CEO Statement

After a strong second quarter, the product tanker market softened seasonally in
the third quarter, due to refinery maintenance, lower refinery margins, and
increased cannibalization from the crude sector. 

Despite these challenges, Hafnia has continued to perform well, delivering solid
earnings.  I am pleased to announce that we achieved a net profit of USD 215.6
million in Q3, bringing our year-to-date net profit to USD 694.4 million - the
best nine-month performance in our company's history. 

Our adjacent fee-generating business segments have also performed strongly,
contributing USD 7.8 million to our overall results. At the end of the third
quarter, our net asset value (NAV)  reached approximately USD 4.6 billion,
reflecting the increased market value of our vessels and strong operating
cashflows, which equates to an NAV per share of about USD 9.07 (NOK 95.24).

Our net Loan-to-Value (LTV) ratio decreased to 19.1% at the end of the quarter.
This allowed us to reach a new milestone in our dividend policy, and we are
pleased to announce a dividend payout ratio of 90% for the quarter. For the
quarter, we will distribute USD 194.1 million or USD 0.3790 per share in
dividends.

On October 1, 2024, we successfully completed the redomiciliation of Hafnia
Limited from Bermuda to Singapore. As Hafnia Limited is a Singapore tax resident
post-redomiciliation, no Singapore withholding taxes will be imposed on dividend
distributions to all shareholders.  There is, therefore, no change in the
dividend treatment resulting from the redomiciliation.

Hafnia's Board has authorized management to initiate a share buyback program of
up to USD 100 million, from December 2, 2024, to January 27, 2025, subject to
market conditions. Authorization will be reviewed on a quarterly basis. We will
disclose the structure of the program and details of any buyback as it occurs.
The amount utilized for this buyback program will be deducted before declaring
dividends for Q4 2024. This ensures the combined total of dividends and share
buybacks aligns to our payout ratio under our dividend policy, reflecting our
dedication to shareholder value while also ensuring strategic flexibility.

While market conditions softened slightly due to competition from the crude
sector, Q3 trade volumes and earnings remained above last year's levels, driven
by strong global oil demand and increased tonne-miles from refinery
dislocations. Looking ahead, seasonal strengthening in the crude sector, coupled
with the technical challenges of transporting products on crude carriers, is
expected to reduce this cannibalization. Additionally, seasonal demand increases
and geopolitical tensions will further support product demand and tonne-miles.

As of November 18, 2024, 71% of the Q4 earning days are covered at an average of
USD 24,004 per day, and 9% is covered at USD 24,089 per day for 2025.

We continue to enhance our technological capabilities and are optimistic about
our strategic investment in Complexio Foundational AI to advance data
automation. Complexio's 'bottom-up' approach first ingests companies'
unstructured and structured data and then, via its multi-modal framework -
currently leveraging eight Large Language Models (LLMs) - maps this data into a
comprehensive landscape. 
With ongoing advancements in prediction and reasoning, this detailed
understanding enables the automation of recurring processes such as chartering,
ship clearance, finance management, and contract negotiation. These continuous
R&D improvements, combined with expanding partnerships with industry leaders
like Marfin, CTM, Sogemm, BW Epic Kosan, and Alassia Newships, reinforce
Hafnia's position at the forefront of technological innovation.

- Mikael Skov, CEO Hafnia