Hafnia Tankers (HAFN) reported their Q1 2025 results on 05/15/25, including
- TCE Income (Rev??) of $218.8M, TCE (per vessel) $22,992 per operating day
- Adj EBITDA of $125.1M
- Net Profit of $63.2M
- Declared div of 10.15c/sh
https://static.seekingalpha.com/uploads/sa_presentations/891/110891/original.pdf
HAFN mgmt suggest that there is less cannibalization by the dirty tanker fleet. I think Torm (TRMD) mgmt made a similar suggestion. HAFN has a seemingly younger clean tanker fleet @ 9.3 years. Even with a larger fleet, they avoid the number of off-hire days that a product tanker “peer” e.g. INSW, have with their fleet. Lots of slides on sanctions, tariff implications, etc. HAFN mgmt indicate vessel values have dropped, which affects their LTV stat.
Is 10c/sh a feasible number the next few quarters?