | 1,087,929 | (1,087,929) | (537,112) | – | – | – | 537,112 | – | – | – | – |
| Total comprehensive income | |||||||||||
| Profit for the<br><br> <br>financial year | – | – | – | – | – | – | – | – | – | 774,035 | 774,035 |
| Other<br><br> <br>comprehensive<br><br> <br>(loss)/income | – | – | – | (135) | (18,607) | – | – | – | 1,186 | – | (17,556) |
| Total<br><br> <br>comprehensive<br><br> <br>income for the<br><br> <br>year | – | – | – | (135) | (18,607) | – | – | – | 1,186 | 774,035 | 756,479 |
| Balance at 31<br><br> <br>December 2024 | 1,093,055 | – | – | (198) | 20,705 | (53,439) | 482,382 | 3,918 | 10,906 | 705,177 | 2,262,506 |
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Condensed consolidated statement of cash flows
| For the 3 months<br><br> <br>ended 30 June 2025<br><br> <br>USD’000 | For the 3 months<br><br> <br>ended 30 June 2024<br><br> <br>USD’000 | For the 6 months<br><br> <br>ended 30 June 2025<br><br> <br>USD’000 | For the 6 months<br><br> <br>ended 30 June 2024<br><br> <br>USD’000 | |
|---|---|---|---|---|
| Cash flows from operating activities | ||||
| Profit for the financial period | 75,335 | 259,197 | 138,525 | 478,768 |
| Adjustments for: | ||||
| - depreciation and amortisation charges | 51,084 | 54,846 | 100,714 | 108,975 |
| - loss on disposal of assets | – | 100 | – | 100 |
| - interest income | (3,424) | (4,479) | (6,084) | (7,284) |
| - finance expense | 11,476 | 14,400 | 28,026 | 36,103 |
| - income tax expense | 2,660 | 1,572 | 4,079 | 3,315 |
| - share of profit of equity accounted investees, net of tax | (2,957) | (8,553) | (5,993) | (15,842) |
| - equity-settled share-based payment transactions | 843 | 1,105 | 1,507 | 1,664 |
| Operating cash flow before working capital changes | 135,017 | 318,188 | 260,774 | 605,799 |
| Changes in working capital: | ||||
| - intangible assets | (5,696) | (2,618) | (11,983) | (5,810) |
| - inventories | 9,981 | 6,540 | 11,848 | 5,823 |
| - trade and other receivables | 59,085 | (22,096) | 41,392 | (31,281) |
| - trade and other payables | (9,269) | 1,550 | 25,277 | (15,998) |
| Cash generated from operations | 189,118 | 301,564 | 327,308 | 558,533 |
| Income tax paid | (1,436) | (909) | (2,269) | (9,360) |
| Net cash provided by operating activities | 187,682 | 300,655 | 325,039 | 549,173 |
| Cash flows from investing activities | ||||
| Acquisition of other investments | – | (308) | – | (661) |
| Purchase of property, plant and equipment | (41,023) | (13,309) | (68,342) | (28,674) |
| Purchase of intangible assets | – | – | – | (22) |
| Proceeds from disposal of property, plant and equipment | – | (100) | – | (100) |
| Proceeds from disposal of other investments | – | – | – | 2,343 |
| Interest income received | 2,720 | 3,189 | 4,455 | 4,987 |
| Loan to joint ventures | (973) | (5,163) | (3,753) | (7,744) |
| Repayment of loan by joint venture company | 6,955 | 21,976 | 6,955 | 21,976 |
| Equity investment in joint venture | (25) | – | (25) | – |
| Return of investment in joint venture | – | 1,360 | – | 1,360 |
| Net cash (used in)/provided by investing activities | (32,346) | 7,645 | (60,710) | (6,535) |
| Cash flows from financing activities | ||||
| Proceeds from borrowings from external financial institutions | 5,000 | – | 7,000 | 30,000 |
| Repayment of borrowings to external financial institutions | (15,669) | (48,073) | (31,338) | (63,798) |
| Repayment of lease liabilities | (38,177) | (23,685) | (91,531) | (137,581) |
| Payment of financing fees | (270) | (875) | (489) | (875) |
| Interest paid to external financial institutions | (14,758) | (20,984) | (30,832) | (42,772) |
| Proceeds from exercise of employee share options | – | 111 | – | 520 |
| Proceeds from settlement of derivatives | 4,535 | 7,873 | 7,652 | 15,796 |
| Dividends paid | (50,546) | (175,666) | (65,178) | (299,186) |
| Purchase of treasury shares | – | – | (27,656) | – |
| Other finance expense paid | (296) | (1,040) | (2,214) | (4,682) |
| Net cash used in financing activities | (110,181) | (262,339) | (234,586) | (502,578) |
| Net increase in cash and cash equivalents | 45,155 | 45,961 | 29,743 | 40,060 |
| Cash and cash equivalents at beginning of the financial period | 268,156 | 216,620 | 283,568 | 222,521 |
| Cash and cash equivalents at end of the financial period | 313,311 | 262,581 | 313,311 | 262,581 |
| Cash and cash equivalents at the end of the financial period consists of: | ||||
| Cash at bank and on hand | 194,022 | 166,691 | 194,022 | 166,691 |
| Cash retained in the commercial pools | 119,289 | 95,890 | 119,289 | 95,890 |
| 313,311 | 262,581 | 313,311 | 262,581 |
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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 vessel bank and finance lease debt (excluding debt for vessels sold but pending legal completion), debt from the pool borrowing base facilities less cash at bank and on hand, divided by broker vessel values (100% owned vessels). The calculation of net loan-to-value does not include debt or 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 Q2
The board has set the quarterly payout ratio at 80% for Q2 2025. This corresponds to a dividend amount
of USD 60.3 million or USD 0.1210 per share.
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Coverage of earning days
As of 15 August 2025, 75% of the projected total operating days in Q3 2025 were covered at USD 25,395 per day. The tables below show the figures for Q3 2025, Q3 and Q4 2025 and the full year figures for 2026.
Hafnia Fleet^1^
| Fleet overview | Q3 and Q4 2025 | 2026 |
|---|---|---|
| Hafnia vessels (average during the period) | ||
| LR2 | 6.0 | 6.0 |
| LR1 | 26.0 | 24.5 |
| MR1 | 55.0 | 55.0 |
| Handy2 | 24.0 | 24.0 |
| Total | 111.0 | 109.5 |
| Covered, % | ||
| LR2 | 44% | 17% |
| LR1 | 39% | 2% |
| MR2 | 57% | 8% |
| Handy3 | 41% | 13% |
| Total | 48% | 8% |
| Covered rates4, per day | ||
| LR2 | 34,248 | 31,074 |
| LR1 | 28,207 | 28,000 |
| MR2 | 24,588 | 22,239 |
| Handy3 | 21,615 | 22,565 |
| Total | 25,158 | 23,623 |
All values are in US Dollars.
The coverage figures include FFA positions, which are mainly covering a triangulation route from Northwest Europe to the US Atlantic Coast (TC2), followed by a haul from the US Gulf back to the European Continent (TC14) for the MR fleet.
For the week beginning 18 August 2025, Hafnia’s pool earnings^1^ averaged:
| • | USD 40,000 per day for the LR2 vessels (round trip estimate), |
|---|---|
| • | USD 34,537 per day for the LR1^5^ vessels, |
| --- | --- |
| • | USD 24,633 per day for the MR^2^ vessels, |
| --- | --- |
| • | USD 24,801 per day for the Handy^3^ vessels. |
| --- | --- |
Joint Venture Fleet^6^
| Fleet overview | Q3 2025 | Q3 and Q4 2025 | 2026 |
|---|---|---|---|
| Joint ventures vessels (average during the period) | |||
| LR2 | 4.0 | 4.0 | 4.0 |
| LR1 | 6.0 | 6.0 | 6.0 |
| MR | 4.7 | 4.9 | 5.7 |
| Total | 14.7 | 14.9 | 15.7 |
^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 duscharge adjustments
^5^ Excluding vessels trading in our Panamax pool
^6^ The figures are presented on a 100% basis. The joint ventures are owned through Hafnia's 50% participation in the Vista Shipping, H&A Shipping and Ecomar joint ventures.
