Hafnia Ltd (HAFN)

Price$9.36Cached quoteAs of 2026-09-11 00:59 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because they trade near reported asset value despite unusually high profits.

At the latest verified close, Hafnia’s market value is about $4.4 billion, essentially equal to its Q2 net asset value of about $4.4 billion. The price is about 5.9 times 2024 earnings per share after allowing for potential share dilution, and under five times first-half 2026 earnings if simply repeated for a full year. Those figures look cheap, but current profits benefit from unusually strong freight markets and elevated vessel values. With no meaningful asset-value discount, cycle risk balances the low earnings multiple.

Big pictureHafnia throws off strong cash, but tanker profits can change sharply with freight rates.

The supplied SEC-derived history shows 2024 net income of $774 million and cash generated from operations of $1.03 billion against only $49.6 million of capital spending, leaving roughly $981 million after that spending. Q2 2025 profit was just $75.3 million, while Q2 2026 profit jumped to $277.8 million. That swing is the central risk: tanker freight rates drive earnings quickly, and 80% of Q3 2026 days were booked at $30,716 per day versus $44,093 in Q2.

Business strengthLow debt and generous payouts give shareholders protection, though returns still depend on tanker markets.

Balance-sheet risk is modest for a shipowner. Q2 net loan-to-value, meaning debt minus cash compared with vessel and investment values, was 13%; cash and equivalents were $353 million and shareholder equity was $2.65 billion. In 2024, operating cash flow less capital spending was about $981 million, while dividends plus buybacks were about $726 million. Issued shares fell from 512.6 million at the start of 2026 to 499.8 million after shares held by the company were cancelled, although the diluted average was 506.0 million because of options.

What could change the storySustained high freight rates or a valuable industry combination could lift returns; normalization would quickly weaken them.

The current valuation near asset value assumes vessel prices hold and freight rates stay healthy enough for large payouts. The bear case is visible in Q3 bookings: $30,716 per day on 80% of earning days, well below Q2’s $44,093 average and closer to weaker 2025 conditions. The bull case is continued route disruption plus value from Hafnia’s 13.97% TORM stake, worth $369 million at Q2. From 2027, committed newbuild obligations will also enter the dividend leverage test, which could reduce payout flexibility.

AI: News

Q2 profit surgeSecond-quarter profit surged as disrupted trade routes lifted tanker rates and supported a much larger dividend.

On August 28, Hafnia reported Q2 net profit of $277.8 million versus $75.3 million a year earlier, with average tanker earnings of $44,093 per day versus $24,452. It declared a $250.0 million dividend, or $0.5003 per share, equal to a 90% payout. One market report showed the shares up about 0.6% before the U.S. open; that timing suggests a positive response but does not prove the results alone caused the move.

Q1 rate shockFirst-quarter results showed how quickly geopolitical shipping disruptions can turn into higher earnings and payouts.

On May 27, Hafnia reported Q1 net profit of $179.7 million, up from $63.2 million a year earlier, after Persian Gulf disruption reshaped oil-product trade routes. By May 13, 73% of Q2 earning days were already covered at $46,600 per day, signaling much stronger near-term rates. The board declared $143.8 million of dividends, an 80% payout. This release established the earnings acceleration that became even more visible in Q2.

TORM stake acquiredThe TORM stake could create extra value, but any larger combination remains uncertain.

On December 22, 2025, Hafnia completed the purchase of about 14.1 million TORM shares, representing 13.97% of TORM. By Q2 2026 the stake had a market value of $369 million and produced $9.9 million of dividend income during the quarter. Management continues to describe consolidation as potentially valuable, but has not committed to a transaction. The investment therefore adds both financial value and strategic optionality, with uncertain timing and outcome.

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Revenue

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2023

2024

2025

Net income

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2024

2025

Free cash flow

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Total cash / debt

CashTotal debt

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Financial statements

	2025	2024	2023	2022
Revenue	$2.28B	$2.87B	$2.67B	$1.93B
Gross profit	$438.2M	$1.39B	$1.37B	$1.35B
Gross margin	19.20%	48.50%	51.15%	69.90%
Operating expenses	$80.9M	$585.6M	$508.7M	$523.5M
Operating income	$357.4M	$805.7M	$857.9M	$823.2M
Operating margin	15.66%	28.09%	32.11%	42.73%
EBITDA	$594.1M	$1.02B	$1.07B	$1.03B
EBITDA margin	26.03%	35.59%	40.01%	53.59%
Net income	$339.7M	$774.0M	$793.3M	$751.6M
Net profit margin	14.89%	26.98%	29.69%	39.01%
Basic EPSper basic share	$0.68	$1.52	$1.57	$1.57
Diluted EPSper diluted share	$0.67	$1.50	$1.56	$1.54

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of HAFN
Holder	Shares held
Sohmen-Pao Andreas	226.44M
MHR FUND MANAGEMENT LLC	20.45M
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	10.48M
ACADIAN ASSET MANAGEMENT LLC	8.02M
VANGUARD CAPITAL MANAGEMENT LLC	7.69M
BARCLAYS PLC	6.39M
JPMORGAN CHASE & CO	4.21M
GOLDMAN SACHS GROUP INC	4.06M
JANE STREET GROUP, LLC	2.49M
FEARNLEY ASSET MANAGEMENT AS	2.23M
UBS Group AG	2.23M
VANGUARD FIDUCIARY TRUST CO	2.17M
Bank of New York Mellon Corp	1.66M
Qube Research & Technologies Ltd	1.54M
TWO SIGMA INVESTMENTS, LP	1.45M
MORGAN STANLEY	1.4M
Skov Mikael Opstun	1.13M
CANADA PENSION PLAN INVESTMENT BOARD	876.64K
VR Advisory Services Ltd	766.07K
CAUSEWAY CAPITAL MANAGEMENT LLC	697.42K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 3 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)3$8.85M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Apr 13, 2026Form 4	Skov Mikael OpstunChief Executive Officer	SellOrdinary Shares	500.0K	$8.11	$4.05M	1.13M
Apr 10, 2026Form 4	Skov Mikael OpstunChief Executive Officer	SellOrdinary Shares	500.0K	$8.12	$4.06M	1.63M
Apr 7, 2026Form 4	Van Echtelt Petrus WouterChief Financial Officer	SellOrdinary Shares	90.0K	$8.22	$739.8K	92.0K

Review ownership filings at SEC.gov ↗

Community posts

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@tickerstat15 days ago
Hafnia buys another 1.7 million TORM shares
Hafnia ($HAFN) agreed to acquire an additional 1.7 million TORM ($TRMD) Class A shares at $34 each, increasing its investment in the product-tanker operator. The shares represent approximately 1.66% of TORM’s outstanding capital. Once the p ...
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@tickerstat23 days ago
Hafnia agrees to increase its TORM stake to 18.22%
Hafnia ($HAFN) agreed to acquire an additional 4.5 million TORM ($TRMD) Class A shares at $32.25 each. The purchase implies consideration of approximately $145.1 million and represents about 4.39% of TORM’s share capital. Once completed, Ha ...
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Hafnia Ltd (HAFN)

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Hafnia buys another 1.7 million TORM shares

Hafnia agrees to increase its TORM stake to 18.22%