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Dec 31, 2025
Hafnia Ltd Q4 2025 Earnings Report
Hafnia Ltd reported strong fourth quarter 2025 profitability with higher TCE earnings and an 80% dividend payout ratio.
Key Takeaways
Hafnia generated operating revenue of 368400000 and net income of 109700000 in Q4 2025, supported by TCE earnings of 259000000 and Adjusted EBITDA of 149700000, with a payout ratio of 80%.
Net income was 109700000 with EPS of 0.22.
Operating revenue reached 368400000 in Q4 2025.
TCE earnings were 259000000, averaging 27346 per day.
Adjusted EBITDA increased to 149700000 and dividend payout ratio was 80%.
Revenue by Segment
Forward Guidance
Management indicated a supportive tanker market backdrop entering 2026 with strong rate coverage for Q1 and expectations of continued robust earnings, while noting potential easing from new vessel deliveries and geopolitical risks.
Positive Outlook
- 76% of Q1 2026 earning days covered at 29979 per day.
- Seasonally strong rate environment entering 2026.
- Firm crude market expected to support demand.
- Strong operational cash flow generation.
- Continued disciplined fleet renewal strategy.
Challenges Ahead
- Expected gradual easing as newbuild deliveries enter the market.
- Political and geopolitical uncertainty impacting trade flows.
- Sanctions-related volatility affecting tanker markets.
- Increased net loan-to-value ratio to 24.9%.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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