Presentation

Hafnia is a product tanker company, controlled by BW Group which owns 66% of the shares outstanding. Today’s Hafnia was established in 2019 as a result of the merger between Hafnia Tankers and BW Tankers (both BW Group companies). The company is listed on the Oslo Stock Exchange.

Hafnia’s owned fleet includes six LR2s, 26 LR1s, 41 MRs, and 13 handysize tankers. In addition, the company has 17 chartered-in vessels. The owned fleet is modern, with an average fleet age of 7.2 years.

Hafnia manages pools in the LR, MR, handysize and specialized segments, where its own vessels are deployed as well. In total, Hafnia operates 184 vessels. Hafnia’s bunker service division serves the pool participants and other third parties.

The last quarters have been some of the worst in terms of tanker rates. Still, Hafnia managed to incur minimal losses due to its superior break-even rates. With orderbook-to-fleet ratios at historically low levels, and a significant share of the fleet above 15 years old, the product tanker fleet dynamics look compelling.