Hafnia Ltd (HAFN) 2024 Q4 法說會逐字稿

Welcome to Hafnia's fourth-quarter and full-year 2024 financial results presentation.

歡迎參加 Hafnia 2024 年第四季和全年財務業績報告。

We will begin shortly.

我們馬上就開始。

You will be brought through today's presentation by Hafnia's CEO, Mikael Skov; CFO, Perry Van Echtelt; VP, Commercial, Soren Winther; and EVP, Head of Investor Relations, Thomas Andersen.

您將聆聽 Hafnia 執行長 Mikael Skov 今天的演講；財務長 Perry Van Echtelt； Soren Winther 商業副總裁；以及 Thomas Andersen 執行副總裁兼投資者關係主管。

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

他們將很樂意在演講結束後解答任何問題。

(Operator Instructions)

（操作員指令）

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

在本次電話會議中，一些聲明可能被視為前瞻性的，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, and that could cause actual results, performance or plans to differ significantly from those expressed or implied.

這些聲明涉及風險、不確定性和其他因素，其中許多超出了 Hafnia 的控制範圍，並且可能導致實際結果、表現或計劃與明示或暗示的結果、表現或計劃之間存在很大差異。

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邀請。

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

現在，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 Hafnia 的執行長 Mikael Skov。

Welcome to our fourth quarter 2024 earnings call, and thank you for joining us today.

歡迎參加我們的 2024 年第四季財報電話會議，感謝您今天的加入。

Joining me today are our CFO, Perry Van Echtelt; our VP of Commercial, Søren Winther; and our EVP and Head of Investor Relations, Thomas Andersen.

今天與我一起的還有我們的財務長 Perry Van Echtelt；我們的商業副總裁 Søren Winther；以及我們的執行副總裁兼投資者關係主管 Thomas Andersen。

Together, we will walk you through Hafnia's performance for the quarter.

我們將共同向您介紹 Hafnia 本季的表現。

Today's presentation will cover 4 key areas.

今天的演講將涵蓋四個關鍵領域。

I'll begin with a review of our fourth quarter performance and key highlights, followed by an overview of Hafnia and our market position.

我將首先回顧我們第四季度的業績和主要亮點，然後概述 Hafnia 和我們的市場地位。

Søren will then discuss recent commercial developments and share our outlook for the product tanker market.

隨後，Søren 將討論最近的商業發展並分享我們對成品油輪市場的展望。

Perry will review our financial results and capital allocation strategy.

佩里將審查我們的財務表現和資本配置策略。

I will then conclude with an update on our ongoing sustainability initiatives and provide closing remarks.

最後，我將介紹我們正在進行的可持續發展舉措的最新進展，並作結束語。

Let's move to next slide.

我們來看下一張投影片。

Before proceeding, I want to direct your attention to our safe harbor statement.

在繼續之前，我想請您注意我們的安全港聲明。

Today's presentation will include forward-looking statements that involve risks and uncertainties.

今天的演示將包括涉及風險和不確定性的前瞻性陳述。

Our actual results may differ materially from these statements.

我們的實際結果可能與這些陳述有重大差異。

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

本次通話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.

謝謝大家的關注，我們開始演講。

Let me begin by outlining some of the key highlights from the quarter and 2024.

首先，我概述本季和 2024 年的一些主要亮點。

Going to Slide #4.

轉至幻燈片#4。

I'm pleased to share that Hafnia delivered another year of strong results, underscoring our operational resilience and ability to generate value through market cycles.

我很高興地告訴大家，Hafnia 又取得了強勁的業績，這凸顯了我們的營運彈性和在市場週期中創造價值的能力。

While market conditions moderated in the fourth quarter, we achieved a net profit of $79.6 million, bringing our full year net profit to $774 million, marking another year of great results.

在第四季市場環境有所緩和的情況下，我們仍然實現了 7,960 萬美元的淨利潤，使全年淨利潤達到 7.74 億美元，標誌著我們又一年的優異成績。

Our core operations continued to generate strong earnings with a total TCE income of $1.4 billion for the year.

我們的核心業務持續產生強勁的獲利，全年 TCE 總收入達到 14 億美元。

This was further supported by our adjacent fee-generating businesses, which contributed $35.2 million in full year revenue.

這得到了我們相鄰收費業務的進一步支持，這些業務貢獻了全年 3,520 萬美元的收入。

Moving to Slide #5.

移至投影片#5。

Next, I would like to highlight Hafnia's key investment attributes.

接下來，我想重點介紹Hafnia的關鍵投資屬性。

Hafnia is a global leader in the product and chemical tanker market, and we operate one of the largest and most diversified fleets in the industry.

Hafnia 是產品和化學品油輪市場的全球領導者，我們經營著業內最大、最多樣化的船隊之一。

As owners and operators of more than 200 vessels across 8 pools, we provide a fully integrated shipping platform, which includes technical management, chartering services, pool management and a bunker procurement desk that has serviced over 1,400 vessels, both within our pools and for external shipowners.

作為 8 個聯營池中 200 多艘船舶的船東和營運商，我們提供完全整合的航運平台，其中包括技術管理、租船服務、聯營池管理和燃油採購服務，該服務已為我們聯營池內和外部船東的 1,400 多艘船舶提供服務。

As of December 31, 2024, our owned and chartered fleet comprised 125 vessels with a net asset value of approximately $3.8 billion.

截至 2024 年 12 月 31 日，我們自有和租賃的船隊由 125 艘船組成，淨資產價值約為 38 億美元。

This equates to an NAV per share of around USD7.63 or NOK86.34 per share.

這相當於每股資產淨值約為 7.63 美元或每股 86.34 挪威克朗。

Our own vessels have an average age of 9.1 years, which when compared to the global product tanker fleet average of approximately 14 years, reflects the long runway for operational efficiency and earnings potential for our fleet.

我們自己的船舶平均船齡為 9.1 年，與全球成品油油輪船隊約 14 年的平均船齡相比，這反映了我們船隊的運營效率和盈利潛力還有很長的路要走。

Additionally, as part of our ongoing fleet renewal strategy and commitment to a more sustainable maritime future, I'm happy to announce that we have in January, welcomed Ecomar Gascogne, the first of 4 dual fuel methanol chemical IMO II MRs ordered through our joint venture with Socatra of France.

此外，作為我們正在進行的船隊更新策略和對更永續的海洋未來承諾的一部分，我很高興地宣布，我們已於一月份迎來了 Ecomar Gascogne，這是我們與法國 Socatra 的合資企業訂購的 4 艘雙燃料甲醇化學品 IMO II MR 中的第一艘。

This marks a significant milestone in our decarbonization journey as these vessels can operate on both conventional fuel and methanol, paving the way for a transition to more sustainable fuel options.

這標誌著我們脫碳進程中的一個重要里程碑，因為這些船舶可以同時使用傳統燃料和甲醇，為向更永續的燃料選擇過渡鋪平了道路。

Through our active management approach and deep market expertise, we remain committed to driving sustainable growth, leading by example and positioning Hafnia for long-term success.

透過積極的管理方式和深厚的市場專業知識，我們始終致力於推動永續成長，以身作則，為 Hafnia 的長期成功做好準備。

Let's move on to the next slide.

我們繼續看下一張投影片。

The dislocation between our share price and NAV per share in late 2024 presented an attractive opportunity to enhance shareholder returns through share buybacks.

2024 年末，我們的股價與每股淨值之間的錯位為透過股票回購提高股東回報提供了誘人的機會。

In January, we completed our buyback program, having repurchased approximately 14.4 million shares at approximately 70% of NAV for an average of $5.33 per share and a total consideration of $76.7 million.

一月份，我們完成了回購計劃，回購了約 1,440 萬股，約佔資產淨值的 70%，平均每股 5.33 美元，總對價為 7,670 萬美元。

Capital utilized for buybacks in December has been deducted from the total payout before declaring Q4 dividends.

在宣布第四季度股息之前，12 月用於回購的資金已從總支出中扣除。

This approach ensures our total shareholder returns align with our payout policy, balancing returns and flexibility.

這種方法確保我們的股東總回報與我們的派息政策保持一致，平衡回報和靈活性。

This also reflects our commitment to enhancing shareholder returns even amid market fluctuations as we position ourselves for sustainable growth.

這也反映了我們致力於提高股東回報的承諾，即使在市場波動的情況下，我們也已做好實現永續成長的準備。

At the end of Q4, our net loan-to-value ratio stood at 23.2%, increasing from the previous quarter, primarily due to a decline in vessel market values.

在第四季末，我們的淨貸款價值比率為 23.2%，較上一季增加，主要是由於船舶市場價值下降。

Given this, I'm pleased to announce a payout ratio of 80% for the quarter.

有鑑於此，我很高興地宣布本季的派息率為 80%。

After deducting $49.1 million used in share buybacks in December, we will distribute $14.6 million or $0.0294 per share in dividends.

扣除 12 月用於股票回購的 4,910 萬美元後，我們將派發 1,460 萬美元或每股 0.0294 美元的股息。

Including share buybacks, our total shareholder payout for the full year reached $640.8 million, representing a payout ratio of 82.8%.