^^
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Coverage of earning days CONTINUED
| Fleet overview | Q3 and Q4 2025 | 2026 |
|---|---|---|
| Covered, % | ||
| LR2 | 100% | 100% |
| LR1 | 28% | - |
| MR | 100% | 100% |
| Total | 71% | 62% |
| Covered rates1, per day | ||
| LR2 | 25,691 | 25,691 |
| LR1 | 31,467 | - |
| MR | 20,845 | 21,374 |
| Total | 24,364 | 23,154 |
All values are in US Dollars.
Tanker segment results
| LR2 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 |
|---|---|---|---|---|
| Operating days (owned) | 506 | 536 | 540 | 545 |
| Operating days (TC-in) | – | – | – | – |
| TCE (USD per operating day)^2^ | 42,829 | 25,772 | 33,911 | 38,241 |
| Spot TCE (USD per operating day)^2^ | 42,829 | 25,508 | 33,911 | 38,596 |
| TC-out TCE (USD per operating day)^2^ | – | – | – | 32,513 |
| Calendar days (excluding TC-in) | 552 | 552 | 540 | 546 |
| OPEX (USD per calendar day) | 8,112 | 7,719 | 7,638 | 8,299 |
| LR1 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 |
| Operating days (owned) | 2,097 | 2,075 | 2,064 | 1,988 |
| Operating days (TC-in) | 367 | 311 | 257 | 182 |
| TCE (USD per operating day)^2^ | 37,564 | 21,266 | 23,418 | 28,164 |
| Spot TCE (USD per operating day)^2^ | 37,689 | 21,378 | 23,307 | 28,216 |
| TC-out TCE (USD per operating day)^2^ | 27,401 | 19,641 | 24,769 | 27,579 |
| Calendar days (excluding TC-in) | 2,163 | 2,111 | 2,070 | 2,093 |
| OPEX (USD per calendar day) | 8,353 | 7,971 | 8,393 | 8,989 |
| MR^3^ | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 |
| Operating days (owned) | 4,550 | 4,476 | 4,127 | 4,362 |
| Operating days (TC-in) | 1,053 | 833 | 606 | 620 |
| TCE (USD per operating day)^2^ | 31,928 | 22,274 | 22,821 | 22,967 |
| Spot TCE (USD per operating day)^2^ | 32,896 | 20,984 | 21,788 | 22,157 |
| TC-out TCE (USD per operating day)^2^ | 27,524 | 26,985 | 26,688 | 25,741 |
| Calendar days (excluding TC-in) | 4,600 | 4,559 | 4,410 | 4,459 |
| OPEX (USD per calendar day) | 8,044 | 8,187 | 8,022 | 8,085 |
| Handy^4^ | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 |
| Operating days (owned) | 2,203 | 2,062 | 1,920 | 1,757 |
| Operating days (TC-in) | – | – | – | – |
| TCE (USD per operating day)^2^ | 31,047 | 24,620 | 19,831 | 19,808 |
| Spot TCE (USD per operating day)^2^ | 31,722 | 24,401 | 19,280 | 19,169 |
| TC-out TCE (USD per operating day)^2^ | 25,307 | 26,856 | 25,160 | 25,339 |
| Calendar days (excluding TC-in) | 2,208 | 2,208 | 2,160 | 2,184 |
| OPEX (USD per calendar day) | 8,142 | 8,270 | 7,611 | 7,456 |
^1^ Covered rates and pool earnings do not include any IFRS 15 load to discharge adjustments.
^2^ TCE represents gross TCE income after adding back pool commissions; See Non-IFRS Measures in Note 15.
^3^ Inclusive of IMO II MR vessels.
^4^ Inclusive of IMO II Handy vessels.
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Risk factors
The Group’s results are largely dependent on the worldwide market for transportation of refined oil products. Market conditions for shipping activities are typically volatile and, as a consequence, the results may vary considerably from year to year. The market in broad terms is dependent upon two factors: the supply of vessels and the demand for oil products. The supply of vessels depends on the number of newbuilds entering the market, the demolition of older tonnage and legislation that limits the use of older vessels or sets new standards for vessels used in specific trades. The demand side depends mainly on developments in global economic activity.
The Group is also exposed to risk in respect of increases in operating costs, such as fuel oil costs. Fuel oil prices are affected by the global political and economic environment. For voyage contracts, the current fuel costs are priced into the contracts. Other risks that Management takes into account are interest rate risk, credit risk, liquidity risk and capital risk. These risks, along with mitigation strategies, are further described in Exhibit 15.2 of the 20F and note 24 of the consolidated financial statements of the Group for the financial year ended 2024 and are principal risks for the remaining six months of 2025.
Responsibility statements
We confirm, to the best of our knowledge, that the set of condensed consolidated interim financial information (‘Interim Financial Information’) for the period from 1 January to 30 June 2025 has been prepared in accordance with IAS 34 – Interim Financial Reporting and gives a true and fair view of the Group’s assets, liabilities, financial position and income statement as a whole. We also confirm, to the best of our knowledge, that the Interim Financial Information includes a fair review of important events that have occurred during the six months period ended 30 June 2025 and their impact on the Interim Financial Information, a description of the principal risks and uncertainties for the remaining six months of the financial year, and major related parties transactions.
Andreas Sohmen-Pao
John Ridgway
Peter Read
Su Yin Anand
Emily Tan
27 August 2025
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Notes to the Condensed Consolidated Interim Financial Information
These notes form an integral part of and should be read in conjunction with the accompanying condensed consolidated financial information.
Note 1: General information
Hafnia Limited (the “Company”) is listed on the Oslo and New York Stock Exchanges. It was incorporated and domiciled in Bermuda, but was redomiciled to Singapore on 1 October 2024, with its registered office located at 10 Pasir Panjang Road, #18-01 Mapletree Business City, Singapore 117438.
The principal activity of the Company (together with its subsidiaries, the “Group”) relates to the provision of global maritime services in the product tankers market.
This Interim Financial Information was authorised for issue by the Board of Directors of the Company on 27 August 2025.
Note 2: Basis of preparation
Statement of compliance
The Interim Financial Information has been prepared in accordance with IAS 34 ‘Interim Financial Reporting’. The Interim Financial Information should be read in conjunction with the annual audited financial statements for the financial year ended 31 December 2024, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”). The Interim Financial Information does not include all the information required for a complete set of financial statements prepared in accordance with IFRS standards. However selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group’s financial position and performance since the last annual financial statements.
Note 3: Material accounting policies
Except as described below, the accounting policies applied in these interim financial statements are the same as those applied in the Group’s consolidated financial statements as at and for the year ended 31 December 2024.
New standards and amendments to published standards effective in 2025
The Group has applied the following amendments to IFRS for the first time for the annual period beginning on 1 January 2025:
| - | Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability |
|---|
The preparation of the Interim Financial Information requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. In preparing this Interim Financial Information, the judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty are the same as those that are applied to the consolidated financial statements for the year ended 31 December 2024.
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Note 4: Revenue
| For the 3 months ended<br><br> <br>30 June 2025<br><br> <br>USD’000 | For the 3 months ended<br><br> <br>30 June 2024<br><br> <br>USD’000 | For the 6 months ended<br><br> <br>30 June 2025<br><br> <br>USD’000 | For the 6 months ended<br><br> <br>30 June 2024<br><br> <br>USD’000 | |
|---|---|---|---|---|
| Hafnia Vessels and TC Vessels | ||||
| Revenue from voyage charter^1^ | 307,055 | 545,846 | 611,858 | 1,025,759 |
| Revenue from time charter | 39,509 | 17,252 | 75,049 | 59,131 |
| Total revenue | 346,564 | 563,098 | 686,907 | 1,084,890 |
The Group’s revenue is generated from the following operating segments: LR2 Product Tankers, LR1 Product Tankers, MR Product Tankers (inclusive of IMO II vessels) and Handy Product Tankers (inclusive of IMO II vessels).
