Hafnia has signed a contract with Hyundai Heavy Industries for the construction of eight medium-range (MR) newbuild product tankers.

The total purchase price is about USD 405 million, with deliveries scheduled between the third quarter of 2028 and the second quarter of 2029.

The Singapore-based tanker owner said the vessels will be built to fuel-efficient designs and will support the renewal of its MR fleet while contributing to its decarbonisation efforts.

Hafnia’s CEO Mikael Skov said: “We are pleased to return to Hyundai Heavy Industries with an order of eight modern MR vessels. This program secures early-delivery positions at a leading yard and builds on proven, fuel-efficient designs. The series delivers scale benefits and predictable performance across the fleet whilst strengthening earnings quality and supporting disciplined renewal of our MR segment. 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. Overall, this agreement marks a strong commercial step in strengthening Hafnia’s long-term earnings base.”

Hafnia is part of BW Group and one of the world’s largest tanker owners, transporting oil, oil products and chemicals for national and international oil companies, chemical companies, trading houses and utility firms.

The company owns and operates around 200 vessels and provides an integrated platform including technical management, commercial and chartering services, pool management, and bunker procurement.

Hafnia has offices in Singapore, Copenhagen, Houston and Dubai.