Hafnia Ltd (HAFN) 2025 Q3 法說會逐字稿

Welcome to Hafnia's third quarter 2025 financial results presentation. We will begin shortly. We will be brought through today's presentation by Hafnia's CEO, Mikael Skov; CFO, Perry Van Echtelt; Soren Winther, VP, Commercial; and Thomas Andersen, EVP, Head of Investor Relations. They will be pleased to address any questions after the presentation. (Operator Instructions)

歡迎參加 Hafnia 2025 年第三季財務業績發表會。我們馬上開始。今天，Hafnia 的執行長 Mikael Skov、財務長 Perry Van Echtelt、商業副總裁 Soren Winther 和投資者關係執行副總裁 Thomas Andersen 將為我們帶來精彩的演講。演講結束後，他們將樂於解答任何問題。（操作說明）

During this conference call, some statements may be considered forward-looking, reflecting management's current expectations. 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. Additionally, this conference call does not constitute an offer or solicitation to buy or sell any securities.

在本次電話會議中，某些陳述可能被視為前瞻性陳述，反映了管理階層目前的預期。這些聲明涉及風險、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、績效或計劃與明示或暗示的內容有重大差異。此外，本次電話會議不構成買賣任何證券的要約或招攬。

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

接下來，我很高興將電話交給 Hafnia 的執行長 Mikael Skov。

Thank you, and hello, everyone. We appreciate you joining in Hafnia's third quarter 2025 earnings call. My name is Mikael Skov, CEO of Hafnia. And with me today is our CFO, Perry Van Echtelt; our VP of Commercial, Soren Winther; and our EVP and Head of Investor Relations, Thomas Andersen.

謝謝大家，大家好。感謝您參加 Hafnia 2025 年第三季財報電話會議。我叫米凱爾‧斯科夫 (Mikael Skov)，Hafnia 的執行長。今天陪同我出席的有：財務長 Perry Van Echtelt；商務副總裁 Soren Winther；以及執行副總裁兼投資者關係主管 Thomas Andersen。

Earlier today, we released our Q3 2025 results, which are now available on our website. During this call, we will walk you through our quarterly performance, discuss key market developments, and share updates on our financial position. We will also present our sustainability initiatives before opening the call for questions.

今天早些時候，我們發布了 2025 年第三季業績報告，現在可以在我們的網站上查看。在本次電話會議中，我們將向您介紹我們的季度業績，討論重要的市場發展動態，並分享我們財務狀況的最新資訊。在開放提問環節之前，我們也將介紹我們的永續發展措施。

Let's move to the next slide, slide number 2. Before we proceed, I would like to go through our safe harbor statement. The information discussed on this call is based on information we have today, which may include forward-looking statements that involve risks and uncertainties. Actual results may differ materially from these statements. Nothing presented on this call should be construed as an offer to buy or sell securities. Thank you for your attention. With that, let's begin with a review of our results for the quarter.

我們來看下一張投影片，也就是第 2 張投影片。在繼續之前，我想先回顧一下我們的安全港聲明。本次電話會議討論的資訊是基於我們目前掌握的信息，其中可能包括涉及風險和不確定性的前瞻性陳述。實際結果可能與這些說法有重大差異。本次電話會議中提出的任何內容均不應被解釋為買賣證券的要約。感謝您的關注。接下來，讓我們開始回顧一下本季的業績。

Next slide, slide number 4. The product tanker market started out this year on a softer note, but it strengthened significantly through the third quarter. Higher trading volumes and strong refinery margins drove this.

下一張投影片，第 4 張投影片。今年成品油輪市場開局疲軟，但第三季顯著走強。交易量增加和煉油利潤率強勁是推動這一趨勢的主要原因。

Much of the growth came from increased export flows out of the Middle East and Asia with clean petroleum products on water continuing to rise throughout the quarter. This strong backdrop supported the spot market, and I'm pleased to share that Hafnia delivered another excellent quarter.

