Hafnia Ltd 6-K, filed Aug 28, 2026

Hafnia Ltd (HAFN)

6-K 2026-08-28 For: 2026-06-30

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Added on August 28, 2026

About this 6-K

Hafnia Ltd filed this 6-K on August 28, 2026.

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	HAFNIA LIMITED

	By:	/s/ Petrus Wouter Van Echtelt
	Name:	Petrus Wouter Van Echtelt,
	Title:	Chief Financial Officer

Date: August 28, 2026

Highlights – Q2 and H1 2026	6

Key figures	10

Coverage of earning days	11

Tanker segment results	13

Risk factors	14

Dividend for Q2	14

Responsibility statement	14

Condensed consolidated statement of comprehensive income (Unaudited)	15

Condensed consolidated balance sheet	16

Condensed consolidated statement of changes in equity (Unaudited)	17

Condensed consolidated statement of cash flows (Unaudited)	18

Note 1: General information	19

Note 2: Basis of preparation	19

Note 3: Material accounting policies	19

Note 4: Revenue	20

Note 5: Property, plant and equipment	20

Note 6: Shareholders’ equity	22

Note 7: Borrowings	23

Note 8: Commitments	25

Note 9: Financial information	26

Note 10: Significant related party transactions	28

Note 11: Segment information	29

Note 12: Subsequent events	30

Note 13: Non-IFRS measures	31

Joint ventures	32

Fleet list	33

USD million	Q1 2026	Q2 2026	H1 2026
Income Statement
Operating revenue (Hafnia vessels and TC vessels)	412.9	505.7	918.6
Profit before tax	180.5	279.2	459.7
Profit for the period	179.7	277.8	457.5
Financial items	(12.0)	(11.8)	(23.7)
Share of profit from joint ventures	10.0	11.0	21.0
TCE income¹	282.5	372.9	655.4
Adjusted EBITDA¹	198.6	287.3	486.0
Balance Sheet
Total assets	4,029.0	3,963.8	3,963.8
Total liabilities	1,487.6	1,313.8	1,313.8
Total equity	2,541.4	2,650.0	2,650.0
Cash at bank and on hand²	146.5	271.0	271.0
Key financial figures
Return on Equity (RoE) (p.a.)³	29.5%	44.6%	36.8%
Return on Invested Capital (p.a.)⁴	22.7%	35.2%	29.1%
Equity ratio	63.1%	66.9%	66.9%
Net loan-to-value (LTV) ratio⁵	20.2%	13.0%	13.0%

For the 3 months ended 30 June 2026	LR2	LR1	MR⁶	Handy⁷	Total
Vessels on water at the end of the period⁸	6	22	48	20	96
Total operating days⁹	546	1,850	4,295	1,805	8,496
Total calendar days (excluding TC-in)	546	1,833	3,838	1,854	8,071
TCE (USD per operating day)¹	46,855	52,057	43,767	35,866	44,093
Spot TCE (USD per operating day)¹	131,160	55,852	50,946	38,241	49,986
TC-out TCE (USD per operating day)¹	29,995	30,135	22,800	22,540	25,283
OPEX (USD per calendar day)¹⁰	9,032	9,418	9,060	8,372	8,981
G&A (USD per operating day)¹¹					1,994

	Balance Sheet USD million	LR2	LR1	MR⁶	Handy⁷	Total
	Vessels and scrubbers (including dry-dock)	229.8	523.7	1,024.3	471.5	2,249.3

Fleet overview	Q3 2026	Q3 to Q4 2026	2027
Hafnia vessels (average during the period)
LR2	6.0	6.0	6.0
LR1	22.0	22.0	21.2
MR²	49.1	49.5	46.8
Handy³	20.0	20.0	20.0
Total	97.1	97.5	94.0

Covered, %
LR2	93%	88%	74%
Spot	10%	5%	0%
TC-out	83%	83%	74%
LR1	75%	42%	3%
Spot	61%	30%	0%
TC-out	14%	12%	3%
MR²	77%	52%	17%
Spot	47%	26%	0%
TC-out	30%	26%	17%
Handy³	89%	56%	14%
Spot	65%	34%	0%
TC-out	24%	22%	14%
Total	80%	53%	17%

