HAFN vs TRMD: Which Is the Better Buy in 2026?
Last updated August 2026
Short answer
HAFN and TRMD are similarly sized, but TRMD trades noticeably cheaper on forward earnings (6.78x vs 11.31x): the market is paying up for HAFN's profile and pricing TRMD more conservatively, or for faster growth. Which you prefer comes down to the drivers you believe, and whether adding either over-concentrates what you already own.
HAFN vs TRMD: the tie-breaker metrics
Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.
| Metric | HAFN | TRMD | What it tells you |
|---|---|---|---|
| Market cap | $3.84B | $3.10B | Size. The larger name is the incumbent; the smaller has more room to grow and more to prove. |
| Forward P/E | 11.31 | 6.78 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Trailing P/E | 8.54 | 8.89 | Valuation on the last 12 months. A big drop from trailing to forward means the market expects earnings to jump, so more growth is already in the price. |
| Beta | -0.17 | 0.01 | Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through. |
| Price vs 52-week range | 58% of range | 71% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
| Price / book | 1.51 | 1.36 | How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price. |
Reading it: TRMD is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.
Before you buy: how HAFN and TRMD affect your concentration
The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. HAFN and TRMD share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.
This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined HAFN and TRMD exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.
What does Hafnia Limited (HAFN) do?
Hafnia Limited is a Bermuda-incorporated, Singapore-headquartered shipping company that owns and operates one of the largest fleets of product and chemical tankers in the world, with roughly 120 owned vessels and a broader commercially managed platform of around 200 ships. These tankers carry refined petroleum products (gasoline, diesel, jet fuel, naphtha) as well as vegetable oils and easy chemicals, across vessel classes such as LR2, LR1, MR, and Handy. Beyond owning ships, Hafnia runs an integrated shipping services business that includes technical management, commercial chartering, tanker pool management for third-party owners, and a large-scale bunker (marine fuel) procurement desk, which adds fee-based revenue on top of its own fleet earnings.
What does TORM plc (TRMD) do?
TORM plc is a shipping company that owns and operates a fleet of product tankers, the vessels that carry refined petroleum products such as gasoline, jet fuel, diesel, naphtha, and gas oil, along with some dirty petroleum products. The company operates mainly through its Tanker segment, complemented by a smaller Marine Engineering business, and runs an integrated commercial platform that pools its ships to chase the best available freight rates across trade routes. TORM is incorporated in the United Kingdom, headquartered in Copenhagen, and its Class A shares are listed on Nasdaq in New York under the ticker TRMD (with a separate Danish listing).
HAFN vs TRMD: how do they differ?
Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.
- HAFN drivers: Tight product tanker supply and demand; High variable dividend payout.
- TRMD drivers: Strong product-tanker freight market; Variable dividend tied to profit.
Which fits which kind of investor
A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Hafnia's earnings are highly cyclical and depend on product tanker freight rates, which the company does not control and which can swing sharply with global oil demand, refinery patterns, and trade flows. For TRMD, tORM's earnings are highly cyclical and swing with product-tanker freight rates, which the company does not control and which depend on global refined-product demand, trade routing, vessel supply, and newbuild deliveries.
HAFN or TRMD: which should you pick?
HAFN vs TRMD: the full fundamentals
HAFN. As of July 2026 HAFN traded near $6.60 per share for a market cap around $3.25 billion, with a low trailing P/E near 7 and a dividend yield around 8%, typical of a cyclical shipping stock priced on peak-ish earnings. FY2025 profit of about $339.7 million was down roughly 56% from 2024 as freight rates normalized, but Q1 2026 net profit jumped to about $179.7 million on a tight market. Reported NAV of roughly $8.09 per share sat above the share price, a common feature of asset-heavy shipping names.
TRMD. The very low P/E (around 4x) and high trailing dividend yield (around 13%) are characteristic of a shipping company earning near a cyclical peak, where the market assumes profits and payouts will normalize lower. FY2025 net income of about $286m was already down sharply from about $612m in 2024, illustrating how fast results move with freight rates. Q1 2026 profit nearly doubled year over year on rate strength tied to trade disruption, and management raised full-year 2026 guidance.
Headline figures (approximate, July 2026): HAFN shows revenue (fy2025, owned vessels) ~$1.42 billion, total operating revenue (fy2025) ~$2.28 billion, net income (fy2025) ~$339.7 million, net income (q1 2026) ~$179.7 million; TRMD shows revenue (ttm) ~$1.34 billion, net income (fy2025) ~$286 million (2024: ~$612 million), net profit (q1 2026) ~$122 million (EPS ~$1.21), eps (fy2025) ~$2.91.
The bottom line: HAFN vs TRMD
HAFN and TRMD are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined HAFN and TRMD exposure against your real portfolio. It is not an investment adviser.
Wondering how HAFN or TRMD fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Hafnia Limited with AI
Connect the broker you already use and ask Walnut's AI how HAFN fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is the difference between HAFN and TRMD?
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Hafnia Limited is a Bermuda-incorporated, Singapore-headquartered shipping company that owns and operates one of the largest fleets of product and chemical tankers in the world, with roughly 120 owned vessels and a broader commercially managed platform of around 200 ships. TORM plc is a shipping company that owns and operates a fleet of product tankers, the vessels that carry refined petroleum products such as gasoline, jet fuel, diesel, naphtha, and gas oil, along with some dirty petroleum products. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is HAFN or TRMD the better stock?
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Neither is universally better; they suit different views and risk levels. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, HAFN or TRMD?
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On forward P/E (as of August 2026), HAFN trades at 11.31x and TRMD at 6.78x, so TRMD is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both HAFN and TRMD?
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Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of HAFN vs TRMD?
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HAFN: Hafnia's earnings are highly cyclical and depend on product tanker freight rates, which the company does not control and which can swing sharply with global oil demand, refinery patterns, and trade flows. FY2025 net profit fell about 56% from the prior year as rates normalized from unusually high 2022-2024 levels, illustrating how quickly results can drop. The dividend is variable and tied to loan-to-value, so it can be cut when rates weaken. Other risks include exposure to geopolitical events that reroute or disrupt trade (such as Red Sea and sanctions dynamics), the cost and timing of fleet renewal, decarbonization regulation that could raise operating costs, and BW Group's controlling ownership stake, which concentrates influence over corporate decisions. TRMD: TORM's earnings are highly cyclical and swing with product-tanker freight rates, which the company does not control and which depend on global refined-product demand, trade routing, vessel supply, and newbuild deliveries. Recent record results have leaned heavily on geopolitical disruption around the Strait of Hormuz and longer trade routes, and a return to calmer conditions could cut rates and profits sharply, as the drop from 2024 to 2025 already showed. The dividend is variable, not fixed, so the high trailing yield can fall quickly when earnings decline. The company also carries the debt, fuel-cost, regulatory, environmental, and geopolitical exposures common to shipping, and a wave of new tanker capacity or weaker oil demand could pressure rates for an extended period.
Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell HAFN or TRMD; figures are approximate and dated (as of August 2026). Verify current data before investing.