Hafnia chief financial officer Perry Van Echtelt has grabbed a chunk of the company’s soaring shares for a rock-bottom price.
The company said in an Oslo Stock Exchange filing that the executive exercised 296,112 vested options on 22 March granted under the company’s long-term incentive programme in 2021.
He was allocated 296,112 existing shares.
Van Echtelt paid just NOK 0.13 per share, or NOK 38,600 ($3,600), for them.
The stock was trading up 1% at NOK 75.60 in Oslo on Monday, making the CFO’s shares worth NOK 16.6m ($1.5m).
In the middle of 2021, the share price was NOK 18.
Following delivery of this stock to Van Echtelt, Hafnia holds 475,316 treasury shares.
The group has been rewarding its key executive in strong tanker markets.
In December, Hafnia brought forward a lucrative share option vesting date for chief executive Mikael Skov.
A total of 3.4m options were outstanding under the plan, the shipowner said.
Options and sales
They were due to vest this month, but Hafnia facilitated the vesting in December by borrowing 3.4m shares from parent BW Group, following a recommendation from the company’s remuneration committee.
At the Oslo price then, around NOK 69.50, the shares were worth NOK 236m.
Earlier in 2023, Skov sold nearly $16m of the company’s shares in less than a month.
This month, a bullish Hafnia posted record results for the second year running.
Fundamentals in the sector will support strong earnings after the Red Sea disruption ends, the company believes.
Net profit in the fourth quarter came in at $176.4m, down from $263.8m in the same period of 2022, when rates were even higher than they are currently.
