# Hafnia Limited (HAFN)

> Source: Nexqual · https://nexqual.com/HAFN · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Hafnia Limited (HAFN), nexqual.com/HAFN" · informational, not investment advice.

**Price:** USD 10.33 (-1.90% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 10.53 · day 10.14–10.51 · 52w 5.17–11.1 · market cap $5.53B · NYQ

## Key facts
- 2 of 80 tracked superinvestors hold HAFN (13F, Q2 2026): 0 new, 2 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $8.9M; 2 not under a Rule 10b5-1 plan ($8.9M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.50 on a 1–5 scale) (2 analysts), mean target USD 11.5 (range 11–12).
- Total return with dividends: 1Y +91.3% vs S&P 500 +14.9%; 5Y +118.2% vs S&P 500 +80.3%.
- Next earnings: 2026-11-18, EPS estimate USD 0.3, revenue estimate $298M.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold HAFN. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Tweedy Browne |  | 0.21% | $2.8M | Added +9.9% |
| Sarah Ketterer | Causeway Capital Management | 0.05% | $4.6M | Added +1182.8% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-04-10…2026-04-13 | Skov Mikael Opstun | Chief Executive Officer | 1,000,000 | $8.1M | 46.9% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-04-07 | Van Echtelt Petrus Wouter | Chief Financial Officer | 90,000 | $740K | 49.5% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.50 on a 1–5 scale), 2 analysts; mean target USD 11.5 (low 11, high 12).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-18 | BTIG | Target raised | Buy | $10 → $12 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2024-04-08) |
|---|---|---|
| Total return | +91.3% | +118.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +91.7% | +36.0% |
| Volatility (annualized) | 36.2% | 40.9% |
| Max drawdown | -28.0% (May 2026→Jul 2026) | -50.2% (May 2024→Mar 2025) |

## Peers (Marine Shipping)
MATX (Matson, Inc.) USD 227.48 -3.23% · KEX (Kirby Corporation) USD 131.5 -4.18% · ECO (Okeanis Eco Tankers Corp.) USD 90.05 -1.29% · ZIM (ZIM Integrated Shipping Service) USD 29.08 -0.24% · SBLK (Star Bulk Carriers Corp.) USD 28.65 -0.59% · NMM (Navios Maritime Partners LP) USD 88.28 -0.02%

## More
Full page: https://nexqual.com/HAFN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in HAFN's own 20-F filed 2026-04-17 (https://www.sec.gov/Archives/edgar/data/1815779/000114036126015278/ef20060668.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Shipping Company | "We are joint venture partners with CSSC (Hong Kong) Shipping Company Limited ("CSSC") in Vista Shipping Pte." |
| Partner | Andromeda Shipholdings | "We are joint venture partners with Andromeda Shipholdings Ltd. ("Andromeda Shipholdings") in H&A Shipping Pte." |
| Partner | BW Group | "We have entered into a shareholder rights agreement with BW Group which will give BW Group rights to require us to file registration statements covering the sale of their shares or" |
| Partner | TORM plc (TRMD) | "On September 11, 2025, we entered into a sale and purchase agreement with OCM Njord Holdings S.a.r.l. for the acquisition of 14,156,061 Class A Shares of TORM plc ("TORM", CSE ticker code "TRMD" |
| Partner | V and VI | "On July 19, 2019, Vista Shipholding III, IV, V and VI Limited (part of our Vista Joint Venture) entered into a $111 million senior secured term loan facility with a syndicate of banks" |
| Partner | Vista Shipholding I | "On July 26, 2018, Vista Shipholding I Limited and Vista Shipholding II Limited (part of our Vista Joint Venture) entered into a $52 million senior secured term loan facility with the" |
| Partner | Vista Shipholding II | "On July 26, 2018, Vista Shipholding I Limited and Vista Shipholding II Limited (part of our Vista Joint Venture) entered into a $52 million senior secured term loan facility with the" |
| Partner | Green Stars Shipping | "On December 27, 2021, Green Stars Shipping Limited (part of our Andromeda Joint Venture) entered into a $23 million term loan facility (the "MUSD 23 Facility") with a bank to finance" |
| Partner | Yellow Star Shipping | "On July 22, 2021, Yellow Star Shipping Ltd. (part of our Andromeda Joint Venture) entered into a $22 million term loan facility (the "MUSD 22 Facility") with Crédit Agricole (London) to finance the" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.30 | $0.14 | +114.3% | $298.1M | 1 |
| Next quarter (ends 2026-12-31) | $0.30 | $0.21 | +42.9% | $377.6M | 1 |
| Current fiscal year (ends 2026-12-31) | $1.37 | $0.78 | +75.6% | $1.36B | 1 |
| Next fiscal year (ends 2027-12-31) | $0.71 | $0.64 | +10.9% | $1.20B | 1 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-18): ±11.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 52.5% | ±11.9% |
| 2026-12-18 | 56 | 49.5% | ±15.7% |
| 2027-01-15 | 84 | 46.1% | ±17.4% |
| 2027-04-16 | 175 | 43.0% | ±23.0% |