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Segment information
 12 Months Ended
Dec. 31, 2024
Segment information [Abstract]  
Segment information
26.
Segment information

Operating segments are determined based on the reports submitted to the CODM to make strategic decisions. 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, up from five in the financial year ended 31 December 2022, following the addition of the Specialised segment. For the financial year ended 31 December 2024, the operating segments are as follows:


 (a)
Long Range II (‘LR2’)


(b)
Long Range I (‘LR1’)


(c)
Medium Range (‘MR’)


(d)
Handy size (‘Handy’)

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 Specialized segment consists of vessels between 5,000 DWT 19,999 DWT in size.

The Group exited the Chemical-Stainless segment after disposing of its Chemical-Stainless vessels that were previously acquired through the acquisition of CTI; and the Group exited the Specialized after redelivering its only Specialized vessel.

Management assesses the performance of the operating segments based on operating profit before depreciation, amortisation, impairment and gain on disposal of vessels (“Operating EBITDA”). This measurement basis excludes the effects of impairment charges and gain on disposal 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
  
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 income2
    
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 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
)
​
  

LR2
US$’000
    
LR1
US$’000
    
MR
US$’000
    
Handy
US$’000
    
Chemical-
Stainless
US$’000
    
Specialised
US$’000
    
Total
US$’000
  
TCE Income#
    
80,825
      
384,584
      
654,119
      
246,042
      
(262
)
    
1,299
      
1,366,607
  
Other operating income2
    
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 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
    
Total
US$’000
  
2022
                                    
Revenue (Hafnia Vessels and TC Vessels)
    
97,960
      
638,141
      
861,681
      
299,160
      
29,609
      
1,926,551
  
Voyage expenses (Hafnia Vessels and TC Vessels)
    
(24,526
)
    
(216,890
)
    
(259,479
)
    
(77,722
)
    
(1,238
)
    
(579,855
)
TCE Income#
    
73,434
      
421,251
      
602,202
      
221,438
      
28,371
      
1,346,696
  
Other operating income1
    
516
      
9,815
      
13,250
      
5,357
      
516
      
29,454
  
Vessel operating expenses
    
(15,022
)
    
(70,719
)
    
(110,483
)
    
(58,017
)
    
(9,662
)
    
(263,903
)
Technical management expenses
    
(1,296
)
    
(6,230
)
    
(9,510
)
    
(5,742
)
    
(849
)
    
(23,627
)
Charter hire expenses
    
—
      
(13,605
)
    
(19,549
)
    
—
      
—
      
(33,154
)
Operating EBITDA
    
57,632
      
340,512
      
475,910
      
163,036
      
18,376
      
1,055,466
  
Depreciation charge
    
(13,769
)
    
(58,012
)
    
(100,597
)
    
(33,527
)
    
(1,959
)
    
(207,864
)
​
                                            
847,602
  
Unallocated1
                                            
(89,335
)
Profit before income tax
                                            
758,267
  


 
#
“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
The unallocated amount consists of interest income and finance expenses, general and administrative expenses; and other operating income such as insurance claims 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 represents approximately US$937.7 million (2023: US$870.0 million, 2022: US$772.5 million)) of the Group’s total revenues.
Two (2023: One; 2022: 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 in each of the three years. Below is the segment information specific to the customer.
​
  

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
%
2022
    
11,697
      
162,019
      
102,833
      
7,189
      
283,738
      
14.7
%