Hafnia (HAFNI) Q2 2026 earnings summary

Executive summary

• Q2 2026 delivered the second strongest quarterly result in company history, with net profit of USD 277.8 million, including USD 39.3 million in vessel sale gains and USD 8.8 million from fee-based business.

• H1 2026 net profit reached USD 457.5 million, up from USD 138.5 million year-over-year.

• CEO transition announced: Mikael Skov steps down, succeeded by Søren Steenberg Jensen effective 1 September 2026, ensuring strategic continuity.

• The company maintains a modern fleet of nearly 200 product tankers, with an average age of 9.7 years.

Financial highlights

• Q2 2026 net profit: USD 277.8 million (Q2 2025: USD 75.3 million); EPS USD 0.56.

• Q2 2026 TCE income: USD 372.9 million; Adjusted EBITDA: USD 287.3 million; EBIT: USD 280.0 million.

• Dividend for Q2: USD 250.0 million (USD 0.5003/share), 90% payout ratio.

• Net asset value at quarter-end was USD 4.4 billion, reflecting strong earnings and vessel value appreciation.

• Net LTV reduced to 13.0% at Q2 2026, with cash at bank rising to USD 271 million.

Outlook and guidance

• 80% of Q3 2026 earning days covered at USD 30,716/day as of August 17, 2026; 53% of H2 2026 at USD 28,917/day.

• Analyst consensus expects full-year net income of USD 870 million and Adj EBITDA of USD 1,200 million for 2026.

• Market outlook remains volatile due to geopolitical disruptions, with IEA forecasting global oil demand to contract by 1.6 mb/d in 2026 and recovery expected in 2027.

• Inventory rebuilding, strong US and Chinese exports, and a smaller clean tanker fleet support the market.

• Management maintains 20%-30% fleet coverage 12-24 months out to mitigate market volatility.