Disaggregation of revenue by operating segments is presented in Note 12.
Note 5: Property, plant and equipment
| Right-of-use<br><br> <br>Assets – Vessels<br><br> <br>USD’000 | Vessels<br><br> <br>USD’000 | Dry docking and<br><br> <br>scrubbers<br><br> <br>USD’000 | Others<br><br> <br>USD’000 | Total<br><br> <br>USD’000 | |
|---|---|---|---|---|---|
| At 30 June 2025 | |||||
| Cost | 239,632 | 3,517,544 | 201,523 | 1,646 | 3,960,345 |
| Accumulated depreciation and impairment charge | (216,058) | (1,057,903) | (92,459) | (991) | 1,367,410 |
| Net book value | 23,574 | 2,459,641 | 109,064 | 655 | 2,592,934 |
| Right-of-use<br><br> <br>Assets – Vessels<br><br> <br>USD’000 | Vessels<br><br> <br>USD’000 | Dry docking and<br><br> <br>scrubbers<br><br> <br>USD’000 | Others<br><br> <br>USD’000 | Total<br><br> <br>USD’000 | |
| --- | --- | --- | --- | --- | --- |
| At 31 December 2024 | |||||
| Cost | 221,713 | 3,510,379 | 156,844 | 1,578 | 3,890,514 |
| Accumulated depreciation and impairment charge | (203,052) | (989,156) | (89,899) | (845) | (1,282,952) |
| Net book value | 18,661 | 2,521,223 | 66,945 | 733 | 2,607,562 |
| a. | The Group organises the commercial management of its fleet of vessels into ten<br> (2024: ten) individual commercial pools: LR1, Panamax, LR2, MR, Handy, Chemical-MR, Chemical-Handy and Small,<br> Intermediate and City (“Specialized”) (2024: LR1, Panamax, LR2, MR, Handy, Chemical-MR, Chemical-Handy and Small, Intermediate and City (“Specialized”)). Each individual commercial pool constitutes a separate cash-generating<br> unit (“CGU”). For vessels outside commercial pools and deployed on a time-charter basis, each of these vessels constitutes a separate CGU. Any time-chartered in vessels which are recognised as right of use (“ROU”) assets by<br> 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 6 months ended 30 June 2025 (6 months ended 30 June 2024: USD Nil).
^1^Revenue from voyage charters also includes revenue from vessels on short -term time charters (less than six months).
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Note 5: Property, plant and equipment CONTINUED
| b. | The Group has mortgaged vessels with a total carrying amount of USD 1,782.0<br> million as at 30 June 2025 (31 December 2024: USD 2,332.6 million) as security over the Group’s bank<br> borrowings. |
|---|---|
| c. | There were additions of USD 17.9 million to right-of-use assets – vessels –<br> as at 30 June 2025 (6 months ended 30 June 2024: USD 10.8 million). |
| --- | --- |
| d. | As at 30 June 2025, the Group has time chartered-in six 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 2026 for these vessels. The current and next average purchase option price are as follows:
| USD’000 | Current average purchase option price^1^ | Next average purchase option price |
|---|---|---|
| LR1 | 40,333 | 39,833 |
| MR | 30,626 | 30,243 |
The time chartered-in days and average time charter rates for these vessels are as follows:
| 2026 | |
|---|---|
| TC in (Days)2 | |
| LR1 (with purchase option) | 425 |
| MR (with purchase option) | 665 |
| Average TC in rate (/Day) | |
| LR1 (with purchase option) | 19,450 |
| MR (with purchase option) | 16,660 |
All values are in US Dollars.
^^
^^
^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 52 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.
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Note 6: Shareholders’ equity
| a. | Issued and fully paid share capital | |||
|---|---|---|---|---|
| Numbers of shares | Share capital<br><br> <br>USD’000 | Share premium<br><br> <br>USD’000 | Total<br><br> <br>USD’000 | |
| --- | --- | --- | --- | --- |
| At 1 January 2025 and 30 June 2025 | 512,563,532 | 1,093,055 | — | 1,093,055 |
| At 1 January 2024 | 506,820,170 | 5,069 | 1,044,849 | 1,049,918 |
| Issuance of shares | 5,743,362 | 57 | 43,080 | 43,137 |
| At 30 June 2024 | 512,563,532 | 5,126 | 1,087,929 | 1,093,055 |
On 27 June 2024, the Company settled borrowed shares from BW Group by way of issuing 2,311,785 new common shares. Following the issuance of the new common shares, there are 512,563,532 issued shares in the Company, each with a nominal value of USD 0.01, all of which have been validly and legally issued and fully paid.
On 29 May 2024, the Company entered into another share lending agreement with BW Group whereby BW Group lent 2,311,785 shares of the Company. The borrowed shares would be redelivered by way of the Company issuing new shares to BW Group at a subscription price of USD 0.01 per share. This allowed the Company to promptly deliver existing shares held in treasury to employees who exercise their vested options under the Long-Term Incentive Plan (LTIP) 2022 and those entitled to receive shares under the Restricted Share Units (RSU) program.
On 2 January 2024, the Company settled borrowed shares from BW Group by way of issuing 3,431,577 new common shares. Following the issuance of the new common shares, there were 510,251,747 issued shares in the Company, each with a nominal value of USD 0.01, all of which have been validly and legally issued and fully paid.
| b. | Treasury shares |
|---|
The reserve for the Company’s treasury shares comprises the cost of the Company’s shares held by the Group. As at 30 June 2025, the Group held 14,573,890 of the Company’s shares (31 December 2024: 9,639,056),
of which the Company intends to cancel 12,721,255 shares.
| c. | Other reserves | ||
|---|---|---|---|
| (i) | As of 30 June 2025<br><br> <br>USD’000 | As of 31 December 2024<br><br> <br>USD’000 | |
| --- | --- | --- | --- |
| Composition: | |||
| Share based payment reserve | 4,891 | 3,918 | |
| Hedging reserve | 11,201 | 20,705 | |
| Capital reserve | 480,270 | 482,382 | |
| Translation reserve | 49 | (198) | |
| Fair value reserve | 10,906 | 10,906 | |
| Total | 507,317 | 517,713 |
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Note 6: Shareholders’ equity CONTINUED
| (ii) | Movements of the reserves are as follows: | For the 6 months ended 30 June 2025<br><br> <br>USD’000 | For the 6 months ended 30 June 2024<br><br> <br>USD’000 |
|---|---|---|---|
| Hedging reserve | |||
| At beginning of the financial period | 20,705 | 39,312 | |
| Fair value gains on cash flow hedges | (3,770) | 18,747 | |
| Reclassification to profit or loss | (5,734) | (16,424) | |
| At end of the financial period | 11,201 | 41,635 |
Note 7: Borrowings
| As at 30 June 2025<br><br> <br>USD’000 | As at 31 December 2024<br><br> <br>USD’000 | |
|---|---|---|
| Current | ||
| Bank borrowings | 312,655 | 252,556 |
| Sale and leaseback liabilities (accounted for as financing transaction) | 59,536 | 64,506 |
| Other lease liabilities | 23,438 | 19,233 |
| Total current borrowings | 395,629 | 336,295 |
| Non-current | ||
| Bank borrowings | 238,952 | 322,820 |
| Sale and leaseback liabilities (accounted for as financing transaction) | 391,277 | 461,924 |
| Other lease liabilities | 829 | 1,210 |
| Total non-current borrowings | 631,058 | 785,954 |
| Total borrowings | 1,026,687 | 1,122,249 |
As at 30 June 2025, bank borrowings consist of nine (31 December 2024: ten) credit facilities from external financial institutions, namely USD 473 million, USD 216 million, USD 84 million (DSF), USD 84 million, USD 39 million, USD 40 million, USD 303 million, and two borrowing base facilities (31 December 2024: USD 473 million, USD 374 million, USD 216 million, USD 84 million (DSF), USD 84 million, USD 39 million, USD 40 million, USD 303 million, and two borrowing base facilities). The USD 374 million facility was terminated as of 30 June 2025, no outstanding amount was due as the term loan was fully repaid in 2023 and the revolving credit facility remained undrawn at time of termination. These facilities are secured by the Group’s fleet of vessels. The table below summarises key information of the bank borrowings:
| Maturity date | |
|---|---|
| Facility amount | |
| 473 million facility | |
| - 413 million term loan | 2026 |
| - 60 million revolving credit facility | 2026 |
| 216 million facility | 2026 |
| 84 million facility (DSF) | 2029 |
| 84 million facility | |
| - 68 million term loan | 2026 |
| 39 million facility | |
| - 30 million term loan | 2025 |
| - 9 million revolving credit facility | 2025 |
| 40 million facility | 2029 |
| 303 million facility | |
| - 303 million revolving credit facility | 2029 |
| Up to 175 million borrowing base facility<br> Up to 175 million borrowing base facility<br> (with an accordion option of up to 75 million) | 2025 |
All values are in US Dollars.
