CEO Statement

I am delighted to announce that Hafnia in Q2 has once again delivered strong
results, achieving a net profit of USD 259.2 million, bringing our total net
profit in the first half of 2024 to USD 478.8 million. 

This quarter marks our best performance since the beginning of 2023 and
represents the strongest first-half results in our company's history. Our
adjacent fee-generating business segments have continued to thrive in this
earnings environment, contributing USD 10.7 million to our overall results in
Q2. 

At the end of the second quarter, our net asset value (NAV) stands at around USD
4.5 billion. This increase is primarily driven by the rising value of our
vessels, resulting in a NAV per share of approximately ~USD 8.77 (NOK 93.31).

With these strong results and in line with our recent increase in the dividend
payout ratio, I am pleased to announce a dividend payout ratio of 80% based on a
net LTV of 21.3% attained in Q2. 

With this, we will distribute a total of USD 207.4 million or USD 0.4049 per
share in dividends. This marks the highest dividend payout in our company's
history for the second consecutive quarter, reinforcing our dedication to
providing strong shareholder returns.

The product tanker market remained strong in the second quarter, despite ongoing
volatility. Geopolitical tensions and disruptions in the Red Sea, along with
continued refinery ramp-ups and dislocations, have contributed significantly to
the increase in product tonne-mile demand.

The market outlook remains optimistic with elevated product tanker rates
expected to continue for an extended period. This is primarily due to low global
stockpiles, which have led to a substantial increase in refinery throughput and
cargo flow. Additionally, the start of production at Nigeria's Dangote refinery
and the anticipated ramp-up in Chinese refineries by late 2024 are anticipated
to further boost global refinery operations.

As of August 9, 2024, 72% of the Q3 earning days are covered at an average of
USD 34,934 per day, and 45% covered at USD 33,534 per day for the remainder of
2024. This positions us for a strong quarter ahead, especially compared to Q3 of
last year, which averaged USD 28,954 per day. 

In July, one of our vessels, the Hafnia Nile, was unfortunately involved in a
collision with a VLCC in the South China Sea. All 22 crew members of Hafnia Nile
were safely rescued. Hafnia is currently collaborating with the Malaysian Marine
Department (MMD) and the Maritime and Port Authority (MPA) of Singapore in their
ongoing investigations concerning the nature of the collision. 

As we conclude another quarter, I sincerely thank our partners and the
exceptional team at Hafnia for their invaluable support in helping us achieve
our goals. Looking ahead, we remain committed to navigating challenges with
agility and seizing further opportunities to strengthen our market position.

- Mikael Skov, CEO Hafnia