Covered rates⁴, USD per day
LR2	39,169	35,226	30,726
Spot	107,303	107,303	-
TC-out	30,800	30,800	30,726
LR1	35,908	34,638	27,989
Spot	37,806	37,246	-
TC-out	27,667	27,735	27,989
MR²	29,614	27,171	23,895
Spot	32,706	29,765	-
TC-out	24,852	24,573	23,895
Handy³	25,596	25,305	22,533
Spot	26,191	26,247	-
TC-out	23,951	23,826	22,533
Total	30,716	28,917	25,742

Q3 2026E	LR2	LR1	MR³	Handy⁴	Total
Hafnia Fleet⁵ as of 1 July 2026 (#)	6	22	48	20	96
Hafnia Fleet⁵ calendar days (92 days/vessel)	552	2,024	4,416	1,840	8,832
Joint Venture Fleet¹ as of 1 July 2026 (#)	4	6	6	-	16
Joint Venture Fleet¹ calendar days (50% share, 46 days/vessel)	184	276	276	-	736
Total calendar days	736	2,300	4,692	1,840	9,568
Less: scheduled drydock off-hire (days)	-	(68)	(151)	(6)	(225)
Less: divestments (days)	-	-	(65)	-	(65)
Plus: deliveries (days)	-	-	98	-	98
Estimated earning days in Q3 2026 (days)	736	2,232	4,574	1,834	9,376

LR2	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Operating days (owned)	545	541	540	546
Operating days (TC -in)	–	–	–	-
TCE (USD per operating day)¹	36,527	33,163	35,316	46,855
Spot TCE (USD per operating day)¹	37,625	35,307	51,869	131,160
TC-out TCE (USD per operating day)¹	31,126	30,591	30,660	29,995
Calendar days (excluding TC -in)	552	552	540	546
OPEX (USD per calendar day)	8,459	8,503	8,663	9,032

LR1	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Operating days (owned)	1,991	2,139	2,087	1,668
Operating days (TC -in)	183	184	180	182
TCE (USD per operating day)¹	29,229	30,986	38,194	52,057
Spot TCE (USD per operating day)¹	29,404	31,473	39,458	55,852
TC-out TCE (USD per operating day)¹	27,367	27,906	31,533	30,135
Calendar days (excluding TC -in)	2,164	2,208	2,135	1,833
OPEX (USD per calendar day)	8,515	9,171	8,454	9,418

MR²	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Operating days (owned)	4,195	3,920	3,762	3,659
Operating days (TC -in)	629	631	630	636
TCE (USD per operating day)¹	24,785	26,307	27,958	43,767
Spot TCE (USD per operating day)¹	24,683	27,305	29,601	50,946
TC-out TCE (USD per operating day)¹	25,080	23,549	22,026	22,800
Calendar days (excluding TC -in)	4,493	4,240	3,907	3,838
OPEX (USD per calendar day)	8,476	8,933	8,319	9,060

Handy³	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Operating days (owned)	1,942	2,054	2,134	1,805
Operating days (TC -in)	–	–	-	-
TCE (USD per operating day)¹	22,648	24,006	25,589	35,866
Spot TCE (USD per operating day)¹	22,699	24,211	26,060	38,241
TC-out TCE (USD per operating day)¹	22,289	22,257	22,311	22,540
Calendar days (excluding TC -in)	2,208	2,208	2,157	1,854
OPEX (USD per calendar day)	8,371	8,029	7,805	8,372

	For the 3 months ended 30 June 2026 USD’000	For the 3 months ended 30 June 2025 USD’000	For the 6 months ended 30 June 2026 USD’000	For the 6 months ended 30 June 2025 USD’000
Revenue (Hafnia Vessels and TC Vessels)¹	505,660	346,564	918,583	686,907
Revenue (External Vessels in Disponent-Owner Pools)²	310,119	207,591	568,418	415,158
Voyage expenses (Hafnia Vessels and TC Vessels)¹	(132,753)	(115,406)	(263,181)	(236,998)
Voyage expenses (External Vessels in Disponent-Owner Pools)²	(82,933)	(82,949)	(162,749)	(169,172)
Pool distributions for External Vessels in Disponent-Owner Pools²	(227,186)	(124,642)	(405,669)	(245,986)
	372,907	231,158	655,402	449,909

