Here are 1-3 brief analogies for Hafnia (HAFN):

• Like Maersk, but focused on transporting refined oil and chemicals rather than containers of goods.
• A "Kinder Morgan of the seas," but for transporting refined petroleum products and chemicals globally.

• Product Tanker Shipping Services: Hafnia provides global maritime transportation of refined petroleum products (such as gasoline, diesel, and jet fuel) and certain chemicals using its modern fleet of product tankers.

Hafnia (HAFN) - Major Customers

Hafnia is a leading international product tanker company that transports refined petroleum products (such as gasoline, diesel, jet fuel, and naphtha) and various chemicals globally. As a business-to-business (B2B) service provider in the shipping industry, Hafnia sells its services primarily to other companies, not individuals.

Consistent with standard practices in the highly competitive shipping sector, Hafnia does not publicly disclose the specific names of its "major customers" due to commercial confidentiality and the often transactional nature of chartering agreements. Therefore, while specific named customers cannot be identified, their customer base comprises large entities that require the global transport of refined oil products and chemicals, falling into distinct categories.

Based on Hafnia's business description and typical industry operations, their customers generally fall into the following categories:

• Major International Oil Companies: These integrated energy companies are involved in the entire value chain from exploration and production to refining and marketing. They frequently charter vessels to move their products between refineries, storage facilities, and consumption markets.
  • Shell plc (SHEL)
  • ExxonMobil Corporation (XOM)
  • Chevron Corporation (CVX)
  • BP p.l.c. (BP)
  • TotalEnergies SE (TTE)
• National Oil Companies (NOCs): State-owned or controlled oil and gas companies that often manage national energy resources and international trading.
  • Petrobras (PBR)
  • China Petroleum & Chemical Corporation (Sinopec Corp.) (SNP)
  • (Note: Many other major NOCs, such as Saudi Aramco (2222.SR), are not widely traded on major US exchanges or are private entities, but are significant players in the global product movement market.)
• Large Commodity Trading Houses: These specialized firms engage in the global buying, selling, and transportation of commodities, including refined petroleum products and chemicals. Many of the largest trading houses are privately held.
  • Examples of such entities include Vitol, Trafigura, and Gunvor. While Glencore plc (GLEN.L on the London Stock Exchange, with ADRs on OTC markets) is public, most of the largest pure-play energy commodity traders operate as private companies.

Hafnia's services enable these companies to manage their supply chains, optimize distribution, and access various markets for their petroleum products and chemicals.

Mikael Skov, Chief Executive Officer

Mikael Skov is the Chief Executive Officer of Hafnia, a role he assumed in 2019 following the merger of Hafnia Tankers and BW Tankers. He was the co-founder and CEO of Hafnia Tankers and has over 33 years of experience in the shipping industry. Prior to establishing Hafnia Tankers, he spent 25 years at Torm, serving as CEO for the last two years. Hafnia Tankers was established through a three-way merger that included Blackstone/Tufton, indicating involvement with a private equity firm.

Perry Van Echtelt, Chief Financial Officer

Perry Van Echtelt became Chief Financial Officer in early 2019 after the merger of Hafnia Tankers and BW Tankers. He possesses over 20 years of experience in investment banking and ship finance. Before joining Hafnia, he was CFO of BW Tankers starting in 2017 and previously served as Head of Transportation and Logistics Asia Pacific & Middle East at ABN AMRO Bank. He held various positions in corporate finance and capital markets at ABN AMRO and its predecessors for 17 years. From 1998 to 2000, Perry worked for Gilde Investments, a private equity firm. He has been involved in numerous M&A transactions, advisory mandates, and debt and equity raising activities.

Jens Christophersen, EVP Head Of Commercial

Jens Christophersen is the Executive Vice President and Head of Commercial at Hafnia. He has over 27 years of experience in tanker chartering across all product segments, having started his career as a trainee at A.P. Møller Maersk. Before joining BW Tankers in 2016, he held senior positions, including a 12-year tenure as General Manager at Norient Product Pool A/S.

