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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Hafnia Ltd | NYSE:HAFN | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
Exhibit Number
|
Exhibit Description
|
Press release of Hafnia Limited dated May 15, 2024
|
HAFNIA LIMITED
|
|||
By:
|
/s/ Petrus Wouter Van Echtelt
|
||
Name:
|
Petrus Wouter Van Echtelt,
|
||
Title:
|
Chief Financial Officer
|
◾ |
In Q1 2024, Hafnia recorded a net profit of USD 219.6 million equivalent to a profit per share of USD 0.43 per share (Q1 2023: USD 256.6 million equivalent to a profit per share of USD 0.51 per share).
|
◾ |
The commercially managed pool business generated an income of USD 9.8 million (Q1 2023: USD 11.1 million).
|
◾ |
Time Charter Equivalent (TCE)1 earnings for Hafnia were USD 378.8 million in Q1 2024 (Q1 2023: USD 377.2 million) resulting in an average TCE1 of USD 36,230 per day.
|
◾ |
Adjusted EBITDA1 was USD 287.1 million in Q1 2024 (Q1 2023: USD 296.0 million).
|
◾ |
As of 10 May 2024, 68% of total earning days of the fleet were covered for Q2 2024 at USD 37,896 per day.
|
◾ |
On 27 March 2024, Hafnia publicly filed a registration statement with the U.S. Securities and Exchange Commission (the "SEC"), for the purpose of listing of the Company's common shares on the New York Stock Exchange (“NYSE”).
|
◾ |
On 9 April 2024, Hafnia’s common shares commenced trading on the NYSE under the ticker “HAFN”, while continuing to be listed on the Oslo Stock Exchange under the ticker “HAFNI”.
|
USD million
|
Q2 2023
|
Q3 2023
|
Q4 20236
|
Q1 2024
|
||||||||||||
Income Statement
|
||||||||||||||||
Operating revenue (Hafnia vessels and TC vessels)
|
482.0
|
427.8
|
472.0
|
521.8
|
||||||||||||
Profit before tax
|
214.7
|
147.9
|
178.3
|
221.3
|
||||||||||||
Profit for the period
|
213.3
|
146.9
|
176.4
|
219.6
|
||||||||||||
Financial items
|
(19.8
|
)
|
(22.6
|
)
|
(7.1
|
)
|
(18.9
|
)
|
||||||||
Share of profit from joint ventures
|
5.1
|
3.3
|
4.9
|
7.3
|
||||||||||||
TCE income1
|
349.3
|
310.3
|
329.8
|
378.8
|
||||||||||||
Adjusted EBITDA1
|
261.6
|
220.8
|
234.5
|
287.1
|
||||||||||||
Balance Sheet
|
||||||||||||||||
Total assets
|
4,086.7
|
3,821.6
|
3,913.9
|
3,897.0
|
||||||||||||
Total liabilities
|
1,910.9
|
1,623.4
|
1,686.2
|
1,541.8
|
||||||||||||
Total equity
|
2,175.8
|
2,198.2
|
2,227.7
|
2,355.2
|
||||||||||||
Cash at bank and on hand2
|
241.5
|
124.8
|
141.6
|
128.9
|
||||||||||||
Key financial figures
|
||||||||||||||||
Return on Equity (RoE) (p.a.) 3
|
40.8
|
%
|
27.9
|
%
|
33.3
|
%
|
38.3
|
%
|
||||||||
Return on Invested Capital (p.a.) 4
|
26.4
|
%
|
19.2
|
%
|
19.3
|
%
|
27.6
|
%
|
||||||||
Equity ratio
|
53.9
|
%
|
57.5
|
%
|
56.9
|
%
|
60.4
|
%
|
||||||||
Net loan-to-value (LTV) ratio5
|
30.1
|
%
|
27.4
|
%
|
26.3
|
%
|
24.2
|
%
|
For the 3 months ended 31 March 2024
|
LR2
|
LR1
|
MR6
|
Handy7
|
Total
|
|||||||||||||||
Vessels on water at the end of the period1
|
6
|
29
|
60
|
24
|
119
|
|||||||||||||||
Total operating days2
|
483
|
2,545
|
5,243
|
2,184
|
10,455
|
|||||||||||||||
Total calendar days (excluding TC-in)
|
546
|
2,275
|
4,550
|
2,184
|
9,555
|
|||||||||||||||
TCE (USD per operating day)3
|
52,813
|
46,749
|
32,888
|
28,307
|
36,230
|
|||||||||||||||
OPEX (USD per calendar day)4
|
8,550
|
8,178
|
7,812
|
7,569
|
7,886
|
|||||||||||||||
G&A (USD per operating day)5
|
1,228
|
Location
|
Local Time
|
|
|
Oslo, Norway
|
14:30 CET
|
New York, U.S.A.
