Hafnia Ltd (HAFN) 2024 Q1 法說會逐字稿

Welcome to Hafnia’s First Quarter 2024 Financial Results Presentation.

歡迎來到 Hafnia 的 2024 年第一季財務業績簡報。

We will begin shortly.

我們很快就會開始。

You will be brought to the presentation by Hafnia CEO, Mikael Skov; CFO, Perry Van Echtelt; EVP, Commercial, Jens Christophersen; and EVP, Head of Investor Relations, Thomas Andersen.

Hafnia 執行長 Mikael Skov 將帶您出席演講；財務長佩里‧範‧艾特特爾特；商業執行副總裁 Jens Christophersen；執行副總裁兼投資者關係主管 Thomas Andersen。

They will be pleased to address any questions after the presentation.

他們將很樂意在演示後解決任何問題。

(Operator Instructions)

（操作員說明）

Certain statements in this conference call may constitute forward-looking statements based upon management’s current expectations and include known and unknown risks, uncertainties and other factors, many of which Hafnia is unable to predict or control that may cause Hafnia’s actual results, performance, or plans to differ materially from any future results, performance, or plans expressed or implied by such forward-looking statements.

本次電話會議中的某些陳述可能構成基於管理層當前預期的前瞻性陳述，並包括已知和未知的風險、不確定性和其他因素，其中許多因素是Hafnia 無法預測或控制的，這些因素可能會導致Hafnia 的實際情況結果、業績或計劃與此類前瞻性陳述明示或暗示的任何未來結果、業績或計劃存在重大差異。

In addition, nothing in this conference call constitutes an offer to buy or sell or a solicitation of an offer to buy or sell any securities.

此外，本次電話會議中的任何內容均不構成購買或出售任何證券的要約或徵求購買或出售任何證券的要約。

With that, I’m pleased to turn the call over to Hafnia CEO, Mikael Skov.

至此，我很高興將電話轉給 Hafnia 執行長 Mikael Skov。

Thank you very much.

非常感謝。

Hello, everyone.

大家好。

My name is Mikael Skov and I’m the CEO of Hafnia.

我叫 Mikael Skov，是 Hafnia 的執行長。

Thank you for joining Hafnia’s first quarter 2024 conference call.

感謝您參加 Hafnia 的 2024 年第一季電話會議。

With me here today, our CFO, Perry Van Echtelt; our EVP, Commercial, Jens Christophersen; and EVP, Head of Investor Relations, Thomas Andersen.

今天和我一起來到這裡的是我們的財務長 Perry Van Echtelt；我們的商業執行副總裁 Jens Christophersen；執行副總裁兼投資者關係主管 Thomas Andersen。

We will present Hafnia ‘s performance for the first quarter 2024 together.

我們將一起呈現 Hafnia 2024 年第一季的業績。

Today’s presentation agenda will cover four key areas.

今天的演講議程將涵蓋四個關鍵領域。

First, I will provide an overview of Hafnia and key highlights during the quarter.

首先，我將概述 Hafnia 以及本季的主要亮點。

Then we will present the first quarter financial performance.

然後我們將介紹第一季的財務表現。

Subsequently, we will provide commercial updates and an outlook on the product and the market.

隨後，我們將提供商業更新以及產品和市場的展望。

And finally conclude the presentation with an overview of our ESG projects.

最後總結一下我們的 ESG 專案。

Let’s move to slide number 2.

讓我們轉到第 2 號投影片。

Before proceeding, you should all be aware and take note of the mandatory disclaimer.

在繼續之前，您應該了解並注意強制性免責聲明。

Some statements in this call may be forward-looking and carry inherent risks.

本次電話會議中的一些陳述可能具有前瞻性，並帶有固有風險。

This call does not constitute an offer to buy or sell securities.

本次電話會議並不構成購買或出售證券的要約。

Thank you for your attention and let’s start the presentation.

感謝您的關注，讓我們開始示範。

So let’s start with an overview of Hafnia and the key highlights in the first quarter of 2024.

讓我們先概述 Hafnia 以及 2024 年第一季的主要亮點。

Moving to slide number 4.

轉到第 4 號投影片。

Hafnia is one of the world’s leading tanker owners and operators.

Hafnia 是世界領先的油輪所有者和營運商之一。

We primarily transport refined oil products and chemicals as shown in the simplified tanker market overview.

我們主要運送成品油和化學品，如簡化的油輪市場概覽所示。

As owners and operators of more than 200 modern vessels across eight commercial pools, we offer a fully integrated shipping platform encompassing in-house technical management and chartering teams spanning Asia, Europe, the Middle East and the USA.

作為八個商業池中 200 多艘現代船舶的所有者和營運商，我們提供完全整合的航運平台，包括橫跨亞洲、歐洲、中東和美國的內部技術管理和租船團隊。

We also have a bunker procurement desk that serviced over 1400 vessels within our pool platform and for external ship owners.

我們還有一個燃油採購服務台，為我們的聯營平台內的 1400 多艘船舶以及外部船東提供服務。

At the end of the quarter, we owned and chartered a diversified portfolio of 131 vessels with the own fleet having an average broker valuation of approximately $5 billion giving us a net asset value of around $4.3 billion.

截至本季末，我們擁有並租用了由 131 艘船舶組成的多元化投資組合，其自有船隊的平均經紀人估值約為 50 億美元，使我們的資產淨值約為 43 億美元。

Following our dual listing in April, we are now listed on the Oslo Stock Exchange under the ticket code HAFNI and HAFN on the New York Stock Exchange.

繼四月雙重上市後，我們現在在奧斯陸證券交易所上市，在紐約證券交易所的股票代號為 HAFNI 和 HAFN。

Let’s move on to the next slide.

讓我們轉到下一張投影片。

Hafnia ‘s value proposition today runs deeper than ever.

如今，Hafnia 的價值主張比以往任何時候都更加深刻。

This has been achieved through our active management approach including good understanding of market dynamics.