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Note 7: Borrowings CONTINUED
The table below summarises the repayment profile of the bank borrowings:
| For the financial year ended<br><br> <br>31 December 2026 | |
|---|---|
| Repayment profile ’000 | |
| 473 million facility | 58,106 |
| 216 million facility | 118,650 |
| 84 million facility (DSF) | 8,633 |
| 84 million facility | 43,615 |
| 39 million facility | — |
| 40 million facility | 2,874 |
| 303 million facility | — |
| Up to 175 million borrowing base facility<br> Up to 175 million borrowing base facility<br> (with an accordion option of up to 75 million) | — |
All values are in US Dollars.
As at 30 June 2025, bank borrowings of joint ventures consist of ten credit facilities (31 December 2024: ten credit facilities) from external financial institutions (excluded from LTV ratio under key figures). The table below summarises key information of the joint ventures’ bank borrowings:
| Outstanding amount<br><br> USD m | Maturity date | |
|---|---|---|
| Facility amount | ||
| Vista Shipping joint venture | ||
| USD 51.8 million facility | 28.9 | 2031 |
| USD 111.0 million facility | 71.7 | 2032 |
| USD 89.6 million facility | 78.4 | 2033 |
| USD 88.5 million facility | 81.1 | 2031 |
| H&A Shipping joint venture | ||
| USD 22.1 million facility | 16.6 | 2026 |
| USD 23.5 million facility | 18.4 | 2028 |
| Ecomar joint venture | ||
| Vessel 1 French Tax Lease Arrangement | 40.5 | 2032 |
| Vessel 2 French Tax Lease Arrangement | 39.6 | 2032 |
| Vessel 3 French Tax Lease Arrangement | 8.1 | 2032 |
| Vessel 4 French Tax Lease Arrangement | 0.3 | 2033 |
| For the financial year ended<br><br> <br>31 December 2026 | ||
| --- | --- | |
| Repayment profile ’000 | ||
| Vista Shipping joint venture | ||
| 51.8 million facility | 3,453 | |
| 111.0 million facility | 7,400 | |
| 89.6 million facility | 5,271 | |
| 88.5 million facility | 4,917 | |
| H&A Shipping joint venture | ||
| 22.1 million facility | 15,838 | |
| 23.5 million facility | 1,470 | |
| Ecomar joint venture | ||
| Vessel 1 French Tax Lease Arrangement | 5,309 | |
| Vessel 2 French Tax Lease Arrangement | 5,538 | |
| Vessel 3 French Tax Lease Arrangement | 6,466 | |
| Vessel 4 French Tax Lease Arrangement | 1,250 |
All values are in US Dollars.
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Note 7: Borrowings CONTINUED
As at 30 June 2025, the sale and leaseback liabilities (accounted for as financing transaction) 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 amounts relating to the 12 LR1 vessels was USD 310.1 million (31 December 2024: USD 324.8 million), six CTI vessels was USD 99.5 million (31 December 2024: USD 157.9 million), and other finance leases were USD 41.2 million (31 December 2024: USD 43.7 million).
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 30 June 2025 | As at 31 December 2024 | |
|---|---|---|
| Bank borrowings | 6.0% | 6.8% |
| Sale and leaseback liabilities (accounted for as financing transaction) | 6.2% | 6.9% |
Carrying amounts and fair values
The carrying values of the bank borrowings and sale and leaseback liabilities (accounted for as financing transaction) approximate their fair values as they are re-priceable at one-to-three-month intervals.
Note 8: 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 payments^1^ under operating leases to be received after the reporting date are analysed as follows:
| USD’000 | As at 30 June 2025 | As at 31 December 2024 |
|---|---|---|
| Less than one year | 126,665 | 110,715 |
| One to two years | 40,705 | 42,329 |
| Two to five years | 2,314 | 9,348 |
| 169,684 | 162,392 |
Newbuild and operational funding commitments
The Group has equity interests in joint ventures and is obliged to provide its share of working capital for the joint ventures’ newbuild programme and their operations through either equity contributions or shareholder’s loans.
The future minimum capital contributions to be made at the reporting date but not yet recognised are as follows:
| USD’000 | As at 30 June 2025 | As at 31 December 2024 |
|---|---|---|
| Less than one year | 20,532 | 52,917 |
| One to two years | — | 16,778 |
| Two to five years | — | — |
| 20,532 | 69,695 |
^1^Excluding variable lease payments.
