Hafnia Ltd (HAFN) 2024 Q2 法說會逐字稿

Welcome to Hafnia's second-quarter 2024 financial results presentation.

歡迎觀賞 Hafnia 2024 年第二季財務業績示範。

We will begin shortly.

我們很快就會開始。

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.

您將聆聽 Hafnia 執行長 Mikael Skov 的演講；財務長佩里‧範‧艾特特爾特；商務執行副總裁 Jens Christophersen；和投資者關係執行副總裁 Thomas Andersen。

They will be pleased to address any questions after the presentation.(Operator instructions)

他們將很樂意在演示後解決任何問題。

During this conference call, some statements may be considered forward looking, reflecting management's current expectations.

在本次電話會議期間，一些陳述可能被認為是前瞻性的，反映了管理階層目前的預期。

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.

這些陳述涉及風險、不確定性和其他因素，其中許多因素超出了 Hafnia 的控制範圍，可能導致實際結果、業績或計劃與明示或暗示的結果、業績或計劃之間存在顯著差異。

Additionally, this conference call does not constitute an offer or solicitation to buy or sell any securities.

此外，本次電話會議並不構成購買或出售任何證券的要約或招攬。

With that, I am pleased to turn the call over to Hafnia's CEO, Mikael Skov.

至此，我很高興將電話轉給 Hafnia 的執行長 Mikael Skov。

Thank you.

謝謝。

Hello, everyone.

大家好。

I'm Mikael Skov, CEO of Hafnia.

我是哈夫尼亞執行長米凱爾·斯科夫。

Thank you for joining Hafnia's second-quarter 2024 earnings conference call.

感謝您參加 Hafnia 2024 年第二季財報電話會議。

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

今天和我在一起的是我們的財務長 Perry Van Echtelt；商務執行副總裁 Jens Christophersen；執行副總裁兼投資者關係主管 Thomas Andersen。

Together, we will represent Hafnia's performance for the second quarter of 2024.

我們將共同代表 Hafnia 2024 年第二季的業績。

Today's presentation agenda will cover four key topics.

今天的演講議程將涵蓋四個關鍵主題。

First, I will begin with a summary of our key achievements and events from the second quarter.

首先，我總結一下第二季我們的主要成就和事件。

Following that, I will provide an overview of Hafnia's key investment highlights.

接下來，我將概述 Hafnia 的主要投資亮點。

Next, we will discuss commercial updates and provide an outlook on the product tanker market.

接下來，我們將討論商業更新並展望成品油輪市場。

After that, we will delve into our financial performance for the quarter.

之後，我們將深入研究本季的財務表現。

And finally, we will conclude with an overview of our ESG projects.

最後，我們將概述我們的 ESG 專案。

Let's move to the next slide.

讓我們轉到下一張投影片。

Then slide number two.

然後幻燈片第二張。

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。

Let me begin by outlining some of the key highlights from the quarter.

讓我先概述本季的一些主要亮點。

Then slide number four.

然後是第四張投影片。

I'm pleased to announce another strong quarter of financial results for Hafnia.

我很高興地宣布 Hafnia 又一個強勁的季度財務業績。

In the second quarter, we achieved a net profit of $259.2 million, bringing our total net profit for the first half of 2024 to $478.8 million.

第二季度，我們實現淨利潤 2.592 億美元，使 2024 年上半年淨利潤總額達到 4.788 億美元。

This quarter marks our best performance since the start of 2023, and represents the strongest first half result in our company's history.

本季是我們自 2023 年初以來的最佳業績，也是我們公司歷史上最強勁的上半年業績。

In line with these robust results and our recent increase in the dividend payout ratio, I'm pleased to announce a dividend payout of 80% of net income for the quarter.

根據這些強勁的業績以及我們最近提高的股息支付率，我很高興地宣布本季的股息支付率為淨利潤的 80%。

This translates to a total distribution of $207.4 million or $0.4049 per share, approximately NOK4.4. For the second consecutive quarter, this marks the highest dividend payout ratio in Hafnia's history, underscoring our commitment to delivering strong shareholder returns.

這意味著總分配額為 2.074 億美元，即每股 0.4049 美元，約 4.4 挪威克朗。這連續第二季創下 Hafnia 史上最高的股利支付率，突顯了我們對提供強勁股東回報的承諾。

We anticipate further upside potential as we continue to reduce our leverage in these strong markets.

隨著我們繼續降低這些強勁市場的槓桿率，我們預計會有進一步的上行潛力。

Slide number five.

第五張投影片。

Moving on, I would like to provide an overview of Hafnia, which today offers unparallel investment opportunities.

接下來，我想概述哈夫尼亞，它今天提供了無與倫比的投資機會。

As an introduction, Hafnia is one of the world's leading tanker owners and operators within the product and chemical tanker market.

據介紹，Hafnia 是成品油輪和化學品油輪市場上全球領先的油輪船東和營運商之一。

As owners and operators of around 200 modern vessels across eight pools, we offer a fully integrated shipping platform, including technical management, commercial and chartering services, pool management and an extensive bunker procurement desk, which has serviced over 1,400 vessels within our pool platform and for external ship owners.

作為八個池中約200 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，包括技術管理、商業和租船服務、池管理和廣泛的燃油採購服務台，該平台已為我們池平台內的1,400 多艘船舶提供服務，對於外部船東。

At the end of the quarter, we owned and chartered a diversified portfolio of 133 vessels.

截至本季末，我們擁有並租用了 133 艘船舶的多元化投資組合。

Our owned and joint venture vessels have an average broker valuation of approximately $5 billion, resulting in an approximate net asset value of $4.5 billion.

