Tanker market puts pressure on Hafnia Tankers' earnings

The first six months of 2016 brought a USD 17.2 million profit for Hafnia Tankers, which is a setback compared to last year. Oil stockpiles and more ships on the water sent rates down in the second quarter, notes management.

Photo: Hafnia Tankers

The overall slowdown in the tanker market triggered a slide in earnings for Hafnia Tankers in the first half of 2016, though the Danish product tanker carrier still delivered an operating as well as bottom line profit for the period.

For the first six months, the operating profit came to USD 28.4 million against USD 34.4 million last year. On the bottom line, the carrier delivered a net profit of USD 17.2 million, down from USD 26.7 million in the first half of 2015. The result was achieved from a revenue of USD 104.9 million.

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