大部分成長來自中東和亞洲出口流量的增加，其中水上清潔石油產品出口在整個季度持續成長。在這種強勁的市場環境下，現貨市場表現良好，我很高興地告訴大家，Hafnia 又迎來了一個非常出色的季度。

For Q3, we achieved $150.5 million in adjusted EBITDA and a net profit of $91.5 million, our best quarter so far this year. As part of our fleet renewal strategy, we also sold four older vessels, all built between 2010 and 2012.

第三季度，我們實現了 1.505 億美元的調整後 EBITDA 和 9,150 萬美元的淨利潤，這是我們今年迄今為止最好的季度。作為我們船隊更新策略的一部分，我們還出售了四艘較舊的船舶，這些船舶均建造於 2010 年至 2012 年之間。

Finally, in September, we announced a preliminary agreement to acquire 14.45% of TORM shares from Oaktree. This was followed by a binding share purchase agreement, and we are now waiting for the appointment of a new independent board chair at TORM before we can complete the acquisition.

最後，在 9 月份，我們宣布了一項初步協議，將從 Oaktree 收購 TORM 14.45% 的股份。隨後雙方簽署了具有約束力的股份購買協議，目前我們正在等待 TORM 任命新的獨立董事會主席，之後才能完成收購。

Moving on to slide number 5. Next, I'd like to give you a brief overview of Hafnia and highlight our key investment attributes. Hafnia is a global leader in the product and chemical tanker space. We operate one of the largest and most diversified fleets in the industry.

接下來是第5張投影片。接下來，我想簡單介紹一下Hafnia，並重點介紹我們的主要投資優勢。Hafnia是成品油輪和化學品油輪的全球領導者。我們擁有業界規模最大、種類最齊全的車隊之一。

As of the third quarter, we own and chartered in 126 vessels with an average fleet age of 9.6 years, significantly younger than the industry average. At the end of the quarter, our net asset value was approximately $3.4 billion, translating to $6.76 per share or NOK67.55.

截至第三季度，我們擁有和租賃了 126 艘船舶，船隊平均船齡為 9.6 年，遠低於行業平均水平。截至季末，我們的淨資產價值約為 34 億美元，折合每股 6.76 美元或 67.55 挪威克朗。

Beyond our core fleet operations, we continue to give strength through our complementary business platforms. We commercially manage about 80 third-party vessels across eight pools, and our bunkering procurement platform supports both Hafnia's vessels and external partners, creating additional scale and efficiency benefits.

除了核心的船隊營運之外，我們還透過互補的業務平台不斷增強實力。我們以商業方式管理分佈在八個資金池中的約 80 艘第三方船舶，我們的加油採購平台既支持 Hafnia 的船舶，也支持外部合作夥伴，從​​而創造了額外的規模和效率優勢。

Let's move to the next slide, which is slide number 6. Another key investment attribute of Hafnia is our transparent and consistent dividend policy. We have delivered dividend consistently over the past several years, and our goal has always been to make them sustainable and predictable across the market cycle.

我們來看下一張投影片，也就是第 6 張投影片。Hafnia 的另一個關鍵投資優勢在於我們透明且一致的股利政策。過去幾年，我們一直持續派發股息，我們的目標始終是使股息在整個市場週期中保持可持續性和可預測性。

Our net loan-to-value ratio improved from 24.1% in the second quarter to 20.5%, supported by strong operational cash flows. Approximately $100 million was used to repurchase vessels on the sale and leaseback financings.

由於強勁的營運現金流，我們的淨貸款價值比率從第二季的 24.1% 改善至 20.5%。大約有 1 億美元被用於透過售後回租融資回購船舶。

In addition, vessel market values have also recorded a slight uptick compared to the previous quarter. In line with our dividend policy, we are declaring a payout ratio of 80% for the quarter. This corresponds to a total cash dividend of $73.2 million or $0.1470 per share.