包括股票回購在內，我們全年的股東分紅總額達到 6.408 億美元，分紅率為 82.8%。

Our strong financial position and disciplined capital allocation approach position us well to capitalize on favorable market conditions in 2025 and continue delivering value to our shareholders.

我們強大的財務狀況和嚴謹的資本配置方法使我們能夠充分利用 2025 年的有利市場條件並繼續為股東創造價值。

Move to Slide #7.

移至幻燈片#7。

Søren will now be sharing the industry review and market outlook.

Søren 現在將分享產業回顧和市場展望。

Thank you, Mikael.

謝謝你，米凱爾。

I will begin with an update on the current market conditions in the product tanker and clean petroleum product markets where Hafnia primarily operates and share our outlook for the coming months.

我將首先介紹 Hafnia 主要營運的成品油輪和清潔石油產品市場的當前市場狀況，並分享我們對未來幾個月的展望。

The product tanker market experienced an extended period of strong earnings through the first 9 months of 2024, supported by high cargo volumes and longer ton miles as vessels rerouted via the Cape of Good Hope due to the situation in the Red Sea.

2024 年前 9 個月，成品油輪市場經歷了一段較長的盈利強勁時期，這得益於紅海局勢導致船舶改道好望角，貨運量增加，噸位里程增加。

In the fourth quarter, tanker rates came under pressure, primarily due to increased cannibalization from the crude sector.

第四季度，油輪運價面臨壓力，主要原因是原油產業的蠶食加劇。

Further key market drivers such as daily loadings of clean petroleum products and oil on water dropped in the beginning of the quarter, mainly due to refinery maintenance and lower refinery margins.

其他關鍵市場驅動因素，例如清潔石油產品和水上石油的日裝載量在本季初有所下降，這主要是由於煉油廠維護和煉油廠利潤率下降。

Fortunately, clean petroleum product loadings on Handy to LR2 tankers rebounded significantly in December.

幸運的是，12月Handy至LR2型油輪的清潔石油產品裝載量大幅反彈。

This trend has continued in this quarter -- or in this first quarter.

這一趨勢在本季——或者說第一季——仍然持續。

This recovery was largely driven by reduced crude tanker cannibalization and higher export volumes from the U.S. Gulf.

這種復甦主要是由於原油輪拆解減少和美國墨西哥灣出口量增加所致。

As we can see, the cannibalization has reduced and is now at historical averages of about 1% to 2%, primarily due to improved crude tanker market conditions, technical difficulties for crude carriers to transport refined products and the recent sanctions on larger tankers.

我們可以看到，拆解率已經減少，目前處於歷史平均水平約 1% 至 2%，這主要是由於原油輪市場狀況改善、原油輪運輸成品油遇到技術困難以及近期對大型油輪的製裁。

Let's move to Slide 9.

讓我們轉到第 9 張投影片。

An interesting dynamic.

一個有趣的動態。

Here, we observed the evolution of trade patterns, while clean petroleum product loadings and ton-days for product tankers recovered following the late Q3 dip, earnings have not rebounded as strongly.

在這裡，我們觀察到了貿易模式的演變，雖然清潔石油產品裝載量和成品油油輪的噸天數在第三季度末的下滑之後有所回升，但收益並沒有強勁反彈。

This is mainly due to hampered market sentiment and limited cross-hemisphere trading, leaving tonnage static within regions.

這主要是由於市場情緒低落和跨半球交易有限，導致各區域內的噸位保持不變。

We have also noticed that laden voyage lengths have reduced after the initial market stress from the Red Sea closure.

我們也注意到，在紅海關閉最初造成市場壓力之後，載貨航程長度縮短。

We believe this is mainly due to increased refinery output in the U.S. Gulf, replacing the Middle Eastern trade volumes servicing European demand.

我們認為，這主要是由於美國墨西哥灣煉油廠產量增加，取代了滿足歐洲需求的中東貿易量。

Let's move on to Slide 10.

我們繼續看投影片 10。

We have conducted a detailed analysis of potential Red Sea reopening supply versus demand impacts.

我們對紅海重新開放對供需的潛在影響進行了詳細的分析。

While it's widely known that Red Sea transit volumes remained low since early 2024, it's important to highlight the overall decline in clean petroleum product flows across hemispheres.

眾所周知，自 2024 年初以來，紅海的過境量一直很低，但必須強調的是，跨半球的清潔石油產品流量總體呈下降趨勢。

Our analysis suggest that the potential impact of the Red Sea reopening may be more limited than initially anticipated.

我們的分析表明，紅海重新開放的潛在影響可能比最初預期的更為有限。

Should Red Sea transits become safe and reopen to normal tonnage, we estimate based on 2023 and 2024 data that Suez transit volumes regained will be the equivalent of approximately 227 MRs worth of added transportation demand.

如果紅海運輸恢復安全並重新恢復正常噸位，我們根據 2023 年和 2024 年的數據估計，蘇伊士運河恢復的運輸量將相當於約 227 MR 的額外運輸需求。

The corresponding tonnage demand reduction for volume losses traveling via the Cape of Good Hope is projected to be around 290 MR equivalents.

預計經由好望角運輸的貨物量損失將相應減少約 290 MR 當量。

Assuming the cross-hemisphere trade, the volume will return to historical averages, we estimate the net impact of the Red Sea reopening to be marginal at just 10 MR equivalents worth of tonnage demand reduction.

假設跨半球貿易，貿易量將恢復到歷史平均水平，我們估計紅海重新開放的淨影響將是微不足道的，僅為減少 10 MR 當量的噸位需求。

Let's move on to Slide 11.

我們繼續看第 11 張投影片。

A significant development in 2025 is the January OFAC listing of additional 183 vessels, which we believe will significantly impact the overall market supply/demand balance.

2025 年的一項重大發展是 1 月份 OFAC 將列出另外 183 艘船舶，我們認為這將對整體市場供需平衡產生重大影響。

The sanctioned tanker fleet is roughly equivalent in size to the entire newbuild tanker program through 2025.

獲得批准的油輪船隊規模大致相當於2025年前整個新建油輪計畫的規模。

While sanctions primarily affect crude tankers, we see positive spillover effects for clean tankers.

雖然制裁主要影響原油油輪，但我們看到這對清潔油輪產生了積極的溢出效應。

The de facto scrapping of sanctioned vessels will reduce crude tanker cannibalization and potentially shift more product tankers into dirty trades, tightening supply in the clean sector.

事實上，拆除受制裁的船隻將減少原油輪的拆解，並有可能使更多的成品油輪轉向污染嚴重的貿易，從而收緊清潔能源領域的供應。

Additionally, we estimate that around 400 non-OFAC listed dark fleet vessels remain engaged in Russian trade.

此外，我們估計，約有 400 艘未列入 OFAC 名單的暗艦隊船隻仍在從事俄羅斯貿易。

The dark fleet is identified as tonnage with questionable ownership and predominantly older age profile, while the gray fleet is tied to more reputable ownership.

黑暗船隊是指所有權存疑、船齡較長的船舶，而灰色船隊則是指所有者信譽較好的船舶。

This signals the potential for further sanctions from the EU and OFAC, which could further restrict tonnage availability.

這表明歐盟和外國資產管制辦公室可能會實施進一步製裁，從而進一步限制船舶供應噸位。

Let's move on to Slide 12.

我們繼續看投影片 12。

The effects of the OFAC sanctions are already becoming evident.

OFAC 制裁的影響已開始顯現。

Following the sanctions, China and India have announced that they will exclude sanctioned tankers from imports.

制裁實施後，中國和印度宣布將禁止受制裁的油輪進口。

We estimate that the replacement of sanctioned barrels will be equivalent of approximately 100 Suezmaxes.

我們估計，替換的受制裁石油數量將相當於約 100 桶蘇伊士型原油。

Early evidence supports this shift.

早期證據支持這種轉變。

We have already in February, observed a decline in imports from Russia, Iran and Venezuela to China and India.

我們在二月就已經發現，中國和印度從俄羅斯、伊朗和委內瑞拉的進口量有所下降。

This impact is also visible in a significant drop in ton miles produced by the sanctioned fleet, and we expect this trend to accelerate.

這種影響也體現在受制裁船隊的噸英里數大幅下降，我們預計這一趨勢將會加速。

Comparing the total deadweight increase expected from newbuilds in 2025, this de facto scrapping helps support the underlying support versus demand balance.

與 2025 年新造船預計的總載重量增長相比，這種事實上的報廢有助於維持潛在的支持與需求平衡。

Moving on to Slide 13.

轉到投影片 13。

Taking the aforementioned factors into consideration, the overall supply outlook remains resilient.

考慮到上述因素，整體供應前景依然強勁。

When we look at newbuilds through 2025 to 2028 across the tanker segments and factor in scrapping potential and lower utilization of aging vessels, the overall supply picture remains well balanced.

當我們觀察2025年至2028年油輪領域的新建船舶，並考慮到報廢潛力和老舊船舶利用率較低時，整體供應狀況仍然保持良好平衡。

Despite the order book for product tankers being approximately 22% as of February 2025, LR2s comprise over 50% of new tonnage expected in the next years.

