This is Hafnia

Hafnia operates 175 vessels within 4 vessel segments

A Diverse, Young Fleet

Hafnia’s fleet operates globally and has a total carrying capacity of approximately 6.1 million dwt. With an average age approximately 6.8 years (excluding newbuilds), most of our vessels have a modern eco-design which incorporates the latest technological improvements designed to optimise speed, fuel consumption and reduce emissions. A young and well-maintained fleet reduces operating costs, improves safety, vessel utilisation and quality of service delivered to customers. This is a competitive advantage for securing favorable charters with high-quality counterparties.

Our owned fleet’s average age of approximately 6.8 years (excluding newbuilds) compares well to the average age in the global LR2, LR1, MR and Handy fleets at approximately 8.8, 10.5, 10.1 and 13.9 years respectively (source: Clarksons Research’s database, February 2020). The estimated useful life span of each vessel is 25 years

 

Products Transported

The Handy and MRs carry a wide range of oil and oil products which includes gasoline, diesel, naphtha, kerosene, vegetable oil, fuel, crude oil, and chemicals.

The LR1 and LR2 vessels carry a wide range of oil products which includes gasoline, diesel, naphtha, kerosene, fuel and crude oil.

 

Employment and Earnings

Hafnia employs its vessels within the three Hafnia pools, except for the LR2 fleet. Revenue from vessels’ employment within the pools reflects the number of vessels in the pools, the number of days during which the vessels in the fleet operate and the freight rates that the vessels earn under charter employment.

 

Type TCE income/ voyage day
(USD thousand)
Handy USD 14,157
MR USD 15,642
LR1 USD 17,334
LR2 USD 22,732

TCE income has been adjusted by adding back pool commissions amounting to USD 3.4 million. 

Technical and Crewing

Hafnia has a fully integrated technical department, that is responsible for the marine, vetting, security functions and crew management for the owned fleet to ensure that the highest standards with regard to safety and environment are maintained on board. The technical department draws support and knowledge from the external technical managers in relation to crew management, newbuild supervision, purchasing support and development and/ or application of certain technology solutions for its IT platform.

 

Strategy 2020

Green initiatives within the shipping environment and Hafnia’s strategy towards a long-term fleet transitioning to lower emissions vessels are progressing, but will take time. Hafnia follows all new technologies closely and is always in dialogue with shipyards and other stakeholders.

Hafnia may divest a number of its older vessels to make room in the fleet for alternatives with ECO type vessels chartered-in or bought second hand.

Furthermore, Hafnia will continue to maintain, improve and upgrade its existing fleet. This includes fuel consumption reduction via improved antifouling and engine room management, intermediate dry dockings, waste heat recovery, as well as optimising maintenance utilisation.

Hafnia follows all new technologies closely

Purchase options and obligations

The following table presents an overview of the Group’s purchase options for chartered-in vessels. In USD million

Name Type Year 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Compass LR1 2006 12.301 9.552 6.803
Compassion LR1 2006 12.301 9.552 6.803
Orient Challenge MR 2017 33.50 31.90 30.30 28.70 27.10 25.50 23.90
Orient Innovation MR 2017 33.50 31.90 30.30 28.70 27.10 25.50 23.90
Beagle MR 2019 34.25 32.75 31.25 29.75
Basset MR 2020 34.25 32.75 31.25 29.75
Boxer MR 2019 34.25 32.75 31.25 29.75
Bulldog MR 2020 34.25 32.75 31.25 29.75
Sunda LR1 2019 42.00 40.00 38.00 36.00
Karimata LR1 2019 42.00 40.00 38.00 36.00
Hafnia Africa LR1 2010 24.00 19.60 17.10 14.60 12.10 9.6 8.00 5.50 3.00
Hafnia Australia LR1 2010 21.00 19.00 17.00 14.90 12.90 10.90 8.90 6.35
Hafnia Asia LR1 2010 24.18 23.70 22.86 21.25 19.38
Hafnia Arctic LR1 2010 25.15 24.65 23.77 22.10 20.15

1 A termination fee of USD 3.5 million will be applicable if the charter party period is not extended or the Group has not exercised its purchase option.
2 A termination fee of USD 2.6 million will be applicable if the charter party period is not extended or the Group has not exercised its purchase option.
3 A termination fee of USD 1.5 million will be applicable if the Group has not exercised its purchase option

Purchase obligations

In USD million

Name Type Year 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Hafnia Australia LR1 2010 4.20
Hafnia Asia LR1 2010 17.25
Hafnia Arctic LR1 2010 17.94

Tonnage chartered in and out

Time chartered in tonnage as of December 2019

Name 2020
Days
2020
USD/Day
2021
Days
2021
USD/Day
2022
Days
2022
USD/Day
MR 2,903 16,658 2,920 16,650 2,920 16,650
LR1 166 12,500

 

Name 2023
Days
2023
USD/Day
2024
Days
2024
USD/Day
2025
Days
2025
USD/Day
MR 2,920 16,650 2,126 16,607 398 15,908
LR1

 

Bareboat chartered in tonnage as of 31 December 2019

Name 2020
Days
2020
USD/Day
2021
Days
2021
USD/Day
2022
Days
2022
USD/Day
MR 732 9.950 528 9.950

 

Chartered out tonnage as of 31 December 2019

Name 2020
Days
2020
USD/Day
2021
Days
2021
USD/Day
2022
Days
2022
USD/Day
MR 947 17,495 482 17,750
LR1 1,568 24,875 1,095 25,500 920 25,525

The Pools

The Pools

The Product Tanker Market

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