Denmark-based shipping company Hafnia Tankers ended the first half of this year with a profit of USD 2.3 million, considerably lower compared to a profit of USD 17.2 million recorded in the same period last year.As explained, the poor product tanker market conditions contributed to the company’s net and operating profit for the six months ended June 30, 2017.Hafnia’s operating profit in 1H 2017 decreased to USD 14.8 million from USD 28.4 million seen in the same period of 2016.In addition, the company’s revenue dropped to USD 98.2 million in the six-month period of this year from USD 105 million posted in 1H 2016.Gross earnings during the first half of 2017 were USD 14,650 per LR1 vessel, USD 14,700 per MR vessel and USD 13,175 per SR vessel.For the second quarter of the year, the company suffered a loss of USD 3.7 million, compared to a profit of USD 6.6 million seen in the same quarter of 2016. Operating profit for the period stood at 2.7 million, down from USD 11.3 million, while Hafnia’s revenue dropped to USD 44.8 million from USD 50.3 million.“The overall product tanker market weakened further during the second quarter of 2017, reflecting the ongoing imbalance between supply and demand of tonnage. High inventories and reduced trading activity did not support any additional increase of freight rates, however, we did see the start of reduced oil inventories by the end of 2Q, which in combination with a reduced orderbook, as well as growing oil consumption, are needed for an improved market,” the company said.Hafnia added that it had USD 64.9 million in cash and USD 576.4 million of bank debt at end of the first half of 2017. What is more, the company had a firm term sheet from a first-class bank to fund the newbuilds, and in combination with its cash balance, the newbuild program was fully financed.As of June 30, 2017, Hafnia’s fleet consisted of 37 owned vessels and five chartered-in vessels. Vista Shipping, of which Hafnia Tankers has a 50% ownership, has two LR1 newbuilds on order,with expected deliveries in Q1 2019.The company’s three divisions – LR1, MR, and SR, have 111 vessels under management including forward commitments.