Hafnia pushes pessimism aside and hopes for more mergers in product tanker

Hafnia, which books red figures for the second quarter in a row, estimates that the overcapacity of filled oil inventories is gone and that oil demand will normalize in the second half of the year. Danish Ship Finance says that an improvement could be delayed until 2022. "That's not our thesis," says Hafnia CEO to ShippingWatch.

Photo: PR-FOTO

Product tanker carriers have been under pressure to generate revenue since mid-2020, and Denmark-based Hafnia, part of BW Group in Singapore, is no exception.

The first quarter of 2021 resulted in a loss of USD 15.7 million against a profit of USD 77 million in the same period last year – a decline of just over USD 90 million. The fourth quarter of 2020 also ended in a loss.

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