HAFNI.OL Hafnia

Rates and dividend — benchmark, realized and declared

A settled quarter carries two bars: the lighter one is the fleet-weighted benchmark — what the market paid for a fleet of this class mix — and the solid one is what this fleet actually earned. The gap between them is the share of the index this issuer captured. Dashed-outline bars are the model estimate — see Dividend forecast.

The line is the declared dividend per share — dashed where it is the model's estimate. The shaded band is how wrong this model has actually been — the observed spread, not a symmetric guess around it, with a tick per observation so its width can be counted. Model estimate — not issuer guidance.

Forward (our model — model quarter ×4): $1.10/yr · @ $10.08 (as of 2026-10-19) = 10.9% yield (forward, model) · Trailing TTM $1.1112/yr = 11.0%

Fleet rate — what the market pays a fleet like this one

Latest $142,007/day at 2026-10-16 (+15.8% on the prior print), weighted 10×LR2 · 29×LR1 · 56×MR.

The thick line prices this fleet's own class mix at the market's rate each week; the pale lines are the class benchmarks behind it. Each class benchmark is a median across every route mapped to that class, not a single assessment. A laden-leg benchmark runs hotter than a fleet earns — ballast days, waiting time, TC-out legs and off-hire all dilute it — so this is market direction, not revenue. What this fleet actually captured is the panel above.

Price and the yield it implied

Latest: 2026-Q2 declared $0.5003/share on 2026-08-28, 23.6% annualised against the $8.47 close that day.

The continuous line is the daily closing price in dollars — the raw close, not a dividend-adjusted one, which would back-adjust away the very payouts being measured. The second line carries 4 declared dividends and is marked nowhere else — each annualised ×4 and divided by the close on, or last before, the day it was declared. A quarter with no dividend has no mark. The segments between the marks connect them; they are not measured. This is what the share yielded at the time, not what those dividends would yield at today's price. Prices start 2025-08-29, so anything declared before then is not plotted.

How to read this page

Every figure here is built the same way: the fleet's vessel-days are priced at the rate its classes earned, costs and debt service come off, and what is left is measured against the dividend the company actually declared. Nothing is estimated where it can be sourced, and a number that cannot be sourced is withheld rather than filled in. The full method, and the rates behind it →

Where HAFNI.OL departs from that

• The market benchmark prices 95 of this fleet's 118 vessels — the classes it has an assessment for. The rate the fleet actually earned covers all of them, so the two are not measured over the same ships.
• The forecast has not been scored against an outcome yet — there is no track record here to judge it by.
• Vessel-days are modelled from the fleet list (ships × days in the quarter); no issuer day count is curated for this quarter.
• LR2: index realized at 96% — this issuer captured 96% of the index across 5 closed quarters (range 62%-105%; 5 on its fleet TCE, with no time-charter days on file to remove); the open share is priced at that fraction, not at the index.
• LR2: using issuer guidance 80% fixed @ $30,716/day — a FLEET-wide figure applied to this class; the issuer did not split coverage by class.

Earnings bridge — 2026Q2 → 2026Q3

Latest quarter 2026Q2 2 qtrs old

20× handy · 22× lr1 · 6× lr2 · 48× mr current

Fleet model — 2026Q3

Fleet model estimate — not issuer guidance.

Guided rates are issuer-booked cover for 2026Q3 blended with Gibson and route-basket spot medians and the company's own guidance for the open days.

Bear, Base and Bull use booked coverage only for open vessels on a market index — this issuer has no realized-TCE history to anchor the index to what its fleet earns.

Profit statement highlights

Fleet exposure assets reviewed · 2026-03-31

Issuer guidance — forward-looking

No current-quarter guidance on file.