HIGHLIGHTS – Q1 2020  

“In a challenging and quickly changing world, Hafnia delivered a very satisfying
net profit of USD 77.1 million in the first three months of 2020. This is a
competitive return on invested capital. 

The global lockdowns caused by the COVID-19 pandemic have led to unprecedented
demand destruction and weak economic fundamentals. However, the reduction in oil
demand caused a contango situation in oil prices which in combination with added
demand for floating storage and port congestion resulted in increased freight
rates in Q1. This spiked further in Q2, before experiencing a downward
correction in May.

Our strong balance sheet, commercial performance and corporate culture provide a
solid platform to deliver continued value to our shareholders.

Finally, I would like to thank all employees, both at sea and ashore, for their
extraordinary efforts during these challenging times, and stress that the first
priority for Hafnia will always be the health and safety of our employees.“	
							- Mikael Skov, CEO Hafnia

Q1 highlights:

•	Time Charter Equivalent (TCE) earnings for Hafnia Limited (the "Company" or
"Hafnia", together with its subsidiaries, the "Group") were USD 193.5 million in
Q1 2020 (Q1 2019: USD 132.6 million). EBITDA was USD 129.6 million (Q1 2019: USD
74.1 million).

•	Hafnia achieved a net profit of USD 77.1 million and earnings per share of USD
0.21 per share (Q1 2019: USD 27.9 million and earnings per share of USD 0.08 per
share).

•	The commercially managed pool business generated an income of USD 5.9 million.

•	At the end of the quarter, Hafnia had 87 owned vessels  and 15 chartered-in
vessels. The total fleet of the Group comprises six LR2s, 36 LR1s (including six
bareboat-chartered in and three time-chartered in), 47 MRs (including six
time-chartered in) and 13 Handy vessels owned/operated1. 

•	The average estimated broker value of the owned fleet was USD 2,278.1 million,
of which the LR2 vessels had a broker value of USD 321.8 million, the LR1 fleet
had a broker value of USD 570.5 million , the MR fleet had a broker value of USD
1,147.7 million, and the Handy vessels had a broker value of USD 238.1 million.

•	The fleet chartered-in had a right-of-use asset book value of USD 137.3
million with a corresponding lease liability of USD 143.0 million.  

•	The fleet has been in full compliance with the new IMO 2020 regulations using
low sulphur fuel oil as of January 1, 2020. 

•	As of May 15, 70% of total earning days of the fleet were covered for Q2 at
USD 28,921/day. 

•	Cash flow breakeven was USD 14,182/day in the quarter.

•	Hafnia has strong support from lenders and competitive debt financing with no
major/material debt maturities before 2022. 

•	Hafnia will pay a quarterly dividend of USD 0.1062 per share. Record date will
be May 29 with ex. dividend date of May 28 and payment on June 12. Please see
separate announcement for dividend.
 

HIGHLIGHTS – Q1 2020  

Conference call
Hafnia will host a conference call for investors and financial analysts on May
26, 2020 at 9:00 pm SGT/3:00 pm CET/9:00 am EST. Please dial +65 67135330
(Singapore), +47 80010246 (Norway) or +1 8447600770 and use Conference ID:
4437189

Contact Hafnia
Mikael Skov, CEO Hafnia: +65 6971 8001
www.hafniabw.com

This information is subject to disclosure requirements pursuant to Section 5-12
of the Norwegian Securities Trading Act.