High Product Tanker Rates Drive Hafnia’s Profit

Danish tanker owner and operator Hafnia Tankers Ltd. (Hafnia) posted an operating profit of USD 34.7 million and profit of USD 26.7 million for the six months ended June 30, 2015 amid the best spot earnings in the product tanker market since 2009.

Operating profit for the three months ended June 30, 2015 was USD 18.2 million and profit was USD 13.8 million.

The book value of the fleet, including newbuilds and remaining capex, as of June 30, 2015 was USD 1,106.0 million.

“As of June 30, 2015, we had USD 115.4 million in cash, USD 423.2 million of bank debt and USD 43.9 million in working capital . The remaining capex for the newbuilds was USD 284.0 million,” the company said in its business relesults.

“We continue to execute on our target to have less than 60% leverage on our fleet through the business cycle. The product tanker market benefitted from high refinery margins combined with generally high gasoline demand, resulting in increased ton-miles supporting the demand for product tankers in the second quarter of 2015,” the statement added.

Spot earnings of vessels trading in pools managed by Hafnia Management A/S for the second quarter of 2015 were approximately USD 28,200 per LR1 vessel, USD 23,000 per MR vessel and USD 17,600 per SR vessel, net of commissions and pool fees.

Hafnia Nordica and the three LR1 vessels acquired in the first quarter completed scheduled drydocking in the second quarter 2015, which reduced the number of earning days.

Hafnia took delivery of two SR vessels in the second quarter of 2015 and the company expects to take delivery of three SR vessels and two MR vessels in the second half of 2015, one SR vessel and five MR vessels in 2016 and one MR vessel in 2017.

The company currently has a fleet of 25 owned vessels and six vessels chartered-in, as well as an orderbook of 12 newbuild vessels.

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