我們自有和合資船舶的經紀人平均估值約為 50 億美元，資產淨值約為 45 億美元。

This translates to an NAV per share of around $8.77 or NOK93.3.

這意味著每股資產淨值約為 8.77 美元或 93.3 挪威克朗。

Through the implementation of our fleet renewal strategy, we aim to maintain a low average age for Hafnia's fleet.

透過實施我們的機隊更新策略，我們的目標是保持 Hafnia 機隊的較低平均機齡。

At the end of the quarter, our own vessels had an average age of 8.8 years.

截至本季末，我們自有船舶平均船齡為8.8年。

This strategy enhances fleet utilization, boosts earnings potential and reduces our environmental footprint.

這項策略提高了車隊利用率，提高了獲利潛力並減少了我們的環境足跡。

Let's move on to the next slide, which is slide number six.

讓我們繼續看下一張投影片，也就是第六張投影片。

Our key value proposition today runs deeper than ever.

今天，我們的關鍵價值主張比以往任何時候都更加深刻。

This has been achieved through our active management and deep understanding of market dynamics.

這是透過我們的積極管理和對市場動態的深入了解而實現的。

Since our merger with BW Tankers in 2019, our growth trajectory has been significant, establishing us as 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，使我們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 seek advantageous opportunities as part of our active management strategy.

我們的市場評估方法是不斷尋找有利的機會，作為我們積極管理策略的一部分。

Throughout our journey, we have executed several strategic acquisitions and joint ventures that are aligned seamlessly with our overall goals.

在我們的整個歷程中，我們執行了多項策略性收購和合資企業，這些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 with expected delivery between 2025 and 2026.

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，預計在 2025 年至 2026 年期間交付。

Upon delivery, these vessels will be chartered out on long term time charter arrangements to our long standing partners, TotalEnergies.

交付後，這些船舶將按照長期定期租船安排租給我們的長期合作夥伴 TotalEnergies。

We remain committed to pursuing further strategic acquisitions and joint ventures that will drive sustainable growth and position us for long term success.

我們仍然致力於尋求進一步的策略性收購和合資企業，這將推動永續成長並為我們取得長期成功奠定基礎。

Additionally, we are dedicated to delivering strong and sustainable shareholder value.

此外，我們致力於提供強大且可持續的股東價值。

As you can see, we have consistently paid high dividends over the past year.

正如您所看到的，我們在過去一年中一直支付高額股息。

We have actually worked to strengthen our balance sheet and reduce our leverage ratio.

我們實際上一直在努力加強我們的資產負債表並降低我們的槓桿率。

With the current strong markets, we anticipate further upside potential in our shareholder returns.

鑑於當前市場強勁，我們預期股東回報還有進一步上升的潛力。

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。

Over to you, Jens.

交給你了，延斯。

Thank you, Mikael.

謝謝你，米凱爾。

Hafnia primarily operates within the cyclical and volatile product tanker segment, where charter rates and tanker capacities are influenced by multiple factors.

Hafnia 主要在週期性和揮發性產品油輪領域運營，該領域的租船費率和油輪運力受到多種因素的影響。

Over the next few slides, we will provide an update on the current market conditions and share our expectations about the forward outlook.

在接下來的幾張幻燈片中，我們將提供當前市場狀況的最新信息，並分享我們對未來前景的預期。

Since the beginning of 2024, an already strong product tanker market has experienced further positive momentum.

自2024年初以來，本已強勁的成品油輪市場又出現了進一步的正面動能。

Ongoing safety concerns in the Red Sea have led to shifts in trade routes with vessels rerouting from the Suez Canal to the Cape of Good Hope.

紅海持續存在的安全問題導致貿易路線發生變化，船隻從蘇伊士運河改道至好望角。

Additionally, droughts in the Panama Canal and low diesel inventories in Europe have further contributed to a robust second quarter.

此外，巴拿馬運河的乾旱和歐洲柴油庫存較低進一步推動了第二季度的強勁成長。

Volumes of CPP and chemicals on water continued to steadily increase, largely driven by geopolitical unrest.

主要受地緣政治動盪的推動，水中 CPP 和化學品的數量持續穩定成長。

Currently, approximately 20% of these volumes are routed via the Cape of Good Hope, with Russian CPPs making up about 13%, double the pre sanctioned average.

目前，其中約 20% 的貨物透過好望角運輸，其中俄羅斯 CPP 約佔 13%，是批准前平均水平的兩倍。

We are experiencing historically high levels of CPPs on water, and we anticipate these elevated volumes will persist through the end of the year.

我們正在經歷歷史上最高的水 CPP 水平，我們預計這些高水平將持續到今年年底。

The graph on the right hand side shows transportation demand development expressed in CPP ton days and how this has impacted MR and LR1 earnings.

右側圖表顯示了以 CPP 噸日表示的運輸需求發展以及這對 MR 和 LR1 收益的影響。

Next slide.

下一張投影片。

Similarly, when we examine the tonne mile effect, we observed a significant impact.

同樣，當我們檢查噸英里效應時，我們觀察到了顯著的影響。

Since 2018, we have witnessed a steady rise in daily CPP and chemicals loadings.

自 2018 年以來，我們見證了 CPP 和化學品的每日裝載量穩步上升。

This disproportionate rise in tonne miles can be largely attributed to the geopolitical unrest and the dislocation of refineries with Eastern refineries increasingly supplying Atlantic consumers via the Cape of Good Hope.

