Hafnia Tankers Releases Interim Report for the Second Quarter of 2018

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Hafnia Tankers generated an operating profit for the six months ended June 30, 2018 of USD 2.6 million and a net loss of USD 12.0 million (including a one-off expense of USD 3.2 million).

The book value of the fleet, as of June 30, 2018 was USD 1,007.8 million. As of June 30, 2018, Hafnia Tankers had USD 51.0 million in cash, USD 543.7 million of bank and lease debt and USD 47.0 million in working capital1.

Hafnia’s share of the remaining capex for J/V Vista Shipping was USD 61.5 million, the undrawn bank financing to fund the newbuilds was USD 52 million and including cash, the newbuild program was fully financed.

“We have no debt maturities before January 2022. Gross earnings per day during first half of 2018 were USD 12,475 per LR1 vessel, USD 14,000 per MR vessel and USD 12,200 per SR vessel,” the company stated.

Overall, the positive trend of increasing demand for refined products, reduced supply of newbuild tonnage continues and regulatory changes on bunker fuel are believed to be a positive story for product tankers.

However, short-term demand has so far in 2018 not been able to fully keep pace with the last few years fleet expansion, but as oil product stocks worldwide have come down to 5 years average and even below. “We foresee a stronger year end 2018 coming in to 2019 as trading will increase, also on the back of high refinery utilization.”

Commercial management of our product tankers is organized under Hafnia Management. The three divisions LR1, MR, and SR have 127 ships under management including future commitments. As of June 30, 2018, Hafnia’s fleet consisted of 43 vessels. Vista Shipping, has an order book of four LR1 newbuilds to be delivered in 2019.

Sea News, September 27

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