The Q1 beat and strong Q2 coverage (73% at USD 46,600/day) signal continued earnings momentum. Watch for Strait of Hormuz reopening timeline and Q2 drydocking (300 off-hire days) as near-term catalysts. The TORM stake and newbuild program add strategic optionality.
Price Chart
Executive Summary
Hafnia reported Q1 2026 net profit of USD 179.7M (USD 0.36/share), up from USD 63.2M (USD 0.13/share) in Q1 2025, driven by the Strait of Hormuz closure which reshaped global trade flows and boosted freight rates. Adjusted EBITDA rose to USD 198.6M from USD 125.1M YoY, and the company declared an 80% payout ratio dividend of USD 0.2877/share. The filing also notes a USD 405M newbuild order for eight MR vessels and a 13.97% stake in TORM valued at USD 395M.
Key Facts
- Q1 2026 net profit of USD 179.7M vs USD 63.2M in Q1 2025 (up 184% YoY)
- Adjusted EBITDA of USD 198.6M vs USD 125.1M in Q1 2025 (up 59% YoY)
- Average fleet TCE of USD 30,327/day in Q1 2026 vs USD 22,992/day in Q1 2025
- 73% of Q2 2026 earning days covered at USD 46,600/day as of 13 May 2026
- Dividend of USD 0.2877/share declared, representing an 80% payout ratio
- Net loan-to-value (LTV) ratio decreased from 24.9% in Q4 2025 to 20.2%
- Net asset value (NAV) rose to approximately USD 4.0B (USD 8.09/share)
- Signed contract for eight MR newbuilds with HHI for ~USD 405M; exercised two additional options
- 13.97% investment in TORM valued at USD 395.0M with unrealized gain of USD 117.8M
- Gain on vessel sales of USD 32.5M in Q1 2026
Financial Impact
Net profit surged 184% YoY to USD 179.7M; Adjusted EBITDA up 59% to USD 198.6M; dividend yield ~3.4% annualized at current price
Risk Factors
- Strait of Hormuz reopening could normalize freight rates and reduce tonne-mile demand
- IEA forecasts first YoY decline in global oil demand since COVID-19 (down ~0.4 mb/d)
- Prolonged closure could pressure rates as ballast tonnage repositions and demand weakens
- Drydocking activity expected to continue with ~300 off-hire days in Q2
- Uncertainty around duration of geopolitical disruption and structural damage to Gulf infrastructure
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001140361-26-022910 |
| Document: ef20074898_ex99-2.htm | 0001140361-26-022910 |
| Document: ef20074898_ex99-3.htm | 0001140361-26-022910 |
| Document: ef20074898_6k.htm | 0001140361-26-022910 |
| Document: 0001140361-26-022910-index-headers.html | 0001140361-26-022910 |
| Document: 0001140361-26-022910-index.html | 0001140361-26-022910 |
| Document: 0001140361-26-022910.txt | 0001140361-26-022910 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 14d ago | 6-K | $10.85 $10.17 | ▲ +6.27% | ▲ +5.12% | $10.61 (+2.21%) |
Oct 5, 2026 22d ago | 6-K | $10.28 $10.92 | ▲ +6.23% | ▲ +5.80% | $10.61 (+3.21%) |
Sep 25, 2026 4w ago | 6-K | $9.13 $10.28 | ▼ −12.60% | ▼ −11.39% | $10.61 (−16.21%) |
Sep 25, 2026 4w ago | 424B5 | $9.13 $10.28 | ▼ −12.60% | ▼ −11.39% | $10.61 (−16.21%) |
Sep 24, 2026 4w ago | 6-K | $8.92 $10.07 | ▼ −12.89% | ▼ −13.31% | $10.61 (−18.95%) |
Sep 24, 2026 4w ago | 6-K | $8.92 $10.07 | ▲ +12.89% | ▲ +13.31% | $10.61 (+18.95%) |
Sep 23, 2026 4w ago | 6-K | $8.92 $10.07 | ▼ −12.89% | ▼ −13.31% | $10.61 (−18.95%) |
Sep 23, 2026 4w ago | 6-K | $9.10 $9.94 | ▲ +9.23% | ▲ +9.91% | $10.61 (+16.59%) |
Sep 16, 2026 5w ago | 6-K | $9.71 $9.10 | ▼ −6.28% | ▼ −8.85% | $10.61 (+9.27%) |
Sep 8, 2026 7w ago | 6-K | $8.96 $9.48 | ▲ +5.80% | ▲ +6.92% | $10.61 (+18.42%) |
US Market Status
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