Hafnia Ltd
HAFN · Transportation Services · EDGAR filings ↗
Grade
B82Highly profitable product/chemical tanker operator posting top-decile margins, returns and cash generation in a strong tanker market.
Strengths
- Net margin 27% and FCF margin 34% (both 100th pct), ROA 21% (95th), ROE 34% (89th)
- Interest coverage 15.4 (87th pct) and strong FCF of $0.98B support the balance sheet
- Diversified fleet, JVs and TORM stake add scale
Risks
- Highly cyclical, volatile tanker rates; no durable moat to sustain peak returns
- Meaningful financial debt and sale-leaseback obligations; customer concentration in top five
- Geopolitical/sanctions and vessel-value impairment exposure
Notable findings
- Strong balance sheetStrong balance sheet — $284M cash & investments
Key metrics
Gross margin
48.5%
Operating margin
28.1%
Net margin
27.0%
Return on equity
34.2%
Return on assets
20.9%
ROIC
18.8%
Revenue growth (QoQ)
7.4%
Net-income growth
-2.4%
Debt / equity
0.5×
Interest coverage
15.4×
Current ratio
1.4×
Free cash flow
$981M
Tangible book value
$2.3B
Cash & investments
$284M
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-17 | 2025-12-31 | 0001140361-26-015278 ↗ |
| 20-F | 2025-04-30 | 2024-12-31 | 0001140361-25-016487 ↗ |