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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