這是透過我們積極的管理方法（包括對市場動態的深入了解）來實現的。

Since our merger with BW Tankers in 2019, our growth trajectory has been significant and we are now one of the world’s leading product and chemical tanker companies.

自 2019 年與 BW Tankers 合併以來，我們的成長軌跡非常顯著，現在我們已成為世界領先的產品和化學品運輸公司之一。

Our approach to market assessment is to continually seeking advantages opportunities as part of our active management strategy.

我們的市場評估方法是不斷尋找優勢機會，作為我們積極管理策略的一部分。

Over the past five years, we have executed numerous strategic acquisitions and joint ventures seamlessly aligning with our overall goals.

在過去五年中，我們執行了大量策略性收購和合資企業，與我們的整體目標無縫銜接。

Most recently in 2023, we formed a joint venture with Socatra securing orders for four dual fuel methanol MR newbuilds.

最近在 2023 年，我們與 Socatra 成立了一家合資企業，獲得了四艘雙燃料甲醇 MR 新建船的訂單。

We remain focused on pursuing strategic acquisitions and joint ventures that drive sustainable growth and position us for long-term success.

我們仍然專注於尋求策略性收購和合資企業，以推動永續成長並為我們取得長期成功奠定基礎。

Apart from that, we’re also committed to delivering strong and sustainable shareholder value.

除此之外，我們也致力於提供強大且永續的股東價值。

We last updated our dividend policy at the end of 2022 to align our dividend payout strategy with our overall financial performance by allowing for an increase in dividend payout ratios should we reach certain leverage ratio targets.

我們上次更新股利政策是在 2022 年底，以使我們的股利支付策略與我們的整體財務表現保持一致，如果我們達到某些槓桿率目標，則允許提高股利支付率。

Since then, the strong markets in 2023 resulted in very high earnings and upon careful consideration, we decided early in April to increase the dividend payout ratio further.

此後，2023年的強勁市場帶來了非常高的收益，經過深思熟慮，我們在4月初決定進一步提高派息率。

This update includes increasing the payout ratio from 70% to 80% when the net loan to value is above 20% but equal to or below 30%.

此次更新包括，當淨貸款價值高於 20% 但等於或低於 30% 時，支付率從 70% 提高至 80%。

Additionally, as the net loan to value equals or below 20%, we will increase the ratio even further to 90% from the previous 80%.

此外，當淨貸款價值等於或低於20%時，我們將把這一比例從先前的80%進一步提高到90%。

This decision highlights our commitment to strong shareholder value while safeguarding financial stability.

這項決定凸顯了我們在維護財務穩定的同時對強大股東價值的承諾。

Additionally, our vessels continuous upward valuation is contributing to our net leverage ratios downward movement.

此外，我們的船舶估值持續上升導致我們的淨槓桿率下降。

To illustrate within our time charted-in vessels portfolio, we hold eight purchase options.

為了說明我們在船舶投資組合中的時間表，我們擁有八種購買選擇。

With this strong asset price environment, the value of these purchase options is now approximately $120 million, highlighting our ability to capitalize on this value appreciation.

在這種強勁的資產價格環境下，這些購買選擇權的價值目前約為 1.2 億美元，凸顯了我們利用這種價值增值的能力。

Perry will take you all through the financials in the next section.

佩里將在下一節中向您介紹所有財務狀況。

Thank you.

謝謝。

Thanks, Mikael.

謝謝，米凱爾。

In the first quarter of 2024, we’ve seen another continuation of very strong markets, mainly driven by additional ton miles arising from the ongoing issues around the Red Sea.

2024 年第一季度，我們看到市場再次持續強勁，主要是由於紅海周圍持續存在的問題導致噸英里數增加。

This has led to spikes in spot rates across all segments, reaching higher average TCE rates than those during the fourth quarter of last year.

這導致所有細分市場的即期費率飆升，達到比去年第四季更高的平均 TCE 費率。

As a result, we’ve achieved a net income of $219.6 million in Q1.

結果，我們在第一季實現了 2.196 億美元的淨利潤。

During the quarter, we further optimized our balance sheet by reducing leverage.

本季度，我們透過降低槓桿率進一步優化資產負債表。

Our net LTV ratio has further decreased to 24.2% due to accelerated debt repayment and higher asset prices.

由於債務償還加速和資產價格上漲，我們的淨LTV比率進一步下降至24.2%。

Our net LTV has been on a steady downward trajectory, reducing by more than 7% if you compare it to the first quarter of last year.

我們的淨生命週期價值一直在穩步下降，與去年第一季相比下降了 7% 以上。

This deleveraging has gone in parallel with increased shareholder distributions in the form of cash dividends.

這種去槓桿化與以現金股利形式增加股東分配的同時進行。

In line with our recently updated dividend policy that Mikael has just outlined, I’m pleased to announce that a dividend payout ratio of 80% of net income for the quarter will be distributed.

根據 Mikael 剛剛概述的我們最近更新的股息政策，我很高興地宣布，本季的股息支付率為淨利潤的 80%。

This means we will distribute a total of $175.7 million for the quarter, which corresponds to $0.3443 per share or approximately NOK3.7 for the quarter.

這意味著我們將在本季度分配總計 1.757 億美元，相當於每股 0.3443 美元，即本季約 3.7 挪威克朗。

This is Hafnia’s highest quarterly dividend payout ratio and amount to-date and will continue to have further upside potential as we continue to further reduce our leverage in these strong markets.

這是 Hafnia 迄今為止最高的季度股息支付率和金額，隨著我們繼續進一步降低在這些強勁市場中的槓桿率，該股息將繼續具有進一步的上升潛力。

We move to the next page, for the first quarter, we generated a TCE income of $378.8 million, which is similar to levels we generated last year.

我們翻到下一頁，第一季我們的 TCE 收入為 3.788 億美元，與去年的水平相似。

For this quarter, the IFRS 15 load-to-discharge adjustment has resulted in a negative TCE adjustment of $7.2 million.

本季度，IFRS 15 裝卸調整導致 TCE 負調整 720 萬美元。

Including this, we ended the quarter with an adjusted EBITDA of $287.1 million, and as I said, a net profit of $219.6 million.

