Hafnia Tankers has reported a modest third quarter loss in a weak product tanker market.
Mikael Skov-led Hafnia booked an adjusted loss of $1.1m in the three months to the end of September, against a gain of $13.1m a year ago.
On an operating level Hafnia remained the right side of zero during the quarter.
Its operating profit of $3m compared to $25.1m for the same period of 2015.
Skov told TradeWinds the third quarter was all about a very weak product tanker market, which had also impacted Hafnia’s stock listed peers.
“The result does however show that Hafnia is well capitalized to resist even such depressed levels, and we remain cash flow positive during the same period which is extremely important these days,” he explained.
“We do however feel that coming out of extended refinery maintenance, seeing draw on inventories of oil products and now approaching a winter season, which traditionally means increased consumption of oil products, that fundamentals of the freight market should improve.”
Across the first three quarters of the year Hafnia booked a profit of $14.9m, down from $47.4m after the first nine months of 2015.
Hafnia has 34 owned and five chartered ships in the water, with three owned and two chartered newbuildings to come.