噸英里的不成比例增長主要歸因於地緣政治動盪和煉油廠的混亂，東部煉油廠越來越多地通過好望角向大西洋消費者供貨。

On the other hand, crude and DPP daily loadings and tonne miles have seen a slight decline as they continue to struggle under the weight of OPEC plus production cuts.

另一方面，原油和 DPP 的日裝載量和噸英里略有下降，因為它們繼續在 OPEC 和減產的壓力下苦苦掙扎。

Looking ahead, we anticipate that the high tonne mile levels for CPPs will persist, driven by the ongoing dislocation between refining capacity and end users.

展望未來，我們預計，由於煉油產能和最終用戶之間持續脫節，CPP 的高噸英里水準將持續存在。

Next slide.

下一張投影片。

In addition to the impact of geopolitical unrest, global inventory levels and the evolving refinery landscape are having a significant impact on the product tanker market.

除了地緣政治動盪的影響外，全球庫存水準和不斷變化的煉油廠格局也對成品油輪市場產生重大影響。

In 2023, export driven volume gains were largely fueled by refinery startups in the Middle East, including Al Zour in Kuwait and Duqm in Oman.

2023 年，出口驅動的銷售成長主要是由中東煉油廠新創公司推動的，包括科威特的 Al Zour 和阿曼的 Duqm。

The commencement of production at Nigeria’s Dangote Refinery and the expected ramp up in Chinese refineries by late 2024 is anticipated to further boost global refinery operations.

尼日利亞丹格特煉油廠的投產以及預計到 2024 年底中國煉油廠的產量增加預計將進一步促進全球煉油廠運作。

According to the IEA, global refinery throughputs are forecasted to increase by 0.8 million barrels per day, reaching 83.3 million barrels per day in 2024.

根據IEA預測，全球煉油廠產量預計將增加80萬桶/日，到2024年達到8,330萬桶/日。

This reflects approximately 100 MR equivalents of additional transportation demand.

這反映了約 100 MR 的額外運輸需求。

Conversely, continued refinery closures in regions such as the US and Europe, would likely necessitate that these oil consuming regions seek imports from refinery resources further away.

相反，美國和歐洲等地區煉油廠的持續關閉可能迫使這些石油消費地區尋求從更遠的煉油資源進口。

And this shift in global oil trade flows will contribute to increase transportation demand.

全球石油貿易流向的這種轉變將有助於增加運輸需求。

Whilst we are currently experiencing record high volumes of CPP on water, it's noteworthy that global product inventories remain below average, even when combined land based inventories with CPP on water.

雖然目前我們的水用 CPP 數量創下歷史新高，但值得注意的是，即使將陸上庫存與水用 CPP 相結合，全球產品庫存仍低於平均水平。

Given that elevated oil on water levels so far have had marginal impact on land based inventories, we assess that we are continuing to transport to fulfill demand rather than strategic inventory builds.

鑑於迄今為止，水面油位上升對陸上庫存產生了邊際影響，我們評估我們將繼續運輸以滿足需求，而不是戰略性庫存建設。

And this suggests a long runway for the current high earnings environment as there will be a need to replenish inventory levels in the near future, supporting tanker demand.

這表明當前的高收益環境還有很長的路要走，因為在不久的將來需要補充庫存水平，以支持油輪需求。

Next slide.

下一張投影片。

In recent months, we have observed an increase in cannibalization from the crude sector, primarily driven by the spread in earnings between LR2s and Suezmaxes.

近幾個月來，我們觀察到原油產業的蠶食增加，這主要是由於 LR2 型船和蘇伊士型油輪之間的收益差異所致。

This shift has led to more crude tankers converting their tanks to carry clean cargo and thereby introducing greater competition in the product market, especially within the LR2 segment where these VLCCs and Suezmax are now competing.

這種轉變導致更多的原油油輪將其油罐改裝為運載清潔貨物，從而在產品市場上帶來更大的競爭，特別是在這些 VLCC 和 Suezmax 正在競爭的 LR2 領域。

However, we believe this impact will be short lived.

然而，我們相信這種影響將是短暫的。

Historically, earnings for large tankers tend to rise from the latter part of Q3 and onwards.

從歷史上看，大型油輪的獲利往往從第三季後期及以後開始上升。

With higher OPEC exports anticipated, crude rates are expected to increase, which should reduce the cannibalization effect starting from Q4 2024.

由於預計 OPEC 出口量將增加，原油價格預計將上漲，這應該會減少從 2024 年第四季開始的蠶食效應。

Next slide.

下一張投影片。

Looking at the product tanker supply, the average age of the global product tanker fleet is steadily increasing, with vessels over 20 years old now comprising a larger share of the global fleet.

從成品油輪供應情況來看，全球成品油輪船隊的平均船齡正在穩定成長，20年以上船齡的船舶在全球船隊中所佔比例越來越大。

This trend has significant implications for fleet dynamics and market supply as older vessels are underutilized compared to vessels under 15 years of age.

這一趨勢對船隊動態和市場供應具有重大影響，因為與 15 年以下的船舶相比，較舊的船舶未充分利用。

The trend is generally that vessels above 15 years of age tend to become less efficient over time as customers tend to prefer younger tonnage.

總體趨勢是，船齡超過 15 年的船舶隨著時間的推移，效率往往會降低，因為客戶往往更喜歡較年輕的噸位。

However, the recent market strength in 2024 has provided some tailwind also for the older vessels.

然而，2024 年近期市場的強勢也為老舊船舶提供了一些推動力。

As the worldwide fleet age increases in the coming years, we can expect the fleet to generally become less efficient.

