CEO statement

The product tanker market had a promising start to 2023, and rates remained firm
on the back end of a strong 2022.
 
I am proud to announce that Hafnia has delivered another quarter of solid
earnings. For Q1 2023, we achieved a net profit of USD 256.6 million. This is
Hafnia's best Q1 result so far and brings our total profit in the last 12 months
close to USD 1 billion. 

At Hafnia, we benefit greatly from high spot market exposure with a diversified,
modern fleet of 124 vessels within our offering of an integrated shipping
platform. Our fee-focused business has benefitted from this increased rate
environment, generating USD 11.1 million from our Pool and Bunker business. 

At the end of the quarter, we have a net asset value (NAV) of approximately USD
3.4 billion, representing a NAV per share of ~USD 6.8 (NOK 70.7).

Reflecting our fleet renewal strategy, we have welcomed Hafnia Languedoc, the
first of our four LR2 LNG dual-fuelled newbuilds, and have also purchased two MR
vessels (IMO II - easy chemical) vessels that will be delivered in Q2. We also
divested five older LR1 vessels, of which four have been delivered in Q1 -
reducing earning days by approximately 250 days during that period. 

This quarter yet again demonstrates strong shareholder return. I am pleased to
announce a 60% dividend payout ratio of USD 154.0 million or USD 0.3044 per
share (based on a net LTV ratio of 31.4%). This brings Hafnia's total dividends
in the last four quarters to USD 546.2 million, representing a total payout
ratio of 55.3%. 
The market is set to remain strong in 2023. With a swift upturn of the Chinese
economy, global oil demand is projected to reach an all-time high. Sanctions on
Russian products are also fully in effect, and we are already experiencing
increases in total oil products being transported over longer distances. Europe
is yet to replace its 2022 imports from Russia, and inventories are gradually
falling, representing a significant tonne-mile gain on the horizon. 

As of 15 May 2023, we have for Q2 covered 65% of the earning days at an average
of USD 34,378 per day and 31% covered at USD 31,330 per day for the rest of
2023. 

Looking ahead, I remain confident that utilization of our modern product fleet
will remain strong, following rising oil demand and limited fleet growth. Q2 is
already proving to be a strong quarter, and we look forward to building on this
momentum, producing robust results and shareholder value, whilst remaining at
the forefront of the energy transition.

- Mikael Skov, CEO Hafnia