Søren Steenberg Jensen, EVP Head Of Asset Management

Søren Steenberg Jensen is the Executive Vice President and Head of Asset Management. He has over 30 years of experience in ship owning, chartering, and operations and is one of the co-founders of Hafnia. Previously, Søren was Vice President, Projects and Sale & Purchase of Hafnia Tankers and CEO of the Hafnia/Mitsui OSK joint venture company Straits Tankers Pte Ltd. His prior experience includes 10 years at Torm in various commercial roles and positions in operations and chartering at A.P. Møller Maersk.

Ralph Juhl, EVP Head Of Technical

Ralph Juhl is the Executive Vice President and Technical Director at Hafnia. With 40 years of experience in shipping, he began his career as an Ordinary Seaman before transitioning to onshore roles as a Master Mariner. He has held various technical positions in safety and quality, crewing, and technical organization strategy and development. Before joining Hafnia, Ralph was Vice President at Evergas, responsible for the existing fleet, managers, and newbuilding programs of 14 LPG, Ethylene, and LNG carriers in China.

Here are 3-5 expected drivers of future revenue growth for Hafnia (HAFN) over the next 2-3 years:

1. Sustained Robust Demand for Product Tankers: Hafnia anticipates a continued robust global demand for oil products, which is expected to drive volumes and maintain high clean petroleum product (CPP) tonne-miles through the end of the year and beyond. Geopolitical factors have also created new trading routes, further contributing to demand.

2. Fleet Expansion and Modernization with Eco-efficient Vessels: Hafnia is actively expanding and modernizing its fleet, including the addition of new dual-fuel LNG and methanol chemical tankers through joint ventures, with deliveries scheduled into 2025 and 2026. The company's focus on modern, eco-efficient vessels, with 90% of its fleet built post-2010, aligns with stricter emissions regulations and enhances operational efficiency, contributing to its market leadership in the product and chemical tanker segment.

3. Growth in Commercially Managed Fleet and Strategic Partnerships: Hafnia's commercially managed fleet has grown to over 250 vessels across eight pools, providing a fully integrated shipping platform. The company also generates income from its commercial pool management and bunkering businesses. The launch of Seascale Energy, a bunker procurement joint venture in May 2025, is a new strategic partnership expected to contribute to diversified revenue streams.

4. Operational Excellence and Optimized Capital Structure: Hafnia’s strong operational execution, cost discipline, and strategic refinancing efforts are expected to support revenue growth by lowering funding costs and strengthening its financial position. This operational excellence and optimized capital structure allow the company to capitalize on strong market backdrops and pursue new opportunities.

Share Repurchases

• Hafnia authorized a share buyback program of up to $100 million from December 2, 2024, to January 27, 2025.
• Under this program, Hafnia repurchased 14,382,255 shares for a total consideration of $76.69 million by January 24, 2025.
• In Q1 2025, Hafnia repurchased 5.2 million shares for a total of $27.6 million.

Share Issuance

• In 2023, Hafnia's cash flow statement showed a net common equity issuance of $9.29 million.
• In 2022, Hafnia's cash flow statement showed a net common equity issuance of $99.24 million.

Outbound Investments

• Hafnia entered into a binding share purchase agreement to acquire approximately 14.45% of TORM plc's A shares (14.1 million shares) for $311.4 million in September 2025.
• In 2025, Hafnia, in a joint venture with Socatra, took delivery of the Ecomar Guyenne (second dual-fuel methanol MR newbuild) in May and the Ecomar Garonne (third vessel) in July.
• Seascale Energy, a bunker joint venture with Cargill, commenced operations in mid-May 2025.

Capital Expenditures

• Hafnia's capital expenditure budget for 2023 was $100 million.
• The company plans to increase its fleet size, aiming for a 15% growth in vessel capacity by 2025, focusing on enhancing operational efficiency and meeting demand in the oil and chemical segments.
• Capital expenditures also include investments in energy-efficient technologies to comply with regulatory requirements and minimize operational costs.