算上這一點，本季末我們的調整後 EBITDA 為 2.871 億美元，正如我所說，淨利潤為 2.196 億美元。

Also, our fee-focused business has also benefited from this strong rate environment, generating close to $10 million or $9.8 million, from our commercial pool and bunkering business.

此外，我們的收費業務也受益於這種強勁的費率環境，從我們的商業池和加油業務中獲得了近 1000 萬美元或 980 萬美元的收入。

These adjacent business streams have continuously performed well and I will explain more detail on the pool and bunker economics later in this presentation.

這些相鄰的業務流一直表現良好，我將在本次演講的後面部分解釋更多有關泳池和燃油經濟性的細節。

Our balance sheet is very strong, with a cash balance of $129 million and a total liquidity of over $410 million.

我們的資產負債表非常強勁，現金餘額為 1.29 億美元，流動性總額超過 4.1 億美元。

This includes undrawn facilities of $283 million.

其中包括 2.83 億美元的未提取貸款。

At the end of Q1, around 82% of our loans were hedged at a weighted average of 1.7% base rate or the SOFR basis.

截至第一季末，我們約 82% 的貸款以 1.7% 的加權平均基準利率或 SOFR 基準進行對沖。

This hedging strategy has largely protected us against a high interest rate environment, thereby controlling our financing costs.

這種對沖策略在很大程度上保護了我們免受高利率環境的影響，從而控制了我們的融資成本。

As a forward-looking company, we will continue monitoring our key leverage ratios and work on refinancing parts of our balance sheet to further reduce our funding costs and cash flow breakeven levels.

作為一家前瞻性的公司，我們將繼續監控我們的關鍵槓桿率，並致力於對資產負債表的部分進行再融資，以進一步降低我們的融資成本和現金流盈虧平衡水準。

This will enable us to deliver strong shareholder returns and to seize upon any opportunities that may arise.

這將使我們能夠為股東帶來豐厚的回報並抓住可能出現的任何機會。

Even with the increased payout of dividends, as we have just announced, we continue to reduce our outstanding debt levels by further repayments.

正如我們剛剛宣布的那樣，即使增加了股息支付，我們仍將透過進一步償還來繼續降低未償債務水準。

Now moving on to the operating summary.

現在進入操作摘要。

In the first quarter, our TCE was based on 10,455 earning days and we generated an average TCE per day of $36,230.

第一季度，我們的 TCE 是基於 10,455 個盈利日，我們每天的平均 TCE 為 36,230 美元。

This improved largely from $30,732 per day in the fourth quarter.

這比第四季每天 30,732 美元有了很大改善。

OpEx costs, which consist of vessel operating costs and technical management expenses, were based on 950 -- 9,555 calendar days in the quarter, leading to an average of $7,886 per day, higher than Q1 last year, mainly due to timing differences in vessel supplies.

營運支出成本（包括船舶營運成本和技術管理費用）基於本季 950 - 9,555 個日曆日，平均每天 7,886 美元，高於去年第一季度，主要是由於船舶供應的時間差異。

Looking into the rest of the year in terms of current coverage levels for 2024, the product tanker market has still shown tremendous strength in the second quarter and in the remainder of the year, due to factors like shifts in refinery capacity and firm oil demand in developing economies.

就目前2024年的覆蓋水準來看，成品油輪市場在第二季和今年剩餘時間內仍表現出巨大的強勁勢頭，原因是煉油廠產能的變化和石油需求的堅挺等因素。

So as of the 10th of May, 2024, 68% of the total earning days in Q2 2024 have been covered at an average of $37,896 per day.

因此，截至 2024 年 5 月 10 日，2024 年第二季總收入天數的 68% 已覆蓋，平均每天 37,896 美元。

For Q2 to Q4, the rest of the year of 2024, 32% of the earning days were covered at an average of $33,901 per day.

對於 2024 年第二季至第四季度，即 2024 年剩餘時間，32% 的獲利天數為平均每天 33,901 美元。

We then move to the next page.

然後我們進入下一頁。

We’d also like to re-emphasize the strength and importance of our pool and bunker service business.

我們也想再次強調我們泳池和燃油服務業務的實力和重要性。

As an introduction, Hafnia currently operates a fleet of over 200 vessels across eight commercial pools and they range from the largest product tankers to small specialized chemical tankers of under 20,000 deadweight tons.

據介紹，Hafnia 目前在 8 個商業池中運營著一支由 200 多艘船舶組成的船隊，其中包括從最大的成品油輪到 20,000 載重噸以下的小型特種化學品油輪。

Our highly specialized and dedicated Chartering and Commercial Departments are responsible for developing, marketing and negotiating all contracts for vessels that the pools operate.

我們高度專業化和敬業的租船和商務部門負責開發、行銷和談判聯營公司營運的船舶的所有合約。

Firstly, Hafnia receives pool management commission in the form of a fixed fee and then a percentage of all net pool income.

首先，Hafnia 以固定費用的形式收取礦池管理佣金，然後收取礦池淨收入的一定比例。

For all our pools, apart from the specialized and chemical pools, we charge a fixed fee of $271.5 per calendar day per vessel, plus 2.25% of net TCE earnings made by the vessel per on hire day.

對於我們所有的池，除了專業池和化學品池外，我們對每艘船舶每個日曆日收取 271.5 美元的固定費用，另加船舶每個租用日淨 TCE 收入的 2.25%。

For specialized and chemical pools, we charge a higher fee of $296.5 per day and a 2.75% of net TCE earnings.

對於專業池和化學品池，我們收取每天 296.5 美元的較高費用和 TCE 淨收入的 2.75%。

For our bunker buying business, we receive bunker commission only in the form of a fixed fee of $2 per metric ton to $3 per metric ton delivered to the vessel where Hafnia bunkers have acted as a broker.

