Hafnia Limited (NYSE: HAFN) is a Bermuda-headquartered maritime transportation business with key operations in Singapore. The company is primarily engaged in the ownership and operation of product tankers, serving customers that include oil majors, chemical producers, and trading/utility corporations. Hafnia’s commercial footprint spans clean and dirty refined petroleum products, vegetable ...Hafnia Limited (NYSE: HAFN) is a Bermuda-headquartered maritime transportation business with key operations in Singapore. The company is primarily engaged in the ownership and operation of product tankers, serving customers that include oil majors, chemical producers, and trading/utility corporations. Hafnia’s commercial footprint spans clean and dirty refined petroleum products, vegetable oils, and selected chemicals, reflecting the need in tanker shipping for both flexible commodity coverage and operational reliability across global trade routes.
From an operational perspective, Hafnia manages a substantial fleet—reported as around 200 vessels—across tanker categories and size classes, including Long Range II, Long Range I, Medium Range (MR), Handy size, and specialized carriers. These segments help match chartering demand and cargo requirements to appropriate vessel capabilities and voyage profiles. Business operations are commonly structured around chartering and fleet employment, supported by internal technical and commercial functions.
Beyond vessel ownership, Hafnia positions itself as a “fully integrated shipping platform.” In practice, this includes services such as expert ship management (technical management and operational oversight), commercial and chartering support (arranging employment for tankers), pool administration (coordinating vessels in pooled arrangements where applicable), corporate support/agency office functions, and large-scale bunker procurement. The platform concept is aimed at aligning technical performance, commercial execution, and procurement efficiency—factors that materially influence shipping costs such as vessel downtime/operational reliability, bunker/fuel sourcing, and execution of charters.
In terms of scale and staffing, the provided data indicates full-time employees of 277 (which maps to the 201–500 bucket). Hafnia also has publicly available governance information that identifies Mikael Opstun Skov as CEO, reflecting leadership continuity in the company’s maritime strategy.
Financially and in market terms, Hafnia is tracked as a public company on the NYSE with standard sector exposure to shipping freight cycles, fuel price variability, and charter rates. Accordingly, investors typically view profitability and cash generation through metrics such as margins, operating return measures, leverage, and cash flow coverage—while the business itself seeks to manage cycle risk via fleet mix, charter coverage, and operational optimization.
Overall, Hafnia’s business model combines asset ownership (tanker fleet) with vertically integrated maritime services intended to improve charter execution and cost efficiency across the voyage lifecycle.
Sheena Williamson-Holt: Hello, everyone. Welcome to Hafnia's Second Quarter 2026 Financial Results Presentation. We will begin shortly. You will be brought through today's presentation by Hafnia's CEO, Mikael Skov; CFO, Perry Van Echtelt; Soren Winther, VP, Commercial; and Thomas Andersen, EVP, Head of Investor Relations. They will be pleased to address any questions after the presentation, which will be moderated by myself, Sheena Williamson-Holt, Head of Communications at Hafnia. [Operator Instructions] During this conference call, some statements may be considered forward-looking, reflecting management's current expectations. These statements involve risks, uncertainties and other factors, many of which are beyond Hafnia's control that could cause actual results, performance or plans to differ significantly from those expressed or implied. Additionally, this conference call does not constitute an offer or solicitation to buy or sell any securities. With that, I'm pleased to turn the call over to Hafnia's CEO, Mikael Skov.
Mikael Opstun Skov: Thank you, and hello, everyone. We appreciate you joining us for Hafnia's Second Quarter 2026 Earnings Call. I'm Mikael Skov, CEO of Hafnia. With me today are our CFO, Perry Van Echtelt; our VP of Commercial, Soren Winther; and our EVP, Head of Investor Relations, Thomas Andersen. Our second quarter 2026 results were published earlier today and are available on Hafnia's website. On today's earnings call, I will first cover the main developments in the quarter before Soren walks through the market and Perry reviews the financials. I will then touch on our strategic initiatives before concluding the call for questions. Let's move to the next slide. Before we proceed, I would like to go through our safe harbor statement. The information discussed on this call is based on information we have today, which may include forward-looking statements that involve risks and uncertainties. Actual results may differ materially from these statements. Nothing presented in this call should be construed as an offer to buy or sell securities. Next slide. I will start with the key highlights from the quarter. And now we go to Slide #5. The second quarter was another very strong quarter for Hafnia. The market has not yet normalized 6 months after the start of the conflict in the Persian Gulf. We are still experiencing disruptions to Gulf flows and rising tensions have reestablished the Red Sea chokepoints, dislocating oil flows across the world. Against this backdrop, we delivered a net profit of $277.8 million, the strongest quarterly results since the third quarter of 2022. We also continued to optimize the fleet by divesting older vessels. During the second quarter, we sold 1 LR1, 2 MRs and 3 Handy vessels, recording a gain on sale of $39.3 million. In the third quarter, we completed the sale of our 50% interest in 2 MRs held through the joint venture with Andromeda, resulting in a $13.3 million gain for Hafnia. Let's go to …