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Note 9: Financial information
| Carrying amount | Fair value | |||||||
|---|---|---|---|---|---|---|---|---|
| Fair value<br><br> <br>hedging<br><br> <br>instruments/<br><br> <br>Mandatorily at<br><br> <br>FVTPL – others<br><br> <br>USD’000 | Financial<br><br> <br>assets at<br><br> <br>amortised<br><br> <br>cost<br><br> <br>USD’000 | FVOCI –<br><br> <br>equity<br><br> <br>instruments<br><br> <br>USD’000 | Total<br><br> <br>USD’000 | Level 1<br><br> <br>USD’000 | Level 2<br><br> <br>USD’000 | Level 3<br><br> <br>USD’000 | Total<br><br> <br>USD’000 | |
| At 30 June 2025 | ||||||||
| Financial assets measured at fair value | ||||||||
| Forward foreign exchange contracts | 1,506 | — | — | 1,506 | — | 1,506 | — | 1,506 |
| Forward freight agreements | 1,076 | — | — | 1,076 | — | 1,076 | — | 1,076 |
| Interest rate swaps used for hedging | 11,513 | — | — | 11,513 | — | 11,513 | — | 11,513 |
| Other investments | — | — | 23,069 | 23,069 | — | — | 23,069 | 23,069 |
| 14,095 | — | 23,069 | 37,164 | |||||
| At 30 June 2025 | ||||||||
| Financial assets not measured at fair value | ||||||||
| Loans receivable from joint ventures | — | 62,490 | — | 62,490 | ||||
| Trade and other receivables, and prepayments^1^ | — | 447,115 | — | 447,115 | ||||
| Restricted cash | — | 10,000 | — | 10,000 | ||||
| Cash at bank and on hand | — | 194,022 | — | 194,022 | ||||
| Cash retained in the commercial pools | — | 119,289 | — | 119,289 | ||||
| — | 832,916 | — | 832,916 | |||||
| Carrying amount | Fair value | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- | |
| Fair value hedging<br><br> <br>instruments<br><br> <br>USD’000 | Other financial<br><br> <br>liabilities<br><br> <br>USD’000 | Total<br><br> <br>USD’000 | Level 1<br><br> <br>USD’000 | Level 2<br><br> <br>USD’000 | Level 3<br><br> <br>USD’000 | Total<br><br> <br>USD’000 | ||
| At 30 June 2025 | ||||||||
| Financial liabilities measured at fair value | ||||||||
| Forward freight agreements | (177) | — | (177) | — | (177) | — | (177) | |
| (177) | — | (177) | ||||||
| At 30 June 2025 | ||||||||
| Financial liabilities not measured at fair value | ||||||||
| Bank borrowings | — | (551,607) | (551,607) | |||||
| Sale and leaseback liabilities (accounted for as financing transaction) and other lease liabilities | — | (475,080) | (475,080) | |||||
| Trade and other payables | — | (338,054) | (338,054) | |||||
| — | (1,364,741) | (1,364,741) |
^1^ Excluding prepayments
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Note 9: Financial information CONTINUED
| Carrying amount | Fair value | |||||||
|---|---|---|---|---|---|---|---|---|
| Fair value<br><br> <br>hedging<br><br> <br>instruments/<br><br> <br>Mandatorily at<br><br> <br>FVTPL – others<br><br> <br>USD’000 | Financial<br><br> <br>assets at<br><br> <br>amortised<br><br> <br>cost<br><br> <br>USD’000 | FVOCI –<br><br> <br>equity<br><br> <br>instruments<br><br> <br>USD’000 | Total<br><br> <br>USD’000 | Level 1<br><br> <br>USD’000 | Level 2<br><br> <br>USD’000 | Level 3<br><br> <br>USD’000 | Total<br><br> <br>USD’000 | |
| At 31 December 2024 | ||||||||
| Financial assets measured at fair value | ||||||||
| Forward freight agreements | 1,690 | — | — | 1,690 | — | 1,690 | — | 1,690 |
| Interest rate swaps used for hedging | 22,935 | — | — | 22,935 | — | 22,935 | — | 22,935 |
| Other investments | — | — | 23,069 | 23,069 | — | — | 23,069 | 23,069 |
| 24,625 | — | 23,069 | 47,694 | |||||
| At 31 December 2024 | ||||||||
| Financial assets not measured at fair value | ||||||||
| Loans receivable from joint ventures | — | 64,133 | — | 64,133 | ||||
| Trade and other receivables, and prepayments^1^ | — | 487,677 | — | 487,677 | ||||
| Restricted cash | — | 13,542 | — | 13,542 | ||||
| Cash at bank and on hand | — | 195,271 | — | 195,271 | ||||
| Cash retained in the commercial pools | — | 88,297 | — | 88,297 | ||||
| — | 848,920 | — | 848,920 | |||||
| Carrying amount | Fair value | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- | |
| Fair value hedging<br><br> <br>instruments<br><br> <br>USD’000 | Other financial<br><br> <br>liabilities<br><br> <br>USD’000 | Total<br><br> <br>USD’000 | Level 1<br><br> <br>USD’000 | Level 2<br><br> <br>USD’000 | Level 3<br><br> <br>USD’000 | Total<br><br> <br>USD’000 | ||
| At 31 December 2024 | ||||||||
| Financial liabilities measured at fair value | ||||||||
| Forward foreign exchange contracts | (1,048) | — | (1,048) | — | (1,048) | — | (1,048) | |
| Forward freight agreements | (891) | — | (891) | — | (891) | — | (891) | |
| (1,939) | — | (1,939) | ||||||
| At 31 December 2024 | ||||||||
| Financial liabilities not measured at fair value | ||||||||
| Bank borrowings | — | (575,376) | (575,376) | |||||
| Sale and leaseback liabilities (accounted for as financing transaction) and other lease liabilities | — | (546,873) | (546,873) | |||||
| Trade and other payables | — | (312,839) | (312,839) | |||||
| — | (1,435,088) | (1,435,088) |
The Group has no Level 1 financial assets or liabilities as at 30 June 2025 and 31 December 2024.
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. 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. Other techniques, such as estimated discounted cash flows, are used to determine fair value for the remaining financial instruments.
^^
^1^ Excluding prepayments.
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Note 9: Financial information CONTINUED
If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. The assessment of the fair value of investments in unquoted equity instruments is performed on a quarterly basis based on the latest available data that is reasonably available to the Group.
Level 3 fair values
The Group’s investment in unquoted equity instruments measured at FVOCI using Level 3 fair value measurements were valued using 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 reporting date.
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:
| 30 June 2025<br><br> <br>USD’000 | 31 December 2024<br><br> <br>USD’000 | |
|---|---|---|
| Opening balance | 23,069 | 23,953 |
| Acquisition of equity investments at FVOCI | — | 862 |
| Equity investments at FVOCI – net change in fair value | — | 1,186 |
| Disposal of other investments | — | (2,932) |
| Closing balance | 23,069 | 23,069 |
Note 10: Significant related party transactions
In addition to the related party information disclosed elsewhere in the Interim Financial Information, the following significant transactions took place between the Group and related parties during the financial period on commercial terms agreed by the parties:
| For the 3 months<br><br> <br>ended 30 June 2025<br><br> <br>USD’000 | For the 3 months<br><br> <br>ended 30 June 2024<br><br> <br>USD’000 | For the 6 months<br><br> <br>ended 30 June 2025<br><br> <br>USD’000 | For the 6 months<br><br> <br>ended 30 June 2024<br><br> <br>USD’000 | |
|---|---|---|---|---|
| Purchase of services | ||||
| Support service fees paid/payable to related corporations | 1,873 | 1,715 | 3,744 | 3,446 |
| Rental paid/payable to a related corporation | 231 | 220 | 454 | 440 |
| Rendering of services | ||||
| Management fees received/receivable from related corporations | — | 159 | — | 344 |
| Transactions with joint ventures | ||||
| Management fees received/receivable from joint venture | 810 | 292 | 1,621 | 519 |
| Management fees paid/payable to joint venture | 203 | — | 203 | — |
| Interest income received/receivable from joint venture | 882 | 1,326 | 1,720 | 2,235 |
| Pool arrangements | ||||
| Revenue distributable/distributed to related corporations | 15,063 | 26,297 | 29,175 | 49,280 |
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Note 11: Joint ventures
| As at 30 June 2025<br><br> <br>USD’000 | As at 31 December 2024<br><br> <br>USD’000 | |
|---|---|---|
| Interest in joint ventures | 87,562 | 81,371 |
| 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<br> 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<br> 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<br> information to the carrying amount of the Group’s interest in Vista Shipping. | |
| --- | --- | |
| As at 30 June 2025<br><br> <br>USD’000 | As at 31 December 2024<br><br> <br>USD’000 | |
| --- | --- | --- |
| Percentage ownership interest | 50% | 50% |
| Non-current assets | 420,317 | 427,959 |
| Current assets | 70,547 | 63,657 |
| Non-current liabilities | (294,804) | (317,722) |
