Hafnia (NYSE:HAFN) has significantly expanded its long-term capacity, announcing a $405 million contract with Hyundai Heavy Industries for the construction of eight new Medium-Range (MR) product tankers.
The agreement, announced April 3, 2026, secures early-delivery slots at one of the world’s premier shipyards.
Deliveries for the eight-vessel series are scheduled to begin in the third quarter of 2028 and conclude by the second quarter of 2029.
The investment reflects a strategic pivot toward modernizing the company’s core MR segment with high-specification, fuel-efficient designs.
The move comes as the global product tanker market faces an aging fleet and increasingly stringent environmental regulations.
By locking in these newbuilds, Hafnia aims to improve its "earnings quality" through lower operational costs and enhanced fuel efficiency, which the company says will support its broader decarbonization goals.
Hafnia, one of the world's largest operators in the product tanker space, has been active in capital recycling throughout early 2026.
In February, the company confirmed the sale of 10 older vessels, including several LR1 and MR tankers, as part of a continued effort to divest aging tonnage.
This new order effectively replaces that capacity with next-generation technology intended to maintain the company’s competitive edge into the 2030s.