| Segment information |
Operating segments are determined based on the reports submitted to the chief operating decision maker
(“CODM”) who is the Group’s CEO, to make strategic decisions, including allocating resources and assessing performance of the operating segments. There were no changes to the Group’s operating segments during the financial year ended 31
December 2025 as compared to the financial year ended 31 December 2024. For the financial year ended 31 December 2024, with the redelivery of its Specialised vessel and the Group’s exit from the Chemical-Stainless segment, the Group has four main operating segments. During the financial year ended 31 December 2023, the CODM reorganised the business into six main operating segments, following the addition of the Specialised segment. For the financial year ended 31 December 2025 and 2024, the
operating segments are as follows:
|
(a) |
Long Range II (‘LR2’)
|
The operating segments are organised and managed according to the size of the product tanker vessels.
The LR2 segment consists of vessels between 85,000
DWT and 124,999 DWT in size and provides transportation of clean petroleum oil products.
The LR1 segment consists of vessels between 55,000
DWT and 84,999 DWT in size and provides transportation of clean and dirty petroleum products.
The MR segment consists of vessels between 40,000
DWT and 54,999 DWT in size and provides transportation of clean and dirty oil products, vegetable oil and easy chemicals;
inclusive of IMO II vessels.
The Handy segment consists of vessels between 25,000
DWT and 39,999 DWT in size and provides transportation of clean and dirty oil products, vegetable oil and easy chemicals;
inclusive of IMO II vessels.
The Specialised segment consists of
vessels between 5,000 DWT 19,999
DWT in size.
During the financial year ended 31 December 2023, the group exited the Chemical-Stainless segment after disposing of its Chemical-Stainless vessels that were
previously acquired through the acquisition of Chemical Tankers Inc.; and the Group exited the Specialised segment after redelivering its only Specialised vessel.
Management assesses the performance of the operating segments based on operating profit before depreciation, amortisation, impairment and gain on disposals of
vessels (“Operating EBITDA”). This measurement basis excludes the effects of impairment charges and gain on disposals of vessels that are not expected to recur regularly in every financial period. Interest income and finance expenses, which
result from the Group’s capital and liquidity position that is centrally managed for the benefit of various activities, general and administrative expenses, and specific items within other operating income including bunker management fee
income from external party are not allocated to segments.
|
|
|
|
LR2
US$’000
|
|
|
|
LR1
US$’000
|
|
|
MR
US$’000
|
|
|
Handy
US$’000
|
|
|
Total
US$’000
|
|
|
2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue (Hafnia Vessels and
TC Vessels)
|
|
|
110,416
|
|
|
|
374,469
|
|
|
|
675,708
|
|
|
|
261,238
|
|
|
|
1,421,831
|
|
|
Revenue (External Vessels in
Disponent-Owner Pools)1
|
|
|
75,769
|
|
|
|
229,896
|
|
|
|
475,568
|
|
|
|
78,845
|
|
|
|
860,078
|
|
|
Voyage expenses (Hafnia
Vessels and TC Vessels)
|
|
|
(33,473
|
)
|
|
|
(123,492
|
)
|
|
|
(213,999
|
)
|
|
|
(94,993
|
)
|
|
|
(465,957
|
)
|
|
Voyage expenses (External
Vessels in Disponent-Owner Pools)1
|
|
|
(27,362
|
)
|
|
|
(87,221
|
)
|
|
|
(186,805
|
)
|
|
|
(28,178
|
)
|
|
|
(329,566
|
)
|
|
Pool distributions for
External Vessels in Disponent-Owner Pools1
|
|
|
(48,407
|
)
|
|
|
(142,675
|
)
|
|
|
(288,763
|
)
|
|
|
(50,667
|
)
|
|
|
(530,512
|
)
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TCE Income#
|
|
|
76,943
|
|
|
|
250,977
|
|
|
|
461,709
|
|
|
|
166,245
|
|
|
|
955,874
|
|
|
Other operating income
|
|
|
3,718
|
|
|
|
5,298
|
|
|
|
10,379
|
|
|
|
5,837
|
|
|
|
25,232
|
|
|
Vessel operating expenses
|
|
|
(16,182
|
)
|
|
|
(68,051
|
)
|
|
|
(134,338
|
)
|
|
|
(63,552
|
)
|
|
|
(282,123
|
)
|
|
Technical management
expenses
|
|
|
(1,837
|
)
|
|
|
(6,810
|
)
|
|
|
(13,052
|
)
|
|
|
(5,383
|
)
|
|
|
(27,082
|
)
|
|
Charter hire expenses
|
|
|
-
|
|
|
|
(6,842
|
)
|
|
|
(26,573
|
)
|
|
|
-
|
|
|
|
(33,415
|
)
|
|
Operating EBITDA
|
|
|
62,642
|
|
|
|
174,572
|
|
|
|
298,125
|
|
|
|
103,147
|
|
|
|
638,486
|
|
|
Depreciation charge
|
|
|
(11,951
|
)
|
|
|
(58,778
|
)
|
|
|
(94,645
|
)
|
|
|
(35,989
|
)
|
|
|
(201,363
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
437,123
|
|
|
Unallocated2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(94,946
|
)
|
|
Profit before income tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
342,177
|
|
| # |
|
“TCE income” denotes “time charter equivalent income”
which represents revenue from time charters and voyage charters less voyage expenses comprising primarily brokers’ commission, fuel oil and port charges. TCE is a standard measure used in the shipping industry for reporting of
income, providing improved comparability across different types of charters.