| Current liabilities | (51,680) | (45,350) |
| Net assets (100%) | 144,380 | 128,544 |
| Group’s share of net assets (50%) | 72,190 | 64,272 |
| Revenue | 47,904 | 112,907 |
| Other income | 1,643 | 2,623 |
| Expenses | (33,707) | (73,951) |
| Profit and total comprehensive income (100%) | 15,840 | 41,579 |
| Profit and total comprehensive income (50%) | 7,920 | 20,790 |
| Adjustment to previously recognised share of profit from prior year | — | 35 |
| Group’s share of total comprehensive income (50%) | 7,920 | 20,825 |
| 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<br> control and 50% ownership interest. H&A Shipping is domiciled in Singapore and structured as a separate<br> 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<br> 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<br> information to the carrying amount of the Group’s interest in H&A Shipping. | |
| --- | --- |
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Note 11: Joint ventures CONTINUED
| As at 30 June 2025<br><br> <br>USD’000 | As at 31 December 2024<br><br> <br>USD’000 | |
|---|---|---|
| Percentage ownership interest | 50% | 50% |
| Non-current assets | 59,699 | 59,892 |
| Current assets | 6,111 | 5,388 |
| Non-current liabilities | (44,623) | (46,093) |
| Current liabilities | (5,340) | (4,940) |
| Net assets (100%) | 15,847 | 14,247 |
| Group’s share of net assets (50%) | 7,924 | 7,124 |
| Shareholder’s loans | 6,308 | 6,308 |
| Alignment of accounting policies | 152 | 1,153 |
| Carrying amount of interest in joint venture | 14,384 | 14,585 |
| Revenue | 5,304 | 11,459 |
| Other income | 527 | 1,866 |
| Expenses | (5,254) | (10,791) |
| Profit and total comprehensive income (100%) | 577 | 2,534 |
| Profit and total comprehensive income (50%) | 289 | 1,267 |
| Adjustment to previously recognised share of profit from prior year | (474) | — |
| Alignment of accounting policies | (16) | 147 |
| Group’s share of total comprehensive (loss)/income (50%) | (201) | 1,414 |
| 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<br> 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<br> have agreed to provide shareholders’ loans in proportion to their interests to finance the newbuild programme. | |
| --- | --- | |
| • | During the financial year ended 30 June 2025, Hafnia took delivery of two<br> IMO II – MR vessels 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<br> to the carrying amount of the Group’s interest in Ecomar. | |
| --- | --- |
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Note 11: Joint ventures CONTINUED
| As at 30 June 2025<br><br> <br>USD’000 | As at 31 December 2024<br><br> <br>USD’000 | |
|---|---|---|
| Percentage ownership interest | 50% | 50% |
| Non-current assets | 151,698 | 68,964 |
| Current assets | 8,154 | 4,928 |
| Non-current liabilities | (138,380) | (77,032) |
| Current liabilities | (21,738) | — |
| Net liabilities (100%) | (266) | (3,140) |
| Group’s share of net liabilities (50%) | (133) | (1,570) |
| Unrecognised share of losses | 1,438 | 1,633 |
| Translation reserve | (1,305) | (63) |
| Carrying amount of interest in joint venture | — | — |
| Revenue | 7,244 | — |
| Other income | 6,180 | 32 |
| Expenses | (13,224) | (3,321) |
| Profit/(loss) and total comprehensive income (loss) (100%) | 200 | (3,289) |
| Profit/(loss) and total comprehensive income/(loss) (50%) | 100 | (1,645) |
| Adjustment to previously recognised share of loss from prior period | 95 | — |
| Unrecognised share of (profit)/loss for the current period | (195) | 1,633 |
| Group’s share of total comprehensive loss (50%) | — | (12) |
| 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<br> having the remainder of Class A shares) of Q-AI; with a 30.5% ownership interest. Q-AI is incorporated in<br> 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. | |
| --- | --- |
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Note 11: Joint ventures CONTINUED
| • | The following table summarises the financial information of Complexio as included in its own consolidated financial statements. The table also reconciles the summarised financial<br> information to the carrying amount of the Group’s interest in Complexio. | |
|---|---|---|
| As at 30 June 2025<br><br> <br>USD’000 | As at 31 December 2024<br><br> <br>USD’000 | |
| --- | --- | --- |
| Percentage ownership interest | 30.5% | 30.5% |
| Non-current assets | 6,675 | 4,262 |
| Current assets | 3,713 | 4,635 |
| Current liabilities | (8,109) | (653) |
| Net assets (100%) | 2,279 | 8,244 |
| Group’s share of net assets (30.5%) | 695 | 2,514 |
| Revenue | 601 | 647 |
| Other income | — | 85 |
| Expenses | (7,136) | (8,288) |
| Loss and total comprehensive loss (100%) | (6,535) | (7,556) |
| Loss and total comprehensive loss (30.5%) | (1,993) | (2,304) |
| Gain on dilution | — | 592 |
| Group’s share of total comprehensive loss (30.5%) | (1,993) | (1,712) |
| 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<br> 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<br> information to the carrying amount of the Group’s interest in Seascale. | |
| --- | --- | |
| As at 30 June 2025<br><br> <br>USD’000 | ||
| --- | --- | |
| Percentage ownership interest | 50% | |
| Current assets | 1,457 | |
| Current liabilities | (872) | |
| Net assets (100%) | 585 | |
| Group’s share of net assets (50%) | 293 | |
| Revenue | 1,369 | |
| Other income | 8 | |
| Expenses | (843) | |
| Profit and total comprehensive income (100%) | 534 | |
| Group’s share of total comprehensive income (50%) | 267 |
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Note 12: Segment information
| For the 3 months ended 30 June 2025 | LR2^1^<br><br> <br>USD’000 | LR1^2^<br><br> <br>USD’000 | MR^3^<br><br> <br>USD’000 | Handy^4^<br><br> <br>USD’000 | Total<br><br> <br>USD’000 |
|---|---|---|---|---|---|
| Revenue (Hafnia Vessels and TC Vessels) | 30,719 | 91,254 | 168,309 | 56,282 | 346,564 |
| Revenue (External Vessels in Disponent-Owner Pools) | 15,954 | 59,117 | 115,408 | 17,112 | 207,591 |
| Voyage expenses (Hafnia Vessels and TC Vessels) | (9,896) | (30,589) | (53,448) | (21,473) | (115,406) |
| Voyage expenses (External Vessels in Disponent-Owner Pools) | (5,511) | (21,310) | (50,790) | (5,338) | (82,949) |
| Pool distributions for External Vessels in Disponent-Owner Pools | (10,442) | (37,807) | (64,619) | (11,774) | (124,642) |
| TCE Income^5^ | 20,824 | 60,665 | 114,860 | 34,809 | 231,158 |
| Other operating income | 609 | 1,354 | 2,596 | 1,520 | 6,079 |
| Vessel operating expenses | (4,041) | (17,040) | (32,651) | (14,944) | (68,676) |
| Technical management expenses | (490) | (1,773) | (3,401) | (1,337) | (7,001) |
| Charter hire expenses | — | (1,445) | (6,709) | — | (8,154) |
| Adjusted EBITDA^5^ | 16,902 | 41,761 | 74,695 | 20,048 | 153,406 |
| Depreciation charge | (3,107) | (12,898) | (25,501) | (9,400) | (50,906) |
| 102,500 | |||||
| Unallocated | (24,505) | ||||
| Profit before income tax | 77,995 | ||||
| For the 6 months ended 30 June 2025 | LR2^1^<br><br> <br>USD’000 | LR1^2^<br><br> <br>USD’000 | MR^3^<br><br> <br>USD’000 | Handy^4^<br><br> <br>USD’000 | Total<br><br> <br>USD’000 |
| --- | --- | --- | --- | --- | --- |
| Revenue (Hafnia Vessels and TC Vessels) | 58,315 | 179,745 | 327,029 | 121,818 | 686,907 |
| Revenue (External Vessels in Disponent-Owner Pools) | 30,687 | 109,247 | 238,360 | 36,864 | 415,158 |
| Voyage expenses (Hafnia Vessels and TC Vessels) | (19,196) | (64,271) | (104,589) | (48,942) | (236,998) |
| Voyage expenses (External Vessels in Disponent-Owner Pools) | (12,093) | (41,067) | (102,473) | (13,539) | (169,172) |
| Pool distributions for External Vessels in Disponent-Owner Pools | (18,594) | (68,180) | (135,887) | (23,325) | (245,986) |
| TCE Income^5^ | 39,119 | 115,474 | 222,440 | 72,876 | 449,909 |
| Other operating income | 1,400 | 2,576 | 5,263 | 3,836 | 13,075 |
| Vessel operating expenses | (7,881) | (33,250) | (65,558) | (30,086) | (136,775) |
| Technical management expenses | (774) | (2,936) | (5,871) | (2,638) | (12,219) |
| Charter hire expenses | — | (3,949) | (12,827) | — | (16,776) |
| Adjusted EBITDA^5^ | 31,864 | 77,915 | 143,447 | 43,988 | 297,214 |
| Depreciation charge | (6,177) | (25,986) | (50,424) | (17,770) | (100,357) |
| 196,857 | |||||
| Unallocated | (54,253) | ||||
| Profit before income tax | 142,604 |
^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 15.