儘管截至 2025 年 2 月成品油輪訂單量約為 22%，但預計未來幾年 LR2 型油輪新增噸位將佔 50% 以上。

Historically, 70% of LR2 capacity has been absorbed into the dirty petroleum products trade.

從歷史上看，70% 的 LR2 運力已被吸收到污染石油產品貿易中。

This statement is further supported by the age profile of Suezmaxes and VLCCs alone.

蘇伊士型油輪和超大型油輪的船齡分佈進一步證實了這個說法。

Moving on to Slide 14.

轉到投影片 14。

Overall, we maintain a constructive outlook for the product tanker segment into 2025.

整體而言，我們對 2025 年成品油輪市場前景持樂觀態度。

We continue to observe an increasing average age of the global product tanker fleet, and this trend has significant implications as older vessels are underutilized due to customer preference for younger tonnage.

我們持續觀察到全球成品油輪船隊的平均船齡不斷增加，這一趨勢具有重大影響，因為由於客戶偏好較短噸位的船舶，舊船的利用率較低。

Global oil demand also remains robust.

全球石油需求也依然強勁。

For the full year 2024, global oil demand has increased by 0.87 million barrels per day with a further increase of 1.1 million barrels per day to be expected for 2025.

2024 年全年全球石油需求將增加 87 萬桶/日，預計 2025 年將進一步增加 110 萬桶/日。

Additionally, refinery maintenance accumulated at the start of the year are expected to be lower in the next months, paving the way for higher refinery runs.

此外，預計未來幾個月煉油廠維護量將在年初有所下降，為提高煉油廠開工率鋪平了道路。

This will likely result in increased production and export of refined products, boosting global demand for product tankers.

這可能會導致成品油產量和出口增加，從而刺激全球對成品油油輪的需求。

Moving on to Slide 15.

轉到投影片 15。

Perry will now bring you through the key financials for the fourth quarter.

佩里現在將向您介紹第四季度的主要財務數據。

Thanks, Søren.

謝謝，Søren。

As Søren mentioned, the product tanker market softened in the fourth quarter.

正如Søren所提到的，成品油油輪市場在第四季有所疲軟。

Despite these challenges, Hafnia has continued to demonstrate a strong performance, achieving solid earnings for the quarter and for the full year.

儘管面臨這些挑戰，Hafnia仍然表現強勁，本季和全年都實現了穩健的獲利。

In Q4, we generated TCE income of $233.6 million, bringing our full year TCE income to $1.4 billion.

第四季度，我們實現了 2.336 億美元的 TCE 收入，使我們全年的 TCE 收入達到 14 億美元。

Additionally, our commercial pool management and bunkering businesses continue to perform well, generating $6.9 million in the fourth quarter and $35.2 million for the full year.

此外，我們的商業泳池管理和加油業務繼續表現良好，第四季度創造收入 690 萬美元，全年創造收入 3,520 萬美元。

This all resulted in an adjusted EBITDA of $131 million for the quarter and $992 million for the year.

這一切導致本季調整後的 EBITDA 達到 1.31 億美元，全年調整後的 EBITDA 達到 9.92 億美元。

Overall, we've achieved a net profit of $79.6 million for the quarter, which included a $13.6 million gain from the sale of a vessel.

總體而言，本季我們實現了 7,960 萬美元的淨利潤，其中包括出售一艘船舶的 1,360 萬美元收益。

This brings our full year profit to $774 million, translating to a return on equity of 34.5% and a return on invested capital of 25%.

這使我們的全年利潤達到 7.74 億美元，相當於股本回報率為 34.5%，投資資本回報率為 25%。

These results reflect yet another year of strong performance that we will continue to build upon.

這些結果體現了我們又一年的強勁表現，我們將繼續在此基礎上再接再厲。

And if we move on to the balance sheet on the next page.

如果我們翻到下一頁的資產負債表。

Our balance sheet remains robust despite vessel values declining from the third quarter.

儘管船舶價值較第三季有所下降，但我們的資產負債表依然強勁。

As a result of our proactive efforts in optimizing our balance sheet, we remain in a very strong financial position.

由於我們積極努力優化資產負債表，我們的財務狀況仍然非常強勁。

At the end of the year, our cash balance stood at $195 million with a total liquidity of approximately $517 million.

截至年底，我們的現金餘額為 1.95 億美元，總流動資金約為 5.17 億美元。

So this includes undrawn facilities of $322 million.

因此，這包括 3.22 億美元未使用的貸款。

We've hedged approximately half of our interest rate exposure at a weighted average base rate of just over 2%, 2.01% to be exact, on a SOFR basis.

我們以略高於 2% 的加權平均基準利率（準確地說是 2.01%）對沖了大約一半的利率風險。

Our hedging strategy has been important in reducing our cost of debt and shielding us from the high interest rate environment, and we will continue to monitor market conditions to manage our financing costs effectively.

我們的對沖策略對於降低我們的債務成本和保護我們免受高利率環境的影響發揮了重要作用，我們將繼續監測市場狀況，以有效管理我們的融資成本。

At the end of Q4, our net LTV increased to 23.2%, while our NAV stood at USD7.63 per share.

在第四季末，我們的淨 LTV 成長至 23.2%，而我們的 NAV 為每股 7.63 美元。

Given that our shares were trading at a significant discount to NAV in late '24, we added the repurchasing of shares at approximately 70% of our Q4 NAV to the mix of shareholder distributions.

鑑於我們的股票在 24 年末的交易價格大幅低於資產淨值，我們將約佔第四季資產淨值 70% 的股票回購添加到股東分配組合中。

While the current share price of around 68% of our NAV reflects broader market sentiment rather than our underlying fundamentals, we remain focused on executing our strategy and demonstrating the strength of our business model through consistent operational performance and returns to shareholders.

雖然目前股價約占我們資產淨值的 68%，反映的是更廣泛的市場情緒而非我們的基本面，但我們仍然專注於執行我們的策略，並透過穩定的營運績效和股東回報來展示我們商業模式的實力。

If we move on to the next page to the operating summary.

如果我們進入下一頁，就可以看到營運摘要。

In Q4, our TCE income was based on 10,293 earning days, and we generated an average of TCE per day of $22,692.

在第四季度，我們的 TCE 收入是基於 10,293 個收入日，我們平均每天產生的 TCE 為 22,692 美元。

OpEx costs, which consist of vessel operating costs and technical management expenses were based on 9,430 calendar days in the quarter, leading to an average OpEx per day of $8,131.

營運成本包括船舶營運成本和技術管理費用，以本季的 9,430 個日曆日為基礎，平均每天的營運成本為 8,131 美元。

While the spot market softened in the quarter, it's important that we maintain a key focus on cost efficiency.

儘管本季現貨市場有所疲軟，但我們仍需繼續專注於成本效率。

We're constantly evaluating our performance also by benchmarking ourselves, and I'm pleased with our performance relative to peers under these circumstances, allowing us to operate at the most competitive levels.

我們也透過自我標竿來不斷評估我們的表現，在這種情況下，我對我們相對於同行的表現感到滿意，這使我們能夠在最具競爭力的水平上運作。

Looking at our Q1 coverage as of the 13th of February, we see tanker rates recovering.

查看截至 2 月 13 日的第一季報道，我們發現油輪運價正在回升。

We remain optimistic about the underlying strong market fundamentals in the upcoming quarters.

我們對未來幾季強勁的市場基本面仍然保持樂觀。

And if we move on to the next page.

如果我們進入下一頁。

Based on our coverage for Q1 and full year 2025, we're on track to achieve solid earnings in 2025, driven by an anticipated uplift in the product tanker market.

根據我們對 2025 年第一季和全年的預測，受成品油輪市場預期上漲的推動，我們預計在 2025 年將穩健的獲利。

As of February 13, 2025, 67% of the total earning days in Q1 '25 have been covered at an average rate of $23,989 per day.

截至 2025 年 2 月 13 日，2025 年第一季總收入天數的 67% 已被覆蓋，平均每天 23,989 美元。

And we also have 25% of the full year '25 earnings covered at an average of $24,062 per day.

而且，我們的收入也達到了 25 年全年收入的 25%，平均每天 24,062 美元。

And if you look at the right side of this slide, it presents as always the 3 scenarios outlining our potential full year '25 earnings.

如果你看這張投影片的右側，它像往常一樣呈現了三種情景，概述了我們潛在的 25 年全年收益。

The first is based on analyst consensus forecast, while the second extrapolates the Q1 covered rates on the left to the available earning days in '25.

第一個模型是基於分析師的一致預測，而第二個模型則將左側的 Q1 覆蓋率推斷為 25 年的可用獲利天數。

And the last scenario applies full year covered rates to the available earning days in 2025.

最後一種情況是將全年覆蓋率應用於 2025 年的可用收入天數。

In all 3 scenarios, Hafnia is projected to generate robust net profits estimated to range around $300 million to $400 million.

在這三種情況下，Hafnia預計將產生強勁的淨利潤，估計在3億至4億美元左右。

While down from the very high levels of the last 3 years, we still have a strong outlook on the market, underpinned by the market fundamentals we mentioned in the market section.

