OSL$HAFN
Hafnia Ltd · Q3 2025 earnings
Q3 2025 earnings · · Investor relations
Briefing
Hafnia reported a solid third quarter with continued profitability despite lower earnings compared to last year.
Hafnia Limited posted a net income of $91.5M in Q3 2025 with strong TCE income and adjusted EBITDA, despite reduced fleet utilization due to unexpected drydock delays.
- Net income reached $91.5 million for the quarter.
- TCE income was $247 million, averaging $26,040 per day.
- Adjusted EBITDA came in at $150.5 million.
- Approximately 740 off-hire days impacted earnings due to drydock delays.
Headline financials
Revenue & EPS history
Hafnia Ltd · Revenue · Quarterly
$367M
Forward guidance
Hafnia expects a strong winter season in the product tanker market with supportive fundamentals and easing geopolitical risks.
Tailwinds
- 71% of Q4 earning days covered at $25,610/day
- Improved refining margins supporting demand
- Expected decrease in off-hire days to ~440 in Q4
- Seasonal demand expected to boost tonne-mile activity
- Stable vessel market values and low net LTV at 20.5%
Headwinds
- Reduced TCE income compared to Q3 2024
- Delays in drydocking increased off-hire days by 230 days
- Global uncertainty from ongoing conflicts remains
- Fleet utilization impacted by special recoating operations
- Geopolitical fragmentation continues to disrupt trade flows
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 6 quarterly earnings reports · overlaid with Q3 2025
+0.6%
Avg return
Earnings day
-1.5%
Avg return
5 days after
+109.9%
Avg return
30 days after
75%
6 / 8 earnings
Positive
+5.3%
Q3 2024
Best reaction
-11.4%
Q4 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | — | — | — | |
| Q4 2025 | +2.6% | +3.8% | +900.6% | |
| Q3 2025 | -2.8% | -6.7% | -17.3% | |
| Q2 2025 | +3.7% | +5.0% | +6.7% | |
| Q1 2025 | +1.8% | +4.3% | +7.8% | |
| Q4 2024 | -11.4% | -15.8% | -14.2% | |
| Q3 2024 | +5.3% | -8.3% | -2.1% | |
| Q2 2024 | +4.2% | +1.8% | -3.9% | |
| Q1 2024 | +1.1% | +3.7% | +1.8% |
Discussion
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