Hafnia Limited (NYSE:HAFN) reported first-quarter results on Wednesday that came in ahead of analyst expectations, although the company’s shares slipped slightly in premarket trading as investors remained cautious about the outlook for global shipping markets amid ongoing geopolitical instability.
Shares of the product tanker operator fell 0.54% in premarket trading following the earnings release.
The company posted adjusted earnings per share of $0.36 for the quarter ended March 31, exceeding analyst forecasts of $0.29 by $0.07.
Quarterly revenue reached $412.9 million, comfortably above analyst expectations of $293.34 million and representing a 21% increase compared with $340.3 million in the first quarter of 2025.
Net profit rose sharply to $179.7 million from $63.2 million in the same period last year.
Hafnia’s Time Charter Equivalent earnings increased to $282.5 million from $218.8 million a year earlier, resulting in an average TCE rate of $30,327 per day.
Adjusted EBITDA climbed to $198.6 million, compared with $125.1 million in the corresponding quarter of 2025.
“The first quarter of 2026 was defined by a geopolitical disruption to global oil markets without modern precedent. The closure of the Strait of Hormuz fundamentally reshaped global crude and refined product trade flows,” said CEO Mikael Skov.
The company declared a quarterly dividend of $0.2877 per share, representing an 80% payout ratio and a total shareholder distribution of $143.8 million.
Hafnia’s net asset value increased to approximately $4.0 billion, or $8.09 per share, up from $3.5 billion at the end of the fourth quarter of 2025.
Looking ahead, Hafnia said that as of May 13, around 73% of its total earning days for the second quarter of 2026 had already been booked at an average rate of $46,600 per day, supporting expectations for stronger performance in the current quarter compared with the first quarter.