Omar Nokteb's questions to Hafnia (HAFN) leadership • Q2 2025
Question
Omar Nokteb of Jefferies asked about the recent outperformance of MR and Handy-size vessels compared to LRs in the spot market, and inquired if Hafnia engages in 'reverse cannibalization' by moving clean tankers into the dirty trade.
Answer
Soren Steenberg (Head of Asset Management) clarified that the trend is more about MRs catching up to the consistently high earnings of LR1s and LR2s, rather than LRs stagnating. He confirmed that Hafnia does consider switching LR2s to the Aframax dirty trade and LR1s to Panamax trade when opportunities arise, but does so cautiously to avoid disrupting the smaller, confined dirty markets.