Hafnia Ltd (HAFN): Financial results for H1 2026
Hafnia Ltd (HAFN) furnished an SEC Form 6-K — earnings release. Exhibit 99.1 HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1 2026 Six months after the conflict in the Persian Gulf began, the market has not yet normalized. The partial reopening of the Strait of Hormuz after the ceasefire memorandum was signed
How this was made
The 30-second read
Why it matters
The earnings beat and high dividend are likely to attract income‑focused investors, while the CEO transition may introduce short‑term uncertainty.
Market read
First‑hand earnings release with material profit, dividend, and leadership news provides fresh trading signals for the stock.
What to watch
Potential off‑hire days and ongoing geopolitical risks could pressure future earnings.
Hafnia reported Q2 2026 profit for the period of USD 277.8 million and H1 2026 profit for the period of USD 457.5 million, supported by TCE income of USD 372.9 million in Q2 and USD 655.4 million in H1.
Q2 profit for the period rose to USD 277.8 million from USD 75.3 million in Q2 2025, while Q2 TCE income increased to USD 372.9 million from USD 231.2 million and adjusted EBITDA increased to USD 287.3 million from USD 134.2 million. The company set a 90% Q2 payout ratio and declared USD 250.0 million of dividends.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue (Hafnia Vessels and TC Vessels), Q2 2026other | USD 505,660 thousand | – | – |
| Total revenue, Q2 2026other | USD 815,779 thousand | – | – |
| Operating revenue (Hafnia vessels and TC vessels), H1 2026other | USD 918.6 million | – | – |
| Total revenue, H1 2026other | USD 1,487,001 thousand | – | – |
| TCE income, Q2 2026non-GAAP | USD 372.9 million | – | – |
| Average TCE, Q2 2026non-GAAP | USD 44,093 per day | – | – |
| TCE income, H1 2026non-GAAP | USD 655.4 million | – | – |
| Average TCE, H1 2026non-GAAP | USD 36,887 per day | – | – |
| Adjusted EBITDA, Q2 2026non-GAAP | USD 287.3 million | – | – |
| Adjusted EBITDA, H1 2026non-GAAP | USD 486.0 million | – | – |
| Operating profit, Q2 2026other | USD 280,017 thousand | – | – |
| Operating profit, H1 2026other | USD 462,520 thousand | – | – |
| Profit before income tax, Q2 2026other | USD 279,216 thousand | – | – |
| Profit before income tax, H1 2026other | USD 459,734 thousand | – | – |
| Profit for the financial period, Q2 2026other | USD 277.8 million | – | – |
| Profit for the financial period, H1 2026other | USD 457.5 million | – | – |
| Basic earnings per share, Q2 2026other | USD 0.56 per share | – | – |
| Diluted earnings per share, Q2 2026other | USD 0.55 per share | – | – |
| Basic earnings per share, H1 2026other | USD 0.92 per share | – | – |
| Diluted earnings per share, H1 2026other | USD 0.90 per share | – | – |
| Fee-based businesses earnings, Q2 2026other | USD 8.8 million | – | – |
| Fee-based businesses earnings, H1 2026other | USD 16.6 million | – | – |
| Gain on disposal of assets, Q2 2026other | USD 39.3 million | – | – |
| Gain on disposal of assets, H1 2026other | USD 71.8 million | – | – |
| Net cash provided by operating activities, Q2 2026other | USD 298,072 thousand | – | – |
| Net cash provided by operating activities, H1 2026other | USD 425,834 thousand | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| LR2 Product Tankers, Q2 2026TCE was USD 46,855 per operating day and spot TCE was USD 131,160 per operating day. | USD 29,402 thousand | – | – |
| LR1 Product Tankers, Q2 2026TCE was USD 52,057 per operating day and spot TCE was USD 55,852 per operating day. | USD 136,418 thousand | – | – |
| MR Product Tankers, Q2 2026TCE was USD 43,767 per operating day and spot TCE was USD 50,946 per operating day. | USD 248,049 thousand | – | – |
| Handy Product Tankers, Q2 2026TCE was USD 35,866 per operating day and spot TCE was USD 38,241 per operating day. | USD 93,505 thousand | – | – |
Q3 2026, Q3 to Q4 2026 and 2027 outlook
- NoteAs of 17 August 2026, 80% of the projected total operating days in Q3 2026 were covered at USD 30,716 per day.
