Hafnia Limited
HAFN · NYSE
Company research
Hafnia Limited (NYSE: HAFN) is one of the world's leading tanker owners and operators, headquartered in Singapore and listed on both the New York Stock Exchange and the Oslo Stock Exchange. The company owns and operates a fleet of approximately 200 vessels across segments including Long Range II, Long Range I, Medium Range, Handy Size, and Specialized carriers, transporting clean and dirty refined oil products, vegetable oils, and chemicals to national and international oil companies, chemical producers, and trading and utility companies worldwide. Hafnia offers a fully integrated shipping platform encompassing technical management, commercial and chartering services, pool management, and large-scale bunker procurement, supported by offices in Singapore, Copenhagen, Houston, and Dubai. The company is part of the BW Group, an international shipping conglomerate with over 80 years of experience in oil and gas transportation, floating gas infrastructure, and environmental technologies.
Research reports
CirclFi’s quantitative equity research note rates Hafnia as a strong fundamental performer with a Quality of Company score of 8.5/10 and finds that 12 of 13 valuation models imply upside from a spot price of 6.62 USD to a composite fair value of 18.35 USD, with a bull‑case target of 36.88 USD. It highlights Hafnia as a high‑conviction opportunity but stresses substantial model dispersion and sector risk, presenting a bear‑case fair value of 1.46 USD and positioning the work as scenario analysis rather than an outright buy recommendation.
HC Andersen Capital / Inderes · June 10, 2026Hafnia – Strong cash flow and dividends in the face of geopolitical uncertaintyThis commissioned Inderes/HC Andersen Capital investment case argues that at around NOK 69 (about 6.8 USD) Hafnia trades at a clear discount to its Q1 2026 self‑reported NAV of 8.09 USD per share, while offering an estimated 2026 dividend yield of about 8.1% under a transparent 50–90% of net profit payout policy tied to loan‑to‑value. The report emphasizes strong cash generation (560 million USD adjusted EBITDA in 2025, consensus 874 million USD EBITDA and 678 million USD net income for 2026) and peer‑leading shareholder returns, but flags key risks from Middle East geopolitics, a potential reopening of the Strait of Hormuz, heavy 2026 drydocking, and a sizable 2026–27 newbuild wave that could pressure rates if demand softens.
EveryTicker · December 2, 2025Hafnia’s Scale and Capital Discipline Meet Geopolitical TailwindsEveryTicker’s analysis presents Hafnia as a scale‑driven moat story, noting a fleet of 126 owned/chartered vessels (192 including managed ships) benefiting from sanctions that have sidelined over 400 tankers, and highlighting Q1 2025 net profit of 63.2 million USD alongside a reduction in net debt from 1.3 billion USD to 856 million USD and a 2026 cash breakeven below 13,000 USD per day versus TCE rates around 26,040 USD. It underscores approximately 1.5 billion USD returned to shareholders between 2022 and 2024 (about 82.8% of 2024 net profit) plus a 76.7 million USD buyback at roughly 70% of NAV, arguing that the shares remain undervalued at 6.01 USD versus a Q3 2025 NAV of 6.76 USD amid supportive geopolitical factors such as Russian refinery disruptions, Red Sea diversions, and constraints on the “dark fleet.”