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Note 12: Segment information CONTINUED
| For the 3 months ended 30 June 2024 | LR2^1^<br><br> <br>USD’000 | LR1^2^<br><br> <br>USD’000 | MR^3^<br><br> <br>USD’000 | Handy^4^<br><br> <br>USD’000 | Total<br><br> <br>USD’000 |
|---|---|---|---|---|---|
| Revenue (Hafnia Vessels and TC Vessels) | 42,909 | 154,113 | 261,078 | 104,998 | 563,098 |
| Revenue (External Vessels in Disponent-Owner Pools) | 29,696 | 92,117 | 123,860 | 22,391 | 268,064 |
| Voyage expenses (Hafnia Vessels and TC Vessels) | (10,216) | (35,980) | (67,360) | (32,183) | (145,739) |
| Voyage expenses (External Vessels in Disponent-Owner Pools) | (9,768) | (27,707) | (39,785) | (7,010) | (84,270) |
| Pool distributions for External Vessels in Disponent-Owner Pools | (19,928) | (64,410) | (84,075) | (15,381) | (183,794) |
| TCE Income^5^ | 32,693 | 118,133 | 193,718 | 72,815 | 417,359 |
| Other operating income | 659 | 2,010 | 4,448 | 1,098 | 8,215 |
| Vessel operating expenses | (3,633) | (16,228) | (33,003) | (16,199) | (69,063) |
| Technical management expenses | (530) | (2,082) | (3,623) | (1,372) | (7,607) |
| Charter hire expenses | — | (2,531) | (9,132) | — | (11,663) |
| Adjusted EBITDA^5^ | 29,189 | 99,302 | 152,408 | 56,342 | 337,241 |
| Depreciation charge | (3,542) | (14,558) | (28,116) | (8,302) | (54,518) |
| 282,723 | |||||
| Unallocated | (21,954) | ||||
| Profit before income tax | 260,769 | ||||
| For the 6 months ended 30 June 2024 | LR2^1^<br><br> <br>USD’000 | LR1^2^<br><br> <br>USD’000 | MR^3^<br><br> <br>USD’000 | Handy^4^<br><br> <br>USD’000 | Total<br><br> <br>USD’000 |
| --- | --- | --- | --- | --- | --- |
| Revenue (Hafnia Vessels and TC Vessels) | 72,410 | 318,224 | 497,655 | 196,601 | 1,084,890 |
| Revenue (External Vessels in Disponent-Owner Pools) | 56,907 | 185,079 | 237,261 | 51,918 | 531,165 |
| Voyage expenses (Hafnia Vessels and TC Vessels) | (14,207) | (81,105) | (131,491) | (61,926) | (288,729) |
| Voyage expenses (External Vessels in Disponent-Owner Pools) | (22,103) | (53,176) | (76,403) | (16,801) | (168,483) |
| Pool distributions for External Vessels in Disponent-Owner Pools | (34,804) | (131,903) | (160,858) | (35,117) | (362,682) |
| TCE Income^5^ | 58,203 | 237,119 | 366,164 | 134,675 | 796,161 |
| Other operating income | 1,418 | 4,034 | 6,876 | 2,343 | 14,671 |
| Vessel operating expenses | (7,957) | (33,422) | (65,846) | (31,467) | (138,692) |
| Technical management expenses | (875) | (3,494) | (6,323) | (2,634) | (13,326) |
| Charter hire expenses | — | (4,716) | (16,477) | — | (21,193) |
| Adjusted EBITDA^5^ | 50,789 | 199,521 | 284,394 | 102,917 | 637,621 |
| Depreciation charge | (6,924) | (29,516) | (55,286) | (16,501) | (108,227) |
| 529,394 | |||||
| Unallocated | (47,311) | ||||
| Profit before income tax | 482,083 |
^^
^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 15.
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Note 13: Subsequent events
From 2 July to 6 August 2025, the Group exercised purchase options on seven of its existing sale-and -leaseback facilities with ICBC Leasing. These transactions were accounted for as an extinguishment of existing sales and leaseback liabilities (accounted for as financing transactions).
On 10 July 2025, the Group entered into a USD 715 million Secured Revolving Credit Facility, with an uncommitted Accordion Tranche of up to USD 417 million to be exercised within two years.
On 21 July 2025, the Group drew down USD 290 million on its USD 715 million Secured Revolving Credit Facility and used part of the proceeds to repay and terminate its existing USD 216 million and USD 84 million facilities. The remaining proceeds were used for the exercise of purchase options and fees.
On 22 July 2025, the Group took delivery of an IMO II – MR vessel, Ecomar Garonne, through its ECOMAR joint venture.
On 25 July 2025, upon the maturity of its existing sale-and -leaseback facility, the Group settled its purchase obligation with Sole Shipping. This transaction was accounted for as an extinguishment of an existing sale and leaseback liability (accounted for as financing transaction).
On 6 August 2025, the Group committed to the sale of Hafnia Lupus to an external party, pending delivery.
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Note 14: 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 Magellan | 39,067 | May-15 | Handy | Hafnia Thalassa | 109,990 | Sep-19 | LR2 |
| Hafnia Malacca | 39,067 | Jul-15 | Handy | Hafnia Triton | 109,990 | Oct-19 | LR2 |
| Hafnia Soya | 39,067 | Nov-15 | Handy | Hafnia Languedoc^1^ | 109,999 | Mar-23 | LR2 |
| Hafnia Sunda | 39,067 | Sep-15 | Handy | Hafnia Larvik^1^ | 109,999 | Oct-23 | LR2 |
| Hafnia Torres | 39,067 | May-16 | Handy | Hafnia Loire^1^ | 109,999 | May-23 | LR2 |
| Hafnia Kallang | 74,189 | Jan-17 | LR1 | Hafnia Lillesand^1^ | 109,999 | Feb-24 | LR2 |
| Hafnia Nile^3^ | 74,189 | Aug-17 | LR1 | Beagle^2^ | 49,850 | Mar-19 | MR |
| Hafnia Seine | 74,998 | May-08 | LR1 | Boxer^2^ | 49,852 | Jun-19 | MR |
| Hafnia Shinano | 74,998 | Oct-08 | LR1 | Basset^2^ | 49,875 | Nov-19 | MR |
| Hafnia Tagus | 74,151 | Mar-17 | LR1 | Bulldog^2^ | 49,856 | Feb-20 | MR |
| Hafnia Yangtze | 74,996 | Jan-09 | LR1 | Hafnia Bobcat | 49,999 | Aug-14 | MR |
| Hafnia Yarra | 74,189 | Jul-17 | LR1 | Hafnia Cheetah | 49,999 | Feb-14 | MR |
| Hafnia Zambesi | 74,995 | Jan-10 | LR1 | Hafnia Cougar | 49,999 | Jan-14 | MR |
| Hafnia Africa | 74,539 | May-10 | LR1 | Hafnia Eagle | 49,999 | Jul-15 | MR |
| Hafnia Asia | 74,490 | Jun-10 | LR1 | Hafnia Egret | 49,999 | Nov-14 | MR |
| Hafnia Australia | 74,539 | May-10 | LR1 | Hafnia Falcon | 49,999 | Feb-15 | MR |
| Hafnia Hong Kong^1^ | 74,999 | Jan-19 | LR1 | Hafnia Hawk | 49,999 | Jun-15 | MR |
| Hafnia Shanghai^1^ | 74,999 | Jan-19 | LR1 | Hafnia Jaguar | 49,999 | Mar-14 | MR |
| Hafnia Guangzhou^1^ | 74,999 | Jul-19 | LR1 | BW Kestrel | 49,999 | Aug-15 | MR |
