Hafnia (HAFNI) Q2 2026 earnings summary

Executive summary

• Achieved Q2 2026 net profit of USD 277.8 million (USD 0.56/share), the strongest since Q3 2022, with H1 2026 net profit at USD 457.5 million (USD 0.92/share), supported by USD 39.3 million from vessel sales and USD 8.8 million from fee-based business.

• Declared Q2 2026 dividend of USD 250 million (USD 0.5003/share), representing a 90% payout ratio and a 21% annualized yield.

• CEO transition announced: Søren Steenberg Jensen to succeed Mikael Skov from September 1, 2026, ensuring continuity in strategy and leadership.

• Optimized fleet by selling older vessels and joint venture interests, realizing gains of USD 39.3 million in Q2 and USD 13.3 million in Q3.

Financial highlights

• Q2 2026 TCE income: USD 372.9 million; adjusted EBITDA: USD 287.3 million; H1 2026 TCE income: USD 655.4 million; H1 2026 adjusted EBITDA: USD 486.0 million.

• Net profit of USD 277.8 million in Q2, up from USD 75.3 million a year ago; H1 net profit totaled USD 457.5 million.

• Return on equity for Q2 annualized at up to 50%; return on invested capital at up to 40%.

• Cash at bank and on hand: USD 271 million at Q2 2026 end; net LTV reduced to 13.0%.

• Dividend for Q2: USD 250 million (USD 0.5003/share), 90% payout ratio.

Outlook and guidance

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

• Market outlook supported by inventory rebuilding, strong US and Chinese exports, and a smaller clean tanker fleet, but remains volatile due to geopolitical disruptions.

• Risks include a large 2027–2029 orderbook, potential return of crude tonnage to clean trades, and oil demand volatility.

• Net LTV to be calculated on a fully committed basis from 2027, including newbuild commitments.