Half Year 2024 Hafnia Ltd Earnings Call Transcript
Key Points
- Hafnia Ltd (HAFN) achieved a net profit of $259.2 million in Q2 2024, marking the strongest first half result in the company's history.
- The company announced a dividend payout of 80% of net income for the quarter, translating to $207.4 million or $0.4049 per share.
- Hafnia Ltd (HAFN) has a diversified portfolio of 133 vessels with an average broker valuation of approximately $5 billion.
- The company has successfully reduced its leverage ratio, with a net LTV ratio decreasing to 21.3% at the end of June 2024.
- Hafnia Ltd (HAFN) is actively engaged in ESG projects, including a joint venture for developing a hydrocarbon fuels plant and exploring AI-driven operational efficiencies.
- The product tanker market remains cyclical and volatile, influenced by multiple factors such as geopolitical unrest and trade route shifts.
- There is increased competition in the product market due to crude tankers converting their tanks to carry clean cargo.
- The average age of the global product tanker fleet is increasing, which could lead to less efficient fleet dynamics over time.
- Despite strong market fundamentals, global oil demand is showing signs of slowing, with a year-on-year increase of only 0.9 million barrels per day in Q2 2024.
- The availability of methanol bunkering for new methanol-capable vessels remains uncertain, posing a potential challenge for future operations.
Welcome to Hafnia's second-quarter 2024 financial results presentation. We will begin shortly. You will be brought through the presentation by Hafnia's CEO, Mikael Skov; CFO, Perry Van Echtelt; EVP Commercial, Jens Christophersen; and EVP Head of Investor Relations, Thomas Andersen. They will be pleased to address any questions after the presentation.(Operator instructions)
During this conference call, some statements may be considered forward looking, reflecting management's current expectations. These statements involve risks, uncertainties and other factors, many of which are beyond Hafnia's control that could cause actual results, performance or plans to differ significantly from those expressed or implied. Additionally, this conference call does not constitute an offer or solicitation to buy or sell any securities.
With that, I am pleased to turn the call over to Hafnia's CEO, Mikael Skov.
Thank you. Hello, everyone. I'm Mikael Skov, CEO of Hafnia. Thank you for joining Hafnia's second
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