Hafnia Ltd. (HAFN), a Singaporean tanker company focused on shipping oil and chemical products, on Thursday reported a decline in net profit for the first quarter.
Mikael Skov, CEO of Hafnia, said: "Our Q1 results were impacted by a significant number of vessels undergoing scheduled drydocking or repairs, leading to approximately 500 off-hire days during the quarter."
For the three-month period to March 31, the company posted a net income of $63.190 million, or $0.13 per share, lower than $219.571 million, or $0.43 per share, recorded for the same period last year. Profit before income tax plunged to $64.609 million from the previous year's $221.314 million.
Operating profit was $75.463 million as against $232.923 million a year ago. Adjusted EBITDA was $125.1 million, down from $287.1 million last year. Time Charter Equivalent earnings were $218.8 million, lesser than $378.8 million in 2024.
For the first quarter, Hafnia will pay a dividend of $0.1015 per share to the shareholders of record as of May 23.
Looking ahead, Skov, added: "We continue to vigilantly monitor the evolving nature of sanctions, tariffs, and developments in the Red Sea and their collective impact on market dynamics. On the tanker supply side, ordering activity has slowed significantly. The combination of macroeconomic uncertainty, high newbuild prices, and increasing concerns around revised US regulations affecting Chinese built vessels, will likely result in a period of lower orders. With the global average fleet age increasing, this may limit fleet expansion in the upcoming years."
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