隨著未來幾年全球機隊機齡的增加，我們預期機隊的效率普遍會降低。

Next slide.

下一張投影片。

On the flip side, despite the increasing average age of the global product tanker fleet, contracting activities in the sector continue to rise.

另一方面，儘管全球成品油輪船隊的平均船齡不斷增加，但該行業的承包活動仍在持續增加。

As of August 2024, the orderbook to fleet ratio for deliveries going out to 2028 stands at approximately 20%.

截至 2024 年 8 月，到 2028 年交付的訂單量與機隊比例約為 20%。

However, it's worth noting that the LR2s account for over 50% of the tonnage to be delivered in the next few years.

但值得注意的是，LR2 佔未來幾年交付噸位的 50% 以上。

Historically, around 70% of LR2 capacity deliveries has been absorbed into the dirty and crude petroleum product trades.

從歷史上看，大約 70% 的 LR2 產能交付被吸收到髒油和原油產品貿易中。

Additionally, the crude sector is getting increasingly old, and the order book on the crude side remains at a relatively low only 19% ratio.

此外，原油產業日趨老化，原油訂單佔比仍較低，僅19%。

We anticipate scrapping levels to exceed deliveries over the next four years, effectively removing tonnage supply and pushing more LR2 capacity into the crude and DPP trades.

我們預計未來四年報廢水準將超過交付量，從而有效消除噸位供應並將更多 LR2 產能推向原油和 DPP 貿易。

So, looking ahead, the outlook for product tankers remain highly positive.

因此，展望未來，成品油輪的前景仍然非常樂觀。

Despite global oil demand showing signs of slowing in 2024 with the IEA reporting a year-on-year increase of only 0.9 million barrels per day in the second quarter, primarily due to reduced consumption in China, the underlying market fundamentals remain strong.

儘管全球石油需求在 2024 年出現放緩跡象，IEA 報告第二季度同比僅增長 90 萬桶/日（主要是由於中國消費減少），但市場基本面依然強勁。

And Perry will now bring you through the key financials of the second quarter.

佩里現在將為您帶來第二季度的主要財務數據。

Thanks, Jens.

謝謝，延斯。

As highlighted by Mikael and Jens earlier, we've seen a continued strong market in the second quarter of the year.

正如 Mikael 和 Jens 早些時候強調的那樣，我們看到今年第二季市場持續強勁。

As a result, we experienced sustained high earnings across all segments, generating a TCE income of $417.4 million, and bringing our half year TCE income to $796.2 million.

因此，我們在所有細分市場都實現了持續的高收益，產生了 4.174 億美元的 TCE 收入，使我們的半年 TCE 收入達到 7.962 億美元。

This is against the $726.5 million for the first six months last year, the highest in Hafnia's history for both periods.

相較之下，去年前六個月的收入為 7.265 億美元，是哈夫尼亞歷史上這兩個時期的最高水準。

Our fee focused business has also benefited from the strong rate environment, generating $10.7 million from our commercial managed pool and bunker procurement business.

我們的收費業務也受惠於強勁的費率環境，我們的商業管理池和燃油採購業務產生了 1,070 萬美元的收入。

These adjacent business streams have continuously performed well.

這些相鄰的業務領域持續表現良好。

Our balance sheet has further strengthened with a cash balance of $167 million at the end of the quarter and a total liquidity of around $591 million.

我們的資產負債表進一步增強，季末現金餘額為 1.67 億美元，流動性總額約為 5.91 億美元。

This includes $424 million in undrawn credit facilities.

其中包括 4.24 億美元的未提取信貸額度。

At the end of the second quarter, approximately 88.6% of our loans were hedged at a weighted average of 1.77% base rate or on a SOFR basis.

截至第二季末，我們約 88.6% 的貸款以加權平均 1.77% 的基本利率或 SOFR 為基礎進行對沖。

This hedging strategy has largely protected us against the high and volatile interest rate environment, and thereby controlling the finance costs.

這種對沖策略在很大程度上保護了我們免受高利率和波動環境的影響，從而控制了財務成本。

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

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 21.3% at the end of June, driven by higher vessel valuations, strong cash flow generation and the subsequent debt repayments.

在船舶估值上升、現金流強勁以及隨後的債務償還的推動下，我們的淨 LTV 比率在 6 月底進一步下降至 21.3%。

Our net LTV has been on a steady downward trajectory, reducing by more than 8% compared to the second quarter last year.

我們的淨生命週期價值一直在穩步下降，與去年第二季度相比下降了 8% 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。

Of course, depending on markets and valuations, we do anticipate reaching our next milestone in our dividend payout policy of a net LTV below 20% before the end of the year.

當然，根據市場和估值，我們確實預計在年底前達到股利支付政策的下一個里程碑，即淨生命週期價值低於 20%。

This will trigger a further increase of our payout ratio to 90% of net profits for such quarter.

這將促使我們的派息率進一步提高至本季淨利的 90%。

We move to the next page.

我們進入下一頁。

On to the operating summary.

進入操作摘要。

So in the second quarter, our TCE was based on 10,635 earning days, and we generated an average TCE per day of $39,244.

因此，在第二季度，我們的 TCE 是基於 10,635 個盈利日，我們每天產生的平均 TCE 為 39,244 美元。

But focusing solely on spot earnings for the quarter, we generated an average spot TCE per day of $40,995 reflecting our ability to capitalize on the strong market backdrop and strategic positioning.

