The following is a summary of the Hafnia Limited (HAFN) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Hafnia reported a net income of $219.6 million in Q1 2024.

• Decreased the net Loan to Value (LTV) ratio to 24.2%, primarily due to faster debt repayment and increased asset prices.

• Announced a dividend payout ratio of 80%, equating to a total payout of $175.7 million for the quarter.

• Reported a Time Charter Equivalent (TCE) income of $378.8 million and an EBITDA of $287.1 million.

• The average TCE per day rose from $30,732 in Q4 2023 to $36,230 in Q1 2024.

• Maintains a cash balance of $129 million and total liquidity exceeding $410 million.

Business Progress:

• Fleet consists of over 200 modern vessels and plans to strengthen the pool and bunker service business.

• Since merging with BW Tankers in 2019, continue it's growth projection, being a leading product and chemical tanker company.

• Has undertaken strategic acquisitions and joint ventures, recently partnering with Socatra for dual fuel methanol MR newbuilds.

• Updated dividend policy in 2022 to match financial performance, leading to the increased dividend payout ratio.

• Listed on the New York Stock Exchange, broadening the investor base and improving access to capital markets.

• Predicts robust 2024 with net profits expected between $800 million and $900 million.

• Sustainability efforts highlighted by joint venture with Socatra for green maritime transition, and with Big Hill for low-CI blue methanol and sustainable aviation fuel production.

• Remains committed to upholding ESG values and addressing sector challenges collaboratively with industry peers and international organisations.

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