儘管較過去 3 年的非常高的水平有所下降，但我們對市場的前景仍然看好，這得益於我們在市場部分提到的市場基本面。

Mikael, over to you for the next few slides.

Mikael，接下來的幾張投影片就交給你了。

Thank you.

謝謝。

We're moving to Slide #21.

我們正在轉到投影片#21。

Moving on, I would like to provide insight into Hafnia's sustainability strategy and goals.

接下來，我想深入了解Hafnia的永續發展策略和目標。

As a recognized market leader, we understand our critical role in shaping a more sustainable future.

作為公認的市場領導者，我們了解我們在塑造更永續的未來方面發揮的關鍵作用。

We are actively driving the integration of sustainability principles throughout our operations to create a positive impact on our communities and stakeholders.

我們正在積極推動永續發展原則在我們的整個營運過程中的整合，以便對我們的社區和利害關係人產生積極影響。

Through collaboration with industry peers, regulators, international bodies and constant engagement with stakeholders, we are committed to developing long-term solutions that will address the maritime challenges, enabling us to not only future-proof our business, but also contribute meaningfully to the world.

透過與業內同行、監管機構、國際機構的合作以及與利益相關者的不斷接觸，我們致力於制定應對海事挑戰的長期解決方案，使我們不僅能夠為我們的業務做好未來準備，而且還能為世界做出有意義的貢獻。

Slide 22.

投影片 22。

Next, we understand the constantly evolving landscape of the world and actively seek initiatives where we can future-proof ourselves.

接下來，我們了解不斷變化的世界格局，並積極尋求能夠保障未來發展的措施。

We have embarked on several key strategic initiatives that we believe will play a key role in defining the maritime future.

我們已經啟動多項關鍵策略舉措，我們相信這些舉措將在定義航運未來方面發揮關鍵作用。

Most recently, we have announced the launch of Seascale Energy, a new joint venture bunker procurement entity between Hafnia Bunker Alliance and Cargill Pure Marine Fuels.

最近，我們宣布成立 Seascale Energy，這是 Hafnia Bunker Alliance 與 Cargill Pure Marine Fuels 共同組成的新的合資燃油採購實體。

This aims to transform marine fuel procurement services by delivering customers worldwide with cost efficiencies, transparency and access to sustainable fuel innovations.

其目的是透過為全球客戶提供成本效益、透明度和永續燃料創新來改變船用燃料採購服務。

By aligning our strategic investments with strong industry partnerships, we reinforce our position at the forefront of maritime innovation.

透過將我們的策略投資與強大的產業合作夥伴關係相結合，我們鞏固了我們在海運創新領域的領先地位。

Moving to Slide #23.

移至幻燈片#23。

Looking ahead in 2025, Hafnia is operating from a position of strength.

展望 2025 年，Hafnia 將擁有雄厚的實力。

While market dynamics remain complex with the evolving nature of sanctions, tariffs and developments in the Red Sea, I'm optimistic about Hafnia's ability to capitalize on the positive trajectory of the market.

儘管隨著制裁、關稅和紅海局勢的發展不斷變化，市場動態仍然複雜，但我對 Hafnia 利用市場積極發展軌蹟的能力持樂觀態度。

Our proven operational excellence and financial strength position us well to create long-term value.

我們卓越的營運能力和財務實力已得到證實，使我們能夠創造長期價值。

Having returned over $1.5 billion to shareholders over the past 3 years, we remain focused on disciplined fleet deployment and capital allocation while maintaining the flexibility to capture opportunities as they arise.

過去 3 年，我們已向股東返還了超過 15 億美元，我們將繼續專注於嚴謹的機隊部署和資本配置，同時保持靈活性以抓住出現的機會。

This concludes our presentation.

我們的演示到此結束。

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

現在，我想開始提問。

(Operator Instructions) Thank you, everyone.

（操作員指示）謝謝大家。

We will start the Q&A session now.

我們現在開始問答環節。

I will start with the questions that have been posed in the chat in the Q&A section.

我將從問答部分聊天中提出的問題開始。

So I'll just read out one that says, hello, why did you decide to pursue the share buyback program with such bad USDprices?

因此我只會讀一則訊息，內容是：您好，為什麼在美元價格如此糟糕的情況下您決定推行股票回購計畫？

I can take that.

我可以接受。

I see there's more questions indeed on the share buyback.

我發現關於股票回購確實還有更多問題。

Why would we do them or why wouldn't we do it more?

我們為什麼要這樣做或為什麼我們不多做這些事？

It's actually both questions on both sides.

這其實是雙方共同的問題。

We did the share buyback in Q4 as part of the shareholder distributions in our dividend policy because we saw a big disconnect between the share price and the NAV.

我們在第四季度進行了股票回購，作為股利政策中股東分配的一部分，因為我們發現股價和資產淨值之間存在很大脫節。

So that's why we concluded the total program of around $50 million in Q4 and another $25 million in Q1.

這就是為什麼我們在第四季度完成了總額約 5000 萬美元的計劃，並在第一季完成了另外 2500 萬美元的計劃。

Going forward, we have our dividend policy that is connected to our net LTV.

展望未來，我們的股利政策與淨 LTV 掛鉤。

So in principle, we focus on cash distributions via dividends.

因此原則上，我們將重點放在透過股利進行的現金分配。

But obviously, where we see a big disconnect, we always, as we have shown, have the opportunity to do the share buybacks as well.

但顯然，當我們看到巨大的脫節時，正如我們所展示的那樣，我們總是有機會進行股票回購。

Thank you, Perry.

謝謝你，佩里。

So I will actually move to the raise hand function now.

因此我現在實際上要轉到舉手功能。

Omar Nokta, can you please unmute yourself?

奧馬爾諾克塔，你能取消靜音嗎？

Yes, maybe a couple of questions more market related.

是的，也許有幾個問題與市場更相關。

I just wanted to get your sense given you're obviously very significant in terms of fleet and how you're operating.

我只是想了解您的情況，因為您在機隊和營運方面顯然非常重要。

Just in reference to the sanctions that we've been seeing here, you mentioned China and India are appearing to -- or plan to adhere to the sanctions.

就我們在這裡看到的製裁而言，您提到中國和印度似乎——或者計劃遵守制裁。

I guess maybe just on that, what are you seeing from your vantage point at the moment in terms of how those 2 importers have been handling imports?

我想也許只是就這一點而言，從您目前的角度來看，這兩家進口商是如何處理進口的？

And are you seeing kind of like a full adherence to the view that they're not bringing in sanctioned ships?

您是否看到他們完全堅持不引進受制裁船隻的觀點？

-- have they stepped up demand for compliant vessels?

——他們是否增加了對合規船舶的需求？

Can you give us some color on how things have been progressing there?

您能告訴我們那裡的情況進展嗎？

I guess that's for me, Mikael.

我想，這對我來說就是如此，麥可。

Yes, on a general note, you can say that when it all kicked off in the end of January, there was a pretty big push already for other traders to cover the lost in terms of import volume, especially for crude into India and into China.

是的，總的來說，你可以說，當這一切在 1 月底開始時，其他貿易商已經在大力推動彌補進口量的損失，尤其是進口到印度和中國的原油。

It seems relatively evident that they are taking vanilla tonnes nowadays and to a large extent, also oil from other regions.

比較明顯的是，他們現在正在進口大量香草，而且很大程度上也進口來自其他地區的石油。

To support that, you can, for instance, see that exports out of Iran has dropped more or less to 1/3 of what it was in January before the sanctions.

為了支持這一點，你可以看到，例如，伊朗的出口量已下降到製裁前 1 月出口量的 1/3 左右。

So there is certainly some adherence to the -- to what they have said, and it's self-imposed essentially, right?

因此，他們肯定會堅持自己所說的，而且本質上是自我強加的，對嗎？

They have not said no to Russian oil, but they have said no to sanctioned tankers, rather OLFA I guess, to sanctioned tankers.

他們沒有對俄羅斯石油說不，但他們對受制裁的油輪說了不，我猜是 OLFA，對受制裁的油輪說了不。

That's interesting.

那很有意思。

Okay.

好的。

So you mentioned just -- it looks like Iran exports are down 1/3 from January.

所以您剛才提到—看起來伊朗的出口量比一月下降了 1/3。

Did I hear that right?

我沒聽錯吧？

Yes.

是的。

I mean, although February data there is not completely to an end yet, right?

我的意思是，雖然二月的數據還沒有完全結束，對嗎？

You are seeing about 750,000 barrels versus about 2 million in January.

目前庫存量約為 75 萬桶，而 1 月份庫存量約為 200 萬桶。

That's the exact number.

這就是確切的數字。

Got it.

知道了。

And then just a separate question.

接下來是一個單獨的問題。

You had mentioned the cannibalization of crude going into product would slow or obviously stop perhaps altogether as a result of sanctions and the ships getting pulled away.

您曾提到，由於制裁和船隻被撤離，用於生產的原油的蠶食現象將會減慢或明顯停止。

I guess it sounded like the whole cannibalization theme had already ended or see that it kind of ended last year or late in the year.

