Hafnia beats Q2 estimates on strong tanker rates

Hafnia Limited, a product tanker company trading on the NYSE, exceeded Wall Street's expectations in its second quarter earnings report. The company reported earnings of $0.56 per share, surpassing the average analyst estimate of $0.55, while revenue reached $505.66 million, outpacing the consensus figure of $395.93 million. Hafnia's shares saw a modest 0.59% increase in pre-market trading following the release of the results.

The company's revenue soared 46% year-over-year from $346.56 million in the previous quarter. Net profit climbed to $277.8 million, compared to $75.3 million in the corresponding period last year. This significant rise was fueled by strong freight rates amid ongoing challenges to shipping routes in the Middle East.

Hafnia's weighted average Time Charter Equivalent rate for the quarter stood at $44,093 per day, a stark contrast to $24,452 per day in the same period last year. The company's adjusted EBITDA expanded to $287.3 million from $134.2 million year-over-year. CEO Mikael Skov attributed these impressive figures to several factors, including $39.3 million in gains from vessel sales and $8.8 million from fee-based operations.

Hafnia declared a quarterly dividend of $0.5003 per share, representing a substantial 90% payout ratio, which translates to an annualized dividend yield of around 21% based on the first half of 2026 dividends.

The company's net asset value per share climbed to $8.89 at the end of the quarter, an uptick from the first quarter. Simultaneously, the net loan-to-value ratio declined to 13.0% from 20.2%. For the upcoming third quarter, Hafnia anticipates that 80% of earning days will be covered at a rate of $30,716 per day, as of August 17, 2026. The company has also forecasted approximately 225 off-hire days in the third quarter, primarily due to scheduled drydockings.