| Hafnia Beijing^1^ | 74,999 | Oct-19 | LR1 | Hafnia Leopard | 49,999 | Jan-14 | MR |
| Sunda^2^ | 79,902 | Jul-19 | LR1 | Hafnia Lioness | 49,999 | Jan-14 | MR |
| Karimata^2^ | 79,885 | Aug-19 | LR1 | Hafnia Lynx | 49,999 | Nov-13 | MR |
| Hafnia Shenzhen^1^ | 74,999 | Aug-20 | LR1 | BW Merlin | 49,999 | Sep-15 | MR |
| Hafnia Nanjing^1^ | 74,999 | Jan-21 | LR1 | Hafnia Myna | 49,999 | Oct-15 | MR |
| Hafnia Excelsior | 74,665 | Jan-16 | LR1 | Hafnia Osprey | 49,999 | Oct-15 | MR |
| Hafnia Executive | 74,319 | May-16 | LR1 | Hafnia Panther | 49,999 | Jun-14 | MR |
| Hafnia Prestige | 74,996 | Nov-16 | LR1 | Hafnia Petrel | 49,999 | Jan-16 | MR |
| Hafnia Providence | 74,996 | Aug-16 | LR1 | Hafnia Puma | 49,999 | Nov-13 | MR |
| Hafnia Pride | 74,997 | Jul-16 | LR1 | Hafnia Raven | 49,999 | Nov-15 | MR |
| Hafnia Excellence | 74,613 | May-16 | LR1 | Hafnia Swift | 49,999 | Jan-16 | MR |
| Hafnia Exceed | 74,664 | Feb-16 | LR1 | Hafnia Tiger | 49,999 | Mar-14 | MR |
| Hafnia Expedite | 74,634 | Jan-16 | LR1 | BW Wren | 49,999 | Mar-16 | MR |
| Hafnia Express | 74,663 | May-16 | LR1 | Hafnia Andromeda | 49,999 | May-11 | MR |
| Hafnia Excel | 74,547 | Nov-15 | LR1 | Hafnia Ane | 49,999 | Nov-15 | MR |
| Hafnia Precision | 74,996 | Oct-16 | LR1 | Hafnia Crux | 49,999 | Feb-12 | MR |
| Hafnia Experience | 74,669 | Mar-16 | LR1 | Hafnia Daisy | 49,999 | Aug-16 | MR |
| Hafnia Pioneer | 81,305 | Jun-13 | LR1 | Hafnia Henriette | 49,999 | Jun-16 | MR |
| Hafnia Despina | 109,990 | Jan-19 | LR2 | Hafnia Kirsten | 49,999 | Jan-17 | MR |
| Hafnia Galatea | 109,990 | Mar-19 | LR2 | Hafnia Lene | 49,999 | Jul-15 | MR |
| Hafnia Larissa | 109,990 | Apr-19 | LR2 | Hafnia Leo | 49,999 | Nov-13 | MR |
^^
^1^ 50% owned through the Vista Shipping Joint Venture
^2^ Time chartered in vessel
^3^ Hafnia Nile has been renamed to Hafnia Shannon on 16 July 2025
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Note 14: Fleet list CONTINUED
| Vessel | DWT | Year Built | Type |
|---|---|---|---|
| Hafnia Libra | 49,999 | May-13 | MR |
| Hafnia Lise | 49,875 | Sep-16 | MR |
| Hafnia Lotte | 49,999 | Jan-17 | MR |
| Hafnia Lupus | 49,999 | Apr-12 | MR |
| Hafnia Mikala | 49,999 | May-17 | MR |
| Hafnia Nordica | 53,520 | Mar-10 | MR |
| Hafnia Phoenix | 49,999 | Jul-13 | MR |
| Hafnia Taurus | 49,999 | Jun-11 | MR |
| Hafnia Andrea | 49,999 | Jun-15 | MR |
| Hafnia Caterina | 49,999 | Aug-15 | MR |
| Orient Challenge^1^ | 49,972 | Jun-17 | MR |
| Orient Innovation^1^ | 49,997 | Jul-17 | MR |
| Yellow Stars^2^ | 49,999 | Jul-21 | MR |
| PS Stars^2^ | 49,999 | Jan-22 | 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 Gascogne^3^ | 49,776 | Jan-25 | IMO II – MR |
| Ecomar Guyenne^3^ | 49,763 | May-25 | 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
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Note 15: Non-IFRS measures
Throughout this Interim Financial Information Q2 and H1 2025, 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 30 June 2025 and 30 June 2024.
| For the 3 months ended<br><br> <br>30 June 2025<br><br> <br>USD’000 | For the 3 months ended<br><br> <br>30 June 2024<br><br> <br>USD’000 | For the 6 months ended<br><br> <br>30 June 2025<br><br> <br>USD’000 | For the 6 months ended<br><br> <br>30 June 2024<br><br> <br>USD’000 | |
|---|---|---|---|---|
| Profit for the financial period | 75,335 | 259,197 | 138,525 | 478,768 |
| Income tax expense | 2,660 | 1,572 | 4,079 | 3,315 |
| Depreciation charge of property, plant and equipment | 50,977 | 54,595 | 100,502 | 108,388 |
| Amortisation charge of intangible assets | 107 | 251 | 212 | 587 |
| Loss on disposal of assets | — | 100 | — | 100 |
| Share of profit of equity-accounted investees, net of tax | (2,957) | (8,553) | (5,993) | (15,842) |
| Interest income | (3,424) | (4,479) | (6,084) | (7,284) |
| Interest expense | 12,475 | 13,215 | 26,836 | 29,042 |
| Capitalised financing fees written off | 6 | — | 792 | 1,663 |
| Other finance (income)/expense | (1,005) | 1,185 | 398 | 5,398 |
| Adjusted EBITDA | 134,174 | 317,083 | 259,267 | 604,135 |
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).
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Note 15: Non-IFRS measures CONTINUED
We present TCE income per operating day^1^, 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<br><br> <br>ended 30 June 2025 | For the 3 months<br><br> <br>ended 30 June 2024 | For the 6 months <br><br> ended 30 June 2025 | For the 6 months<br><br> <br>ended 30 June 2024 |
|---|---|---|---|---|
| Revenue (Hafnia Vessels and TC Vessels) | 346,564 | 563,098 | 686,907 | 1,084,890 |
| Revenue (External Vessels in Disponent-Owner Pools) | 207,591 | 268,064 | 415,158 | 531,165 |
| Less: Voyage expenses (Hafnia Vessels and TC Vessels) | (115,406) | (145,739) | (236,998) | (288,729) |
| Less: Voyage expenses (External Vessels in Disponent-Owner Pools) | (82,949) | (84,270) | (169,172) | (168,483) |
| Less: Pool distributions for External Vessels in Disponent-Owner Pools | (124,642) | (183,794) | (245,986) | (362,682) |
| TCE income | 231,158 | 417,359 | 449,909 | 796,161 |
| Operating days | 9,454 | 10,635 | 18,968 | 21,091 |
| TCE income per operating day | 24,452 | 39,244 | 23,720 | 37,750 |
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<br><br> <br>ended 30 June 2025 | For the 3 months<br><br> <br>ended 30 June 2024 | For the 6 months<br><br> <br>ended 30 June 2025 | For the 6 months<br><br> <br>ended 30 June 2024 |
|---|---|---|---|---|
| Revenue (Hafnia Vessels and TC Vessels) | 346,564 | 563,098 | 686,907 | 1,084,890 |
| Less: Voyage expenses (Hafnia Vessels and TC Vessels) | (115,406) | (145,739) | (236,998) | (288,729) |
| TCE income | 231,158 | 417,359 | 449,909 | 796,161 |
| Operating days | 9,454 | 10,635 | 18,968 | 21,091 |
| TCE income per operating day | 24,452 | 39,244 | 23,720 | 37,750 |
‘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.
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