|
| 1 |
|
“External Vessels in Disponent-Owner Pools” means
vessels that are commercially managed by the Group in the Disponent-Owner Pool arrangements that are not Hafnia Vessels or TC Vessels. See Note 2.3(a) for details on the accounting for pool arrangements.
|
| 2 |
|
The unallocated amount consists of depreciation charge of other property, plant and equipment,
interest income and finance expenses, general and administrative expenses; and other operating income such as insurance claims and share of profit of equity-accounted investees which are not allocated to segments.
|
|
|
|
LR2
US$’000
|
|
|
LR1
US$’000
|
|
|
MR
US$’000
|
|
|
Handy
US$’000
|
|
|
Total
US$’000
|
|
|
2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue (Hafnia Vessels and
TC Vessels)
|
|
|
125,387
|
|
|
|
522,837
|
|
|
|
915,186
|
|
|
|
372,186
|
|
|
|
1,935,596
|
|
|
Revenue (External Vessels in
Disponent-Owner Pools)1
|
|
|
86,168
|
|
|
|
318,499
|
|
|
|
438,245
|
|
|
|
90,139
|
|
|
|
933,051
|
|
|
Voyage expenses (Hafnia
Vessels and TC Vessels)
|
|
|
(31,693
|
)
|
|
|
(142,405
|
)
|
|
|
(251,887
|
)
|
|
|
(118,332
|
)
|
|
|
(544,317
|
)
|
|
Voyage expenses (External
Vessels in Disponent-Owner Pools)1
|
|
|
(34,080
|
)
|
|
|
(112,980
|
)
|
|
|
(156,931
|
)
|
|
|
(28,811
|
)
|
|
|
(332,802
|
)
|
|
Pool distributions for
External Vessels in Disponent-Owner Pools1
|
|
|
(52,088
|
)
|
|
|
(205,519
|
)
|
|
|
(281,314
|
)
|
|
|
(61,328
|
)
|
|
|
(600,249
|
)
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TCE Income#
|
|
|
93,694
|
|
|
|
380,432
|
|
|
|
663,299
|
|
|
|
253,854
|
|
|
|
1,391,279
|
|
|
Other operating income
|
|
|
2,374
|
|
|
|
6,824
|
|
|
|
11,001
|
|
|
|
3,533
|
|
|
|
23,732
|
|
|
Vessel operating expenses
|
|
|
(15,624
|
)
|
|
|
(64,451
|
)
|
|
|
(132,876
|
)
|
|
|
(65,090
|
)
|
|
|
(278,041
|
)
|
|
Technical management
expenses
|
|
|
(1,947
|
)
|
|
|
(7,358
|
)
|
|
|
(13,619
|
)
|
|
|
(5,249
|
)
|
|
|
(28,173
|
)
|
|
Charter hire expenses
|
|
|
—
|
|
|
|
(8,974
|
)
|
|
|
(39,522
|
)
|
|
|
—
|
|
|
|
(48,496
|
)
|
|
Operating EBITDA
|
|
|
78,497
|
|
|
|
306,473
|
|
|
|
488,283
|
|
|
|
187,048
|
|
|
|
1,060,301
|
|
|
Depreciation charge
|
|
|
(13,837
|
)
|
|
|
(58,881
|
)
|
|
|
(107,936
|
)
|
|
|
(33,339
|
)
|
|
|
(213,993
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
846,308
|
|
|
Unallocated2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(67,855
|
)
|
|
Profit before income tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
778,453
|
|
| # |
|
“TCE income” denotes “time charter equivalent
income” which represents revenue from time charters and voyage charters less voyage expenses comprising primarily brokers’ commission, fuel oil and port charges. TCE is a standard measure used in the shipping industry for reporting
of income, providing improved comparability across different types of charters.
|
| 1 |
|
“External Vessels in Disponent-Owner Pools”
means vessels that are commercially managed by the Group in the Disponent-Owner Pool arrangements that are not Hafnia Vessels or TC Vessels. See Note 2.3(a) for details on the accounting for pool arrangements.
