Keyser Soze — While I am a seller of oil equities (which I thought was starting to align again), all that money is going into takers. The tanker bull market just got a few more potential shots o…↗
December 2025 · 5 mentions
Dec 22
Marhelm — This week product tanker markets faced tightness due to refinery outages and rerouting of products, with geopolitical events impacting trade routes.
$STNG $INSW $ASC $DIS.MI $HAFN…↗
Dec 18
Marhelm — Hafnia cleared to acquire ~14.1M TORM A-shares, representing 13.97% (down from the 14.45%) of issued capital via 3,380,278 new shares, completing a $311M deal; merger proposal like…↗
Dec 14
Marhelm — LR2 spot sending a message: not all ships are equal. MEG-Asia at WS 155 and $40k–42k/day for eco/scrubber ships. Modern LR2s are getting paid.
$TRMD $HAFNI $HAFN↗
Dec 9
Marhelm — LR2 tonne-miles are down 6% q/q as MEG refinery maintenance slashes Q4 voyages by ~50% vs Aug. Voyage distances have fallen, with LR2s shifting to NE/S Asia & Pacific routes. M…
November 2025 · 1 mention
Nov 12
Marhelm — "Currently, because so many vessels are sanctioned and compromised and the supply chains is so inefficient, Russia is hungry for clean tonnage, particularly aframaxes."
Senior Mar…↗
October 2025 · 1 mention
Oct 29
Marhelm — Product tanker markets stay choppy.
LR2 ME-Japan TCEs up 24% to $26,470, LR1s rebound to $22,121. MRs mixed: Jamnagar-Chiba up 32% to $13,402, USG-RTM up 25% to $27,547. Baltic Cl…↗
September 2025 · 2 mentions
Sep 24
Marhelm — Arctic: The market has too low expectations to the product tankers. Increasing export distances and consumptions suggest a coming rebound. $HAFN $STNG $DIS.MI $KCC.OL↗
Sep 3
Marhelm — Hafnia inks preliminary deal to buy 14.45% of TORM (14.1M A shares) from Oaktree at $22/share, totaling $311.4M. Deal subject to definitive agreement.
$HAFNI $HAFN $TRMD↗
August 2025 · 1 mention
Aug 27
Marhelm — Hafnia: Scrapping older tonnage is vital to balance newbuilds. Clean tankers lifting crude support the market, with Q2 momentum carrying into Q3 on rising trade and tonne-miles. $…↗
July 2025 · 2 mentions
Jul 16
Marhelm — While most of the talk has been about the crude tankers, the product side has recovered from its lows.
What's next?
Here are some of Lars Barstad's reflections.
$DIS.MI $STNG…↗
Jul 3
Marhelm — DNB Carnegie maintains a Buy-recommendation on Hafnia, but lowers PT from 74 to 69 NOK. $HAFN↗
June 2025 · 1 mention
Jun 16
Marhelm — ABG sees the product tankers as undervalued Torm and Hafnia are traded at 0,83 times NAV. The market is pricing in $30k per day, but these could rise to $46k if Iranian exports dis…↗
Marhelm — Despite weaker YoY earnings, Hafnia’s balance sheet is flexing: NAV at ~$3.4B and LTV down to 20.5%. Asset values + cash flows remain the quiet engine behind the story.
$HAFNI $HA…↗