The following is a summary of the Hafnia Limited (HAFN) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Hafnia reported a net profit of $259.2 million in Q2 2024, making for a total net profit of $478.8 million for the first half of 2024.

• The company declared a dividend payout of 80% of net income for the quarter, resulting in a distribution of $207.4 million ($0.4049 per share).

• Total Control Earnings (TCE) income for the first six months of 2024 reached $796.2 million, significantly higher than the same period last year.

Business Progress:

• Hafnia's fleet includes approximately 200 modern vessels, offering a fully integrated shipping platform which services over 1,400 vessels.

• The portfolio comprises 133 owned and chartered vessels with a total net asset value of $4.5 billion.

• The company recently formed a joint venture for four dual-fuel methanol MR new builds with expected delivery between 2025 and 2026.

• Hafnia aims to sustain a low average age for its fleet, currently at 8.8 years, to enhance utilization and reduce environmental footprint.

Opportunities:

• Hafnia aims to continue leveraging the strong markets to enhance shareholder returns, with expectations of further upside potential.

• The company anticipates increased transportation demand due to shifts in global refinery operations and expects the strong product tanker market to persist.

• Increased global oil demand, limited fleet growth, and a significant exposure to the spot market are expected to drive Hafnia's continued earnings growth.

Risks:

• Market conditions for product tankers remain volatile, influenced by geopolitical unrest and changes in global refinery operations.

• The cyclic nature of the product tanker market introduces fluctuations in charter rates and tanker capacities.

• Sporadic shifts in trade routes, such as rerouting from the Suez Canal to the Cape of Good Hope, can impact transport volumes and earnings.

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