HAFNIA LIMITED: Transactions Made Under Share Buyback Program

Rhea-AI Summary

Hafnia (NYSE: HAFN) has provided an update on its share buyback program launched on December 2, 2024. From January 20-24, 2025, the company purchased 3,952,255 shares at an average price of USD 5.14 per share, totaling USD 20,326,821. The transactions were executed across both the OSE and NYSE trading venues.

The buyback program allows for repurchasing up to 18,000,000 shares for a total amount of up to USD 100 million through January 27, 2025. To date, Hafnia has accumulated 14,382,255 shares at an average price of USD 5.33, representing a total investment of USD 76,694,601. Following these transactions, Hafnia owns 14,884,613 of its own shares, corresponding to 2.90% of its total issued share count.

Positive

• Strong execution of buyback program with 76.7% of USD 100M target already deployed
• Company demonstrates financial strength with significant cash allocation to shareholder returns
• Consistent share repurchases across multiple trading venues showing strong market support

Negative

• Average purchase price increased from initial transactions, potentially reducing total shares that can be repurchased within the program limit

Insights

Financial Analyst

Hafnia's aggressive execution of its share buyback program demonstrates strong capital allocation strategy and confidence in the company's intrinsic value. The company has strategically purchased shares across both the NYSE and Oslo Stock Exchange, with slightly higher volume on NYSE (2,112,255 shares) compared to OSE (1,840,000 shares) during the recent period, indicating balanced market presence and liquidity management.

The weighted average purchase price of $5.14 per share represents a disciplined approach, with daily variations ranging from $5.05 to $5.25. With 76.7% of the monetary target already deployed and only $23.3M remaining, the program is well ahead of schedule, suggesting strong execution capability and favorable market conditions.

The accumulation of 2.90% of total issued shares provides meaningful EPS accretion and demonstrates management's commitment to returning capital to shareholders. For a shipping company with cyclical earnings, this buyback timing amid strong industry fundamentals signals management's view that shares are undervalued relative to long-term prospects.

The dual-listed structure between NYSE and OSE has allowed Hafnia to optimize execution and potentially benefit from any price discrepancies between markets. The program's systematic approach, with regular daily purchases rather than large block trades, helps minimize market impact while maximizing program efficiency.

SINGAPORE--(BUSINESS WIRE)-- Reference is made to the stock exchange announcement made by Hafnia Limited (“Hafnia” or the “Company”, OSE ticker code: “HAFNI”, NYSE ticker code: “HAFN”) on December 2, 2024, of the launch of Hafnia’s program to repurchase up to 18,000,000 of the Company’s shares in open market transactions for a total amount of up to USD 100,000,000 during the period from December 2, 2024, until no later than January 27, 2025, pursuant to an agreement with Pareto Securities AS and its subsidiary, Pareto Securities Inc. (together, “Pareto”).

For the period from and including January 20, 2025, through January 24, 2025, the Company purchased a total of 3,952,255 shares at an average price of USD 5.14 per share. Please find below for a transaction overview.

Date	Trading Venue	Aggregated daily volume (number of shares)	Weighted average share price (USD)	Total daily transaction value (USD)
Jan 20, 2025	OSE	340,000	5.22	1,773,791
Jan 20, 2025	NYSE	-	-	-
Jan 21, 2025	OSE	380,000	5.11	1,940,322
Jan 21, 2025	NYSE	480,000	5.11	2,454,192
Jan 22, 2025	OSE	360,000	5.05	1,819,718
Jan 22, 2025	NYSE	525,949	5.08	2,671,716
Jan 23, 2025	OSE	360,000	5.15	1,852,811
Jan 23, 2025	NYSE	514,051	5.25	2,700,927
Jan 24, 2025	OSE	400,000	5.17	2,067,556
Jan 24, 2025	NYSE	592,255	5.14	3,045,790
Period total
	OSE	1,840,000	5.14	9,454,197
	NYSE	2,112,255	5.15	10,872,624
	Total	3,952,255	5.14	20,326,821
Previously disclosed buy-back under the program (accumulated)
	OSE	4,250,000	5.38	22,848,994
	NYSE	6,180,000	5.42	33,518,786
	Total	10,430,000	5.40	56,367,781
Accumulated under the buy-back program
	OSE	6,090,000	5.30	32,303,191
	NYSE	8,292,255	5.35	44,391,410
	Total	14,382,255	5.33	76,694,601

The issuer's holding of repurchased shares:

Following the completion of the above transactions, the Company owns a total of 14,884,613 of its own shares, corresponding to 2.90% of Hafnia’s total issued share count.

Appendix:

An overview of all transactions made under the program that have been carried out during the above-mentioned period is attached to this report and available at www.newsweb.no.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act and article 5 of the European Market Abuse Regulation.

About Hafnia Limited:

Hafnia is one of the world's leading tanker owners, transporting oil, oil products and chemicals for major national and international oil companies, chemical companies, as well as trading and utility companies.

As owners and operators of around 200 vessels, we offer a fully integrated shipping platform, including technical management, commercial and chartering services, pool management, and a large-scale bunker procurement desk. Hafnia has offices in Singapore, Copenhagen, Houston, and Dubai and currently employs over 4000 employees onshore and at sea.

Hafnia is part of the BW Group, an international shipping group involved in oil and gas transportation, floating gas infrastructure, environmental technologies, and deep-water production for over 80 years.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250126731405/en/

For further information, please contact:

Mikael Skov

CEO Hafnia Limited

+65 8533 8900

Source: Hafnia Limited

FAQ

How many shares has Hafnia (HAFN) repurchased in its current buyback program?

Hafnia has repurchased 14,382,255 shares in total under the current buyback program, representing approximately 2.90% of the company's total issued shares.

What is the average price paid per share in Hafnia's (HAFN) January 20-24, 2025 buybacks?

During January 20-24, 2025, Hafnia purchased shares at an average price of USD 5.14 per share.

How much of the USD 100 million buyback program has Hafnia (HAFN) completed?

Hafnia has spent USD 76,694,601 of the USD 100 million authorized for the buyback program, representing approximately 76.7% of the total allocation.

When does Hafnia's (HAFN) current share buyback program end?

Hafnia's current share buyback program is scheduled to end no later than January 27, 2025.

How many shares can Hafnia (HAFN) still purchase under the current buyback program?

With a maximum of 18,000,000 shares authorized and 14,382,255 shares already purchased, Hafnia can still buy up to 3,617,745 shares under the current program.