但僅關注本季的現貨收益，我們每天的平均現貨 TCE 為 40,995 美元，反映出我們利用強勁市場背景和策略定位的能力。

Then looking forward to our coverage for the third quarter, we're well positioned for another strong quarter when compared to a year ago.

然後展望我們對第三季的報道，與一年前相比，我們已經做好了迎接另一個強勁季度的準備。

As of the 9 of August 2024, we had 72% of the total earning days in the third quarter of the year being covered at an average of $34,934 per day.

截至 2024 年 8 月 9 日，我們第三季總獲利天數的 72% 為平均每天 34,934 美元。

And for Q3 and Q4 of this year, 45% of the earning days are covered at an average of $33,534 per day.

今年第三季和第四季，45% 的獲利日平均為每天 33,534 美元。

Despite the recent market softness, we still expect a strong quarter ahead.

儘管近期市場疲軟，但我們仍預期未來一個季度將表現強勁。

If we move to the next page.

如果我們翻到下一頁。

As we conclude the second quarter and look forward to the remainder of the year, Hafnia is well positioned to continue to capitalize on the favorable market dynamics, and we're set to deliver another strong year of results.

當我們結束第二季並展望今年剩餘時間時，Hafnia 已做好充分準備，繼續利用有利的市場動態，我們將再創強勁的一年業績。

Benefiting from strong market fundamentals, including rising global oil demand, limited fleet growth and a significant exposure to the spot market provides us with a solid foundation to maximize earnings in this environment.

受益於強勁的市場基本面，包括全球石油需求不斷增長、船隊增長有限以及大量現貨市場，為我們在這種環境下實現收益最大化奠定了堅實的基礎。

This slide presents a comparative analysis of three scenarios, outlining our potential full year earnings.

這張投影片對三種情境進行了比較分析，概述了我們潛在的全年收益。

These scenarios include, firstly, the consensus forecast from the equity analysts.

這些情境首先包括股票分析師的共識預測。

Second, an extrapolation of the Q3 covered rates applied to the available earnings days in the rest of the year, covering '24, and finally, a scenario based on Q3 to Q4 covered rates similarly applied to available earning days in 2024.

其次，對今年剩餘時間的可用盈利日適用的第三季度覆蓋率進行推斷，涵蓋 24 年，最後，基於第三季度至第四季度覆蓋率的情景同樣適用於 2024 年的可用盈利日。

In each scenario, Hafnia is projected to deliver exceptionally strong financial performance with net profits estimated to range between $800 million and $900 million.

在每種情況下，Hafnia 預計都將實現異常強勁的財務業績，淨利潤預計在 8 億至 9 億美元之間。

Mikael, over to you for the remainder of the pages.

米凱爾，剩下的頁面就交給你了。

Thank you so much.

太感謝了。

We're now on slide 19.

我們現在在幻燈片 19 上。

Moving on, I would like to provide insight into Hafnia’a ESG strategy and targets.

接下來，我想深入了解 Hafnia 的 ESG 策略和目標。

As we navigate the evolving maritime landscape, we acknowledge the inherent responsibility across our operations and are committed to minimizing our environmental footprint.

當我們駕馭不斷變化的海洋景觀時，我們承認我們的營運固有的責任，並致力於最大限度地減少我們的環境足跡。

Additionally, we have focused on fostering diversity, inclusion, belonging and equity, as well as maintaining high standards of corporate governance within our organization.

此外，我們也致力於促進多元化、包容性、歸屬感和公平性，以及在組織內維持高標準的公司治理。

We recognize that collaboration is key to overcoming the challenges within our sector.

我們認識到合作是克服我們行業挑戰的關鍵。

That is why we actively engage with industry peers, international organizations, and other stakeholders to address these challenges collectively and effectively.

這就是為什麼我們積極與業界同行、國際組織和其他利害關係人合作，共同有效地應對這些挑戰。

Slide number 20.

投影片編號 20。

Next I would like to highlight some of the key ESG projects Hafnia is actively engaged in as we lead the way towards a more sustainable maritime industry.

接下來，我想重點介紹 Hafnia 積極參與的一些關鍵 ESG 項目，以引領我們邁向更永續的海運業。

To realize our vision of greener maritime sector and in preparation of an increasingly technologically advanced world, we are involved in several forward looking projects that align with our long term ESG goals and the broader global energy transition.

為了實現我們綠色海事部門的願景並為技術日益先進的世界做好準備，我們參與了多個符合我們長期 ESG 目標和更廣泛的全球能源轉型的前瞻性項目。

We are exploring a joint venture with Big Hill on the development of a hydrocarbon fuels plant that will produce low carbon intensity blue methanol and in the future, sustainable aviation fuel.

我們正在探索與 Big Hill 成立合資企業，開發一家碳氫化合物工廠，該工廠將生產低碳強度的藍色甲醇，並在未來生產可持續航空燃料。

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

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。

We are also Company founders of Complexio, a foundational AI company that is trained on big data, which will ultimately streamline tasks and enhance value extraction within our organization.

我們也是 Complexio 的公司創辦人，這是一家基礎人工智慧公司，接受過大數據培訓，最終將簡化我們組織內的任務並增強價值提取。

Our ESG focus extends beyond these projects and is deeply embedded in every employee.

我們對 ESG 的關注超越了這些項目，並深入到每位員工的心中。

We continuously seek innovation and collaboration across this space, and remain firmly committed to making significant strides towards advancing sustainability across the maritime sector.

我們不斷尋求這一領域的創新和合作，並繼續堅定地致力於在推動整個海事部門的可持續發展方面取得重大進展。

Slide 21.