Other operating income	18,755	8,090	36,407	17,079
Vessel operating expenses	(64,616)	(68,676)	(130,934)	(136,775)
Technical management expenses	(7,869)	(7,001)	(13,612)	(12,219)
Charter hire expenses	(8,858)	(8,154)	(17,669)	(16,776)
Other expenses	(22,989)	(21,243)	(43,643)	(41,951)
	287,330	134,174	485,951	259,267

Gain on disposal of assets	39,312	–	71,838	–
Depreciation charge of property, plant and equipment	(47,201)	(50,977)	(95,186)	(100,502)
Amortisation charge of intangible assets	–	(107)	(83)	(212)
Reversal of impairment loss on trade receivables	576	–	–	–
Operating profit	280,017	83,090	462,520	158,553

Interest income	3,493	3,424	5,834	6,084
Interest expense	(10,186)	(12,475)	(22,518)	(26,836)
Capitalised financing fees written off	(977)	(6)	(977)	(792)
Other finance expenses	(4,100)	1,005	(6,062)	(398)
Finance expense – net	(11,770)	(8,052)	(23,723)	(21,942)

Share of profit of equity-accounted investees, net of tax	10,969	2,957	20,937	5,993
Profit before income tax	279,216	77,995	459,734	142,604

Income tax expense	(1,413)	(2,660)	(2,201)	(4,079)
Profit for the financial period	277,803	75,335	457,533	138,525

Other comprehensive income/(loss):
Items that may be subsequently reclassified to profit or loss:
Foreign operations – foreign currency translation differences	(1)	164	(19)	247
Fair value gains/(losses) on cash flow hedges	1,581	(731)	3,447	(3,770)
Reclassification to profit or loss	(1,322)	(3,054)	(2,874)	(5,734)
	258	(3,621)	554	(9,257)

Items that will not be subsequently reclassified to profit or loss:
Equity investments at FVOCI – net change in fair value	(26,631)	–	84,667	–
Total other comprehensive (loss)/income	(26,373)	(3,621)	85,221	(9,257)

Total comprehensive income for the period, net of tax	251,430	71,714	542,754	129,268

Earnings per share attributable to the equity holders of the Company
Basic no. of shares	499,177,614	498,369,364	499,177,614	498,369,364
Basic earnings in USD per share³	0.56	0.15	0.92	0.28
Diluted no. of shares	506,029,778	503,985,265	506,029,778	503,985,265
Diluted earnings in USD per share³	0.55	0.15	0.90	0.27

	As at 30 June 2026 USD’000 (Unaudited)	As at 31 December 2025 USD’000 (Audited)
Vessels and scrubbers	2,138,295	2,344,757
Dry docking	110,966	114,636
Right-of-use assets – Vessels	43,500	38,413
Other property, plant and equipment	473	865
Total property, plant and equipment	2,293,234	2,498,671

Intangible assets	–	83
Total intangible assets	–	83

Other investments	381,872	297,581
Derivative financial instruments	5,438	2,627
Restricted cash¹	20,000	10,000
Loans receivable from joint ventures	50,993	59,845
Joint ventures	118,758	97,821
Trade and other receivables, and prepayments	1,155	1,320
Total other non-current assets	578,216	469,194

Total non-current assets	2,871,450	2,967,948

Intangible assets	9,027	16,665
Total intangible assets	9,027	16,665

Inventories	109,754	69,027
Loans receivable from joint venture	9,123	–
Trade and other receivables, and prepayments	607,246	521,954
Derivative financial instruments	3,997	6,237
Cash at bank and on hand	270,983	103,609
Cash retained in the commercial pools²	82,177	88,966
Assets held for sale	–	37,490
Total other current assets	1,083,280	827,283

Total current assets	1,092,307	843,948

Total assets	3,963,757	3,811,896

Share capital	1,065,926	1,093,055
Other reserves	552,581	468,761
Treasury shares	(314)	(78,449)
Retained earnings	1,031,775	846,220
Total shareholders’ equity	2,649,968	2,329,587

Borrowings	653,862	910,402
Total non-current liabilities	653,862	910,402

Borrowings	231,501	212,574
Derivative financial instruments	6,046	163
Current income tax liabilities	3,845	5,019
Trade and other payables	410,051	350,735
Provision	8,484	3,416
Total current liabilities	659,927	571,907

