CEO Statement

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 in June proved short-lived, as the passageway was
effectively closed again in early July. Gulf exports, including routes bypassing
the Strait, fell sharply by 2.1 million barrels per day (mb/d) to 15 mb/d in
July.

Importantly, the bypass routes the Gulf has relied on have also come under
pressure. Amid rising tensions between the Houthis and Saudi Arabia, attacks
extended to the Bab el-Mandeb Strait and to infrastructure at Jazan and Yanbu,
diverting Saudi oil exports northward toward the Suez Canal and the SUMED
pipeline. The SUMED pipeline saw Saudi exports surge to 1.25 mb/d, the highest
level since April 2020. For the product tanker market, this has led to sustained
fragmentation of global trade, with volumes East of Suez remaining constrained
and alternative routings adding substantial voyage distance.

Against this backdrop, Hafnia delivered the strongest quarterly result since Q3
2022. In Q2 2026, we recorded a net profit of USD 277.8 million. This included
USD 39.3 million in gains on vessel sales, and our fee-based business generated
USD 8.8 million. Results for the quarter were impacted by approximately 392
off-hire vessel days related to scheduled drydockings, and we anticipate
approximately 225 off-hire days in Q3.

Our average fleet TCE for Q2 was USD 44,093 per day. As of 17 August 2026, 80%
of our Q3 earning days are covered at an average of USD 30,716 per day, and 53%
of our H2 2026 earning days are covered at an average rate of USD 28,917 per
day. 

At the end of the second quarter, our net asset value (NAV1) rose to
approximately USD 4.4 billion, up USD 0.4 billion from Q1 2026. This is
equivalent to USD 8.89 (~NOK 88.47) per share, driven by higher vessel
valuations across all segments and lower debt levels amid a strengthened freight
market. Our net Loan-to-Value (LTV) ratio further decreased from 20.2% in the
first quarter to 13.0%, primarily due to strong cash flow generation from both
operations and vessel sales.

With our net LTV below 20%, we have reached the highest payout threshold under
our dividend policy. I am therefore pleased to announce a 90% payout ratio for
the second quarter. Accordingly, we will distribute a total of USD 250.0 million
in dividends, or USD 0.5003 per share. This reflects our continued commitment to
delivering strong shareholder returns and represents an annualized dividend
yield of approximately 21% based on the dividend announced for the first half of
2026.

From 2027, we will calculate net LTV on a fully committed basis, incorporating
outstanding newbuild commitments and the corresponding vessel values. 

We continued to execute our fleet renewal strategy during the quarter. In Q2, we
completed the sale of one LR1 vessel, two MR vessels, and three Handy vessels.
In Q3, we sold our 50% stake in two MR vessels within the H&A Shipping joint
venture, resulting in a USD 13.3 million profit for Hafnia.

Our 13.97% stake in TORM continued to contribute to financial performance, with
a market value of USD 369.0 million at quarter-end and an additional USD 9.9
million in dividend income recognized during the quarter. Our view on the logic
of industry consolidation remains unchanged. The specific path and timing of any
strategic steps will continue to be guided by a single priority: maximizing
returns for Hafnia's shareholders.

This is my final quarterly letter as Chief Executive Officer of Hafnia. As
announced on 30 June, I will step down on 1 September 2026 after sixteen years
in the role. Subject to approval at an Extraordinary General Meeting, I will
join Hafnia's Board of Directors. Søren Steenberg Jensen, EVP and Head of Asset
Management, who has helped build this company since its inception, will succeed
me as CEO.

The timing naturally invites questions. This transition was planned well in
advance and is grounded in continuity. Søren has been closely involved in every
element of the strategy outlined in this letter, from our fleet renewal program
and distribution policy to the capital allocation that guides both. These
commitments now pass to Søren. In his own words:

From Søren Steenberg Jensen, incoming CEO: 
"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."

It has been a privilege to lead Hafnia and to work with an exceptional team
across sea and shore. I would like to thank our employees, partners, investors
and stakeholders for their trust and support throughout this journey. Above all,
I would like to thank our seafarers, who have carried this company through an
extraordinary period with tremendous commitment. 

I am immensely proud of what we have accomplished and confident that Hafnia is
well positioned for its next chapter.

- Mikael Skov, CEO Hafnia
mensely proud of what we have accomplished and confident that Hafnia is\
well positioned for its next chapter.\
\
- Mikael Skov\, CEO Hafnia\