Hafnia (HAFNI) Q1 2026 earnings summary

Executive summary

• Q1 2026 was marked by unprecedented geopolitical disruption, notably the closure of the Strait of Hormuz, which reshaped global oil and refined product trade flows and triggered significant supply chain rerouting.

• Net profit reached USD 179.7 million, nearly triple Q1 2025, including USD 32.5 million from vessel sales and USD 7.8 million from fee-based business, supported by higher freight rates and tightened tanker supply.

• Fleet renewal advanced with divestment of older vessels and contracts for 10 new MR newbuilds with Hyundai Heavy Industries, supporting modernization and long-term earnings.

• Shareholder returns remained strong, with 17 consecutive quarters of dividends, an 80% payout ratio totaling USD 143.8 million, and a total shareholder return exceeding 100% over the last 12 months.

• Strategic investment in TORM contributed USD 9.9 million in dividend income and an unrealized fair value gain of USD 117.8 million.

Financial highlights

• TCE income was USD 282.5 million, up from USD 218.8 million in Q1 2025.

• Adjusted EBITDA reached USD 198.6 million, compared to USD 125.1 million in Q1 2025.

• Net profit was USD 179.7 million (USD 0.36 per share), including USD 32.5 million in gains from vessel sales.

• Net asset value increased to USD 4 billion (USD 8.09 per share), up from USD 3.5 billion at Q4 2025.

• Net debt decreased to USD 797 million, with total liquidity at USD 660 million and cash at bank at USD 146 million.

Outlook and guidance

• 73% of Q2 2026 earning days are covered at USD 46,600 per day, supporting expectations for a stronger Q2.

• Analyst consensus for FY 2026 adjusted EBITDA is USD 1.1 billion and net income USD 870 million, with covered rates supporting robust earnings.

• Market fundamentals remain constructive, with inventory rebuild, ongoing refinery disruptions, and structural fleet tightness expected to support demand and freight rates.

• IEA forecasts a 0.4 mb/d year-over-year contraction in global oil demand for 2026, the first decline since COVID-19.

• Outlook highly dependent on the duration of the Hormuz disruption and recovery of oil production and refinery operations.