Total liabilities	1,313,789	1,482,309

Total shareholders’ equity and liabilities	3,963,757	3,811,896

	Share capital USD’000	Translation reserve USD’000	Hedging reserve USD’000	Treasury shares USD’000	Capital reserve USD’000	Share-based payment reserve USD’000	Fair value reserve USD’000	Retained earnings USD’000	Total USD’000
Balance at 1 January 2026	1,093,055	127	7,826	(78,449)	480,270	6,589	(26,051)	846,220	2,329,587
Transactions with owners
Equity-settled share-based payment	–	–	–	–	–	1,723	–	–	1,723
Share options exercised	–	–	–	10,798	629	(3,415)	–	–	8,012
Cancellation of treasury shares	(27,129)	–	–	67,337	–	–	–	(40,208)	–
Disposal of FVOCI investment	–	–	–	–	–	–	(338)	68	(270)
Dividends paid	–	–	–	–	–	–	–	(231,838)	(231,838)
Total transactions with owners	(27,129)	–	–	78,135	629	(1,692)	(338)	(271,978)	(222,373)
Total comprehensive income
Profit for the financial period	–	–	–	–	–	–	–	457,533	457,533
Other comprehensive (loss)/income	–	(19)	573	–	–	–	84,667	–	85,221
Total comprehensive income for the period	–	(19)	573	–	–	–	84,667	457,533	542,754
Balance at 30 June 2026	1,065,926	108	8,399	(314)	480,899	4,897	58,278	1,031,775	2,649,968

	For the 3 months ended 30 June 2026 USD’000	For the 3 months ended 30 June 2025 USD’000	For the 6 months ended 30 June 2026 USD’000	For the 6 months ended 30 June 2025 USD’000
Cash flows from operating activities
Profit for the financial period	277,803	75,335	457,533	138,525
Adjustments for:
- income tax expense	1,413	2,660	2,201	4,079
- depreciation and amortisation charges	47,201	51,084	95,269	100,714
- gain on disposal of assets	(39,312)	–	(71,838)	–
- interest income	(3,493)	(3,424)	(5,834)	(6,084)
- finance expense	15,263	11,477	29,557	28,026
- share of profit of equity accounted investees, net of tax	(10,969)	(2,957)	(20,937)	(5,993)
- equity-settled share-based payment transactions	921	843	1,723	1,507
- provision for claims	2,548	–	5,068	–
- reversal of impairment loss on trade receivables	(576)	–	–	–
- unrealized (gain)/loss on derivatives	(17,637)	730	5,371	100
Operating cash flow before working capital changes	273,162	135,748	498,113	260,874
Changes in working capital:
- intangible assets	623	(5,696)	7,638	(11,983)
- inventories	(24,070)	9,981	(40,727)	11,848
- trade and other receivables, and prepayments	61,162	58,355	(95,204)	41,292
- trade and other payables	(9,936)	(9,270)	59,298	25,277
Cash generated from operations	300,941	189,118	429,118	327,308
Income tax paid	(2,869)	(1,436)	(3,284)	(2,269)
Net cash provided by operating activities	298,072	187,682	425,834	325,039

Cash flows from investing activities
Interest income received	3,573	2,720	6,762	4,455
Loan to joint ventures	(4,674)	(973)	(4,674)	(3,753)
Equity investment in joint venture	–	(25)	–	(25)
Proceeds from disposal of property, plant and equipment	152,365	–	281,331	–
Proceeds from disposal of other investments	–	–	105	–
Repayment of loan by joint venture	900	6,955	900	6,955
Purchase of property, plant and equipment	(20,549)	(41,023)	(41,334)	(68,342)
Net cash provided by/(used in) investing activities	131,615	(32,346)	243,090	(60,710)

Cash flows from financing activities
Proceeds from borrowings from external financial institutions	–	5,000	200,000	7,000
Repayment of borrowings to external financial institutions	(146,748)	(15,669)	(441,221)	(31,338)
Repayment of lease liabilities	(9,748)	(38,177)	(19,298)	(91,531)
Payment of financing fees	–	(270)	(200)	(489)
Interest paid to external financial institutions	(11,085)	(14,758)	(23,985)	(30,832)
Interest paid to third party	(151)	–	(229)	–
Proceeds from exercise of employee share options	–	–	8,012	–
Proceeds from settlement of derivatives	849	4,535	2,510	7,652
Dividends paid	(143,787)	(50,546)	(231,838)	(65,178)
Purchase of treasury shares	–	–	–	(27,656)
Other finance expense paid	(1,120)	(296)	(2,090)	(2,214)
Net cash used in financing activities	(311,790)	(110,181)	(508,339)	(234,586)

