Hafnia Tankers stays in the black

May 11 2018

Hafnia Tankers generated an operating profit for the three months ended 31st March, 2018 of $7.7 mill and a net profit of $0.4 mill.

 This compares with $12.1 mill and $6 mill reported for 1Q17, respectively.


Revenue was reported as $52. 7 mill in 1Q18, compared to $53.5 mill in 1Q17.


The book value of the fleet, as of 31st March, 2018 was $1,018.3 mill. At the same time, the company had $58.6 mill in cash, $556.3 mill of bank and lease debt and $52 mill in working capital.


Hafnia’s share of the remaining capex for Vista Shipping was $72 mill, the undrawn bank financing to fund the newbuildings was $52 mill and including cash, the newbuilding programme was fully financed.


In addition, there are no debt maturities before January, 2022.


Gross earnings per day during 1Q18 were $13,825 per LR, $15,325 per MR and $13,850 per SR vessel.


Overall, the positive trend of increasing demand for refined products and reduced supply of newbuilding tonnage continues, however short-term demand has primarily drawn down inventories instead of increasing seaborne transportation.


Commercial management of the product tankers fleet comes under Hafnia Management. The three divisions - LR1, MR, and SR - have 127 ships under management, including future commitments.


As at the end of March, 2018, Hafnia Tankers’ fleet consisted of 42 vessels. Vista Shipping’s order book consists of four LR1s to be delivered in 2019, with an option for an additional two vessels.


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