Strong Product Market Spot Earnings Spur Hafnia’s Profit Surge

The best product tanker market spot earnings since 2009 combined with a larger fleet contributed to Hafnia Tankers’ profit for the twelve months ended December 31, 2015 worth USD 59.6 million, a major recovery from USD 2.3 million reported in 2014.

The book value of the fleet, including newbuilds, as of December 31, 2015 was USD 1,100.7 million, Hafnia said.

The company reported USD 122.8 million in cash, USD 504.3 million of bank debt and USD 39.3 million in working capital, including USD 24.4 million in pool working capital.

“As of December 31, 2015, available undrawn bank financing to fund the newbuilds was USD 140 million and including cash, the newbuild program was fully financed,”the company added.

Soeaking of the market conditions, Hafnia said that during 2015, the product tanker market generally benefited from high refinery margins combined with high gasoline demand in the USA, resulting in increased ton-miles supporting the demand for product tankers.

“The volatility of oil prices has encouraged additional trading activity of refined products, leading to further improved freight rates. The addition of new refinery capacity in the Middle East and India has resulted in substantial export of refined products, benefiting the product tanker segment despite a substantial net fleet growth during the year,” Hafnia went on to say.

Gross spot earnings of vessels trading in pools managed by Hafnia Management A/S during 2015 were USD 27,072 per LR1 vessel, USD 21,396 per MR vessel and USD 20,638 per SR vessel, based on the company’s info-

Hafnia’s fleet grew from 19 to 30 vessels during 2015, as it took delivery of five SR vessels and two MR vessels. The company also acquired four LR 1 vessels from a third party.

Hafnia expects to take delivery of one SR vessel and five MR vessels in 2016, and one MR vessel in 2017.

At the end of 2015 Hafnia’s fleet consisted of 30 owned vessels and five vessels chartered-in and an order book of seven newbuilds in addition to two vessels chartered-in to be delivered in 2017.

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