幻燈片 21。

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。

We will continue to build on this strong momentum to produce even greater results.

我們將繼續乘勢而上，取得更大成績。

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

這將使我們能夠追求我們的目標，投資於更綠色的未來，並為我們的股東提供更大的回報。

This concludes our presentation.

我們的演講到此結束。

With that, I would now like to open the call for questions.

現在我想開始提問。

We will begin our Q&A session now.

我們現在開始問答環節。

(Operator instructions)

（操作員說明）

Omar Nokta.

奧馬爾·諾克塔。

Yes.

是的。

Thank you.

謝謝。

Hi, guys.

嗨，大家好。

Thanks for the presentation.

感謝您的介紹。

A couple of questions on my end.

我最後有幾個問題。

Maybe just on the first one, it looks like your realized averages across all four segments were higher sequentially which we really haven't seen this earnings season from your peers.

也許只是在第一個方面，看起來您在所有四個細分市場的實現平均值都連續較高，這是我們在本財報季從您的同行那裡確實沒有看到的。

The LR2s were notably quite strong at 60,000.

LR2 的性能尤其強勁，達到 60,000。

I know it's not a big part of your fleet.

我知道它在你的艦隊中並不佔很大一部分。

But just can you maybe discuss what drove that outperformance in the second quarter?

但您能否討論一下是什麼推動了第二季的優異表現？

And how do you think that this market is developing as we look into 3Q and beyond given all the talk of Suezmaxes and VLCCs looking to catapult onto that strength?

考慮到蘇伊士型油輪和超大型油輪希望利用這一優勢，您認為在我們展望第三季及以後的情況下，這個市場正在如何發展？

Hi, Omar, this is Jens.

嗨，奧馬爾，我是延斯。

Good question there.

好問題。

On the LR2 segment, as you know, we have relatively few ships compared to some of our peers.

如您所知，在 LR2 領域，與一些同行相比，我們擁有的船舶相對較少。

But the good result is really down to good positioning of the ships and a quarter that spans 90 days.

但好的結果實際上取決於船隻的良好定位和跨越 90 天的季度。

So there's an element of accounting principal in it.

所以其中有會計原則的因素在裡面。

Today our LR2 fleet is equally balanced between East and West where the markets are also more or less at the same earnings levels.

如今，我們的 LR2 機隊在東西方市場上的收入水準大致相同。

You also asked a little bit about the VLCCs and Suezmaxes that are being cleaning up and taking out clean cargoes.

您還詢問了一些有關正在清理和取出乾淨貨物的 VLCC 和 Suezmax 的情況。

And yes, we felt that in the LR2 and LR1 segments in particular as well.

是的，我們在 LR2 和 LR1 細分市場中也感受到了這一點。

But I think it's noteworthy to see that we are in the lowest season in the quarter of the year and yet we're still producing good earnings despite all that volume having being taken out of our markets.

但我認為值得注意的是，我們正處於一年中季度最低的季節，但儘管所有數量都已從我們的市場中撤出，但我們仍然產生了良好的收益。

So we are constructive for the end of Q3 and the start of Q4, where we expect the crude ships to pick up in freight rates again.

因此，我們對第三季末和第四季初持建設性態度，預計原油船運價將再次回升。

Already now, we see less of that cannibalization than we saw just a month ago simply because straits have sort of aligned themselves a bit.

現在，我們看到的同類蠶食已經比一個月前少了，這只是因為海峽已經有點對齊了。

I hope that answers your question.

我希望這能回答你的問題。

Okay.

好的。

It does, Jens.

確實如此，詹斯。

And maybe just a quick follow-up just on that point.

也許只是針對這一點進行快速跟進。

We've seen the LR market has definitely been a strong performer since 2022, and VLCCs have generally lagged.

我們已經看到，自 2022 年以來，LR 市場無疑表現強勁，而 VLCC 普遍表現落後。

So just maybe what do you think, why do you think there's been that surge this year?

那麼您怎麼看？

Is it really the rate differential between the large crude ships and the LRs?

這真的是大型原油船和LR之間的費率差異嗎？

Is it just the rate?

僅僅是利率嗎？

Or is it really the, is it rerouting and going around the long haul from Middle East to Europe?

還是真的是從中東到歐洲改道並繞長程飛行？

Is that what's driving that trade?

這就是推動貿易的因素嗎？

I know it's a tough question, but it's a long haul or anyway?

我知道這是一個很難回答的問題，但這是一個漫長的過程還是無論如何？

It's a good question.

這是一個好問題。

So it's the rates that is the answer.

因此，利率就是答案。

And what we saw in Q2 was that LR2 freight from the Middle East to Europe ran all the way up to $8 million a ship.

我們在第二季看到的是，LR2 從中東到歐洲的運費一路飆升至每艘船 800 萬美元。

And with that type of freight, it became more beneficial for some of our customers to take the risk, clean up Suezmaxes and VLCCs and simply get the benefit of scale on these bigger ships on the diesel that they've been transporting.

透過這種類型的貨運，對於我們的一些客戶來說，承擔風險、清理蘇伊士型油輪和超大型油輪並簡單地從這些更大的船舶上使用他們一直運輸的柴油獲得規模效益變得更加有利。

So that's what we saw.

這就是我們所看到的。

The concept of Suezmaxes and VLCCs transporting clean products is an old one.

蘇伊士型油輪和超大型油輪運輸清潔產品的概念由來已久。

That trade has always been there, but it's been predominantly done on newbuildings in the past.