- Note53% of H2 2026 earning days are covered at an average rate of USD 28,917 per day.
- NoteFor 2027, 17% of Hafnia Fleet earning days were covered at USD 25,742 per day.
- NoteHafnia estimates a total of 9,376 earning days for Q3 2026.
- NoteHafnia anticipates approximately 225 off-hire days in Q3.
Capital returns
- The board set the quarterly payout ratio at 90% for Q2 2026.
- Dividend amount: USD 250.0 million or USD 0.5003 per share.
- Dividends paid in H1 2026: USD 231,838 thousand.
- The Company cancelled 12,721,253 treasury shares during the financial year 2026.
- The Group held 60,974 of the Company’s shares as at 30 June 2026.
What drove it
- The closure and partial reopening of the Strait of Hormuz, and disruption at the Bab el-Mandeb Strait, fragmented global trade and added voyage distance.
- Hafnia stated that rerouting via Suez and SUMED adds almost 30 days to Asia-bound transit, supporting tonne-mile.
- Q2 results included USD 39.3 million in gains on vessel sales.
- The company completed the sale of one LR1 vessel, two MR vessels, and three Handy vessels in Q2.
- The TORM investment had a market value of USD 369.0 million at quarter-end and generated USD 9.9 million in dividend income recognized during Q2.
- The average estimated broker value of the owned fleet was USD 4,255 million at quarter-end.
Concerns
- The company stated that the outlook remains highly uncertain and depends heavily on the durability of any reopening of the Strait of Hormuz and the pace at which Gulf and Asian refining capacity returns.
- Results in Q2 were impacted by approximately 392 off-hire vessel days related to scheduled drydockings.
- The IEA forecast cited by Hafnia projects global oil demand contracting by 1.6 mb/d in 2026 to 103.3 mb/d.
- Newbuild deliveries remain elevated in 2026, according to the company’s market discussion.
- The Group’s results are largely dependent on the worldwide market for transportation of refined oil products, which Hafnia describes as typically volatile.
What to watch
- Q3 fleet coverage of 80% at USD 30,716 per day as of 17 August 2026.
- The 53% coverage of H2 2026 earning days at an average rate of USD 28,917 per day.
- Expected Q3 drydock off-hire of 225 days.
- The impact of a durable reopening, or further disruption, of the Strait of Hormuz and Bab el-Mandeb Strait.
- The transition from Mikael Skov to Søren Steenberg Jensen as CEO on 1 September 2026.
- The company’s plan from 2027 to calculate net LTV on a fully committed basis, incorporating outstanding newbuild commitments and corresponding vessel values.
Balance sheet and cash flow
- Cash at bank and on hand was USD 270,983 thousand as at 30 June 2026.
- Cash retained in the commercial pools was USD 82,177 thousand as at 30 June 2026.
- Total cash and cash equivalents at the end of the financial period were USD 353,160 thousand.
- Total assets were USD 3,963,757 thousand as at 30 June 2026.
- Total shareholders’ equity was USD 2,649,968 thousand as at 30 June 2026.
- Total borrowings were USD 885,363 thousand as at 30 June 2026.
- Net loan-to-value ratio was 13.0%, compared with 20.2% in Q1 2026.
- Net cash provided by investing activities was USD 243,090 thousand in H1 2026, including USD 281,331 thousand of proceeds from disposal of property, plant and equipment.
- Net cash used in financing activities was USD 508,339 thousand in H1 2026, including USD 441,221 thousand of repayments of borrowings to external financial institutions.
- The Group had commitments for ten MR newbuilds totaling USD 503,600 thousand as at 30 June 2026.
