HAFNIA LIMITED HIGHLIGHTS - Q1 2020 "In a challenging and quickly changing world,Hafnia delivered a very satisfying net profit ofUSD 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 forHafnia will always be the health and safety of our employees." -Mikael Skov , CEOHafnia Q1 highlights: o Time Charter Equivalent (TCE) earnings forHafnia Limited (the "Company" or "Hafnia ", together with its subsidiaries, the "Group") wereUSD 193.5 million in Q1 2020 (Q1 2019:USD 132.6 million ). EBITDA wasUSD 129.6 million (Q1 2019:USD 74.1 million ). oHafnia achieved a net profit ofUSD 77.1 million and earnings per share ofUSD 0.21 per share (Q1 2019:USD 27.9 million and earnings per share ofUSD 0.08 per share). o The commercially managed pool business generated an income ofUSD 5.9 million . o 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. o The average estimated broker value of the owned fleet wasUSD 2,278.1 million , of which the LR2 vessels had a broker value ofUSD 321.8 million , the LR1 fleet had a broker value ofUSD 570.5 million , the MR fleet had a broker value ofUSD 1,147.7 million , and the Handy vessels had a broker value ofUSD 238.1 million . o The fleet chartered-in had a right-of-use asset book value ofUSD 137.3 million with a corresponding lease liability ofUSD 143.0 million . o The fleet has been in full compliance with the new IMO 2020 regulations using low sulphur fuel oil as ofJanuary 1, 2020 . o As ofMay 15 , 70% of total earning days of the fleet were covered for Q2 atUSD 28,921 /day. o Cash flow breakeven wasUSD 14,182 /day in the quarter. oHafnia has strong support from lenders and competitive debt financing with no major/material debt maturities before 2022. oHafnia will pay a quarterly dividend ofUSD 0.1062 per share. Record date will beMay 29 with ex. dividend date ofMay 28 and payment onJune 12 . Please see separate announcement for dividend. HIGHLIGHTS - Q1 2020 Conference callHafnia will host a conference call for investors and financial analysts onMay 26, 2020 at9:00 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 ContactHafnia Mikael Skov , CEOHafnia : +65 6971 8001 www.hafniabw.com This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
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