The following is a summary of the Hafnia Limited (HAFN) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Hafnia Limited achieved a net profit of $215.6 million for Q3 2024 and $694.4 million for the first nine months.

• They recorded a TCE income of $361.6 million with year-to-date TCE income over $1.15 billion.

• Adjusted EBITDA for the quarter stood at $257 million.

• They declared a dividend payout of $0.379 per share, totaling $194.1 million for Q3.

• Additionally, a share buyback program of up to $100 million is authorized from December 2, 2024, to January 27, 2025.

Business Progress:

• Hafnia successfully completed redomiciliation from Bermuda to Singapore.

• They have reinforced their global presence by operating approximately 200 vessels across eight pools, providing a fully integrated shipping platform.

• Further strengthened their capital structure reducing the net LTV ratio to 19.1%.

• They have made progress in bolstering their technology infrastructure through strategic investments such as in AI company Complexio.

Opportunities:

• The global leader in the product and chemical tanker market anticipates robust demand for oil products to continue, driving volumes and high CPP tonne-mile through year-end.

• Positive outlook due to new trading routes created by geopolitical unrest, including the Russia-Ukraine war.

Risks:

• Market has experienced seasonal softness, primarily due to refinery maintenance and lower refinery margins.

• Recent downturn in vessel earnings suggests factors such as market sentiment or operational inefficiencies may impact future performance.

• The potential reopening of Suez Canal transits could shift clean cargoes back to product tankers, possibly affecting overall market dynamics.

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