| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 91 | 7.2x | 17.8x | Top tier | |
Growth | 31 | 14.4% | 7.1% | Bottom tier | |
Quality | 64 | 15.7% | 4.5% | Around median | |
Safety | 83 | 0.6x | 2.6x | Top tier | |
Capital Return | 84 | — | 2.12% | Top tier | |
Momentum | 92 | 23.9% | 2.9% | Top tier | |
Sentiment | 24 | 1 | 3 | Bottom tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Hafnia Limited owns and operates product tankers, generating the majority of its income from deploying its fleet in the shipping market, alongside the commercial management of vessel pools, technical management, bunkering, and adjacent activities. At the end of Q2 FY 2026, the company owned 103 vessels and time-chartered 9 vessels, with an average age of 9.7 years for the owned fleet, and commercially managed approximately 60 third-party-owned vessels. Its platform also includes Seascale Energy, a bunkering joint venture with Cargill, and an investment in TORM that generated dividend income of $9.9 million during the quarter.
In Q2 FY 2026, Hafnia recorded time charter equivalent revenue TCE of $372.9 million and adjusted earnings before interest, taxes, depreciation, and amortization of $287.3 million, while fee-based activities contributed $8.8 million. Net profit reached $277.8 million, compared with $75.3 million a year earlier, marking the strongest quarterly performance since Q3 FY 2022; however, profit included a $39.3 million gain from the sale of six vessels. Net profit for the first half of FY 2026 was approximately $457.5 million, with an annualized return on equity of 44.6% and a return on invested capital of 35.2% in the quarter.
The quarterly results reflect a direct benefit from higher tanker freight rates and disruptions to oil trade routes; fleetwide average TCE reached $44,093 per day, while average spot rates approached $50 thousand per day. In the available annual financial statements, FY 2024 revenue increased to $2.9 billion, gross profit reached $1.4 billion, net income was $774.0 million, and earnings per share were $1.50. On the balance sheet at the end of Q2 FY 2026, cash amounted to $271 million, net debt declined to $527 million, and the net loan-to-value ratio improved to 13% from 20.2% in the previous quarter.
Automated analysis for informational purposes only — not investment advice.
The average analyst target is $10, which is also the uniform target at both the high and low ends, versus a consensus rating of “Buy”; this target is slightly above the 52-week range high of $9.535, while the range low is $5.17. No usable price-to-earnings multiple is available within the provided data, and the absence of variation among the targets makes the consensus less representative of the range of scenarios, particularly given earnings sensitivity to freight rates and the inclusion of vessel-sale gains in the quarterly results.
Figures in the text are as of 2026-08-31; the live price is shown at the top of the page.
Hafnia benefited from record freight rates and disruptions to oil flows through the Arabian Gulf and the Red Sea, lifting the fleet’s average TCE to $44,093 per day and average spot rates to nearly $50 thousand per day. TCE revenue was approximately $372.9 million, and adjusted earnings before interest, taxes, depreciation, and amortization were $287.3 million. Net profit reached $277.8 million, compared with $75.3 million a year earlier, but included a $39.3 million gain from the sale of six vessels.
Partial coverage provides good visibility, as 80% of earning days in Q3 FY 2026 were covered as of August 17, 2026, at $30,716 per day. However, this rate is below the Q2 average TCE of $44,093 per day, indicating that repeating the same level may be difficult unless uncovered rates increase. Conversely, the company expects dry-docking and off-hire days to decline from 392 days in Q2 to approximately 225 days in Q3 and 110 days in Q4, increasing available earning days.
The decline in the net loan-to-value ratio to 13% at the end of Q2 FY 2026 placed Hafnia below the lowest threshold in its distribution framework, so it applied the maximum payout of 90% of net profit. This resulted in a distribution of $250 million, or $0.5003 per share, bringing total first-half distributions to $0.788 per share. This payment marked the eighteenth consecutive quarter of distributions, but the size of future payments will remain tied to cyclical earnings and leverage.
The disruptions during the six months ended August 2026 constrained volumes east of Suez, lengthened shipping routes, and increased ballast voyages and ship-to-ship transfer services. Seaborne clean products remained 12% below the pre-conflict level, a shortfall equivalent, according to the company, to the capacity of approximately 180 MR vessels. These factors currently support freight rates, but reopening the corridors to normal traffic could reduce the distances and inefficiencies that absorb tanker capacity.
During Q2 FY 2026, Hafnia sold one LR1 vessel, two MR vessels, and three Handy vessels, realizing a gain of $39.3 million, then completed the sale of its 50% interest in two MR vessels within the Andromeda joint venture in Q3 for a gain of $13.3 million. At the end of Q2, the company owned 103 vessels and time-chartered 9 vessels, while the average age of its owned fleet was 9.7 years. At the same time, the newbuilding program includes ten MR vessels, with capital payments beginning in Q3 FY 2026, so the company will include full newbuilding commitments in its leverage metric beginning in 2027.
Hafnia announced on June 30, 2026, that Søren Steenberg Jensen would assume the role of chief executive officer effective September 1, 2026, after having been part of the company since 2010 and serving as Head of Asset Management. The Q2 FY 2026 earnings call, held on August 28, 2026, was Mikael Skov’s final earnings call as chief executive officer. The company stated that Mikael Skov’s expected appointment to the Board of Directors is subject to shareholder approval at an extraordinary general meeting to be held later in the quarter, while the company remains focused on commercial discipline, operational efficiency, and prudent balance sheet management.
