CEO statement

2023 was a year marked by volatility and unprecedented disruptions in the supply
chain. Complex geopolitical situations, like the conflicts in Ukraine and the
Middle East, caused heightened market instability. These factors affected the
availability of oil products, impacting both supply and demand.

Amidst the challenges of 2023, Hafnia delivered a record financial result,
achieving a record net profit of USD 793.3 million. This marks Hafnia's highest
full-year result for the second consecutive year. 

In the fourth quarter, we achieved a net profit of USD 176.4 million and ended
the quarter with a net LTV of 26.3%. In line with our dividend policy, I am
pleased to announce a dividend payout ratio of 70%. For the quarter, we will
distribute a total of USD 123.5 million or USD 0.2431 per share in dividends.
This brings Hafnia's full year dividends to over USD 500 million, representing a
payout ratio of 64.1%. This quarter, we have taken the IFRS 15 load to discharge
adjustment into our financials and this resulted in a negative TCE adjustment of
USD 11.7 million. Additionally, we have recognized a portion of our interest
rate hedges in our income statement, resulting in an uplift of USD 6.6 million
in net financial expense.

In 2023, the product tanker sector remained robust due to high refinery
throughput, changes in refinery capacity, and increased trade volumes from
arbitrage trading. Additionally, at the start of 2024, vessels have been
rerouted on longer voyages via the Cape of Good Hope to bypass disruptions in
the Red Sea. 

We recently announced the launch of a Panamax Pool in partnership with Mercuria
to commercially manage Panamax tankers. As a forward-thinking tanker company, we
now oversee the commercial management of over 200 vessels across eight pools.
Our extensive bunker procurement desk serviced over 1,400 vessels in 2023. As a
result, our adjacent fee-generating business segments have recorded full-year
earnings of USD 37.6 million.

With a diversified and modern fleet of over 130 vessels and a steady increase in
fleet values, the company has attained a net asset value (NAV) of approximately
USD 3.9 billion at the end of 2023, representing a NAV per share of ~USD 7.7
(NOK 78.9). This demonstrates the significant growth of the company, with our
NAV approximately quadrupling from USD 1.0 billion back in 2019 post-merger.

Looking ahead in 2024, the short-term forecast is heavily influenced by the
recent attacks on vessels in the Red Sea, resulting in rerouted longer voyages.
The duration of this disruption is currently uncertain. However, beyond this
challenge, the outlook is promising, with anticipated growth in oil demand and
the commencement of new refinery operations. Additionally, tonnage supply is
expected to remain steady in the upcoming years, despite a slight increase in
ordering observed in 2023.

As of 29 Feb 2024, we have for Q1 covered 80% of the earning days at an average
of USD 37,668 per day and 30% covered at USD 33,419 per day for 2024.

Already well into 2024, on behalf of Hafnia I would like to thank our team and
partners for the exceptional results achieved in 2023. None of this success
would have been possible without the dedication of our team both onshore and at
sea. Looking forward, despite the uncertainties in the macroeconomic and
geopolitical landscape, I have full confidence in our team's ability to tackle
challenges that arise and to continue driving the successful growth of Hafnia.

- Mikael Skov, CEO Hafnia