這種貿易一直存在，但過去主要是在新造船上進行的。

So the development we saw here, we see that as a one off because the key market went up as much as it did.

因此，我們在這裡看到的發展，我們認為這是一次性的，因為主要市場的上漲幅度與它一樣。

Got it.

知道了。

Okay.

好的。

Thank you.

謝謝。

And final one, and I'll turn it over after this one.

最後一篇，我會在這篇之後把它翻過來。

Just wanted to ask, you mentioned in the financials you're getting down to the sub 20% is happening before year-end, which would then trigger the payout to 90%.

只是想問一下，您在財務報告中提到，您將在年底前將股息率降至 20% 以下，然後將支付率提高至 90%。

Is that something you see happening sooner?

您認為這種情況會更早發生嗎？

Could that happen by the end of 3Q?

這會在第三季末發生嗎？

Are we on pace for that?

我們是否正朝著這個目標邁進？

Or do you think this is more of a 4Q event?

還是你認為這更像是 4Q 事件？

Sorry, that took long to find the unmute button.

抱歉，花了很長時間才找到取消靜音按鈕。

Omar, good question.

奧馬爾，好問題。

We've indicated second half of the year.

我們已經指出了下半年。

I mean it really depends on where values are going, but obviously, the trajectory is to go below 20%.

我的意思是，這實際上取決於價值的走向，但顯然，軌跡是低於 20%。

Okay.

好的。

I appreciate that, Perry.

我很感激，佩里。

Thank you.

謝謝。

That's it for me.

對我來說就是這樣。

Frode Morkedal.

弗洛德·莫克達爾。

Hi, guys.

嗨，大家好。

Thank you.

謝謝。

Just a quick question on the markets.

只是一個關於市場的簡單問題。

Regarding the Panama Canal, I guess, it's been in focus recently.

關於巴拿馬運河，我想最近是人們關注的焦點。

I just wondered if you have any views on the impact on the product tanker market.

我只是想知道您對成品油輪市場的影響有何看法。

I think it was a positive event initially.

我認為這最初是一個積極的事件。

And then, we've seen some normalization, so to speak.

然後，可以說我們看到了一些正常化。

Do you think it has already happened negatively speaking, in terms of the impact?

從影響來看，您認為這件事已經發生了負面影響嗎？

Or is this more to go, do you think?

或者你認為這還需要繼續嗎？

Hi, Frode.

嗨，弗羅德。

This is Jens.

這是延斯。

Our observation is that the delays in the Panama Canal has abated, and we are back to the daily number of transits that we saw before the drought kicked in at the back end of 2023.

我們的觀察結果是，巴拿馬運河的延誤情況有所減少，我們已恢復到 2023 年底乾旱爆發之前的每日過境數量。

So we feel that all that, let's say, improved efficiency on the Panama Canal has already been factored into the market.

因此，我們認為所有這些，比如說巴拿馬運河效率的提高，都已經被考慮到了市場中。

Okay.

好的。

That's good to hear.

很高興聽到這個消息。

I was, well, I also get some incoming question on Russia, Ukraine and the impact of product tankers.

我還收到了一些關於俄羅斯、烏克蘭和成品油輪影響的問題。

Do you have any updated view on the, what the impact has been so far in terms of tonne mile improvements?

您對迄今為止對噸英里改進有何影響有什麼最新看法嗎？

I think we do our numbers and everybody do their numbers.

我認為我們做我們的數字，每個人都做他們的數字。

There's probably a level of uncertainty to it. we've been measuring CPP on water.

它可能存在一定程度的不確定性。我們一直在測量水的 CPP。

And what we see is that the Russian volumes themselves, they have doubled their presence on water compared to pre sanctioned level.

我們看到的是，俄羅斯本身的數量，與預先批准的水平相比，他們在水上的存在增加了一倍。

So that's probably an increase of maybe 5%, 6% in demand.

所以需求可能增加 5%、6%。

Okay.

好的。

What if at some point that ends?

如果在某個時候結束怎麼辦？

Is there any shadow fleet?

有影子艦隊嗎？

What's your view on there?

你對此有何看法？

Could there be some type of mitigating factor by the shadow fleet being removed, so to speak?

可以這麼說，影子艦隊被移除是否會帶來某種緩解因素？

I think that's a very big question.

我認為這是一個很大的問題。

It's too difficult to put any precise numbers on that.

很難給出任何精確的數字。

Without a doubt, it would have an impact on demand if the sanctions on Russia, they were lifted.

毫無疑問，如果取消對俄羅斯的製裁，將對需求產生影響。

But what would happen after that is hard to speculate on at this point in time.

但目前還很難推測此後會發生什麼事。

Yes, I understand.

是的，我明白。

Yes, that's the question we're receiving, right?

是的，這就是我們收到的問題，對吧？

So a tough question, obviously.

顯然，這是一個棘手的問題。

But I guess it might be some type of supply mitigation, so to speak, as well, of fleet being scrapped or removed.

但我想這可能是某種類型的供應緩解，可以說，艦隊被報廢或拆除。

Anyway, maybe another time for then.

無論如何，也許下次再說。

Thank you.

謝謝。

Thank you.

謝謝。

Sherif El Maghraby.

謝里夫·埃爾·馬格拉比。

Hey, good afternoon.

嘿，下午好。

Thanks for taking my questions.

感謝您回答我的問題。

So you mentioned the start-up of Dangote, can you give us some color on how that's changed trade flow since coming online?

