Hafnia, a large operator of product and chemical tankers, is celebrating another record quarter with solid earnings.

The company said net profit of $256.5m to 31 March constituted its best first three months of a year ever, bringing its total profit in the last 12 months close to USD 1 billion.

The figure jumped from $21.3m a year ago to $256.6 million in the first quarter of 2023 equivalent to a profit per share of USD 0.51 per share. In the first quarter of 2022, the company had recorded USD 21.3 million equivalent to a profit per share of USD 0.05 per share.

Time Charter Equivalent (TCE) earnings for Hafnia were $377.2 million in the first quarter of 2023 compared to $163.3 million in the same period last year.

According to Hafnia, Ebitda was $296.0 million also compared to $87.5 million a year ago.

Hafnia has also been active in the sale and purchase sector at it sold four LR1 vessels, committed to the sale of another LR1 ship, and took delivery of a LR2 vessel during the first quarter of 2023.

Specifically in February 2023 Hafnia sold the LR1 vessel Hafnia Arctic, Hafnia Kronborg and Hafnia Columbia to external parties, while on 28 March the company sold the LR1 vessel, Hafnia Hudson, to an external party.

During March also committed to the sale of the LR1 vessel, Hafnia Danube to an external party. The ship has been subsequently classified as an asset held for sale, as the company reports in its first quarter financial results.

Also on 16 March 2023, Hafnia through its Vista joint venture, took delivery of the LR2 vessel, Hafnia Languedoc.

At the end of the first quarter, Hafnia had 111 owned vessels and 13 chartered-in vessels. The total fleet of the Group comprises seven LR2s and 35 LR1s (including three bareboat-chartered in and four time-chartered in).

The company also had 58 MRs of which six are IMO II (including nine time-chartered in and six bareboat chartered in) and 24 Handy vessels of which 18 are IMO II (including 18 bareboat-chartered in).