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Hafnia Tankers in solid profit for first half of 2015

Product tanker carrier Hafnia Tankers made USD 26.7 million in the first half of 2015, benefiting from a market characterized by the best spot rates for product tanker since 2009. "We maintain a strong focus on costs," CEO Mikael Skov tells ShippingWatch.

Denmark-based product tanker carrier Hafnia Tankers finished the first six months of 2015 with a profit of USD 26.7 million, up from USD 3.4 million in the same period last year, according to the second quarter interim report, published today, Tuesday.

Revenue grew in the first half of the year, to USD 99.2 million from USD 52.4 million in the same period 2014. The carrier describes the spot rates in the product tanker market as the best since 2009.

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"The product tanker market benefited from high refinery margins combined with generally high gasoline demand, resulting in increased ton-miles supporting the demand for product tankers in the second quarter of 2015," says Hafnia Tankers in the report.

And the fluctuating and not least sliding oil price resulted in increased activity in the trading of oil and refined products, which also boosted the carrier. Several of Hafnia Tankers' vessels are sailing in pool collaborations that are operated by Hafnia Management.

Significant investor interest in Hafnia Tankers

The biggest ships, LR1, sailed at average spot rates of USD 28,200 per day in the second quarter, while the MR and SR vessels achieved average daily spot rates of USD 23,000 and USD 17,600, respectively.

Low costs

Hafnia Tankers CEO Mikael Shov tells ShippingWatch in a comment that the company is focusing intently on keeping costs down, in terms of both administration, vessel operations and capital expenses.

"We need to maintain this discipline, and I believe it's safe to say that, in terms of costs, we're at the absolute lower end of the scale," he says.

Analyst: Hafnia in stronger result than expected

Hafnia Tankers submitted a notice to the US Financial Supervision Commission (FSC) in May this year, ahead of plans for a potential IPO in New York.

When this might happen has yet to be determined, but the carrier, with its second quarter result combined with attractive market conditions, seems to have delivered a strong basis for an initial public offering later this year, as projected by numerous shipping analysts.

On June 30th, Hafnia's fleet counted 25 owned vessels and six vessels on charter, in addition to an orderbook totaling 12 newbuildings.

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Hafnia Tankers was originally established under the name Tankers Inc. in 2010 by former Torm executive Mikael Skov, with financial backing from players including Barclays and also J. Lauritzen. Since then, equity fund Blackstone has joined the ownership, and the tanker company also merged with Hafnia Management to create the current platform.

Analysts including Global Hunter Securities,Norway's Pareto and Danske Bank have launched coverage of Hafnia Tankers within the past six months, ahead of the coming IPO - and not least on the basis of the carrier's potential and its equity funds owners, Blackstone and Tufton Oceanic among them.

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