|
08:30 EST
|
Singapore
|
20:30 SGT
|
|
For the 3
months ended
31 March 2024
USD’000
|
For the 3
months ended
31 March 2023 USD’000
|
||||||
Profit for the financial period
|
219,571
|
256,635
|
||||||
Income tax expense
|
1,743
|
1,923
|
||||||
Depreciation charge of property, plant and equipment
|
53,793
|
51,661
|
||||||
Amortisation of intangible assets
|
336
|
332
|
||||||
Gain on disposal of assets
|
—
|
(36,687
|
)
|
|||||
Share of profit of equity-accounted investees, net of tax
|
(7,289
|
)
|
(5,822
|
)
|
||||
Interest income
|
(2,805
|
)
|
(4,909
|
)
|
||||
Interest expense
|
15,827
|
29,200
|
||||||
Capitalised financing fees written off
|
1,663
|
—
|
||||||
Other finance expense
|
4,213
|
3,680
|
||||||
Adjusted EBITDA
|
287,052
|
296,013
|
(in USD’000 except operating days and TCE income per operating day)
|
For the 3
months ended
31 March 2024
|
For the 3 months
ended 31 March
2023
|
||||||
Revenue (Hafnia Vessels and TC Vessels)
|
521,792
|
522,601
|
||||||
Revenue (External Vessels in Disponent-Owner Pools)
|
263,101
|
93,957
|
||||||
Less: Voyage expenses (Hafnia Vessels and TC Vessels)
|
(142,990
|
)
|
(145,409
|
)
|
||||
Less: Voyage expenses (External Vessels in Disponent-Owner Pools)
|
(84,213
|
)
|
(42,751
|
)
|
||||
Less: Pool distributions (External Vessels in Disponent-Owner Pools)
|
(178,888
|
)
|
(51,206
|
)
|
||||
TCE income
|
378,802
|
377,192
|
||||||
Operating days
|
10,455
|
10,388
|
||||||
TCE income per operating day
|
36,230
|
36,312
|
(in USD’000 except operating days and TCE income per operating day)
|
For the 3
months ended
31 March 2024
|
For the 3
months ended
31 March 2023
|
||||||
Revenue (Hafnia Vessels and TC Vessels)
|
521,792
|
522,601
|
||||||
Less: Voyage expenses (Hafnia Vessels and TC Vessels)
|
(142,990
|
)
|
(145,409
|
)
|
||||
TCE income
|
378,802
|
377,192
|
||||||
Operating days
|
10,455
|
10,388
|
||||||
TCE income per operating day
|
36,230
|
36,312
|
• |
general economic, political, security, and business conditions, including the development of the ongoing war between Russia and Ukraine and the conflict between Israel and Hamas;
|
• |
general chemical and product tanker market conditions, including fluctuations in charter rates, vessel values and factors affecting supply and demand of crude oil and petroleum products or chemicals, including the impact of the COVID-19
pandemic and the ongoing efforts throughout the world to contain it;
|
• |
changes in expected trends in scrapping of vessels;
|
• |
changes in demand in the chemical and product tanker industry, including the market for LR2, LR1, MR and Handy chemical and product tankers;
|
• |
competition within our industry, including changes in the supply of chemical and product tankers;
|
• |
our ability to successfully employ the vessels in our Hafnia Fleet and the vessels under our commercial management;
|
• |
changes in our operating expenses, including fuel or cooling down prices and lay-up costs when vessels are not on charter, drydocking and insurance costs;
|
• |
our ability to comply with, and our liabilities under, governmental, tax, environmental and safety laws and regulations;
|
• |
changes in governmental regulations, tax and trade matters and actions taken by regulatory authorities;
|
• |
potential disruption of shipping routes and demand due to accidents, piracy or political events;
|
• |
vessel breakdowns and instances of loss of hire;
|
• |
vessel underperformance and related warranty claims;
|
• |
our expectations regarding the availability of vessel acquisitions and our ability to complete the acquisition of newbuild vessels;
|
• |
our ability to procure or have access to financing and refinancing;
|
• |
our continued borrowing availability under our credit facilities and compliance with the financial covenants therein;
|
• |
fluctuations in commodity prices, foreign currency exchange and interest rates;
|
• |
potential conflicts of interest involving our significant shareholders;
|
• |
our ability to pay dividends;
|
• |
technological developments;
|
• |
the impact of increasing scrutiny and changing expectations from investors, lenders and other market participants with respect to environmental, social and governance initiatives, objectives and compliance; and
|
• |
other factors set forth in “Item 3. – Key Information – D. Risk Factors” of Hafnia’s Registration Statement on Form 20-F, filed with the U.S. Securities and Exchange Commission on 1 April 2024
|
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