Hafnia net profit multiplies to $179.7M on surging product tanker rates

Hafnia (NYSE:HAFN) reported a near-tripling of its first-quarter net profit for 2026, capitalized on a robust global product tanker market that drove sharp increases in average daily charter rates and expanded operational cash generation.

The enterprise—one of the world's largest product tanker owners with a fleet exceeding 100 vessels—announced that its net profit for the three months ended March 31, 2026, surged to $179.7 million, or $0.36 per share.

The figure marks a substantial increase from the net profit of $63.2 million, or $0.13 per share, recorded during the first quarter of 2025.

The bottom-line performance was underpinned by a strong expansion in Time Charter Equivalent (TCE) earnings, which rose to $282.5 million from $218.8 million in the prior-year period.

This top-line momentum yielded a firm average fleet-wide TCE rate of $30,327 per day during the opening three months of the year.

Parallel fee-based businesses maintained an independent, steady performance, contributing earnings of $7.8 million compared to $7.9 million in the first quarter of 2025.

Reflecting the improved shipping environment, Hafnia's adjusted EBITDA advanced to $198.6 million, up from $125.1 million a year earlier.

At the close of the quarter, the company’s net asset value (NAV) stood at approximately $4 billion, translating to roughly $8.09 per share (NOK 78.81).

Drawing from the strong cash yield, Hafnia's board of directors authorized a total dividend distribution of $143.8 million, or $0.2877 per share.

The payout corresponds to an aggressive 80% distribution ratio of quarterly net earnings, fulfilling the company's capital return mandate for its dual-listed shareholder base on the New York Stock Exchange and the Oslo Stock Exchange.

Looking forward into the mid-year cycle, Hafnia has heavily insulated its revenue pipeline against prospective spot-market volatility.

As of mid-May, management had already locked in forward charter coverage for 73% of the fleet's total available earning days for the second quarter of 2026.

These secured days are locked in at an elevated average rate of $46,600 per day, positioning the operator to capture sustained margin expansion into the next reporting period.