Hafnia Shares Trade 11% Below NAV Despite Q1 EPS Up 176.9%
Hafnia (HAFNF) trades at an 11% discount to net asset value despite first-quarter earnings per share rising 176.9% year-over-year and dividends per share climbing 183.4% in the same period. The tanker operator has covered 73% of earning days for the second quarter at $46,600 per day, with management signaling the payout ratio may expand to 90%.
Hafnia () shares trade at an 11% discount to net asset value despite first-quarter earnings per share rising 176.9% year-over-year and dividends per share climbing 183.4% in the same period [1]. The tanker operator has covered 73% of earning days for the second quarter at $46,600 per day, positioning Q2 results to exceed the first quarter [1].
The year-over-year surge in profitability reflects booming spot rates in the product tanker market, where tight vessel supply and elevated refining runs have lifted charter prices above long-run averages. Hafnia's disciplined capital allocation policy currently returns cash to shareholders at rates tied to quarterly results, with management signaling the payout ratio may expand to 90% from current levels [1].
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