Hafnia (Buy, TP: NOK105.00) - Powering onwards
Hafnia is capitalising on strong trading opportunities to outperform headline index rates in the seasonally slow Q3, with recent spot fixtures allowing for an impressive 18% run-rate yield to investors and ample upside potential towards the winter season. The product tanker orderbook points to 6–7% of the fleet being delivered in 2025–2026e, but the market remains fundamentally tight. All things considered, we appreciate the return potential and believe the stock will prosper in the coming months. Hence, we reiterate our BUY and have raised our target to NOK105 (104).
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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