對於我們的燃油購買業務，我們僅以每公噸 2 美元至 3 美元的固定費用的形式收取燃油佣金，該費用交付給 Hafnia Bunkers 作為經紀人的船舶。

We have, over the years, increased our pool offerings and have consistently performed well in this business stream.

多年來，我們增加了我們的池產品，並在該業務領域始終表現良好。

With this success, we will continue to invest in our commercial platform to increase the service level and build skill in the pools and bunker business by adding external vessels with the right pool partners.

憑藉這一成功，我們將繼續投資於我們的商業平台，透過添加合適的聯營合作夥伴的外部船舶來提高服務水準並培養聯營和燃油業務的技能。

Then moving to the next page, benefiting from solid fundamentals and anticipated increased oil demand, we can expect 2024 to be another strong year.

然後進入下一頁，受益於堅實的基本面和預期的石油需求增加，我們預計 2024 年將是另一個強勁的一年。

We’re well prepared for this market through our strategically positioned fleet and high spot market exposure.

透過我們策略定位的機隊和高現貨市場曝光率，我們已為這個市場做好了充分準備。

This page represents a comparative analysis of the three scenarios outlining Hafnia’s potential earnings for this year.

本頁對三種情境進行了比較分析，概述了 Hafnia 今年的潛在收入。

These scenarios include, firstly, the consensus forecast from the equity analysts; secondly, an extrapolation of the Q2 covered rates applied to the available earnings in 2024; and a third scenario based on Q2 to Q4 covered rates similarly applied to the available earnings in 2024.

這些情境首先包括股票分析師的共識預測；其次，對適用於 2024 年可用收益的第二季覆蓋率進行推斷；第三種情境是基於第二季至第四季的覆蓋率，同樣適用於 2024 年的可用收益。

In each of the three scenarios, the indications indicate yet another exceptionally robust year for Hafnia with net profits in these scenarios in the range of $800 million to $900 million.

在這三種情景中，有跡象顯示 Hafnia 又迎來了異常強勁的一年，這些情景中的淨利潤在 8 億至 9 億美元之間。

Moving on to the next topic, I’m sure you’re aware that we have in April completed our dual listing of our common shares on the New York Stock Exchange in addition to the current Oslo Stock Exchange listing.

轉到下一個主題，我相信您知道，除了當前的奧斯陸證券交易所上市之外，我們已於 4 月份完成了在紐約證券交易所的普通股雙重上市。

This listing marks a significant milestone in our growth journey and we believe it will broaden our investor base and enhance our access to the capital markets.

此次上市標誌著我們發展歷程中的一個重要里程碑，我們相信它將擴大我們的投資者基礎並增強我們進入資本市場的機會。

Our presence in the US market will provide investors direct access to our commercial performance and a proven track record of shareholder returns, while also generating increased value for our current shareholders through additional trading liquidity, now also in dollars.

我們在美國市場的存在將使投資者能夠直接了解我們的商業業績和良好的股東回報記錄，同時也透過額外的交易流動性（現在也以美元計價）為我們現有的股東創造更多的價值。

We can already see the trading activity picking up in the US, representing about 15% of the total trading volume, bearing in mind that our dual listing earlier was not associated with any capital risk.

我們已經可以看到美國的交易活動有所回升，約佔總交易量的 15%，同時考慮到我們之前的雙重上市並不涉及任何資本風險。

With that, Jens will now be sharing an industry review and market outlook.

Jens 現在將分享行業回顧和市場前景。

Thank you.

謝謝。

Thank you, Perry.

謝謝你，佩里。

Hafnia primarily operates within the cyclical and volatile product-tanker segment.

Hafnia 主要經營週期性和波動性產品油輪業務。

Charter rates and tanker capacities depend on several factors, and over the next few pages, we will provide current market updates and our expectations.

租船費率和油輪運力取決於幾個因素，在接下來的幾頁中，我們將提供當前的市場更新和我們的預期。

Since the beginning of 2024, the product tanker market has been positively impacted by ongoing safety issues in the Red Sea, which caused shifts in trade routes, so vessels are now sailing south of Africa.

自2024年初以來，紅海持續存在的安全問題對成品油輪市場產生了積極影響，導致貿易路線發生變化，因此船隻現在正在非洲南部航行。

In addition to the usual northern hemisphere winter seasonality, droughts in the Panama Canal and low diesel inventories in Europe have contributed to a strong first quarter.

除了北半球通常的冬季季節性因素外，巴拿馬運河的乾旱和歐洲柴油庫存較低也促成了第一季的強勁表現。

Consequently, CPP on water, which usually is a proxy for transportation demand, has also surpassed all-time highs.

因此，通常代表運輸需求的水上 CPP 也突破了歷史新高。

The growth in oil and water is driven by longer voyages, not only from the Middle East to the West, but also across the Pacific, where the West Coast Americas are, to a greater extent, being supplied from the Far East.

石油和水的成長是由更長的航程推動的，不僅從中東到西方，而且還跨越太平洋，美洲西海岸在很大程度上是從遠東供應的。

This represents a positive outlook, as periods of high CPP on water and ton days have historically corresponded with periods of strong earnings.

這代表著積極的前景，因為從歷史上看，水和噸日的高 CPP 時期與強勁的盈利時期相對應。

Looking at the volume over the past five years, we’re witnessing a steady rise in daily CPP and chemical loadings and longer transportation distances compared to previous years.

從過去五年的運輸量來看，我們看到每日 CPP 和化學品裝載量穩定上升，運輸距離比前幾年更長。

This more-than-proportionate increase in ton miles can be attributed primarily to eastern refineries supplying many Atlantic consumers.

噸英里的超比例增長主要歸因於向許多大西洋消費者供貨的東部煉油廠。

Dirty petroleum products and crude oil, on the other hand, have seen a slight decline in cargo volumes, as they’ve been struggling due to OPEC production cuts.

另一方面，受歐佩克減產影響，髒石油產品和原油的貨運量略有下降。

We can expect these high ton-mile levels to continue accommodating the dislocation between refining capacity and the end-users of refined products.

我們預計這些高噸英里水平將繼續適應煉油能力和煉油產品最終用戶之間的錯位。

slide 16.

