CEO statement

In the midst of a highly volatile market and ever-changing market dynamics, I am
proud to announce that Hafnia has delivered yet another strong result in Q4. 

In Q4, we achieved a net profit of USD 263.8 million, bringing our full-year net
profit to USD 751.6 million. This is Hafnia's best full-year result in its
company's history.

Following our upgraded dividend policy, I am pleased to announce a 60% dividend
payout ratio of USD 0.3157 per share or USD 158.3 million this quarter. This
brings our full-year 2022 dividend payout to USD 402.0 million, representing a
payout ratio of 53.5%.

With these record earnings, 2022 demonstrated the strength and robustness of our
business model. On-going management focus on accretive transactions has
delivered tangible results, driving an even firmer foothold in the product and
chemical market. 

Earlier in 2022, the CTI and Scorpio transactions saw us adding 36 modern
tankers to our fleet, allowing us to take full advantage of the market upturn.
These acquisitions continue to reap their benefits, significantly contributing
to these strong results and increased earnings. The 2022 net profit from the
acquired fleet has risen above USD 190 million, including margins gained from
the subsequent sale of the stainless-steel vessels. Based on quarter-end average
broker valuation, the acquired fleet has increased a further 31%, or USD 330.6
million.

With added capabilities of product tankers, our chemical fleet accommodates
varying cargoes, able to transport both clean petroleum products and chemicals.
This unique operational synergy reduces ballast time by switching between the
cargoes. With ESG embedded deeply in our corporate strategy, this enhanced fleet
furthers our transition towards greener shipping and our decarbonization
efforts. In 2022, 17% of the cargo transported by the chemical fleet were
renewable bioproducts. 

Market fundamentals remain strong, laying the foundation for a strong 2023. With
a low order book of newbuilds and low product inventories in the western
hemisphere, I am confident that utilization of the product fleet will remain
strong with increased trade volumes. With sanctions of Russian products now
fully in effect, we also expect further alteration in trade routes, hence more
ton-miles. 

With 71% of the fleet covered for Q1 2023 at USD 36,385 per day and 27% of the
fleet covered at USD 31,918 per day for 2023 as at 20 February 2023, Hafnia is
well positioned to take advantage of the elevated spot market.

I cannot reiterate enough how these record-breaking results would not have been
possible without the entire Hafnia team onshore and at sea as well as our
trusted partners. I would like to take this opportunity to thank the team for
making these results possible through their dedication and hard work. Looking
ahead, building on this strong momentum remains our motto, alongside generating
even greater results for added shareholder value and returns.

- Mikael Skov, CEO Hafnia

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