我想這聽起來好像整個蠶食主題已經結束了，或者看起來它在去年或今年年底就結束了。

Are you still seeing pressures from that today in the product market?

您現在在產品市場上是否仍看到這種壓力？

You can say that on a general note, the cannibalization is more or less back to normal averages, what you would expect from a new build program or anything to the tune of that.

你可以說，從總體上看，拆解程度或多或少已經恢復到了正常平均水平，這與新建項目或任何類似項目所期望的一樣。

So you would see a hard trade-off in December and into January.

因此，你會在 12 月和 1 月看到艱難的權衡。

Recent data will show that you actually have a little bit of an elevation in February.

最近的數據顯示，二月的情況實際上略有上升。

But if you drill into that, it will carry a couple of VLCCs that is going from the AG to the Red Sea.

但如果你鑽進去，你會發現它將運載幾艘從阿根廷到紅海的超大型油輪。

That doesn't count as cannibalization because it's an adjacent trade that is not really involving the international trading fleet, if you want.

如果你願意的話，這並不算是蠶食，因為它是一種相鄰的貿易，並不真正涉及國際貿易船隊。

So I would say from December until date, you have -- you're back to or close to normal averages, as you would expect.

因此我想說，從 12 月到現在，你已經恢復到或接近正常平均水平，正如你所期望的那樣。

I think it's merely related to a stronger crude market as well, of course, in that sense.

我認為從這個意義上來說，這當然也與原油市場的走強有關。

And that's also why we believe at the end of last year that it would actually have come off earlier than it did eventually.

這也是為什麼我們在去年年底就相信它實際上會比最終實現的時間更早實現。

But now we are where we are, yes.

但現在我們處於目前的境地，是的。

Frode Mørkedal, I ask you to unmute yourself please.

Frode Mørkedal，請您取消靜音。

Yes.

是的。

On the buyback, just to clarify, are you able to continue that program?

關於回購，我只是想澄清一下，您能繼續該計劃嗎？

Or do you have to declare a new buyback program if you wanted to?

或者如果您願意的話，您是否必須宣布一項新的回購計劃？

And secondly, what's the intention with the shares you intend to cancel?

其次，你打算取消股票的目的是什麼？

Frode, thanks for that.

弗羅德，謝謝你。

To your last question, yes, the bulk of the treasury shares will indeed be canceled.

對於您的最後一個問題，是的，大部分庫存股確實將被取消。

And in terms of the -- yes, of the share buyback, we have the program that ran until was it late January up to $100 million.

就股票回購而言，我們的計畫一直持續到 1 月底，回購金額已達 1 億美元。

If we want to go further, then we'll discuss with the Board and would announce a buyback program going forward.

如果我們想進一步行動，我們將與董事會討論並宣布未來的回購計劃。

Okay.

好的。

Understood.

明白了。

And just generally speaking, what's the verdict on the buyback versus dividends?

一般來說，回購與股利的判決結果如何？

Do you feel differently now after you completed the buyback?

完成回購之後，你的感覺現在有什麼不同嗎？

Or is that -- you still see that as a good tool in the toolbox?

或者說——您仍然認為它是工具箱中的一個很好的工具？

Yes, I think...

是的，我認為…

Yes, I'll take that, Perry.

是的，我接受，佩里。

Thanks, Frode.

謝謝，Frode。

So I think what's important to understand here is that the -- we debate the dividend policy, if you like, with the Board every quarter, right?

因此，我認為這裡需要理解的重要一點是——如果你願意的話，我們每季都會與董事會討論股利政策，對嗎？

But in reality, I mean, our dividend policy that we have established is firm and here to stay.

但實際上，我們制定的股利政策是堅定的，而且會一直持續下去。

The share buybacks were kind of always for us more of an opportunistic approach, i.e., that once we see share price coming down to levels, as we saw now, you bought at 30% discount to NAV, we would look at it.

對我們來說，股票回購一直是一種機會主義的做法，也就是說，一旦我們看到股價下降到我們現在看到的水平，你以比資產淨值低 30% 的價格買入，我們就會考慮。

But it's probably the way to look at it is probably more of an opportunistic view when share prices in our view, are way too low rather than being a permanent thing.

但我們認為，當股價過低時，這可能更像是一種機會主義的觀點，而不是一種永久性的現象。

So the dividend policy, as you always knew it, and the share buybacks are what we try to do ad hoc if we see that share prices are way, way too low compared to the value of the company.

因此，如您所知，股利政策和股票回購是我們在發現股價與公司價值相比太低時嘗試臨時採取的措施。

Yes.

是的。

I agree.

我同意。

I totally understand.

我完全理解。

So as long as you cancel the shares, you will see the effect, right, with higher EPS, all else equal.

所以只要你取消股票，你就會看到效果，對吧，在其他條件相同的情況下，每股盈餘會更高。

Second question on the market really.

第二個問題確實與市場有關。

The slide you showed on the Red Sea, which is really interesting, just to confirm, you basically conclude that if and when the Red Sea reopens, it doesn't really -- well, it has a very small impact on the market.

您展示的有關紅海的幻燈片非常有趣，可以證實這一點，您基本上得出的結論是，如果紅海重新開放，它實際上不會——嗯，它對市場的影響非常小。

That's the conclusion, right?

這就是結論吧？

Correct.

正確的。

So basically, the volume that has been lost due to the Middle East and the Far East in reality being less competitive due to longer trade routes, first of all, higher freight, but certainly versus U.S. refiners delivering into Europe to a large extent.

因此，從根本上說，中東和遠東地區的石油產量損失實際上是由於貿易路線較長、運費較高導致競爭力下降，但肯定在很大程度上與美國煉油商向歐洲的運輸相比。

If you get that volume back, which you highly likely will because the arbitrage East to West will open quite significantly once the trading route becomes shorter, then you will be very close to a status quo versus where we were in Q3 and Q4 last year.

如果你恢復那個交易量，你很有可能會這樣做，因為一旦貿易路線變短，從東到西的套利將會相當大程度地開放，那麼你將非常接近現狀，與去年第三季度和第四季度相比。

Lewis Gregory, can we ask you to unmute yourself?

路易斯·格雷戈里，我們可以請您取消靜音嗎？

Yes, we can hear you now.

是的，我們現在可以聽到你的聲音。

I wasn't quite sure if I had unmute myself.

我不太確定我是否已取消靜音。

Yes, you would think I would know that by now.

是的，您可能認為我現在應該知道這一點。

I was hoping to talk a little bit about just given the focus on the buyback in Q4 and really how asset prices have trended.

我希望就第四季度的回購以及資產價格的實際趨勢進行一些討論。

It looks like since maybe the middle of last year, at least MRs for we'll call a modern tonnage has started to kind of pull back.

看起來，至少從去年年中開始，我們稱之為現代噸位的 MR 型船已經開始回落。

Realizing that no cycle is the same, but as you guys think about asset prices over the next 12 to 18 months, are you seeing the potential for asset prices to stabilize?

我們意識到沒有一個週期是相同的，但是當你們考慮未來 12 到 18 個月的資產價格時，你們是否看到資產價格穩定的可能性？

And really, what I wonder is, I think sometimes people focus on asset prices and they see markers from brokers.

我真正想知道的是，有時人們會關注資產價格，並看到經紀人給出的標記。

This decrease in asset prices, has there been any breadth in the S&P market around these indicated lower prices?

資產價格下跌，標準普爾市場是否出現了預示價格下跌的幅度？

Yes.

是的。

Thank you for the question.

感謝您的提問。

This is Mikael.

這是米凱爾。

So yes, I think it is a really good question because as you say, if you look back historically through cycles, there's obviously a certain element of asset values and freight markets and long-term time charter markets.

是的，我認為這是一個非常好的問題，因為正如你所說，如果回顧歷史週期，顯然會發現資產價值、貨運市場和長期租船市場都有一定的因素。

So I think what we are seeing now is actually more of a situation which you also saw in the dry bulk market is that the freight markets have been sliding a bit last year and now coming back.

因此，我認為我們現在看到的情況實際上更像是乾散貨市場的情況，即貨運市場去年有所下滑，現在正在回升。

Asset prices went down at the end of last year, which is why our net loan-to-value also increased above 20%.

去年年底資產價格下跌，這就是為什麼我們的淨貸款價值比也增加了20%以上。

But you're not really seeing a lot of activity out there.

但你實際上並沒有看到那裡有很多活動。

And I think what you're going to see on asset prices is probably more of a -- what we call like a theoretical valuation mark rather than real transaction values because sellers are not going to buy lower prices and buyers are not going to buy unless they get a real bargain because they want to have more visibility of some of these uncertainties that Søren have just described in the market.

我認為，你將看到的資產價格可能更像是我們所說的理論估值標記，而不是實際交易價值，因為賣家不會以較低的價格購買，而買家除非買到真正的便宜貨，否則也不會購買，因為他們希望對塞倫剛才描述的市場中的一些不確定性有更清晰的了解。

So I think you're going to see a bit of a standstill actually on this because nobody is going to be pressurized to take and sell assets at lower prices when you are looking into the next 2 to 4 years of a potential removal of a dark fleet sanctioned vessels, which is much, much larger than the current order book of newbuilds that's coming into the market.