幻燈片 16。

While the impact of sanctions on Russia’s products has been fully felt, with market inefficiencies and new trading lanes being calibrated and eventually settled upon, there remains an impact on inventories which have yet to be addressed.

儘管制裁對俄羅斯產品的影響已得到充分體現，市場效率低下，新的貿易通道正在調整併最終確定，但對庫存的影響仍有待解決。

Worldwide product inventories remain below average, especially Europe’s distillate inventories and there’ll be a need to replenish them.

全球產品庫存仍低於平均水平，尤其是歐洲的餾分油庫存，需要補充。

This potential increase in European imports to replenish inventories will likely be through long-haul trades from the Middle East, where refinery capacities focused on middle distillates continue to open.

歐洲為補充庫存而進口的潛在增加可能是透過來自中東的長途貿易實現的，中東主要生產中間餾分油的煉油廠繼續開工。

With firm global oil demand anticipated, we expect a further drawdown of inventories to support product tanker demand and ton-mile growth.

由於預計全球石油需求堅挺，我們預計庫存將進一步減少，以支援成品油輪需求和噸英里成長。

slide 17.

幻燈片 17。

Apart from inventory levels and firm oil demand, the evolving refinery landscape is poised to bolster the product tanker market.

除了庫存水準和堅挺的石油需求之外，不斷變化的煉油廠格局也將提振成品油輪市場。

In 2023, export-driven volume gains were largely driven by refinery start-ups in the Middle East, such as Al Zour in Kuwait and Duqm in Oman, both refineries amongst others, coming online in Africa and Asia, are expected to continue ramping up production this year.

2023年，出口驅動的產量成長主要是由中東煉油廠新創公司推動的，例如科威特的Al Zour和阿曼的Duqm，這兩家煉油廠等在非洲和亞洲上線，預計將繼續增加今年的產量。

The Nigerian Dangote Refinery has also commenced exports.

尼日利亞丹格特煉油廠也已開始出口。

It’s generally understood that this refinery will be an export facility as its product specs go beyond Nigerian regulatory demands.

人們普遍認為，該煉油廠將成為出口設施，因為其產品規格超出了奈及利亞的監管要求。

When all these four refineries run at full capacity, global exports will increase by 0.7 million barrels per day to 1 million barrels per day from these refineries.

當這四家煉油廠全部滿載運轉時，這些煉油廠的全球出口量將增加 70 萬桶/日，達到 100 萬桶/日。

On the other hand, continued refinery closures are anticipated in regions such as the US and in Europe, necessitating these regions to replace volumes with imports.

另一方面，預計美國和歐洲等地區的煉油廠將繼續關閉，迫使這些地區以進口替代產量。

This continued dislocation of refineries and oil-consuming regions will continue to shift global oil trade flows and add to product ton-miles.

煉油廠和石油消費地區的持續混亂將繼續改變全球石油貿易流量並增加產品噸英里數。

Next slide.

下一張投影片。

Looking at the product tanker supply, the outlook remains positive.

從成品油輪供應來看，前景依然樂觀。

As a start, the global product tanker fleet is getting increasingly old.

首先，全球成品油輪船隊正在變得越來越老舊。

When we look into individual segments, the number of vessels reaching the above 20-year age bracket will increase significantly in the next few years and the number of newbuilds on order are not enough to replace this tonnage.

從各個細分市場來看，未來幾年，達到20年以上船齡的船舶數量將大幅增加，而新訂單數量不足以取代這一噸位。

We’re seeing a substantial reduction in utilization for vessels above 20 years of age, even during the current strong market.

即使在當前強勁的市場中，我們也看到船齡超過 20 年的船舶的利用率大幅下降。

This disparity has also become increasingly large in recent years.

近年來，這種差距也越來越大。

This is mainly due to increased downtime and longer commercial waiting periods between voyages, and partly due to Russian trading tonnage ballasting longer for subsequent employment.

這主要是由於停工時間增加和航次之間的商業等待時間更長，部分原因是俄羅斯貿易噸位壓載時間更長以供後續使用。

Even for vessels aged between 15 years and 19 years, we see lower utilization than those aged below 15 years.

即使是船齡在 15 年至 19 年之間的船舶，我們也發現其利用率低於船齡低於 15 年的船舶。

The market will benefit from increased scrapping and less efficient and generally older fleet profile.

市場將受益於報廢量的增加、效率較低且機隊普遍陳舊。

slide 19.

幻燈片 19。

Looking forward, the outlook for product tankers remains very positive.

展望未來，成品油輪的前景仍然非常樂觀。

Global oil demand is now largely driven by macroeconomic factors and market fundamentals, rather than policy decisions.

目前，全球石油需求主要由宏觀經濟因素和市場基本面驅動，而不是政策決定。

Although global oil demand in 2024 began to lose momentum, decreasing by 0.3 million barrels in the first quarter, compared to 102 million barrels per day in the fourth quarter, there’s still an anticipated increase of 1.2 million barrels per day in 2024.

儘管2024年全球石油需求開始失去動力，第一季減少30萬桶，而第四季為1.02億桶/日，但預計2024年仍將增加120萬桶/日。

On the supply side, despite an uptick in ordering activities in 2023, the order book remains moderate and most of the orders placed are set to materialize in 2025 onwards.

在供應方面，儘管 2023 年的訂單活動有所增加，但訂單仍然溫和，大部分訂單將於 2025 年以後實現。

Overall, the fundamentals for the product tanker market remain strong, mainly attributed to firm oil demand, low inventories and the dislocation of refineries.

整體而言，成品油輪市場的基本面依然強勁，主要歸因於石油需求堅挺、庫存較低以及煉油廠的混亂。

The supply side further adds to this, as we can expect higher utilization of the existing fleet as older vessels become less efficient or get phased out.

供應方面進一步加劇了這一點，因為我們可以預期，隨著舊船效率降低或被淘汰，現有船隊的利用率會更高。

And with that, Mikael, over to you for the next couple of slides.

