CEO Statement

The strength of the product tanker market continued into 2024 from 2023 due to
vessels being rerouted on longer voyages via the Cape of Good Hope to bypass
disruptions in the Red Sea, resulting in higher spot rates across all segments
compared to the previous quarter. 

I am proud to share that Hafnia achieved a net profit of USD 219.6 million in
our first quarter, demonstrated by our active management approach, modern fleet,
and strong presence in the spot market. Our pool and bunkering business also
performed well, contributing USD 9.8 million to our overall results. The IFRS 15
load-to-discharge adjustment has resulted in a negative TCE adjustment of USD
7.2 million.

With a diversified and modern fleet of over 130 modern vessels and increasing
asset values, our net asset value (NAV) stands at approximately USD 4.3 billion
by the end of the quarter, translating to a NAV per share of around USD 8.37
(~NOK 90.35). This includes that we hold purchase options for eight chartered-in
vessels, valued at approximately USD 120 million, enabling us to capitalise on
asset value appreciation.

We achieved a significant milestone on April 9, 2024 by listing our common
shares on the New York Stock Exchange (NYSE) under the ticker 'HAFN',
complementing our existing listing on the Oslo Stock Exchange (OSE). This dual
listing expands our investor base, offering direct exposure in the US markets to
our strong commercial performance and track record of shareholder returns. On
the same day, we announced that we're raising our dividend payout ratio from 70%
to 80% when our net loan-to-value is between 20% and 30%. 

Additionally, when our net loan-to-value falls below 20%, we will raise this
further to 90% from the previous 80%. This shows our dedication to providing
solid returns to shareholders while also managing our finances responsibly. 

At the close of the quarter, our net loan-to-value stood at 24.2% and I am
pleased to announce a dividend payout ratio of 80%, translating to a dividend of
USD 175.7 million or USD 0.3443 per share. This marks the highest dividend
Hafnia has ever made and holds potential for further growth as we continue
strengthening our balance sheet.

In the first quarter, the product tanker market was significantly impacted by
events in the Red Sea, causing vessels to take longer routes. Looking ahead to
the rest of 2024, the outlook remains positive. This is mainly due to refinery
dislocations and ramp-ups expected in the Middle East, alongside minimal growth
in tanker supply. Firm oil demand, particularly from China and India, also
contributes to this positive outlook.

As of May 10, 2024, we've secured coverage for 68% of the earning days in Q2,
averaging USD 37,896 per day, and 32% coverage at USD 33,901 per day for the
entire 2024.

- Mikael Skov, CEO Hafnia