Hafnia Limited
- Open
- 7.42
- Day high
- 7.59
- Day low
- 7.33
- Prev close
- 7.33
- Volume
- 209K
- Mkt cap
- $3.8B
- P/E (TTM)
- 8.2
- EPS (TTM)
- $0.92
- P/B
- 1.5
- P/S
- 1.6
- Yield
- 9.65%
- Per share
- $0.73
Hafnia Limited (HAFN) is a Industrials company listed on NYSE. The stock is up 40% over the past year.
Hafnia Limited (HAFN) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
HAFN earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 27, 2026 | $0.30 | $0.36 | +21.6% | $283M | -5.4% |
| Feb 26, 2026 | $0.22 | $0.22 | +0.0% | $259M | +0.5% |
| Dec 1, 2025 | $0.22 | $0.18 | -18.2% | $587M | +121.1% |
| Aug 27, 2025 | $0.14 | $0.15 | +7.1% | $554M | +115.8% |
| May 15, 2025 | $0.12 | $0.13 | +8.3% | $548M | +125.2% |
| Feb 27, 2025 | $0.13 | $0.15 | +15.4% | $533M | +117.6% |
| Nov 27, 2024 | $0.33 | $0.42 | +27.3% | $720M | +179.0% |
| Aug 23, 2024 | $0.42 | $0.51 | +21.4% | $831M | +104.7% |
| May 15, 2024 | $0.43 | $0.43 | +0.0% | $785M | +97.2% |
| Mar 13, 2024 | $0.33 | $0.35 | +3.9% | $1.2B | +245.2% |
| Sep 30, 2023 | $0.26 | $0.29 | +9.8% | $651M | +114.5% |
| Jun 30, 2023 | $0.35 | $0.42 | +19.6% | $701M | +104.4% |
HAFN insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Apr 14, 2026 | Skov Mikael Opstunofficer: Chief Executive Officer | Sell | 500,000 | $8.12 |
| Apr 9, 2026 | Van Echtelt Petrus Wouterofficer: Chief Financial Officer | Sell | 90,000 | $8.22 |
Source: HAFN SEC Form 4 filings, latest Apr 14, 2026. For informational purposes only — not investment advice.
See the full HAFN insider & 13F page →Hafnia Limited company profile
Overview
Hafnia Limited (NYSE:HAFN) is a Bermuda-based marine shipping company that has emerged as one of the world's leading product tanker operators since its initial public offering in June 2020. The company operates a modern fleet of over 200 vessels specializing in the transportation of refined petroleum products, chemicals, and vegetable oils globally. In 2024, Hafnia completed a strategic redomiciliation from Bermuda to Singapore and achieved dual listing on both the New York Stock Exchange and Oslo Stock Exchange, positioning itself as a premier international shipping investment vehicle.
Business
Hafnia operates in the marine shipping industry, specifically focusing on product tanker transportation. The company's core business involves owning and operating specialized vessels that transport refined petroleum products such as gasoline, diesel, jet fuel, and heating oil, as well as chemicals and vegetable oils between ports worldwide. Product tankers are distinct from crude oil tankers in that they carry processed petroleum products rather than raw crude oil, requiring specialized handling and storage systems due to the variety and sensitivity of the cargo. The company organizes its fleet operations across five main vessel segments based on size and capacity. **Long Range II (LR2)** tankers are the largest vessels in Hafnia's fleet, typically carrying 80,000-120,000 deadweight tons and primarily serving long-haul routes between major refining centers and consumption markets. **Long Range I (LR1)** tankers are mid-sized vessels of 55,000-80,000 deadweight tons that offer flexibility for both regional and international routes. **Medium Range (MR)** tankers, representing a significant portion of the fleet, carry 25,000-55,000 deadweight tons and are highly versatile for regional distribution. **Handy size** tankers are smaller vessels under 25,000 deadweight tons used for coastal and short-haul transportation. The **Specialized** segment includes chemical tankers and other purpose-built vessels for specific cargo types. Beyond vessel operations, Hafnia provides comprehensive maritime services including technical ship management, commercial chartering services, pool management for third-party vessel owners, and large-scale marine fuel procurement through its bunker desk operations. The company operates eight different shipping pools, allowing it to optimize vessel utilization and provide services to external ship owners. This integrated platform approach generates additional fee income beyond traditional shipping revenues, with commercial pool management and bunkering services contributing approximately $35.2 million in 2024.
Revenue model
Hafnia generates revenue primarily through **time charter equivalent (TCE) income** from its vessel operations, which accounted for $1.4 billion of the company's $2.87 billion total revenue in 2024. The company operates vessels on both spot market rates, where ships are chartered for individual voyages at prevailing market rates, and time charter contracts, where vessels are chartered for fixed periods at predetermined daily rates. Spot market operations typically offer higher potential returns during strong market conditions but with greater volatility, while time charters provide more predictable cash flows. The company's customers include major national and international oil companies, chemical companies, trading houses, and utility companies that need to transport refined products between production facilities and end markets. Hafnia's diversified customer base helps reduce concentration risk and provides multiple revenue streams across different geographic regions and product types. **Additional revenue streams** include fee-generating services such as commercial pool management, where Hafnia manages vessels owned by third parties in exchange for management fees, and marine fuel procurement services through its bunker desk operations. These services contributed $35.2 million in 2024, representing a growing ancillary business that leverages the company's operational expertise and market position. **Margin-influencing factors** include several key variables. **Positive factors** that increase profitability include geopolitical disruptions that create longer shipping routes (such as Red Sea conflicts forcing vessels around Africa), refinery capacity shifts that alter trade patterns, low global petroleum product inventories that increase shipping demand, and seasonal demand variations particularly in heating oil during winter months. **Negative factors** include oversupply of vessel capacity, high bunker fuel costs (the primary operating expense), port congestion that reduces vessel utilization, economic downturns that reduce product demand, and potential reopening of blocked shipping routes that would reduce voyage distances and tonne-mile demand.