接下來，Mikael，接下來的幾張投影片就交給你了。

Thank you.

謝謝。

We’re now on slide 21.

我們現在在幻燈片 21 上。

So moving on, I would like to touch upon Hafnia’s ESG strategy and targets.

接下來，我想談談 Hafnia 的 ESG 策略和目標。

As we navigate through the evolving maritime landscape, Hafnia remains very committed to minimizing our environmental footprint, promoting diversity and inclusion, and upholding high standards of corporate governance.

當我們在不斷變化的海洋景觀中航行時，哈夫尼亞仍然致力於最大限度地減少我們的環境足跡，促進多樣性和包容性，並堅持高標準的公司治理。

By setting ambitious targets, we strive for outstanding performance in all aspects of our operations.

透過設定雄心勃勃的目標，我們努力在營運的各個方面取得出色的業績。

Moreover, we actively engage and partner with various industry peers, international organizations and other key stakeholders to collaboratively address challenges our sector faces.

此外，我們積極與各行業同行、國際組織和其他主要利益相關者合作並合作，共同應對我們行業面臨的挑戰。

By aligning our intentions with our actions, we aim to demonstrate that excellent commercial performance and sustainability are not mutually exclusive, but rather mutually reinforcing part.

透過將我們的意圖與行動結合起來，我們旨在證明卓越的商業績效和永續發展並不是相互排斥的，而是相輔相成的。

slide 22.

投影片 22。

Next, let me share a few highlights of Hafnia’s ESG projects.

接下來，讓我分享一下 Hafnia ESG 專案的一些亮點。

In 2023, we took a first step into the methanol landscape through our joint venture with Socatra of four chemical IMO II MR dual-fuel methanol vessels.

2023 年，我們與 Socatra 合資建造了四艘化學 IMO II MR 雙燃料甲醇船，邁出了進入甲醇領域的第一步。

This is in line with Hafnia’s sustainability values and ambitions to transition towards a greener future and a greener maritime sector.

這符合 Hafnia 的可持續發展價值觀和向綠色未來和綠色海事部門轉型的雄心。

Furthermore, we’re looking into a joint venture with Big Hill on the development of hydrocarbon fuel plants to produce low-CI blue methanol and sustainable aviation fuel at a later stage.

此外，我們正在考慮與 Big Hill 成立合資企業，開發碳氫化合物燃料工廠，以便在後期生產低 CI 藍色甲醇和可持續航空燃料。

Still subject to FID, this project will develop new sustainable shipping opportunities within the CO2 and methanol and sustainable fuel sector.

該項目仍需最終投資決定，將在二氧化碳、甲醇和永續燃料領域開發新的永續航運機會。

ESG remains a focal point on our agenda and believe we will further demonstrate great progress over the coming years toward our net zero ambition.

ESG 仍然是我們議程上的焦點，並相信我們將在未來幾年進一步展示實現淨零目標的巨大進展。

slide 23.

幻燈片 23。

To conclude, I hold a positive outlook on Hafnia’s ongoing commitment to fostering a greener maritime sector and leveraging our strategically positioned modern fleet.

最後，我對 Hafnia 持續致力於培育綠色海事部門和利用我們戰略定位的現代船隊的承諾持積極態度。

I also look forward to the new chapter following our dual listing in the USWe will continue to build on this strong momentum to produce even greater results.

我也期待我們在美國雙重上市後的新篇章，我們將繼續在這強勁勢頭的基礎上取得更大的成績。

This will allow us to pursue our objectives, invest in a greener future and to also allow for greater shareholder returns.

這將使我們能夠實現我們的目標，投資於更綠色的未來，並為股東帶來更大的回報。

This comes to the end of our presentation and I would like to open up the call for questions.

我們的演講到此結束，我想開始提問。

(Operator Instructions) Omar Nokta, Jefferies.

（操作員說明）Omar Nokta，Jefferies。

Yeah. Hey, guys. Good afternoon.

是的。大家好。午安.

Thank you for the update.

謝謝你的更新。

Obviously, things are going very nicely here. And I just wanted to ask, you mentioned the eight in the money in charters that you have purchase options on that are worth $120 million. Just maybe if you could give us a sense of the terms of those options. When are those exercisable and what would you do if you thought of it or not, whether you would retain the ships if you exercised them or would you sell them outright?

顯然，這裡一切進展順利。我只是想問，您提到您擁有購買選擇權的租船合約中的八項價值 1.2 億美元。也許您能讓我們了解這些選項的條款。這些船隻什麼時候可以行使？

I can take that. Generally, the purchase options can be exercised quite regularly, some within quarter-by-quarter and some within year-by-year and all -- for us we see them it’s cheaper to keep them as chartered in vessels than buying them as of now.

我可以接受。一般來說，購買選擇權可以相當定期地行使，有些是按季度進行，有些是按年進行，等等——對我們來說，我們認為將它們租在船上比購買它們更便宜截至目前。

Okay. Interesting. Thank you. Then maybe just in terms of the Red Sea rerouting, you’ve been highlighting how it’s been -- it has had a tightening effect across the product market. Could you maybe give a sense of how has that affected, say, the different segments, because there’s been a lot of discussion where -- maybe a lot of the focus on the Red Sea has been more on the LR2s, but can you maybe just give a sense or a bit of an overview of how it’s affected the LR1s, which is where obviously you have a big footprint and then also the MRs?

好的。有趣的。謝謝。那麼也許就紅海航線改道而言，您一直在強調它的情況——它對整個產品市場產生了收緊效應。您能否介紹一下這對不同的細分市場有何影響，因為有很多討論，也許對紅海的關注更多地集中在 LR2 上，但可以您可能只是對它如何影響LR1 給出一個感覺或一些概述，顯然您在這方面有很大的足跡，然後還有MR？

Yeah. Hi. It’s Jens here. The rerouting has had a higher effect on the LR2s than it’s had on the LRs, and it’s had a higher effect on LR1s than it’s had on MRs, generally speaking. So, it’s kind of top-down and I think naturally it follows the size of the ship. Bigger ships, they do longer voyages. I mean, that’s the simple answer.