Net increase in cash and cash equivalents	117,897	45,155	160,585	29,743
Cash and cash equivalents at beginning of the financial period	235,263	268,156	192,575	283,568
Cash and cash equivalents at end of the financial period	353,160	313,311	353,160	313,311

Cash and cash equivalents at the end of the financial period consists of:
Cash at bank and on hand	270,983	194,022	270,983	194,022
Cash retained in the commercial pools	82,177	119,289	82,177	119,289
	353,160	313,311	353,160	313,311

	For the 3 months ended 30 June 2026 USD’000	For the 3 months ended 30 June 2025 USD’000	For the 6 months ended 30 June 2026 USD’000	For the 6 months ended 30 June 2025 USD’000
Hafnia Vessels and TC Vessels
Revenue from voyage charter¹	449,930	307,055	811,568	611,858
Revenue from time charter	55,730	39,509	107,015	75,049
Total revenue	505,660	346,564	918,583	686,907
External Vessels in Disponent-Owner Pools
Revenue from voyage charter	310,119	207,591	568,418	415,158
Total revenue	815,779	554,155	1,487,001	1,102,065

	Vessels and scrubbers USD’000	Dry docking USD’000	Right-of-use Assets – Vessels USD’000	Others USD’000	Total USD’000
At 30 June 2026
Cost	3,055,818	178,716	238,014	2,022	3,474,570
Accumulated depreciation charge	(917,523)	(67,750)	(194,514)	(1,549)	(1,181,336)
Net book value	2,138,295	110,966	43,500	473	2,293,234

USD’000	Current average purchase option price²	Next average purchase option price
LR1	38,333	37,833
MR	29,093	28,710

	2026	2027	2028	2029	2030
TC in (Days)³
LR1 (with purchase option)	730	425	–	–	–
MR (with purchase option)	2,555	1,358	366	365	286

Average TC in rate (USD/Day)
LR1 (with purchase option)	19,597	19,800	–	–	–
MR (with purchase option)	17,374	17,557	19,850	19,850	19,850

	Number of shares	Share capital USD’000
At 1 January 2026	512,563,532	1,093,055
Cancellation of treasury shares	(12,721,253)	(27,129)
At 30 June 2026	499,842,279	1,065,926

At 1 January 2025 and 31 December 2025	512,563,532	1,093,055

(i)		As of 30 June 2026 USD’000	As of 31 December 2025 USD’000
	Composition:
	Share based payment reserve	4,897	6,589
	Hedging reserve	8,399	7,826
	Capital reserve	480,899	480,270
	Translation reserve	108	127
	Fair value reserve	58,278	(26,051)
	Total	552,581	468,761

(ii)	Movements of the reserves are as follows:	For the 6 months ended 30 June 2026 USD’000	For the 6 months ended 30 June 2025 USD’000
	Hedging reserve
	At beginning of the financial period	7,826	20,705
	Fair value gains/(losses) on cash flow hedges	3,447	(3,770)
	Reclassification to profit or loss	(2,874)	(5,734)
	At end of the financial period	8,399	11,201

	Fair value reserve
	At beginning of the financial period	(26,051)	10,906
	Disposal of FVOCI	(338)	–
	Fair value gains on revaluation	84,667	–
	At end of the financial period	58,278	10,906

	As at 30 June 2026 USD’000	As at 31 December 2025 USD’000
Current
Bank borrowings	197,949	184,773
Sale and leaseback liabilities	5,774	5,925
Other lease liabilities	27,778	21,876
Total current borrowings	231,501	212,574

Non-current
Bank borrowings	610,350	863,352
Sale and leaseback liabilities	28,559	31,170
Other lease liabilities	14,953	15,880
Total non-current borrowings	653,862	910,402

