EBITDA was $58.9 mill and TCE earnings were $118 mill.
CEO Mikael Skov, said; “I am very pleased with the s´s performance during the first half of this year, particularly considering the additional focus required on the integration process following our merger in January.
“The market conditions in Q2 were challenging compared to Q1, mainly due to extraordinary maintenance of the refineries globally, preparing for the implementation of IMO 2020 regulations. Our strong balance sheet and commercial performance provide a promising platform for the future,“ he said.
In January, 2019, BW Tankers and Hafnia Tankers merged to form Hafnia. For the first half of 2019 the organisation was focused on integrating the two companies and by the end of Q2 this has been substantially completed.
Operating 183 vessels in the Hafnia pools, of which 88 are owned and chartered-in1, is expected to lead to significant commercial, financial, technical and operational synergies. The expanded fleet allows Hafnia to use the data generated to further optimise vessel operation and planning, the company said.
In May, 2019, the Group acquired the businesses of its associated companies, Hafnia Management and subsidiaries, which used to operate and manage the MR and SR Pools. The Group has also acquired all shareholdings in K/S Straits Tankers and Straits Tankers Pte Ltd, which used to operate and manage the LR1 Pool.
The pools have since been rebranded and named Hafnia LR Pool, Hafnia MR Pool and Hafnia Handy Pool, respectively.
As at 2Q19, the fleet comprised three LR2s, 28 LR1s (including six bareboat chartered-in and two timechartered in), 44 MRs (including four timechartered in) and 13 SRs owned/operated, plus three LR2 newbuildings.
At the end of the quarter, the remaining yard instalments for the four LR1 newbuildings under the joint venture was $125.8 mill. Financing has been successfully arranged for these vessels, the Group claimed.
For example, Vista Shipping, the joint venture between Hafnia and CSSC (Hong Kong) Shipping, has secured a $111 mill loan to finance the four LR1s being built at Guangzhou Shipyard Interntional (GSI).
The term loan facility was agreed with a banking consortium consisting of KfW IPEX-Bank, Societe Generale Hong Kong Branch and OCBC Singapore.
The parties will each put up 33% as lenders at the term loan facility and have reached financial close.
The 12-year post-delivery financing profits from Sinosure cover and is secured by first-ranking ship mortgages over the vessels, as well as joint and several guarantees from Hafnia and CSSC (Hong Kong) Shipping, it was revealed.