是的。你好。我是 Jens。一般來說，重新路由對 LR2 的影響比對 LR 的影響更大，而且對 LR1 的影響比對 MR 的影響更大。所以，這是一種自上而下的方式，我認為它自然地遵循船的大小。船隻越大，航程越遠。我的意思是，這就是簡單的答案。

Okay. Simple answer. Maybe just one final one. The LR2s obviously had a very strong 1Q. The rates so far in the second quarter are a bit softer, a bit lower than what we would have thought just given some of the spot indexes. Are those ships on contract or maybe I’m just misreading the indexes? Any sense you can give on LR2 sequential easing in the realized rate?

好的。簡單的回答。也許只是最後一件事。 LR2 顯然有非常強的 1Q。到目前為止，第二季的利率有點疲軟，比我們對一些現貨指數的預期要低一些。這些船是簽約的還是我只是誤讀了指數？您對 LR2 順序寬鬆的實現率有什麼看法嗎？

When we look at our LR2 segment and the numbers we’re reporting, we have a fairly high degree of contract coverage in that segment. We have dual-fuel LR2s that have recently been delivered, which are a long-term charter and we’ve had some of our existing LR2s on longer term charters that are expiring in the more near-term. So, our numbers does not reflect a pure 100% presence to the spot market here. Right now, the spot market looks incredibly tight on the LR2s.

當我們查看 LR2 細分市場和我們報告的數字時，我們在該細分市場擁有相當高的合約覆蓋率。我們最近交付了雙燃料 LR2，這些飛機是長期包機，我們現有的一些 LR2 是長期包機，這些飛機將在近期到期。因此，我們的數據並不能反映這裡現貨市場的 100% 純粹存在。目前，LR2 的現貨市場看起來非常緊張。

Yeah. Okay. That’s what I figured. Thank you.

是的。好的。我就是這麼想的。謝謝。

Yeah.

是的。

I’ll pass it over.

我會把它轉過去。

Okay. Great. Thank you. Frode, may I ask you to unmute yourself?

好的。偉大的。謝謝。佛洛德，我可以請你取消靜音嗎？

Yes. Thank you. Hi, guys, and congrats on the dual listing in New York. What’s the feedback, what have you learned so far and what’s your expectation of this dual listing? That’s the first question.

是的。謝謝。大家好，恭喜在紐約雙重上市。回饋是什麼？ 到目前為止您學到了什麼？這是第一個問題。

Yeah. Thanks for that question. And no, I think, at least for the time being, we’ve experienced quite a good interest from the investors in the US We’ve seen increased liquidity of our shares and one of the backgrounds for doing it was really to try to capture into both sides of the investor pockets in Oslo, Scandinavia and in New York, and so far, it looks like we are seeing traction. I think there’s a positive view on our dividend policy and where shipping is in general. So far, at least with no interest, there’s still some time to go on this, we feel. I mean, obviously, it takes time to build up more liquidity. But for sure, yeah, so far, it’s only been a positive response.

是的。謝謝你提出這個問題。不，我認為，至少目前，美國投資者對我們表現出相當大的興趣，我們看到我們股票的流動性增加，而這樣做的背景之一就是真正嘗試吸引奧斯陸、斯堪的納維亞半島和紐約投資者的口袋，到目前為止，我們似乎看到了吸引力。我認為人們對我們的股息政策和整體航運狀況持正面看法。到目前為止，至少沒有興趣，我們覺得還有一些時間可以繼續下去。我的意思是，顯然，建立更多的流動性需要時間。但可以肯定的是，到目前為止，這只是一個正面的回應。

It’s good to hear. And thanks for the details on the pool business you provided. That’s clearly a valuable business, right? So just one question I had was, what’s a fair earnings multiple on this type of business in your view?

很高興聽到這個消息。感謝您提供有關泳池業務的詳細資訊。這顯然是一項有價值的業務，對吧？所以我的一個問題是，您認為這類業務的公平市盈率是多少？

Hi, Frode. Hi. It’s Perry here. Thanks.

嗨，弗羅德。你好。我是佩里。謝謝。

Yeah.

是的。

I think that’s an interesting question. We see the pool business really is adding to the shipping business as well, because it gives us wider scope commercially, et cetera. If we look at an EBITDA multiple, it’s difficult to find really peers, right? There’s been some M&A in the market. I think if we look at overall implied multiples, some of the analysts have taken an approach of that, I think, last we’ve seen was in the range of $100 million in total value.

我認為這是一個有趣的問題。我們看到聯營業務確實也增加了航運業務，因為它為我們提供了更廣泛的商業範圍，等等。如果我們看一下 EBITDA 倍數，很難找到真正的同行，對吧？市場上出現了一些併購。我認為，如果我們看一下整體隱含本益比，一些分析師已經採取了一種方法，我認為，我們最後看到的總價值在 1 億美元的範圍內。

Okay. That’s good. My last question was more on the market. You mentioned Dangote in Nigeria. Interesting to hear you think that could be positive in terms of exports. Maybe you could elaborate on that and what’s your overall view on this refinery changes? Yeah, first off, you have the seasonal effect of a big ramp up and then there’s new capacity coming online. So what’s your thoughts there? Thanks.

好的。那很好。我的最後一個問題更多的是關於市場。你提到了尼日利亞的丹格特。很高興聽到您認為這對出口可能是積極的。也許您可以詳細說明這一點，以及您對煉油廠變化的整體看法是什麼？是的，首先，你會受到大幅成長的季節性影響，然後就會有新的產能上線。那你的想法是什麼？謝謝。

Yeah. Hi, Frode. It’s Jens. The Dangote refinery and the upstart of it is incredibly exciting. We’ve all been waiting to hear what’s going to happen. And our experience so far is that most of the cargoes that have been produced at Dangote so far have been exported, either locally to West Africa, but also longer haul to other destinations.