Total borrowings	885,363	1,122,976

	Outstanding amount USD m	Maturity date
Facility amount
USD 84 million facility	66.7	2029
USD 715 million facility
- USD 715 million revolving credit facility	357.0	2032
Up to USD 175 million borrowing base facility Up to USD 175 million borrowing base facility (with an accordion option of up to USD 75 million)	90.5	–
USD 175 million facility
- USD 175 million revolving credit facility	100.0	2032
USD 100 million revolving credit facility	100.0	2029
USD 100 million revolving credit facility	100.0	2027

	For the financial year ended 31 December 2026	For the financial year ended 31 December 2027
Repayment profile USD’000
USD 84 million facility	4,317	8,633
USD 715 million facility¹	–	–
Up to USD 175 million borrowing base facility² Up to USD 175 million borrowing base facility² (with an accordion option of up to USD 75 million)	–	–
USD 175 million facility¹	–	–
USD 100 million revolving credit facility¹	–	–
USD 100 million revolving credit facility¹	–	100,000

	As at 30 June 2026	As at 31 December 2025
Bank borrowings	4.8%	5.2%
Sale and leaseback liabilities	5.6%	5.7%

	USD’000	As at 30 June 2026
	Less than one year	54,815
	One to two years	11,339
	Two to five years	16,575
		82,729

	Carrying amount				Fair value
	Fair value hedging instruments/ Mandatorily at FVTPL – others USD’000	Financial assets at amortised cost USD’000	FVOCI – equity instruments USD’000	Total USD’000	Level 1 USD’000	Level 2 USD’000	Level 3 USD’000	Total USD’000
At 30 June 2026
Financial assets measured at fair value
Forward foreign exchange contracts	–	–	–	–	–	–	–	–
Forward freight agreements	500	–	–	500	–	500	–	500
Interest rate swaps used for hedging	8,935	–	–	8,935	–	8,935	–	8,935
Other investments	–	–	381,872	381,872	369,272	–	12,600	381,872
Loans receivable from joint venture	9,123	–	–	9,123	–	–	9,123	9,123
	18,558	–	381,872	400,430

At 30 June 2026
Financial assets not measured at fair value
Loans receivable from joint ventures	–	50,993	–	50,993
Trade and other receivables, and prepayments¹	–	540,754	–	540,754
Restricted cash	–	20,000	–	20,000
Cash at bank and on hand	–	270,983	–	270,983
Cash retained in the commercial pools	–	82,177	–	82,177
	–	964,907	–	964,907

	Carrying amount			Fair value
	Fair value hedging instruments USD’000	Other financial liabilities USD’000	Total USD’000	Level 1 USD’000	Level 2 USD’000	Level 3 USD’000	Total USD’000
At 30 June 2026
Financial liabilities measured at fair value
Forward foreign exchange contracts	(765)	–	(765)	–	(765)	–	(765)
Forward freight agreements	(5,281)	–	(5,281)	–	(5,281)	–	(5,281)
	(6,046)	–	(6,046)

At 30 June 2026
Financial liabilities not measured at fair value
Bank borrowings	–	(808,299)	(808,299)
Sale and leaseback liabilities and other lease liabilities	–	(77,064)	(77,064)
Trade and other payables	–	(410,051)	(410,051)
	–	(1,295,414)	(1,295,414)

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

For the 3 months ended 30 June 2026	LR2¹ USD’000	LR1² USD’000	MR³ USD’000	Handy⁴ USD’000	Total USD’000
Revenue (Hafnia Vessels and TC Vessels)⁶	29,402	136,418	248,049	93,505	507,374
Revenue (External Vessels in Disponent-Owner Pools)	1,666	80,895	216,606	10,952	310,119
Voyage expenses (Hafnia Vessels and TC Vessels)	(3,819)	(40,094)	(60,068)	(28,772)	(132,753)
Voyage expenses (External Vessels in Disponent-Owner Pools)	(1,269)	(18,265)	(61,070)	(2,329)	(82,933)
Pool distributions for External Vessels in Disponent-Owner Pools	(397)	(62,630)	(155,537)	(8,622)	(227,186)
TCE Income⁵	25,583	96,324	187,980	64,734	374,621

Other operating income	653	1,623	4,201	1,068	7,545
Vessel operating expenses	(4,305)	(15,332)	(30,895)	(14,084)	(64,616)
Technical management expenses	(627)	(1,931)	(3,877)	(1,434)	(7,869)
Charter hire expenses	–	(1,423)	(7,435)	–	(8,858)

