Hafnia (NYSE: $HAFN) is one of the biggest tanker owners globally. Its tankers transport oil, oil products, and chemicals for major firms in the oil industry. It has a fleet of over 200 vessels and offers customers a fully integrated shipping platform. On Monday, December 1, 2025, it released its Q3 results. Here is a deep dive into those results.
Hafnia Q3 Results
Hafnia reported an operating revenue of $366.5 million for Hafnia vessels and TC vessels compared to $497.9 million last year. It reported a net profit of $91.5 million or $0.18 per share compared to $215.6 million or $0.42 per share last year.
Its fee-based business generated earnings of $7.1 million compared to $7.8 million last year. The company reported $247 million in Time Charter Equivalent (TCE) earnings compared to $361.6 million last year for an average TCE of $26,040 per day. The company reported an adjusted EBITDA of $150.5 million, compared to $257 million last year.
As of November 14, 2025, 71% of total earning days of the fleet were covered for Q4 at $25,610 per day. It reported a net asset value (NAV) of around $3.4 billion or $6.76 per share at the end of the quarter. The company distributed $73.2 million or $0.1470 per share in dividends, for a payout ratio of 80%.
Hafnia CEO Comments
Commenting on the results, Hafnia CEO Mikael Skov stated, “The product tanker market was counter-cyclically firm throughout the third quarter, driven by continued growth in clean petroleum products exports, especially from the Middle East. This market strength carried into the fourth quarter, further supported by improved refining margins and the ongoing impact of sanctions, which are still causing inefficiencies and disruptions in trading routes.”
He added that the upcoming winter season was expected to strengthen the oil market and support higher earnings via increased ton-mile activity and operational delays. The CEO added that the outlook for product tankers remained constructive on the supply side.
According to him, the overall dynamics point to a favorable environment for product tanker earnings in the remainder of 2025, with the solid fundamentals likely to carry into early 2026.
Skov noted that despite global uncertainty, Hafnia was well-positioned for the future. He expects the operating cash flow breakeven to be below $13,000 per day in 2026. The CEO added that they would continue to exercise financial discipline and pursue opportunities that strengthen their competitive position.
Market Performance
Following the release of the Q3 results, $HAFN shares dipped 1.58% to $5.89 as of 2:10 PM in New York. Year to date, Hafnia shares are up 8.36%, while over the past 12 months, the share price has risen 3.60%.
Analysts remain optimistic about the future of $HAFN shares, giving them an overall moderate buy rating. They forecast an average price of $8.21, which is 37.06% upside, based on the most recent price. The two analysts forecast a wide range for the stock price, with a high of $10 and a low of $6.42.
Is Hafnia ($HAFN) A Buy in 2025?
Today’s dip in share price could be attributed to a YoY dip in revenue. However, as the winter season approaches, Hafnia could post better results in Q4. Overall, the fundamentals support the analysts’ moderate buy rating. Consequently, adding $HAFN to your portfolio could potentially be beneficial in the medium term.
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