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Hafnia Limited

Hafnia Limited

NYSE•HAFN
CEO: Mr. Mikael Opstun Skov
Sector: Industrials
Industry: Marine Shipping
Listing Date: 2020-06-18
Hafnia Limited owns and operates oil product tankers in Bermuda. It operates through Long Range II, Long Range I, Medium Range (MR), Handy size, and Specialized segments. The company transports clean and dirty, refined oil products, vegetable oil, and easy chemicals to national and international oil companies, and chemical companies, as well as trading and utility companies; and owns and operates 200 vessels. It provides ship owning, ship-management, investment, management, corporate support, and agency office services. In addition, the company provides integrated shipping platform, including technical management, commercial and chartering services, pool management, and large-scale bunker desk services. Hafnia Limited is based in Hamilton, Bermuda.
Contact Information
Washington Mall Phase 2, 4th Floor Suite 400 22 Church Street, Hamilton, HM 1189, Bermuda
656-434-3770
www.hafniabw.com
Market Cap
$3.28B
P/E (TTM)
7.5
10.9
Dividend Yield
9.7%
52W High
$6.53
52W Low
$3.61
52W Range
99%
4.1
F-Score
Modified Piotroski Analysis
Based on 9-year fundamentals
Average • 4.1 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2016-2024

Financial Dashboard

Q2 2025 Data

Revenue

$554.16M-33.33%
4-Quarter Trend

EPS

$0.15-70.59%
4-Quarter Trend

FCF

$146.66M-48.94%
4-Quarter Trend

2024 Annual Earnings Highlights

Key Highlights

TCE Income Per Day Rises TCE income per day reached $33,000 in 2024, a 2% increase from $32,326 in 2023, showing rate strength.
Revenue Remains Stable Revenue from Hafnia/TC Vessels totaled $1.94B USD, increasing $20.1M (1%) despite fleet disposals during the year.
Fleet Expansion Continues Combined Fleet reached 207 vessels by year-end 2024; Ecomar JV took delivery of one newbuild MR vessel in January 2025.
Shareholder Return Program Launched $100.0M share buyback program in December 2024, demonstrating capital return commitment to shareholders.

Risk Factors

High Spot Market Dependency 87 Hafnia Fleet vessels employed in spot or spot-oriented Pools, exposing revenue to immediate charter rate volatility.
Geopolitical Trade Route Disruptions Red Sea conflict impacts trade patterns; rerouting around Cape of Good Hope increases voyage distances and operational costs.
Internal Control Deficiencies Noted Material weaknesses identified in IFRS skills, IT controls, and key accounting estimate review processes require remediation.
Debt Servicing Constraints Total borrowings stand at $1.12B USD; debt covenants limit flexibility and require maintaining minimum security value ratios.

Outlook

New Bunker Joint Venture Launch Announced Seascale Energy JV with Cargill; operations expected Q2 2025, transitioning Hafnia Bunkers Alliance business.
Managing Regulatory Compliance Costs Future capital expenditures budgeted for drydocking ($112.2M for 2025) and ongoing compliance with IMO/EU emissions rules.
Dividend Policy Execution Dividend payout ratio tied to Net Loan-to-Value; Q4 2024 payout was 80% based on 23.2% LTV ratio.
Continued Fleet Renewal Strategy Strategy focuses on continuous fleet renewal, including exercising purchase options on chartered-in vessels throughout 2025.

Peer Comparison

Revenue (TTM)

BW LPG LimitedBWLP
$3.63B
+3.0%
Matson, Inc.MATX
$3.38B
+1.9%
Hafnia LimitedHAFN
$2.36B
-14.4%

Gross Margin (Latest Quarter)

McGrath RentCorpMGRC
46.5%
+0.0 pp
Safe Bulkers, Inc.SB
27.7%
-16.2 pp
Matson, Inc.MATX
24.9%
-7.1 pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
MATX$3.33B7.816.2%15.6%
HAFN$3.28B7.518.7%28.0%
AZZ$2.95B9.427.4%26.8%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-8.7%
Growth Under Pressure
4Q Net Income CAGR
-29.6%
Declining Profitability
Cash Flow Stability
100%
Strong Cash Flow

Research & Insights

Reports
All Years

  • Form 20-F - FY 2024

    Period End: Dec 31, 2024|Filed: Apr 30, 2025|
    Revenue: $2.87B+7.4%
    |
    EPS: $1.52-3.2%
    Beat