是的。嗨，弗羅德。這是詹斯。丹格特煉油廠及其新貴令人難以置信地令人興奮。我們都在等著聽會發生什麼事。到目前為止，我們的經驗是，丹格特生產的大部分貨物都已出口，要么本地出口到西非，也有長途運輸到其他目的地。

And our expectation is that once the refinery is up and running and has a stable production on specification, it’s designed to produce Euro specs. So our expectation is that a fair number or a fair bit of their exports will actually be directed towards Europe or other markets where premium customers can be found for this product. There’s a disparity between the specification of what the refinery can produce and what the Nigerian market requires. So we’re overall positive about the refinery.

我們的期望是，一旦煉油廠投入運作並以規格穩定生產，它就可以生產歐洲規格的產品。因此，我們的期望是，相當數量或相當一部分的出口實際上將流向歐洲或其他可以為該產品找到優質客戶的市場。煉油廠生產的產品規格與尼日利亞市場的需求之間存在差異。因此，我們對煉油廠整體持樂觀態度。

Okay. Thank you.

好的。謝謝。

You’re welcome.

不客氣。

Thank you, Frode. Greg Lewis, may I ask you to unmute yourself?

謝謝你，弗羅德。 Greg Lewis，我可以請你取消靜音嗎？

Okay. Hi. Good afternoon, everybody, and thanks for taking my question. I’m a little nervous there. Sometimes I have trouble unmuting. I guess, my first question is, Perry was kind of going through the chartering portfolio, and I guess, one of the things that we’ve seen to notice is that the rates have kind of -- the curve is kind of in a position where there’s starting to be opportunities to go long duration, i.e., time charter coverage. And obviously, on the LR2 side, that’s kind of in the strategy. As we think about the LR1 portfolio, over the next few quarters, should we think that there’s going to be opportunities to maybe go a little bit longer on the LR1 side?

好的。你好。大家下午好，感謝您提出我的問題。我有點緊張。有時我無法取消靜音。我想，我的第一個問題是，佩里正在檢查租船投資組合，我想，我們注意到的一件事是，費率有點——曲線有點像開始有機會進行長期租賃的位置，即定期租船承保範圍。顯然，在 LR2 方面，這也是策略之一。當我們考慮 LR1 投資組合時，在接下來的幾個季度中，我們是否應該認為 LR1 方面可能有機會延長一點時間？

Yeah. Hi, Greg. It’s Jens. Great question there. On the LR1 side, we’ve been sitting on our hands for the past couple of years. So our coverage is more or less zero right now. So, it would be natural for us to start building on some of that as some of these longer term deals are starting to look increasingly attractive. Looking into the next half year, we think we could be in an incredibly tight spot market and there’ll be opportunities where we’re looking to capture value further out the curve. Good point. Thank you.

是的。嗨，格雷格。這是詹斯。這是一個很好的問題。在 LR1 方面，過去幾年我們一直按兵不動。所以我們現在的覆蓋範圍或多或少是零。因此，我們自然地開始在其中一些基礎上繼續發展，因為其中一些長期交易開始看起來越來越有吸引力。展望下半年，我們認為現貨市場可能極為緊張，我們將有機會尋求進一步獲取價值的機會。好點子。謝謝。

Okay. Perfect. And then just another one for me. Like -- we hear a lot about ton-miles, not as much around congestion, and really, my question is around, the MR market and kind of, I realize the Panama Canal isn’t really a major choke point for the product sector. Just kind of curious what you are hearing, what you’re seeing. That’s still a positive. I mean, I guess, it sounds like congestion at the Panama Canal is starting to reduce. Is that something that is already happening as it happened? Any kind of sense for where we are in the process of that?

好的。完美的。然後再給我一個。就像——我們聽到了很多關於噸英里的話題，而不是關於擁擠的話題，實際上，我的問題是，MR 市場，我意識到巴拿馬運河並不是該產品的主要瓶頸部門。只是有點好奇你所聽到的、所看到的。這仍然是積極的。我的意思是，我想，聽起來巴拿馬運河的擁擠正在開始減少。這是已經發生的事嗎？對於我們在過程中所處的位置有什麼感覺嗎？

Yes. And the delays at the Panama Canal has already eased significantly from the position that it was in at the back end of last year and beginning of this year. So, today, we don’t see significant delays. The cost of going through the canal in terms of auction fees have come off dramatically from its very highs down to significantly smaller amounts.

是的。與去年年底和今年年初相比，巴拿馬運河的延誤情況已經明顯緩解。因此，今天我們沒有看到明顯的延誤。就拍賣費用而言，通過運河的成本已從極高的水平大幅下降至極低的水平。

So, in our opinion, the Panama Canal right now is not, let’s say, a major choke point in international trade. But we still feel an impact in the market in the sense that there’s still a number of customers who have decided to reroute and we see more Pacific trade today than we did half a year ago. But perhaps that Pacific trade to some extent also is down to increased volume of cargo coming out of China. So, perhaps, it’s a little bit of everything that’s in play here.

因此，我們認為，巴拿馬運河目前並不是國際貿易的主要瓶頸。但我們仍然感受到市場的影響，因為仍然有許多客戶決定改變航線，而且我們今天看到的太平洋貿易量比半年前要多。但也許太平洋貿易在某種程度上也因來自中國的貨物量增加而下降。所以，也許，這就是這裡所涉及的一切的一點點。

Super helpful. Thank you.

超有幫助。謝謝。

You’re welcome.

不客氣。

Thank you, Greg. I don’t see any more requests in the raise hand function. So I’m just moving now onto the chat and the Q&A function where I also don’t see anything. So then I think that will bring us to the end of today’s presentation. So thank you for attending Hafnia’s first quarter 2024 financial results. You can find more information available on our website after this call.

謝謝你，格雷格。我在舉手功能中沒有看到任何更多請求。所以我現在只是進入聊天和問答功能，但我也看不到任何東西。那麼我想今天的演講就到此結束了。感謝您關注 Hafnia 的 2024 年第一季財務表現。此次通話後，您可以在我們的網站上找到更多資訊。

Good-bye.

再見。