Analysis
Hafnia delivered a materially stronger Q2, with profit for the financial period of USD 277.8 million versus USD 75.3 million in Q2 2025. TCE income was USD 372.9 million versus USD 231.2 million, while adjusted EBITDA was USD 287.3 million versus USD 134.2 million. Operating profit reached USD 280,017 thousand, compared with USD 83,090 thousand in the prior-year quarter. The result included USD 39.3 million in gains on vessel sales.
The earnings improvement was underpinned by stronger tanker rates across the fleet. Average Q2 TCE was USD 44,093 per day. LR1 recorded TCE of USD 52,057 per operating day, LR2 recorded USD 46,855 per operating day, MR recorded USD 43,767 per operating day, and Handy recorded USD 35,866 per operating day. Hafnia linked market conditions to continued disruption of Arabian Gulf flows, constrained East-of-Suez volumes, and longer alternative routings through Suez and SUMED.
H1 2026 profit for the financial period was USD 457.5 million, compared with USD 138.5 million in H1 2025. H1 TCE income was USD 655.4 million and adjusted EBITDA was USD 486.0 million. Operating cash flow was USD 425,834 thousand in H1. The balance sheet showed USD 270,983 thousand of cash at bank and on hand, total borrowings of USD 885,363 thousand, and a net LTV ratio of 13.0%, down from 20.2% in Q1 2026. Vessel-sale proceeds contributed USD 281,331 thousand to H1 investing cash flow.
Capital allocation remains centered on distributions and fleet renewal. Hafnia set a 90% Q2 payout ratio, corresponding to USD 250.0 million or USD 0.5003 per share. The company sold vessels during Q2 and stated that it had sold its 50% stake in two MR vessels in the H&A Shipping joint venture during Q3, generating a USD 13.3 million profit for Hafnia. The company also has commitments for ten MR newbuilds totaling USD 503,600 thousand.
Forward rate coverage is lower than the Q2 realized average TCE but provides visibility into upcoming earnings days. As of 17 August 2026, 80% of Q3 projected operating days were covered at USD 30,716 per day, and 53% of H2 2026 earning days were covered at USD 28,917 per day. Hafnia expects approximately 225 off-hire days in Q3. Management identified the durability of any Strait of Hormuz reopening, the return of Gulf and Asian refining capacity, vessel supply, and market volatility as central variables for the remainder of 2026.
Management, verbatim
Hafnia’s strategy does not change on 1 September. My focus will be on disciplined commercial execution and operational excellence through what may remain a volatile period. The capital allocation framework set out in this letter, the payout policy, and the investment strategy carry my full commitment. I look forward to addressing shareholders in my new role at our Q3 results presentation in November 2026.
Søren Steenberg Jensen, incoming CEO
Not in the filing
stated, not guessed- Gross margin was not reported.
- A total operating-expense line item was not reported.
- Free cash flow was not reported.
- A formal revenue, gross-margin, operating-expense, or tax-rate guidance range was not reported.
- Percentage year-over-year and quarter-over-quarter changes for the reported metrics were not printed.
- Prior-quarter EPS was not reported.
- Segment revenue percentage changes were not reported.
- Share repurchases during Q2 2026 were not reported.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Hafnia Ltd, a tanker shipping company, filed a Form 6‑K with interim results for the first half of 2026, covering earnings, dividend, and leadership change.
Ticker impact
Hafnia Ltd reported Q2 2026 net profit of $277.8M, declared a 90% dividend payout and announced CEO transition.
Potential price appreciation in the near term, especially on dividend capture.
Earnings beat expectations with solid cash flow and a generous dividend, but new CEO may cause market caution.
Market effects
Reinforces strength in the tanker shipping sector amid volatile freight rates.
Highlights resilience of European shipping firms despite Middle East route disruptions.
Adds to broader commodity transport narrative influencing oil logistics investors.
Counterpoint
Dividend payout may be unsustainable if freight rates normalize; new CEO could delay strategic initiatives.
Key entities
- CompanyHafnia Ltd
Tanker shipping firm reporting H1 2026 results.
- PersonSøren Steenberg Jensen
Incoming CEO of Hafnia Ltd.