Adjusted EBITDA⁵	21,304	79,261	149,974	50,284	300,823
Depreciation charge	(3,050)	(11,601)	(23,490)	(8,704)	(46,845)
					253,978
Unallocated					25,238
Profit before income tax					279,216

For the 6 months ended 30 June 2026	LR2¹ USD’000	LR1² USD’000	MR³ USD’000	Handy⁴ USD’000	Total USD’000
Revenue (Hafnia Vessels and TC Vessels)⁶	50,092	267,354	425,911	177,511	920,868
Revenue (External Vessels in Disponent-Owner Pools)	27,947	156,755	354,432	29,284	568,418
Voyage expenses (Hafnia Vessels and TC Vessels)	(5,438)	(84,461)	(115,152)	(58,130)	(263,181)
Voyage expenses (External Vessels in Disponent-Owner Pools)	(7,205)	(37,560)	(109,925)	(8,059)	(162,749)
Pool distributions for External Vessels in Disponent-Owner Pools	(20,742)	(119,195)	(244,508)	(21,224)	(405,669)
TCE Income⁵	44,654	182,893	310,758	119,382	657,687

Other operating income	1,423	3,549	7,433	2,111	14,516
Vessel operating expenses	(8,649)	(32,035)	(60,822)	(29,428)	(130,934)
Technical management expenses	(961)	(3,276)	(6,453)	(2,922)	(13,612)
Charter hire expenses	–	(2,843)	(14,826)	–	(17,669)

Adjusted EBITDA⁵	36,467	148,288	236,090	89,143	509,988
Depreciation charge	(6,059)	(23,871)	(46,652)	(18,155)	(94,737)
					415,251
Unallocated					44,483
Profit before income tax					459,734

For the 3 months ended 30 June 2025	LR2¹ USD’000	LR1² USD’000	MR³ USD’000	Handy⁴ USD’000	Total 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 Income⁵	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 EBITDA⁵	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	LR2¹ USD’000	LR1² USD’000	MR³ USD’000	Handy⁴ USD’000	Total 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 Income⁵	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 EBITDA⁵	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

(in USD’000 except operating days and TCE income per operating day)	For the 3 months ended 30 June 2026	For the 3 months ended 30 June 2025	For the 6 months ended 30 June 2026	For the 6 months ended 30 June 2025
Revenue (Hafnia Vessels and TC Vessels)	505,660	346,564	918,583	686,907
Revenue (External Vessels in Disponent-Owner Pools)	310,119	207,591	568,418	415,158
Less: Voyage expenses (Hafnia Vessels and TC Vessels)	(132,753)	(115,406)	(263,181)	(236,998)
Less: Voyage expenses (External Vessels in Disponent-Owner Pools)	(82,933)	(82,949)	(162,749)	(169,172)
Less: Pool distributions for External Vessels in Disponent-Owner Pools	(227,186)	(124,642)	(405,669)	(245,986)
TCE income	372,907	231,158	655,402	449,909
Operating days	8,496	9,454	17,829	18,968
TCE income per operating day	43,891	24,452	36,758	23,720

(in USD’000 except operating days and TCE income per operating day)	For the 3 months ended 30 June 2026	For the 3 months ended 30 June 2025	For the 6 months ended 30 June 2026	For the 6 months ended 30 June 2025
Revenue (Hafnia Vessels and TC Vessels)	505,660	346,564	918,583	686,907
Less: Voyage expenses (Hafnia Vessels and TC Vessels)	(132,753)	(115,406)	(263,181)	(236,998)
TCE income	372,907	231,158	655,402	449,909
Operating days	8,496	9,454	17,829	18,968
TCE income per operating day	43,891	24,452	36,758	23,720

	30 June 2026					31 December 2025
	Vista Shipping	H&A Shipping	Ecomar	Complexio	Seascale	Vista Shipping	H&A Shipping	Ecomar	Complexio	Seascale
Percentage ownership interest	50%	50%	50%	36.3%	50%	50%	50%	50%	36.7%	50%

	USD’000					USD’000
Carrying amount in JV	99,480	15,035	–	–	4,243	80,975	14,558	–	–	2,288
Group’s share of total comprehensive income/(loss) in JV	18,505	477	–	–	1,955	16,706	973	–	(2,751)	2,262