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Hafnia: Record result in Q2 2026 and highest dividend in the company's history

HAFNIAnalyst Comment28.08.2026 klo 09.00

Rasmus KøjborgHead of Research, Stables

Summary

Hafnia reported a record Q2 2026 with a TCE Income of MUSD 372.9, driven by elevated freight rates due to the closure of the Strait of Hormuz, despite 392 off-hire days.
Net profit for Q2 2026 was MUSD 277.8, including gains from vessel sales and dividends from its stake in TORM, although slightly below market expectations.
The company declared its highest-ever dividend of USD 0.5003 per share for Q2 2026, supported by strong cash flow and reduced net LTV, resulting in an annualized dividend yield of approximately 21%.
Mikael Skov will step down as CEO on September 1, 2026, with Søren Steenberg Jensen set to succeed him, while maintaining the current strategy and dividend policy.

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Automatic translation: Originally published in undefined 28/08/2026, 06:00 GMT. Give feedback here.

Hafnia published its Q2 2026 financial report this morning, showing significant progress across all lines and the company's best quarter since Q3 2022. The closure of the Strait of Hormuz and the subsequent redirection of oil and product flows have lengthened sailing distances and kept freight rates elevated throughout the quarter.

Hafnia thus realizes a TCE Income of MUSD 372.9 in Q2 2026 compared to MUSD 282.5 in the previous Q1 2026 and MUSD 231.2 a year ago in Q2 2025. The average TCE rate for the fleet lands at USD 44,093 per day vs. approx. USD 30,300 per day in Q1 2026 – and this despite approximately 392 off-hire days related to scheduled dry dockings during the quarter.

Adj. EBITDA comes in at MUSD 287.3 in Q2 2026 vs. MUSD 198.6 in Q1 2026 and MUSD 134.2 in Q2 2025. However, this is slightly below the market expectation of MUSD 302.6.

Net profit for Q2 2026 came in at MUSD 277.8 (USD 0.56 per share) vs. MUSD 179.7 in Q1 2026 and MUSD 75.3 a year ago in Q2 2025, with consensus standing at MUSD 285.3. The result includes a gain of MUSD 39.3 from the sale of one LR1, two MR, and three Handy vessels, as well as MUSD 9.9 in dividends from Hafnia's 13.97% stake in TORM, which had a market value of MUSD 369.0 at the end of the quarter. For the first half of the year, net income thus stands at MUSD 457.5 vs. MUSD 138.5 in the same period last year.

Hafnia has paid a dividend for 18 consecutive quarters. The strong cash flow from both operations and vessel sales decreased net LTV from 20.2% in Q1 to 13.0% at the end of Q2, allowing the company to hit the highest tier of its dividend policy for the first time. For Q2 2026, the dividend is USD 0.5003 per share (a pay-out ratio of 90%), corresponding to a total of MUSD 250.0 – a significant increase from USD 0.1762 per share in Q4 2025 and USD 0.2877 per share in Q1 2026. In total for the first half of the year, USD 0.7880 per share has been distributed, corresponding to an annualized dividend yield of approx. 21% at a share price of USD 7.50. At the same time, the company's NAV rose to approx. BUSD 4.4, corresponding to USD 8.89 (approx. NOK 88.47) per share.

On the coverage side, 80% of earning days in Q3 2026 were covered at USD 30,716 per day as of August 17, while 53% of days in the second half of the year are covered at USD 28,917 per day. Hafnia expects around 225 off-hire days in Q3 vs. 392 in Q2, and following the end of the quarter, it has sold its 50% stake in two MR vessels in the H&A Shipping joint venture, resulting in a gain of MUSD 13.3.

The quarter is also the last with Mikael Skov at the helm. As announced on June 30, he will step down as CEO on September 1 after 16 years and join Hafnia's Board of Directors, subject to approval at an extraordinary general meeting. Søren Steenberg Jensen, EVP and Head of Asset Management, who has been with the company since its inception in 2010, will take over the position. Both the outgoing and incoming CEOs emphasize that neither strategy, capital allocation, nor dividend policy will change with the transition.

You can read Hafnia's full financial report here: https://investor.hafnia.com/financials/quarterly-results/default.aspx

Remember that at 8:15 AM today you can hear more about the quarter and the CEO transition when we have Hafnia CEO Mikael Skov in the studio for his last earnings presentation. You can sign up here: https://www.inderes.dk/videos/hafnia-presentation-of-the-quarterly-report-for-q2-2026

Disclaimer: HC Andersen Capital receives payment from Hafnia for a Digital IR subscription agreement. /Rasmus Køjborg, CFA at 7:55 AM on Aug 28, 2026.

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Hafnia is an international shipping company that specializes in the transportation of oil and chemical products. It started trading in Norway on the NOTC marketplace for unlisted shares in 2013. In 2019 Hafnia listed on the main market in Norway – Oslo Stock Exchange. The company, headquartered in Singapore, operates in the product tanker market, where it manages six pools combining self-owned and externally-owned vessels to benefit from economies of scale. The pools distribute profits/loss across all vessels in the pool, and Hafnia charges a commission for operating externally-owned tankers. Hafnia’s six pools are categorized by vessel size/type, and reflect the fleet of vessels it owns. Its six pools are the: Handy Pool, MR Pool, LR Pool, LR2 Pool, Specialized Pool and Chemicals Pool. The MR and LR pools are considerably outsize the Handy and Specialized pools in terms of revenue and fleet size. Hafnia’s pools are primarily active in the product tanker spot market, but has also recently ramped up on chemical tankers. In addition, Hafnia procures the bunker fuel for its partners at competitive prices for which it receives a commission.