Aug 28, 2026 earnings call — Record quarter, dividend and CEO transition
Hafnia reported net profit of $277.8 million, its strongest quarter since Q3 2022.
Revenue $0.4B (est $0.4B) · EPS $0.49 (est $0.54)
Key quotes
"It has been 6 months since the conflict in the Persian Gulf began and the market remains fragmented with volumes east of Suez constrained."
"With leverage now below the lowest threshold in our dividend framework, we will declare dividend based on the maximum payout ratio of 90% of net profit."
"During the second quarter, we sold 1 LR1, 2 MRs and 3 Handy vessels, recording a gain on sale of $39.3 million."
Analyst Q&A 1
Panama Canal impact and near-term outlook
Q (Frode Morkedal): The analyst asked how further Panama Canal tightening would affect shipping and product flows. He also asked how the market might develop over the next 6 to 9 months and, separately, asked Mikael what one thing about Hafnia is underappreciated.
A: Søren said tighter Panama, combined with higher China exports and Middle East disruption, will likely push Far East exports to the U.S. West Coast, adding ton miles and displacing tonnage; he is constructive for Q3 and through Q4 but warned the situation is politically driven and depends on oil availability and SPR releases. He also noted El Niño and low inventories could trigger an earlier Q4 transport spike. Mikael said Hafnia’s strength is disciplined capital allocation through the cycles and having a long-term major shareholder that lets them time investments and avoid panic decisions.
"you're likely to see export from the Far East coming into the U.S. West Coast, adding ton miles to the region, which in the first phase have displacement of tonnage." — Søren Winther