CEO Statement

Following a strong first nine months in 2024, the product tanker market softened
in the fourth quarter, impacted by crude sector cannibalization of the product
tanker space and shorter voyages, though partly offset by high daily loadings.

While the market dynamics shifted in the fourth quarter, Hafnia demonstrated
resilience in navigating the market, delivering a net profit of USD 79.6 million
in Q4 2024. This brings our full-year net profit to USD 774.0 million, marking
another year of strong performance.

Our adjacent fee-generating business segments continued to perform well,
recording full-year revenue of USD 35.2 million, and our net asset value (NAV) 
at year end stood at approximately USD 3.8 billion (USD 7.63 per share /~NOK
86.34).

The dislocation between our share price and NAV in late 2024 presented an
opportunistic moment for share buybacks. Completed on January 24, 2025, we
repurchased ~2.8% of the outstanding shares (14,382,255 shares) at approximately
70% of NAV, for an average of USD 5.33 per share and total consideration of USD
76.7 million. Capital utilized for buybacks in December has been deducted from
the total payout before declaring Q4 dividends, ensuring combined shareholder
returns align with our payout ratio policy. 

At the end of Q4, our net Loan-to-Value (LTV) ratio was 23.2%, increasing from
Q3 mainly due to a decline in the market value of our vessels. Given that, I am
pleased to announce a payout ratio of 80% for the quarter, including USD 49.1
million utilized in share buybacks in December. As a result, we will distribute
a total of USD 14.6 million or USD 0.0294 per share in dividends. 

Including share buybacks, our full-year payout reached USD 640.8 million,
representing a payout ratio of 82.8%.

While the fourth quarter saw rate pressures from increased crude tanker
cannibalization, trade volumes and tonne-miles remain at elevated levels,
supported by strong global demand. Tanker rates also strengthened with the
seasonal winter market. Looking ahead to 2025, while near-term market dynamics
are fluid, the fundamental drivers of our business remain solid. The evolving
nature of sanctions, tariffs and developments in the Red Sea will continue to
influence market dynamics. Importantly, long-term supply fundamentals on the
tanker side remain firm, with the current orderbook of approximately 22% offset
by an ageing global product tanker fleet and the increasing number of vessels
subject to sanctions involving Russia, Iran and Venezuela. Furthermore, LR2s
comprise over 50% of the new tonnage expected in the next few years, and
historically, 70% of LR2 capacity has been absorbed into the dirty petroleum
products trade.

As of February 13, 2025, 67% of the Q1 earning days are covered at an average of
USD 23,989 per day, and 25% is covered at USD 24,062 per day for 2025. 

Reflecting our fleet renewal strategy and commitment to a sustainable maritime
future, we have in January welcomed Ecomar Gascogne, the first of four 49,800
dwt dual-fuel Methanol Chemical IMO-II MRs, ordered through our joint venture
with Socatra of France. Two additional vessels are scheduled for delivery later
this year, with the fourth in 2026 - all time-chartered to TotalEnergies for a
multi-year period. These vessels, running on both conventional fuel and
methanol, mark a key step in our decarbonization journey.

In addition, I am proud to announce our recent joint arrangement with Cargill to
launch Seascale Energy. This aims to transform marine fuel procurement services
by delivering customers worldwide with cost efficiencies, transparency and
access to sustainable fuel innovations.

As we conclude 2024 and look forward to 2025, I wish to express my sincere
gratitude to the Hafnia team, both onshore and at sea, as well as our valued
partners for the excellent results we have achieved together. We will remain
focused on making strategic investments in technology and innovation while
leveraging our extensive fleet capabilities to drive sustainable growth and
solidify our position as a global leader in the product and chemical tanker
market.

- Mikael Skov, CEO Hafnia