Hafnia Limited Signs Contract with Hyundai Heavy Industries to Build Eight Medium-Range Product Tankers
Hafnia Limited (“Hafnia” or the “Company”), one of the world’s leading tanker shipping companies, has announced a significant fleet expansion initiative through a new shipbuilding agreement with Hyundai Heavy Industries, one of the largest and most respected shipbuilders globally. Under the agreement, Hafnia will construct eight Medium-Range (MR) newbuild product tankers, further strengthening its position in the global tanker market while supporting long-term fleet modernization and sustainability objectives.
The agreement represents a major capital investment by Hafnia, with the total purchase price for the eight vessels estimated at approximately USD 405 million. According to the company, deliveries of the new ships are scheduled over a period spanning from the third quarter of 2028 through the second quarter of 2029. The vessels will be built at Hyundai Heavy Industries’ advanced shipbuilding facilities, where the shipyard has developed a reputation for producing technologically advanced, fuel-efficient vessels for international shipping companies.
Strategic Fleet Expansion
The newbuild program reflects Hafnia’s long-term strategy to maintain a modern, efficient, and competitive fleet capable of serving global energy transportation markets. Medium-Range product tankers are a critical segment in global maritime logistics, as they transport refined petroleum products such as gasoline, diesel, jet fuel, and other liquid cargoes between refineries and distribution hubs around the world.
MR tankers typically carry between 45,000 and 55,000 deadweight tons (DWT) and are widely used in regional and intercontinental trade routes. Because of their flexibility, MR vessels can access a wide range of ports, making them particularly valuable for oil majors, trading houses, and energy companies that require reliable transportation of refined products.
For Hafnia, the new vessels will help strengthen its MR segment while replacing older ships over time. By adding modern tonnage built to current efficiency and environmental standards, the company aims to improve operational performance while maintaining competitive transportation services for customers.
CEO Commentary on the Agreement
Commenting on the deal, Mikael Skov, Chief Executive Officer of Hafnia, highlighted the importance of returning to Hyundai Heavy Industries for this new shipbuilding program.
“We are pleased to return to Hyundai Heavy Industries with an order of eight modern MR vessels,” Skov said. “This program secures early-delivery positions at a leading yard and builds on proven, fuel-efficient designs.”
He emphasized that securing early production slots at a major shipyard provides strategic advantages in the current global shipbuilding market, where demand for advanced vessels remains high and construction slots are increasingly competitive.
Skov further noted that the program will allow Hafnia to benefit from economies of scale while improving consistency across its fleet.
“The series delivers scale benefits and predictable performance across the fleet whilst strengthening earnings quality and supporting disciplined renewal of our MR segment,” he said.
Supporting Long-Term Decarbonization Goals
A central element of the new vessel program is its alignment with Hafnia’s sustainability and decarbonization objectives. The global shipping industry is under increasing pressure to reduce greenhouse gas emissions, driven by both regulatory frameworks and the growing sustainability expectations of customers and investors.
New tanker designs incorporate advanced technologies aimed at improving fuel efficiency and lowering emissions compared to older vessels. These may include optimized hull forms, advanced propulsion systems, and improved energy management technologies that reduce fuel consumption during operations.
Skov emphasized that the new MR vessels will contribute to Hafnia’s efforts to improve environmental performance across its fleet.
“With a continued focus on fuel efficiency, these vessels support our pathway towards improved decarbonization while enhancing both our customer offering and long-term competitiveness,” he explained.
By investing in newer ships that meet evolving environmental standards, Hafnia aims to position itself for future regulatory developments while maintaining operational efficiency.
Strengthening the Company’s Earnings Base
Beyond environmental and operational considerations, the agreement is also expected to support Hafnia’s financial performance over the long term. Modern vessels typically provide improved reliability and efficiency, which can translate into lower operating costs and stronger commercial performance.
According to Skov, the new shipbuilding agreement represents an important commercial milestone for the company.
“Overall, this agreement marks a strong commercial step in strengthening Hafnia’s long-term earnings base,” he said.
The addition of new MR tankers will expand Hafnia’s capacity to serve customers in the refined products market while ensuring that its fleet remains competitive in terms of technology, efficiency, and reliability.
Global Shipping Market Context
The announcement comes at a time when global energy markets continue to rely heavily on maritime transportation for the movement of crude oil and refined petroleum products. Despite ongoing energy transitions, oil and refined fuels remain critical components of the global energy system.
Product tankers like those being ordered by Hafnia play a vital role in transporting refined fuels from major refining centers to consumption markets around the world. These vessels help ensure reliable supply chains for industries ranging from aviation and shipping to manufacturing and electricity generation.
Demand for product tanker services has remained strong in recent years, supported by shifts in global refining capacity and changes in trade patterns. As refineries expand or close in certain regions, longer shipping routes have increased demand for tanker capacity.
By expanding its fleet with modern MR tankers, Hafnia is positioning itself to capture opportunities arising from these evolving trade dynamics.
Hyundai Heavy Industries’ Role
The decision to partner with Hyundai Heavy Industries reflects the shipbuilder’s longstanding reputation for delivering high-quality vessels to the global maritime industry. Based in South Korea, the company is among the largest shipbuilders in the world and has extensive experience constructing tankers, container ships, and other specialized vessels.
Hyundai Heavy Industries has invested heavily in advanced ship design, automation, and environmentally friendly technologies. Its shipyards are known for producing vessels that meet stringent international safety and environmental standards while maintaining high levels of operational efficiency.
By selecting Hyundai Heavy Industries for this project, Hafnia aims to ensure that the new vessels will be built to the highest technical and environmental specifications.
About Hafnia
Hafnia Limited is recognized as one of the world’s leading tanker owners and operators, specializing in the transportation of oil, refined petroleum products, and chemicals. The company serves a broad range of customers, including major national and international oil companies, chemical producers, trading firms, and utilities.
Hafnia operates a large and diverse fleet of approximately 200 vessels, making it one of the largest tanker shipping companies globally. Through its integrated operating platform, the company provides a comprehensive range of maritime services that extend beyond vessel ownership.
These services include technical ship management, commercial and chartering operations, pool management, and large-scale bunker fuel procurement. By integrating these capabilities, Hafnia can optimize vessel utilization, reduce operating costs, and deliver reliable transportation services to its global customer base.
Global Presence and Workforce
Hafnia maintains a strong international presence with major offices located in Singapore, Copenhagen, Houston, and Dubai. These strategic locations allow the company to operate close to key global shipping markets and energy trading hubs.
The company employs more than 4,000 people both onshore and at sea, reflecting the scale of its operations and its commitment to maintaining high standards of maritime professionalism and operational excellence.
Crew members and shore-based staff work together to ensure safe and efficient shipping operations across the company’s fleet, while also supporting Hafnia’s broader goals of sustainability, innovation, and long-term growth.
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