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One of the world's largest product tanker fleet operators, transporting refined petroleum products for oil majors and traders.
One of the world's largest product tanker fleet operators, transporting refined petroleum products for oil majors and traders.
Earns freight by renting ship capacity, either voyage by voyage at spot rates or on time charters of fixed length, and collects fees from other owners' tankers it manages in commercial pools. This is the Oslo listing of Hafnia, formed in 2019 from BW Group's product-tanker fleet and Hafnia; BW Group is the largest shareholder.
In one line: One of the world's largest product tanker fleet operators.
Moat: none (scale). Commodity tanker shipping; large fleet scale gives pooling advantages but rates are market-set.
Headquarters: Singapore · Founded: 2003 · Employees: 4,876
Size Hafnia (HAFNI.OL) is a Norway Energy company (Marine Shipping) with a market value of $4.98B, the 21st largest of 115 Norway companies the cockpit tracks. Shares closed at NOK 87.45 on 6 Nov 2026.
Performance Over six months the shares gained 6.8%, against +7.0% for the median peer and +2.7% for the Norway market (cap-weighted) — 8th lowest of 16 in its peer set.
Growth Revenue grew 3.1% over the last twelve months (peer median +39.4%); the operating margin is 20.1% (peer median 41.1%).
Valuation It trades at 5.7× forward earnings against a peer median of 4.5× (6th most expensive of 16).
Price implies For today's price to make sense, revenue must grow about -6% a year for seven years (Req g). Recent delivered growth is +24%, so the hurdle is -29 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 6.0 points above its cost of capital (7.0% WACC).
Next results Next results expected around 18 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NOK 26.1B | NOK 23.7B | NOK 30.9B | NOK 28.2B | NOK 18.5B |
| Revenue growth | — | -23% | +9% | +52% | — |
| Gross profit | NOK 6.10B | NOK 4.27B | NOK 8.83B | NOK 8.74B | NOK 7.86B |
| EBITDA | NOK 7.18B | NOK 5.49B | NOK 10.3B | NOK 10.2B | NOK 9.30B |
| Net income | NOK 6.40B | NOK 3.53B | NOK 8.32B | NOK 8.39B | NOK 7.23B |
| Free cash flow | NOK 5.16B | NOK 4.15B | NOK 10.1B | NOK 8.41B | NOK 2.27B |
| Capital expenditure | NOK 1.18B | NOK 1.52B | NOK 534M | NOK 1.95B | NOK 4.30B |
| Total debt | NOK 8.76B | NOK 11.3B | NOK 12.7B | NOK 13.1B | NOK 17.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Hafnia HAFNI.OL | $4.98B | +7% | +3% | 20% | 5.7× | -5.9% |
| Scorpio Tankers STNG | $4.13B | -4% | +39% | 49% | 5.6× | n/a |
| d'Amico International Shipping DIS.MI | $1.09B | -3% | -15% | 36% | 8.0× | -7.3% |
| TORM TRMD | $3.52B | +1% | +36% | 41% | 3.2× | -18.9% |
| Ardmore Shipping ASC | $712M | -11% | +21% | 29% | 4.1× | -14.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HAFNI.OL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -14.2% | -17.8% | 5th highest of 16 |
| 6-month return | +6.8% | +7.0% | 8th lowest of 16 |
| Distance from 52-week high | -17.5% | -22.0% | 2nd highest of 16 |
| Revenue growth (TTM) | +3.1% | +39.4% | 5th lowest of 16 |
| Operating margin | 20.1% | 41.1% | 3rd lowest of 16 |
| Forward P/E | 5.7× | 4.5× | 6th most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | -5.9% | -7.1% | 5th most demanding of 12 |
| Growth delivered (Del g) | +23.6% | +10.3% | 3rd highest of 12 |
| Hurdle (Req g minus delivered) | -29.5 pp | -20.4 pp | 4th least demanding of 12 |
| ROIC minus cost of capital | +6.0 pp | +7.7 pp | 7th lowest of 16 |
| EV / EBITDA | 7.2× | 7.0× | 7th most expensive of 16 |
| Net debt / EBITDA | 0.7× | 0.8× | 7th least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hafnia HAFNI.OL | Norway | $4.98B | +7% | +3% | 20% | 5.7× | -5.9% | +23.6% |
| International Seaways INSW | United States | $5.01B | +7% | +58% | 56% | 3.5× | -14.8% | +14.9% |
| Cmb.tech CMBT | United States | $4.83B | +12% | +92% | 30% | 7.2× | n/a | n/a |
| Scorpio Tankers STNG | United States | $4.13B | -4% | +39% | 49% | 5.6× | n/a | n/a |
| TORM TRMD-A.CO | Denmark | $3.87B | +8% | +41% | 41% | 3.5× | -17.3% | +12.7% |
| Tidewater TDW | United States | $3.49B | -14% | -1% | 18% | 13.3× | 1.2% | +27.8% |
| DHT DHT | United States | $3.33B | +9% | +39% | 57% | 3.8× | -11.7% | -6.4% |
| BW LPG BWLPG.OL | Norway | $3.31B | +7% | -9% | 15% | 4.5× | -7.1% | +37.2% |
| Okeanis Eco Tankers ECO | United States | $3.19B | +48% | +105% | 62% | 3.9× | -13.7% | +6.7% |
| Teekay Tankers TNK | United States | $2.97B | +3% | +19% | 39% | 3.5× | n/a | n/a |
| Frontline FRO | United States | $10.1B | +15% | +49% | 49% | 4.2× | -12.5% | +10.3% |
| Dorian LPG LPG | United States | $1.99B | +16% | +81% | 52% | 5.4× | -6.7% | +8.8% |
| SFL SFL | United States | $1.65B | -9% | -4% | 28% | 11.2× | 5.2% | +9.2% |
| Nordic American Tankers NAT | United States | $1.41B | +13% | +29% | 29% | 7.7× | -3.4% | -3.8% |
| FLEX LNG FLNG | United States | $1.38B | -20% | +1% | 49% | 11.5× | -0.5% | +16.1% |
| Tsakos Energy Navigation TEN | United States | $1.32B | +2% | +23% | 38% | 3.5× | n/a | n/a |