CEO statement

The product tanker market experienced a slight slowdown after a strong second
quarter, as seasonal effects began to reappear. However, we continued to deliver
robust and steady earnings across all vessel segments. The market is now mainly
driven by fundamental factors and seasonal influences, as market inefficiencies
have gradually diminished.

I am pleased to announce that this quarter, Hafnia has delivered another great
result, achieving a net profit of USD 146.9 million, bringing our year-to-date
net profit to USD 616.8 million. This strong result is a testament to our daily
commercial decision-making and significant presence in the spot market,
supported by our diversified fleet of over 125 vessels. Our adjacent
fee-generating business segments have also benefitted from this strong market,
resulting in year-to-date earnings of nearly USD 30 million. At the end of the
third quarter, we have attained a net asset value (NAV) of approximately USD 3.6
billion, representing a NAV per share of ~USD 7.2 (NOK 76.7). 

The third quarter further demonstrates our focus on shareholder return.
Reflecting our dividend policy, I am pleased to announce that as we have
achieved our leverage ratio targets, we are able to distribute a higher payout
ratio of 70%. This is the highest payout ratio in Hafnia's history, with
potential future upside should we continue to meet our financial targets. With a
net LTV of 27.4%, we will distribute a total of USD 102.9 million or USD 0.2032
per share. This brings Hafnia's year-to-date dividends to USD 384.8 million,
representing a payout ratio of 62.4%.

The market outlook remains very positive in the winter season, which has
historically demonstrated strength. Inventories in the western hemisphere have
continually declined throughout the year, indicating a potential rise in imports
from Middle/Far Eastern destinations. This is expected to improve vessel demand
and contribute to improved overall earnings. Whilst geopolitical concerns
persist, particularly in Israel and the Middle East, the impact on the product
tanker market is currently limited.  However, we are closely monitoring this.  

As of 8 Nov 2023, we have for Q4 covered 65% of the earning days at an average
of USD 29,893 per day and 13% covered at USD 23,842 per day for 2024.

I am pleased to share that Hafnia is currently working towards a secondary
listing in the US1. Our goal is for Hafnia to reach out to a wider shareholder
base, access the world's largest capital market and improve the share liquidity
for all our shareholders.

As we approach the conclusion of 2023, I would like to express my gratitude to
my team and our reliable partners for the prosperous year so far. Achievements
made during the year embody the dedication and efforts of our teams.  Looking
ahead, we will continue to build on this positive momentum and strive to achieve
even greater success. 

- Mikael Skov, CEO Hafnia