您提到了 Dangote 的啟動，您能給我們介紹一下自上線以來它如何改變了貿易流程嗎？

And also, how do you see that impact going forward as the refinery produces A, more diesel, but then B, starting next month gasoline as well?

另外，隨著煉油廠生產 A，更多柴油，然後生產 B，從下個月開始也生產汽油，您如何看待這種影響？

Yes.

是的。

Good question.

好問題。

The expectation of the industry has been for many years.

業界的期待已是多年。

This would be a negative for product tanker demand.

這將對成品油輪需求產生負面影響。

Our expectation so far from having observed the trade floats around the Dangote refinery here in the first four to six months has been that it's created more cargo activity and more trading in and out of Nigeria.

到目前為止，我們在前四到六個月內觀察到丹格特煉油廠周圍的貿易流動，預計它將創造更多的貨運活動和更多進出尼日利亞的貿易。

So we feel it's been positive so far.

所以我們認為到目前為止這是正面的。

It will be interesting to follow the development.

關注事態的發展將會很有趣。

That is the quality of the Dangote production picks up, it is a refinery that's designed to produce higher specifications what's required in Nigeria.

這就是丹格特生產品質的提高，這是一家煉油廠，旨在生產尼日利亞所需的更高規格的產品。

So from that perspective, we believe that there's definitely potential that gasoline could be moving out of Dangote towards the US or other markets where they have higher requirements to quality.

因此，從這個角度來看，我們相信汽油絕對有可能從丹格特轉移到美國或其他對品質有更高要求的市場。

So overall, we think it's a positive thing for the product tanker market.

總的來說，我們認為這對成品油輪市場來說是一件正面的事情。

Thank you.

謝謝。

And then on the four methanol capable new builds, do you expect them to run on methanol when they hit the water?

然後，對於四個能夠使用甲醇的新船，您是否期望它們在落水時能夠使用甲醇？

And given last week's cancellation of the Swedish project for Marine E-methanol, can you speak to the availability of methanol bunkering over the next few years?

鑑於上週瑞典船用電子甲醇計畫被取消，您能談談未來幾年甲醇加註的可用性嗎？

In terms of our four MRs, we really don't know if they will be running on methanol or standard fuels.

就我們的四台 MR 而言，我們真的不知道它們是否會使用甲醇或標準燃料。

It's up to our customers to make those choices.

由我們的客戶做出這些選擇。

And in terms of the availability of methanol bunker fuels, it's too early for us to make any comments on the availability of it.

就甲醇船用燃料的可用性而言，我們現在對其可用性發表任何評論還為時過早。

Okay.

好的。

Thanks for taking my questions.

感謝您回答我的問題。

You're welcome.

不客氣。

(inaudible)

（聽不清楚）

Hi.

你好。

Thank you for taking my questions.

感謝您回答我的問題。

You've been historically mostly exposed to the spot market, while also having some time charter cover, especially on the LR2 side.

從歷史上看，您主要接觸現貨市場，同時也有一些期租保障，尤其是 LR2 方面。

But you've shifted towards higher spot exposure over the past few years, which so far has been the right decision.

但過去幾年你已經轉向更高的現貨曝光，到目前為止這是正確的決定。

How are you thinking about potentially adding some cover at prevailing period rates?

您如何考慮以現行期間費率增加一些保險？

Yes, hi.

是的，嗨。

As you say, it's been a good decision for us to have a higher exposure towards the spot market for the past couple of years.

正如您所說，過去幾年我們加大對現貨市場的投資力度，這是一個很好的決定。

And with time charter rates having increased as much as they had, we are also looking at increasing our coverage potentially.

隨著定期租船費率的增加，我們也在考慮擴大我們的覆蓋範圍。

But this is something we evaluate as and when we go by during the upcoming quarter.

但這是我們在下一季進行時評估的事情。

That's helpful.

這很有幫助。

Thank you.

謝謝。

That's helpful.

這很有幫助。

I also wanted to ask about the synthetic hydrocarbon fuel blend JV with Big Hill.

我還想詢問有關與 Big Hill 的合成碳氫化合物混合物合資企業的情況。

What kind of timeline is the project targeting?

該專案的目標時間表是怎樣的？

And secondly, should FID be reached, what kind of equity outlay should we expect net to Hafnia?

其次，如果達成最終投資決定，我們應該預期 Hafnia 會獲得什麼樣的淨股權支出？

Production will be in '28, '29 only.

生產將僅在 '28、'29 進行。

Equity wise, we are in it for the shipping.

從公平角度來看，我們是為了運輸而參與的。

So that would be to invest in ships on those ultra long term contracts.

因此，這將是根據這些超長期合約投資船舶。

All right, makes sense.

好吧，有道理。

Thank you for taking my questions.

感謝您回答我的問題。

Thank you.

謝謝。

I'm not actually seeing any more raised hands.

我實際上沒有看到更多的舉手。

I'll give it a few more seconds in case anyone has any last minute questions?

如果有人有任何最後一刻的問題，我會再給它幾秒鐘？

Otherwise, moving on to the Q&A box.

否則，請轉到問答框。

I also don't see anything there.

我在那裡也沒有看到任何東西。

Okay.

好的。

So then we come to the end of today's presentation.

那麼我們今天的演講就到此結束了。

Thank you all for coming to the second-quarter 2024 financial results conference.

感謝大家參加2024年第二季財務業績發表會。

We will upload the recording of this presentation to our website shortly after this.

此後不久，我們將把本次示範的錄音上傳到我們的網站。

Thank you, everyone.

謝謝大家。

Goodbye.

再見。