|
| 2 |
|
The unallocated amount consists of depreciation charge
of other property, plant and equipment, interest income and finance expenses, general and administrative expenses; and other operating income such as insurance claims and share of profit of equity-accounted investees which
are not allocated to segments. |
|
|
|
|
LR2
US’000
|
|
|
|
LR1
US’000
|
|
|
MR
US$’000
|
|
|
Handy
US$’000
|
|
|
Chemical-
Stainless
US$’000
|
|
|
Specialised
US$’000
|
|
|
Total
US$’000
|
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue (Hafnia Vessels and TC Vessels)
|
|
|
111,164
|
|
|
|
536,309
|
|
|
|
901,038
|
|
|
|
364,814
|
|
|
|
(226
|
)
|
|
|
2,373
|
|
|
|
1,915,472
|
|
|
Revenue (External Vessels in Disponent-Owner Pools)1
|
|
|
55,221
|
|
|
|
288,512
|
|
|
|
283,857
|
|
|
|
128,644
|
|
|
|
—
|
|
|
|
—
|
|
|
|
756,234
|
|
|
Voyage expenses (Hafnia Vessels and TC Vessels)
|
|
|
(30,339
|
)
|
|
|
(151,725
|
)
|
|
|
(246,919
|
)
|
|
|
(118,772
|
)
|
|
|
(36
|
)
|
|
|
(1,074
|
)
|
|
|
(548,865
|
)
|
|
Voyage expenses (External Vessels in Disponent-Owner Pools)1
|
|
|
(19,416
|
)
|
|
|
(108,241
|
)
|
|
|
(106,141
|
)
|
|
|
(45,951
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(279,749
|
)
|
|
Pool distributions for External Vessels in Disponent-Owner Pools1
|
|
|
(35,805
|
)
|
|
|
(180,271
|
)
|
|
|
(177,716
|
)
|
|
|
(82,693
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(476,485
|
)
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TCE Income#
|
|
|
80,825
|
|
|
|
384,584
|
|
|
|
654,119
|
|
|
|
246,042
|
|
|
|
(262
|
)
|
|
|
1,299
|
|
|
|
1,366,607
|
|
|
Other operating income
|
|
|
1,781
|
|
|
|
8,865
|
|
|
|
9,258
|
|
|
|
7,188
|
|
|
|
(705
|
)
|
|
|
3,747
|
|
|
|
30,134
|
|
|
Vessel operating expenses
|
|
|
(15,267
|
)
|
|
|
(66,884
|
)
|
|
|
(125,393
|
)
|
|
|
(61,211
|
)
|
|
|
(109
|
)
|
|
|
(5
|
)
|
|
|
(268,869
|
)
|
|
Technical management expenses
|
|
|
(1,656
|
)
|
|
|
(7,109
|
)
|
|
|
(11,711
|
)
|
|
|
(5,216
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(25,692
|
)
|
|
Charter hire expenses
|
|
|
—
|
|
|
|
(9,234
|
)
|
|
|
(24,034
|
)
|
|
|
(1
|
)
|
|
|
—
|
|
|
|
(1,302
|
)
|
|
|
(34,571
|
)
|
|
Operating EBITDA
|
|
|
65,683
|
|
|
|
310,222
|
|
|
|
502,239
|
|
|
|
186,802
|
|
|
|
(1,076
|
)
|
|
|
3,739
|
|
|
|
1,067,609
|
|
|
Depreciation charge
|
|
|
(13,743
|
)
|
|
|
(58,099
|
)
|
|
|
(104,808
|
)
|
|
|
(32,784
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(209,434
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
858,175
|
|
|
Unallocated2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(58,649
|
)
|
|
Profit before income tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
799,526
|
|
| # |
|
“TCE income” denotes “time charter equivalent income” which represents revenue from time charters and voyage charters less voyage expenses comprising primarily
brokers’ commission, fuel oil and port charges. TCE is a standard measure used in the shipping industry for reporting of income, providing improved comparability across different types of charters.
|
| 1 |
|
“External Vessels in Disponent-Owner Pools” means vessels that are commercially managed by the Group in the Disponent-Owner Pool arrangements that are not
Hafnia Vessels or TC Vessels. See Note 2.3(a) for details on the accounting for pool arrangements.
|
| 2 |
|
The unallocated amount consists of depreciation charge of other property, plant and equipment, interest income and finance expenses, general and administrative
expenses; and other operating income such as insurance claims and share of profit of equity-accounted investees which are not allocated to segments.
|
Geographical segments’ revenue
The Group’s vessels operate on an international platform with individual vessels calling at various ports across the globe. The Group does not consider the
domicile of its customers as a relevant decision-making guideline, and hence does not consider it meaningful to allocate vessels and revenue to specific geographical locations.
Major customers
Revenues from the top five major customers
(by grouping of legal entities known to the Group to be under common control) of the Group across all operating segments represent US$675.4
million (2024: US$937.7 million, 2023: US$870.0 million) of the Group’s total revenues.
For the financial year ended 31 December 2025, none
(2024: Two; 2023: One)
of the Group’s customers (by grouping of legal entities known to the Group to be under common control) represented 10% or more of the Group’s revenue. Below is the segment information specific to such customers for the financial
years ended 31 December 2024 and 2023.
|
|
|
|
LR2
US’000
|
|
|
|
LR1
US’000
|
|
|
MR
US$’000
|
|
|
Handy
US$’000
|
|
|
Total
US$’000
|
|
|
Percentage
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024
|
|
|
24,598
|
|
|
|
159,532
|
|
|
|
112,969
|
|
|
|
15,712
|
|
|
|
312,811
|
|
|
|
10.9
|
%
|
|
2023
|
|
|
18,712
|
|
|
|
181,099
|
|
|
|
108,107
|
|
|
|
2,479
|
|
|
|
310,397
|
|
|
|
11.6
|
%
|
|