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HAFN

Hafnia Limited

HAFN

Hafnia Limited • NYSE
$5.99 ▲ 0.50% (+0.03)
Market Cap $3.02 B
52w High $6.64
52w Low $3.61
Dividend Yield 0.63%
P/E 7.13
Volume 880.87K
Outstanding Shares 504.75M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $554.155M ▲ $20.154M ▲ $75.335M ▲ 13.595% ▲ $0.15 ▲ $141.554M ▲
Q1-2025 $547.91M ▲ $16.937M ▼ $63.19M ▼ 11.533% ▼ $0.13 ▼ $125.093M ▼
Q4-2024 $532.861M ▼ $20.114M ▲ $79.632M ▼ 14.944% ▼ $0.16 ▼ $145.728M ▼
Q3-2024 $728.274M ▼ $19.595M ▼ $215.635M ▼ 29.609% ▼ $0.42 ▼ $280.111M ▼
Q2-2024 $831.162M $19.65M $259.197M 31.185% $0.51 $328.83M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $194.022M ▲ $3.67B ▼ $1.369B ▼ $2.3B ▲
Q1-2025 $188.141M ▼ $3.696B ▼ $1.418B ▼ $2.278B ▲
Q4-2024 $195.271M ▼ $3.735B ▼ $1.472B ▲ $2.263B ▼
Q3-2024 $197.08M ▲ $3.829B ▼ $1.409B ▼ $2.42B ▼
Q2-2024 $166.691M $3.923B $1.486B $2.437B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $75.335M ▲ $187.682M ▲ $-32.346M ▼ $-110.181M ▲ $45.155M ▲ $146.659M ▲
Q1-2025 $63.19M ▼ $137.357M ▼ $-28.364M ▼ $-124.405M ▲ $-15.412M ▼ $110.038M ▼
Q4-2024 $79.632M ▼ $197.138M ▼ $17.574M ▼ $-219.519M ▲ $-4.807M ▼ $183.911M ▼
Q3-2024 $215.635M ▼ $284.054M ▼ $18.852M ▲ $-277.112M ▼ $25.794M ▼ $276.354M ▼
Q2-2024 $259.197M $300.655M $7.645M $-262.339M $45.961M $287.246M

Five-Year Company Overview

Income Statement

Income Statement Hafnia’s income statement shows a company that has moved from modest and occasionally loss-making results a few years ago to very strong and consistent profitability in recent years. Revenue has climbed steadily, and profits have kept pace, indicating that growth has been accompanied by discipline on costs rather than just higher volumes. Operating and net margins look robust for a cyclical, asset-heavy business like shipping, suggesting the company has been able to benefit from favorable freight markets and good operational control. The main watchpoint is that shipping cycles can turn; today’s high earnings are strong, but they are unlikely to move in a straight line over time.

Balance Sheet

Balance Sheet The balance sheet has strengthened meaningfully. Total assets have grown as the fleet and operations have expanded, while the equity base has built up through retained profits, improving the company’s financial cushion. Debt levels, while still meaningful as is typical for shipping, have been trending down relative to the size of the business, which reduces financial risk and interest burden. Cash on hand is not large compared with total assets, but the combination of solid equity and declining leverage points to a more resilient financial structure than a few years ago. Key risk remains the capital intensity of the fleet: maintaining and renewing ships will always require thoughtful balance sheet management.

Cash Flow

Cash Flow Cash generation has been a notable strength. Operating cash flow has grown alongside profits, indicating that earnings are backed by actual cash, not just accounting gains. Investment spending has been significant at times but, in recent years, has been comfortably covered by internal cash generation, leaving healthy free cash flow. This gives Hafnia flexibility for debt reduction, fleet upgrades, and potential shareholder returns when management chooses. The main uncertainty is that future regulatory and environmental requirements could drive periods of heavier investment in the fleet, which could temporarily tighten free cash flow.

Competitive Edge

Competitive Edge Hafnia occupies a leading position in the product and chemical tanker market, with one of the largest fleets globally. This scale allows for lower unit costs, better route optimization, and stronger bargaining power in areas like fuel purchasing and charter negotiations. Its fully integrated model—from technical management to chartering, pool management, and bunker procurement—creates efficiencies and a “one-stop shop” feel for customers, which can deepen relationships and raise switching costs. The backing of BW Group further enhances credibility and access to industry know‑how. That said, the industry remains fragmented and cyclical, with exposure to global trade flows, refinery dynamics, and geopolitical events, so even a strong competitive position does not fully shield Hafnia from volatility.

Innovation and R&D

Innovation and R&D Hafnia appears proactive rather than reactive on innovation, especially around decarbonization and digitalization. It is experimenting with alternative fuels like LNG and biofuels, investing in data-driven “smart ship” systems to fine‑tune fuel use and operations, and deploying energy-saving technologies such as advanced hull coatings and propulsion enhancements. Beyond the core fleet, initiatives in carbon capture shipping, clean ammonia projects, and AI-driven decision tools suggest the company is positioning itself for long-term structural changes in how energy and commodities move by sea. These efforts could support cost advantages and regulatory compliance over time, but they also carry execution risk and depend on how quickly new technologies and fuel chains mature.

Summary

Overall, Hafnia combines strong recent profitability with a healthier balance sheet and solid cash generation, underpinned by a sizable, efficiently run fleet. Its integrated operating model, scale advantages, and backing from a major maritime group give it a meaningful competitive edge in a cyclical and often volatile industry. The company’s active push into greener technologies, digital tools, and new maritime segments suggests a willingness to invest ahead of regulatory and market shifts, which could be a long-term strength if executed well. Key things to keep in mind are the inherent ups and downs of shipping markets, the capital intensity of maintaining a modern, compliant fleet, and the uncertainties around future environmental rules and fuel transitions, all of which can influence earnings and investment needs over time.

NEWS

November 24, 2025 · 1:26 AM UTC

Hafnia's Q3 2025 Financial Results Presentation to Be Held on 1 December 2025

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September 11, 2025 · 8:20 AM UTC

HAFNIA LIMITED: Clarification on Net LTV Definition for Dividend Calculation

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September 11, 2025 · 8:19 AM UTC

HAFNIA LIMITED: Hafnia Enters Into a Binding Share Purchase Agreement to Acquire 14.45% of TORM's Shares from Oaktree

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September 3, 2025 · 9:39 AM UTC

HAFNIA LIMITED: Hafnia Enters Into a Preliminary Agreement to Acquire 14.45% of TORM's Shares From Oaktree

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September 3, 2025 · 12:50 AM UTC

HAFNIA LIMITED: Ex Dividend USD 0.1210 on the Oslo Stock Exchange Today

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