因此，我認為你實際上會看到這方面的一些停滯，因為當你考慮未來 2 到 4 年內可能淘汰暗艦隊批准的船隻時，沒有人會被迫以較低的價格收購和出售資產，而暗艦隊批准的船隻比目前進入市場的新船訂單要大得多。

So I think right now, when it comes to at least to transactional value, I think, first and foremost, freight markets and long-term time charters have to show more activity before you're going to see actual marks that reflect underlying transactions.

因此，我認為現在，至少就交易價值而言，我認為首先，貨運市場和長期租船必須表現出更多的活動，然後你才能看到反映基礎交易的實際標記。

Okay.

好的。

Okay.

好的。

Great.

偉大的。

And then I did have one more question.

我還有一個問題。

And it's funny because today, as I look at MR rates in the Atlantic and the Pacific, they're kind of right on top of each other.

這很有趣，因為今天當我看到大西洋和太平洋的 MR 率時，發現它們幾乎是互相重疊的。

But really, my question is, as we think about the dark fleet, I mean, roughly speaking, any kind of sense for -- I mean, I'm assuming all of it, but I'll defer to you, the team.

但實際上，我的問題是，當我們思考黑暗艦隊時，我的意思是，粗略地說，任何一種感覺——我的意思是，我假設了這一切，但我會聽從你們，團隊的意見。

How much of the dark fleet is trading Asia versus East?

有多少黑暗艦隊在亞洲和東方之間進行貿易？

And as that happened, as the dark fleet unwinds, could you actually see that the Asian markets outperform the Atlantic markets?

當這種情況發生時，隨著黑暗艦隊的解散，你真的能看到亞洲市場的表現優於大西洋市場嗎？

It seems like it's been the opposite over the last couple of years.

但過去幾年的情況似乎恰恰相反。

The Asian or the Far East market and the U.S. Gulf market to take that, the last part of it first, has been the strongest over the past 2 years really.

亞洲或遠東市場以及美國海灣市場（首先是其最後一部分）在過去兩年中表現最為強勁。

And you can say in terms of the dark fleet, we are counting 400-plus ships that is trading in and out of Russia at the moment being the kind that has a bit of a questionable ownership structure, a little bit older age.

就黑暗艦隊而言，我們統計了目前進出俄羅斯貿易的船隻 400 多艘，這些船隻的所有權結構有些可疑，而且船齡較長。

Predominantly, these ships are actually loading out of the Baltic region and the Black Sea.

事實上，這些船隻主要是從波羅的海地區和黑海地區裝載貨物。

It's more to the crude side when you look at the Asia Pacific Russian loadings, which is more sort of a Suezmax and Aframax game, which is certainly trading above the price cap.

從亞太地區的俄羅斯裝載量來看，情況更偏向原油，更像是蘇伊士型油輪和阿芙拉型油輪的較量，其交易價格肯定高於價格上限。

So I think it's a worldwide thing really.

所以我認為這確實是一個全球性的問題。

If you have a full sanctioning of this fleet as well, whether or not that happens, it's hard to say.

如果您也對這支艦隊進行全面批准，那麼是否會發生這種情況，很難說。

But if it happens, then it's more a total demand thing than anything else.

但如果真的發生了，那麼這更多的是一個總需求問題，而不是其他任何問題。

Then you would have to have replacement barrels coming from something else, which would be the normal fleet it's our sort of fleets that would take over that trade, right.

然後你就必須從其他地方獲得替換桶，也就是正常艦隊，也就是我們的艦隊來接管這項貿易，對吧。

Clement Mullins, can I ask you to unmute yourself?

克萊門特·馬林斯，我可以請您取消靜音嗎？

I wanted to ask about your fleet positioning.

我想問一下你們的艦隊定位。

You have a fairly modern fleet, especially including the vessels owned via the joint ventures.

你們擁有一支相當現代化的船隊，特別是包括透過合資企業擁有的船隻。

And I was wondering, how do you feel about your current split between LR2s, LR1s and MRs?

我想知道，您對目前 LR2、LR1 和 MR 之間的分配有何看法？

Would you like to, let's say, bolster your exposure to any of those in the medium term?

比如說，您是否希望在中期內增加對其中任何一項的投資？

Thank you.

謝謝。

Yes.

是的。

I think the way we normally answer these questions about the assets is really that we see the product tanker market as being one market, basically in the sense that what happens in the LR2 market eventually will also have an effect in the MR market and vice versa.

我認為，我們通常回答這些有關資產的問題的方式實際上是，我們將成品油輪市場視為一個市場，基本上是說，LR2 市場發生的事情最終也會對 MR 市場產生影響，反之亦然。

So we're not really that sensitive about whether it's one size or the other that we invest in.

因此，我們對於所投資的是哪一種規模並不是那麼敏感。

It's actually more about pricing versus earning capability.

事實上，這更多的是關於定價與獲利能力的問題。

To give you an example, back in late '21, when we bought 12 LR1s, the whole reason for that was not necessarily that we just wanted to strengthen our LR1 fleet.

舉個例子，早在 21 年末，當我們購買 12 艘 LR1 時，這樣做的原因不一定是我們只是想加強我們的 LR1 船隊。

It was actually more that the pricing was almost similar to an equivalent age of a medium-range ship at the time.

事實上，其定價幾乎與當時同等年齡的中程艦船相似。

So the extra earning value by paying the same price was just much more attractive in the LR1 segment, which is why we went for that.

因此，以相同的價格獲得額外的收益價值在 LR1 領域更有吸引力，這就是我們選擇它的原因。

But you can say in an ideal world, we wouldn't mind having equal distribution in all asset classes.

但你可以說，在理想世界中，我們不會介意所有資產類別的平等分配。

But for us, it's really only about pricing and earning capability when we invest in ships.

但對我們來說，投資船舶實際上只考慮定價和獲利能力。

Makes sense.

有道理。

In the past, you had mentioned some of your time chartered vessels had purchase options priced below market pricing.

過去，您曾提到，您的一些定期租船的購買選擇權價格低於市場價格。

Asset values have declined a bit from the highs.

資產價值已從高點略有下降。

And I was wondering how does current pricing compare to the options?

我想知道當前定價與選項相比如何？

And secondly, should we expect any of those to be exercised throughout 2025?

其次，我們是否應該預期其中任何一項措施將在 2025 年實施？

Yes.

是的。

Thanks for that question.

謝謝你的提問。

In general, the prices or the purchase prices that we have in these options are still in the money despite the correction that we saw in the last quarter.

總體而言，儘管上個季度出現了調整，但這些選擇權的價格或購買價格仍然處於價內。

So we keep that in mind as long as we have the options and there's value, we have time to consider whether we buy them out or not.

因此，我們會牢記這一點，只要我們有選擇，而且有價值，我們就有時間考慮是否要收購它們。

But overall, still in the money, yes.

但總體來說，還是有錢的，是的。

Dimitrios Chavellas, can you please unmute yourself?

迪米特里斯·查維拉斯 (Dimitrios Chavellas)，您能取消靜音嗎？

Okay.

好的。

Thank you to the gentlemen over at Hafnia for the presentation and the update.

感謝 Hafnia 的先生們的演示和更新。

How probable would you say that it is that moving closer to Q1 results for the current year that your guidance may not be as soft as it is right now?

您認為，隨著今年第一季業績臨近，您的業績指引可能不會像現在這麼寬鬆，這種可能性有多大？

Because I mean, I'm a long-term minority shareholder investor in Hafnia.

因為我是 Hafnia 的長期少數股東投資者。

It's a top position for me.

對我來說這是一個頂級職位。

Fundamentally, I think it's a very quality play on the long term.

從根本上來說，我認為從長期來看，這是一個非常優質的投資。

What is going on is that the price today is falling by 10%, coinciding with the conclusion of your share buyback program, which should have boosted, I think, market sentiment a bit.

現在的情況是，今天的價格下跌了 10%，恰逢你們股票回購計畫的結束，我認為這應該會稍微提振市場情緒。

And I'm just trying to understand because it's more of a short-term thing.

我只是想了解一下，因為這更像是短期的事情。

You touched upon some of the elements, the dark fleet included.

你提到了一些元素，包括黑暗艦隊。

It plays a role, I think, too, Yes.

我認為它也發揮了作用，是的。

It's just that it's such a big drop and it doesn't make sense for me.

只是下降幅度太大了，對我來說沒有意義。

And I'm trying to understand if it's just because the guidance isn't soft because there are so many uncertainty factors influencing the next like 12 to 18 months and if the guidance could get a bit less soft than it is currently perhaps as we -- as the management gets more visibility towards the running area.

而我想了解這是否僅僅是因為指導不夠寬鬆，因為有太多不確定因素影響未來 12 到 18 個月，並且如果指導可以比現在稍微不那麼寬鬆一些，也許隨著我們 - 隨著管理層對運行領域的了解越來越多。

Thank you so much for that.

非常感謝。

This is Mikael.