Competitive moat
Hafnia's competitive moat is **moderate but meaningful**, primarily built on operational scale, fleet quality, and integrated service capabilities. The company's fleet of over 200 vessels with an average age of 9.1 years (significantly younger than the global average of 14 years) provides operational advantages through better fuel efficiency, higher reliability, and compliance with increasingly stringent environmental regulations. This modern fleet positioning becomes more valuable as older vessels face retirement or expensive retrofitting requirements. The company's **integrated shipping platform** creates operational synergies that smaller competitors cannot easily replicate. By combining vessel ownership, technical management, commercial chartering, pool management, and bunker procurement services, Hafnia achieves economies of scale in operations, maintenance, and fuel purchasing. The pool management business, where the company operates vessels for third-party owners, creates a network effect that enhances overall fleet utilization and market intelligence. **Geographic diversification and market expertise** provide additional competitive advantages. Hafnia's global presence with vessels operating across multiple trade routes reduces dependence on any single regional market, while its experienced management team's deep industry knowledge enables superior commercial decision-making in volatile shipping markets. However, the **shipping industry's cyclical nature and commodity-like characteristics** limit the sustainability of competitive advantages. New vessel construction can increase supply relatively quickly during profitable periods, and technological disruptions or changes in global trade patterns could alter competitive dynamics. The company faces competition from both large integrated shipping companies and smaller specialized operators, with charter rates ultimately determined by supply-demand fundamentals rather than individual company advantages. Additionally, increasing environmental regulations may require significant capital investments that could pressure margins across the industry.
Risks & safety
**Overall Assessment**: Hafnia demonstrates strong financial stability with robust cash generation, manageable debt levels, and conservative capital allocation policies, though cyclical industry exposure creates inherent volatility risks. **Cash and Liquidity Position**: - Cash and short-term investments: $195.3 million as of Q4 2024 - Total liquidity exceeding $600 million including available credit facilities - Strong free cash flow generation: $981 million for full year 2024 - Operating cash flow: $1.03 billion for 2024 **Debt and Solvency Metrics**: - Debt-to-equity ratio: 0.50 (moderate leverage) - Net loan-to-value ratio: 21.3% (conservative for shipping industry) - Current ratio: 1.35 (adequate short-term liquidity) - No immediate solvency concerns given strong cash position **Valuation Metrics**: - Price-to-earnings ratio: 3.67 (appears undervalued) - EV/EBITDA: 3.80 (attractive for profitable shipping company) - Price-to-book ratio: 1.26 (reasonable given asset base) - Return on equity: 34.2% for 2024 (exceptionally strong) **Other Considerations**: - Highly cyclical industry creates earnings volatility risk - Strong dividend policy (80-90% payout ratio) demonstrates cash flow confidence - Modern fleet reduces maintenance capex requirements near-term
Recent development
Over the past few years, Hafnia has executed several strategic initiatives to strengthen its market position and operational capabilities. The company completed a **strategic redomiciliation from Bermuda to Singapore** in 2024, enhancing its operational flexibility and positioning in key Asian shipping markets. Simultaneously, Hafnia achieved **dual listing on the New York Stock Exchange and Oslo Stock Exchange**, significantly expanding its investor base and improving share liquidity. **Fleet modernization and environmental initiatives** have been central to recent developments. The company entered into a joint venture with Socatra to order four **dual-fuel methanol Medium Range newbuilds**, representing a significant step toward sustainable shipping operations. In January 2025, Hafnia welcomed its first dual-fuel methanol chemical vessel, demonstrating commitment to alternative fuel technologies. The company is also exploring a joint venture with Big Hill for low-carbon methanol production, creating potential vertical integration in sustainable fuel supply. **Technology and data analytics investments** include co-founding Complexio, an artificial intelligence data company focused on maritime applications. This initiative reflects Hafnia's commitment to leveraging technology for operational optimization and competitive advantage in an increasingly data-driven industry. **Capital allocation strategy evolution** has included implementing a more aggressive shareholder return policy, increasing dividend payout ratios from 70% to 80% when net loan-to-value ratios are between 20-30%, and further to 90% when ratios fall below 20%. The company completed a $76.7 million share buyback program in 2024 and distributed total shareholder payouts of $640.8 million. **Business expansion initiatives** include launching Seascale Energy, a joint venture for marine fuel procurement, and continuing to grow the commercial pool management business that generated $35.2 million in fee income during 2024.
HAFN company profile · for informational purposes only — not investment advice.
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