Hafnia is one of the world's largest operators of product and chemical tankers. Its vessels transport refined petroleum products — gasoline, diesel, naphtha, jet fuel, and fuel oil — as well as easy chemicals and vegetable oils, for customers including major oil companies, national oil companies, and commodity trading firms like Vitol, BP, and Total. As of year-end 2025, Hafnia operated 187 vessels totaling 10.3M dwt, representing roughly 4.3% of the global product tanker market in its operating segments. The fleet spans four size classes: LR2, LR1, MR, and Handy. Hafnia is the world's largest LR1 owner and is actively exiting the Handy segment through vessel sales. Hafnia earns revenue through spot trading, pool arrangements, and fixed-rate time charters. Most of its fleet trades through proprietary pools, where Hafnia commercially manages vessels from both its own fleet and third-party owners, earning pool TCE on its own vessels plus management fees on third-party vessels. A portion of the fleet — particularly LR2s — is on fixed-rate time charters, providing more stable cash flows. Adjacent businesses include pool management fees from roughly 60+ third-party vessels and Seascale Energy, a 50/50 bunker procurement JV with Cargill. On fleet strategy, Hafnia is selling older vessels and replacing them selectively with newbuilds, including 8 MRs ordered in April 2026. Hafnia also acquired a roughly 14% stake in competitor TORM in December 2025, with its CEO publicly advocating for a full combination of the two companies.