這是米凱爾。

So I'm not sure exactly what guidance you're referring to, but I'm assuming it's more of the analyst guidance in general or some of the covered rates.

所以我不確定您所指的具體指導，但我假設它更多的是一般的分析師指導或一些涵蓋的費率。

But I think in any case...

但我認為無論如何...

Yes.

是的。

Yes, exactly.

是的，確實如此。

So I think in any case, I mean, I think what we are seeing at the moment, and I know it's a bit difficult these days because there's a lot of uncertainty around.

所以我認為無論如何，我的意思是，我認為我們目前看到的情況，我知道現在有點困難，因為周圍有很多不確定性。

Our view is exactly the same as your view in the sense that there seems to be a lot of uncertainty at the moment in the world, and therefore, people rather say, well, we will rather take the safe process of not sitting on too many exposures rather than being a bit safe on our portfolio.

我們的觀點與您的觀點完全相同，即目前世界上似乎存在許多不確定性，因此，人們寧願說，好吧，我們寧願採取安全的做法，不承擔太多的風險，也不願在我們的投資組合上保持一點安全。

We don't understand.

我們不明白。

There's no factual reason why share price should drop today, for instance, or for that matter, what they did last week when we look at the long-term perspective of this business.

例如，當我們從這個行業的長期前景來看，沒有任何事實理由可以解釋為什麼股價今天會下跌，或者說，上週股價出現什麼下跌。

We appreciate there's some uncertainty around the Red Sea and the war in Ukraine but I think as we try to illustrate here in our presentation, going back to where things were is not bad for our industry.

我們理解紅海和烏克蘭戰爭存在一些不確定性，但我認為，正如我們在演示中試圖說明的那樣，回到原來的狀態對我們的行業來說並不是壞事。

What is bad is actually that when there's uncertainty and people stop taking long-term positions.

事實上，糟糕的是，當存在不確定性時，人們就會停止持有長期部位。

So we are not sitting saying we'd love everything to go on as they were.

因此，我們不會坐下來說我們希望一切按照原來的樣子繼續下去。

We think when things go back to normal, which hopefully they will soon, the big issue here is that 16% of the tanker fleet are either in the dark fleet or sanctioned.

我們認為，當一切恢復正常時（希望很快就能恢復），這裡最大的問題是 16% 的油輪船隊要么處於暗中，要么受到製裁。

And depending on what regulators decide and what happens to that fleet, that is way, way, way, above any form of newbuild entrants into the market.

並且取決於監管機構的決定和該船隊的處理情況，這遠遠超出了任何形式的新建船進入市場的範圍。

At the same time, as you have a demand scenario that's still strong when it comes to oil in general.

同時，整體而言，石油需求依然強勁。

So as you're saying, we can only assume this is like more spot day trading philosophy and sentiment rather than long-term perspective because for us over the next 2 to 4, 5 years, I mean, almost half of the fleet will have to go out for scrap and the order book is nowhere near to be able to replace it.

所以正如你所說的，我們只能假設這更多的是現貨日內交易的理念和情緒，而不是長期觀點，因為對於我們來說，在未來的 2 到 4、5 年內，幾乎一半的船隊將不得不出去拆解，而訂單量遠遠不足以替代它。

So that's kind of our long-term perspective on it.

這就是我們對此的長期看法。

Realizing in between, of course, the geopolitical uncertainties will always, in a way, provoke different reaction from different investors.

當然，我們要意識到，地緣政治的不確定性總是會在某種程度上引發不同投資者的不同反應。

But like you said, we certainly don't think there's any justification whatsoever on the development of the share price that we've seen lately.

但就像您所說的，我們確實不認為我們最近看到的股價走勢有任何道理。

(Operator Instructions) [Jan], may I ask you to take yourself off mute.

(操作員指示)[Jan]，我可以請你取消靜音嗎？

Jan, can you hear us?

簡，你聽得到我們說話嗎？

So Jan, we can't actually hear you.

所以 Jan，我們其實聽不到你的聲音。

If you would like to put your question into the chat or the Q&A instead.

如果您想將問題放入聊天或問答中。

In the meantime, I will move over to a question that we've received in the chat from Oscar.

同時，我將轉到我們在聊天中收到的奧斯卡的一個問題。

We have -- how are you expecting the impact of possible tariffs on upcoming quarters?

您預計可能的關稅將對未來幾季產生什麼影響？

And as the share price is now lower, are you looking for share buybacks for Q1?

由於現在股價較低，您是否考慮在第一季回購股票？

I'll take the tariffs.

我將承擔關稅。

Well, it's a little bit hard to say and it becomes political what is going to happen.

嗯，這有點難說，而且接下來會發生什麼事已經涉及政治問題。

I think the honest answer is that any sort of uncertainty and turmoil in the market is simply good for shipping.

我認為誠實的回答是，市場上的任何不確定性和動盪都對航運有利。

If Mexico has to -- or product from Mexico to the U.S. Gulf has to be delivered from somewhere else, it's longer ton mile, the same product will be needed.

如果墨西哥必須——或者從墨西哥到美國墨西哥灣的產品必須從其他地方運送，那麼噸英里數就會更長，需要的產品也是一樣的。

Canadian crude coming into the Midwest of the U.S. in terms of tariffs there.

就關稅而言，加拿大原油進入美國中西部地區。

You have already seen Vancouver export port open for nighttime berthing elevating their potential for loadings from 20 to 30 Aframaxes a month.

您已經看到溫哥華出口港開放夜間停泊，這將使其每月的裝載能力從 20 艘阿芙拉型油輪提升至 30 艘。

So in a sense, I think it's good for shipping.

所以從某種意義上來說，我認為這對航運有利。

But it really becomes a very political question where -- and what tariffs is it going to be.

但這實際上是一個非常政治化的問題——關稅在哪裡以及具體是多少。

It's even more difficult when you start looking at the potential Chinese build ships being tariffs coming into the U.S., which would be a major part of the fleet, not only for tankers, but for containers and dry cargo and everything else, and it seems difficult to see that that's going to follow through, but God knows, right?

當你開始考慮可能對進入美國的中國建造的船舶徵收關稅時，事情就變得更加困難了，這些船舶將成為美國船隊的主要組成部分，不僅是油輪，還包括集裝箱、幹散貨和其他所有船舶，似乎很難看出這將如何進行，但上帝知道，對吧？

I don't know if that answered that question.

我不知道這是否回答了這個問題。

Okay.

好的。

And there was also another question, Gina, I think, on share buyback, right?

吉娜，我認為還有另一個問題，關於股票回購，對嗎？

And I think we did answer that previously that share buyback will be part of more of an opportunistic approach.

我想我們之前確實回答過，股票回購將是機會主義方法的一部分。

So whenever we and the Board feel that the timing is right, price is right, then as I said, then we may look at it, but it will be more on an ad hoc basis.

因此，只要我們和董事會認為時機合適、價格合適，那麼正如我所說，我們可能會考慮，但這將更多是基於臨時考慮。

Okay.

好的。

And Mikael, we have a second question after about some of the buybacks of shares occurred in Q1 2025.

米凱爾，我們還有第二個問題，關於 2025 年第一季的部分股票回購。

As I understand, this comes out of Q1 dividends that will be paid.

據我了解，這是來自第一季支付的股息。

Can you confirm how many cents per share will the buyback reduce the Q1 dividend?

您能否確認回購將導致第一季股利每股減少多少美分？

Second question, what is your breakeven TCE rate currently?

第二個問題，您目前的損益兩平 TCE 利率是多少？

Sorry, it's Perry.

抱歉，我是佩里。

I was on mute.

我處於靜音狀態。

I don't have the exact cents per share, but we bought back roughly $25 million of shares back in the quarter.

我不知道每股的具體價格，但我們在本季回購了大約 2,500 萬美元的股票。

So divided that by the net shares outstanding, you will have the number per share.

因此，用該數字除以淨流通股數，即可得到每股數量。

Thank you, Perry.

謝謝你，佩里。

Do we have any more questions either via the chat, the Q&A or via the raise hand function?

我們還有其他問題可以透過聊天、問答或舉手功能提出嗎？

I'm not actually seeing anything.

我其實什麼也沒看到。

Yes, there's 2 extra questions coming in, Gina.

是的，還有兩個額外的問題，吉娜。

One more on buybacks and one on the U.S. listing.

還有一個是關於回購的，還有一個是關於美國上市的。

I can take that.

我可以接受。

Yes, I think we discussed a lot about the share buybacks.

是的，我想我們討論了很多關於股票回購的問題。

And as Mikael indicated, we have a very consistent distribution policy in terms of how much we pay out of our net profit.

正如米凱爾所言，就我們從淨利潤中支付多少錢而言，我們有一個非常一致的分配政策。

Focus will be on cash dividends.

重點將放在現金股利。

And as and where we think that there is a very big disconnect, we have the tool of the share buybacks as well.

當我們認為有很大脫節時，我們也可以採用股票回購的工具。

So that is, I think, what we can say about it rather than having any strict mechanical way of looking at that.

所以，我想，這就是我們可以說的，而不是用任何嚴格的機械的方式來看待這個問題。

And then in terms of the U.S. listing, so we've been listed in the U.S. now for, what is it, about 10 months.

然後就美國上市而言，我們現在已經在美國上市了，大約 10 個月。

We've definitely seen stronger interest from investors in the U.S. Also, the trading in the shares has been much stronger since we listed both in Oslo and the U.S.

我們確實看到美國投資者的興趣越來越濃厚。

with actually the bulk of the trading already going through the U.S. Stock Exchange.

實際上大部分交易已經透過美國證券交易所進行。

Okay.

好的。

Thank you, Perry.

謝謝你，佩里。

We have a second half of the question from [Boris]about the TCE breakeven.

[鮑里斯] 提出了有關 TCE 損益平衡的第二半問題。

What is your breakeven TCE rate currently?

您目前的損益兩平 TCE 利率是多少？

I have to look that up one second.

我必須查一下。

So there's one other question as well on the breakdown, then I'll look at the number.

因此，關於細目分類還有另一個問題，然後我會看一下數字。

What's your cash breakeven?

你的現金損益平衡點是多少？

Yes.

是的。

So I said I have to look that up.

所以我說我必須查一下。

If you look at the next question and I'll answer it later.

如果你看下一個問題，我稍後會回答。

We have what is the percentage breakdown of fleet trading on the spot market versus the fleet trading on period charters in 2025?

到 2025 年，現貨市場船隊交易與定期租船交易船隊的比例是多少？

I can take that.

我可以接受。

So basically, if you look at the -- I'm not sure we have published these numbers yet.

所以基本上，如果你看一下——我不確定我們是否已經公佈了這些數字。

But I think for the time being, when you look at for the rest of the year, excluding what we have already fixed in the spot market, I think the numbers we put in the slides, correct me if I'm wrong, Perry and Thomas, is that we fixed 25% of the full year already at $24,000 per day.

但我認為就目前而言，當你看今年剩餘時間的情況時，除去我們已經在現貨市場確定的部分，我認為我們在幻燈片中放出的數字，如果我錯了請糾正我，佩里和托馬斯，是我們已經將全年的 25% 固定在每天 24,000 美元。

For the hedging part, which goes beyond what we fixed in the spot market, we've probably covered around 13% to 14%, which is on a combination of time charter contracts and the rest is spot exposure.

對於對沖部分，它超出了我們在現貨市場上固定的範圍，我們可能已經覆蓋了大約 13% 到 14%，這是定期租船合約的組合，其餘的是現貨風險。

Thank you, Mikael.

謝謝你，米凱爾。

We have another question about -- from [Molly] on any considerations for a Canadian listing.

我們還有另一個問題——來自[Molly]關於在加拿大上市的考慮。

The American listing does not allow Canadian dividend tax credits.

美國上市不允許加拿大股利稅收抵免。

Yes, I can take that one.

是的，我可以接受那個。

We're at the moment, not pursuing listing on another stock exchange.

目前，我們還沒有尋求在其他證券交易所上市。

So we have Oslo and the New York Stock Exchange at the moment.

因此，我們目前有奧斯陸和紐約證券交易所。

Then I see a question on offset of buybacks in January against Q4 dividend.

然後我看到一個關於一月份回購抵銷第四季度股利的問題。

So for the Q4 dividend, we've offset what we spent on the buyback in Q4.

因此，對於第四季度的股息，我們已經抵銷了第四季度回購的支出。

So that's close to $50 million.

這接近 5,000 萬美元。

For the Q1 dividend, we will set off the amount that we spent in Q1 on the share buyback, which is roughly $25 million.

對於第一季的股息，我們將抵銷第一季用於股票回購的金額，約 2,500 萬美元。

Thank you, Perry.

謝謝你，佩里。

We have a question from Jan who has asked, what has surprised you the most regarding the development of the rates since they have changed a lot since the second and third quarter earnings call, and there was no mentioning of an expected drop in rates?

Jan 向我們提出了一個問題，他問道，自從第二季和第三季財報電話會議以來，利率發生了很大變化，而且沒有提到預期的利率下降，利率的發展最讓您感到驚訝的是什麼？

I think what has surprised us the most is that you have a strong buildup towards the latter part of Q3 into Q4 in terms of oil and water and ton miles.

我認為最令我們驚訝的是，從第三季度後期到第四季度，石油、水和噸英里數量都有了強勁增長。

In that sense, the market was probably more tight in December than the rates have actually reflected.

從這個意義上來說，12 月的市場緊張程度可能比利率實際反映的程度還要大。

So our analysis when we spoke last in November was that you would have the cannibalization coming off, the tonne-mile was already creeping up.

因此，我們在 11 月上次談話時的分析是，您將面臨蠶食現象，噸英里數已逐漸增加。

Loaded volumes was already going up.

裝載量已開始上升。

And I think probably sentiment is the big surprise to us in terms of having at some point of time, tight markets that was equivalent of some of the much higher earnings that we have seen, but not seeing that reflected in TCEs, although that fundamentals were actually coming along nicely and showing what they should be showing.

我認為情緒可能是令我們感到意外的一點，在某個時間點，市場緊張，相當於我們所見過的一些高得多的收益，但卻沒有在 TCE 中得到反映，儘管基本面實際上進展良好，並顯示出應有的表現。

It came later and it came into January.

它來得後來一些，已經是一月了。

The market actually did go up, but not to the tune that one would have expected coming from the environment we have been in for the past couple of years.

市場實際上確實上漲了，但從過去幾年的市場環境來看，漲幅並未達到人們所預期的水平。

Thank you, Søren.

謝謝你，Søren。

I am not seeing any more questions in the chat or the Q&A.

我在聊天或問答中沒有看到任何其他問題。

We have one open question.

我們還有一個懸而未決的問題。

So for the Q4, we were around -- on the operating cash flow breakeven.

因此，對於第四季度，我們的經營現金流大致平衡。

So before dry docks, we were around $14,000.

因此，在進入乾船塢之前，我們的成本約為 14,000 美元。

It will be in that range, maybe a little bit higher for Q1.

它會在這個範圍內，對於第一季來說可能稍微高一點。

Okay.

好的。

Great.

偉大的。

Thank you, Perry.

謝謝你，佩里。

I'm not seeing any other questions coming through.

我沒有看到任何其他問題。

I think we'll just take a couple of seconds to see if anything else comes through in the Q&A or chat or raise hand function.

我想我們只需要花幾秒鐘來看看在問答、聊天或舉手功能中是否還有其他內容。

Okay.

好的。

We have one from

我們有一個

[Frank Lopez].

[弗蘭克洛佩茲]。

Can you speak to any plans that might be in place for a global recession in 2025?

您能談談針對 2025 年全球經濟衰退可能製定的任何計劃嗎？

So I think as far as Hafnia is concerned and our long-term strategy has always been to have a strong focus on our cash flow breakevens and to make sure that on the balance sheet part that we could basically make it and through any down cycle that may occur.

因此我認為就 Hafnia 而言，我們的長期策略一直是高度關注我們的現金流盈虧平衡，並確保在資產負債表部分，我們基本上能夠實現目標，並度過可能發生的任何下行週期。

And if you look at the way that Hafnia has kind of built the business over the years, and I alluded to it a little bit before, is that back in 2021, which is the last time we had a negative market, we were basically in a position to go out and be offensive and aggressive in the market and buy assets. when the industry in itself was suffering from poor results.

如果你看看 Hafnia 多年來建立業務的方式，我之前稍微提到過，早在 2021 年，也就是我們最後一次遇到負面市場時，我們基本上處於可以出去進攻和積極購買資產的位置。當時該產業本身正遭遇業績不佳的困擾。

So for us, it's really about the balance sheet discipline.

所以對我們來說，這其實是關乎資產負債表紀律。

It's not about only a recession in '25.

這不僅是25年的經濟衰退。

That's just a general possession of how we want to run the business.

這只是我們想要經營業務的一般方式。

We prefer to have more spot exposure and the counterweight to that has been to have control over the cost side and low cash flow breakeven at levels where we feel that even at the lowest points we've seen historically, Hafnia will still weather through it and more than that, hopefully also be able to reposition, modernize and even increase the fleet as we kind of go into a period of the next, say, 2 to 5 years where we do see there will be still a shortage of product tankers going forward.

我們傾向於擁有更多的現貨敞口，而與此相平衡的是控製成本方面和低現金流盈虧平衡水平，我們認為即使在歷史最低點，Hafnia仍然會渡過難關，更重要的是，希望能夠重新定位、現代化甚至增加船隊，因為我們進入了未來2到5年的時期，我們確實看到未來成品油輪仍然會短缺。

Thank you, Mikael.

謝謝你，米凱爾。

I'm not seeing anything else coming through.

我沒有看到任何其他東西通過。

So thank you, everyone, for your questions.

謝謝大家的提問。

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

今天的演講到此結束。

Thank you so much for attending Hafnia's Fourth Quarter 2024 Financial Results Conference Call.

非常感謝您參加 Hafnia 2024 年第四季財務業績電話會議。

You can find more information available online at hafnia.com. Thank you, everyone.

您可以在 hafnia.com 上找到更多資訊。謝謝大家。