此外，船舶市場價值與上一季相比也略有上漲。根據我們的股利政策，我們宣布本季派息率為 80%。這相當於總計派發現金股息 7,320 萬美元，即每股 0.1470 美元。

For shareholders receiving dividends in Norwegian kroner, the exchange rate will be based on the value date, which is two business days before the payment date. With this quarter, we now mark 15 consecutive quarters of dividend payments, underscoring our commitment to consistent shareholder returns and long-term value creation.

對於以挪威克朗收取股利的股東，匯率將以價值日為準，價值日為支付日前的兩個工作天。本季標誌著我們連續第 15 個季度派發股息，這凸顯了我們對持續股東回報和長期價值創造的承諾。

Soren Winther, our VP of Commercial, will now share the industry review and market outlook.

接下來，我們的商務副總裁索倫·溫瑟將分享產業回顧和市場展望。

Thank you, Mikael. Let me begin with a review of third quarter market conditions within the product tanker market segment, where Hafnia primarily operates and then share our outlook for the months ahead. The product tanker market started 2025 on a softer note, but showed countercyclical strength throughout the third quarter, supported by higher trading activity and tonne-miles.

謝謝你，米凱爾。首先，讓我回顧一下哈夫尼亞主要營運的成品油輪市場領域第三季的市場狀況，然後分享我們對未來幾個月的展望。成品油輪市場在 2025 年開始表現疲軟，但在第三季展現出反週期強勁勢頭，這得益於更高的交易活動和噸英里數。

Clean petroleum product volumes on water for 2025, continue to track above the four-year average, with Q3 showing an unseasonal increase compared to previous years. Importantly, the corresponding rise in daily loaded volumes suggest that total oil and water is being driven by higher export demand rather than longer voice distances.

2025 年水上清潔石油產品產量持續高於四年平均水平，第三季與往年相比出現非季節性成長。重要的是，每日裝載量的相應增加表明，石油和水的總需求是由更高的出口需求驅動的，而不是由更長的航程驅動的。

Moving on to slide 9. While high clean petroleum product volumes usually correlate with stronger earnings, the earnings recovery this quarter was more modest, yet 18% stronger for (inaudible). We also saw a strong rebound and tonne-days during the third quarter, supported by tight gasoline and distillate supply in Europe, stemming from ongoing refinery closures. This dynamic has driven tonne-miles and supported strong trading margins out of the US and the Eastern basin.

接下來是第9張投影片。雖然清潔石油產品產量高通常與獲利成長相關，但本季獲利復甦較為溫和，不過仍比上季成長了18%。（聽不清楚）第三季度，由於歐洲煉油廠持續關閉，導致汽油和餾分油供應緊張，我們也看到了強勁的反彈和噸數的成長。這種動態推動了美國和東部盆地的噸英里運輸量，並支撐了強勁的貿易利潤率。

Moving on to slide 10. On the supply side, despite continued newbuild deliveries in 2025, overall fleet growth has remained limited. This primarily is driven by continued vessel sanctions, and the migration of LR2s into Aframax dirty trading.

接下來是第10張投影片。在供應方面，儘管 2025 年新船交付仍在繼續，但整體船隊成長仍然有限。這主要是由於持續的船舶制裁，以及 LR2 型船向阿芙拉型散裝貨船運輸的轉移所致。

Year-to-date, roughly 88% of the coated LR2 newbuilds have migrated into the dirty market, supported by a stronger crude earnings environment. In effect, the Crude segment has absorbed about 45% of the 2025 coated newbuild program, significantly minimizing increases in clean trading deadweight.

今年迄今為止，約 88% 的塗層 LR2 新造船已轉移到含硫原油市場，這得益於原油收益環境的走強。實際上，原油板塊吸收了 2025 年塗層新造船計畫的約 45%，從而大大減少了清潔貿易無謂損失的增加。

Moving on to slide 11. Beyond the LR2 migration, sanctioned vessels also play a significant role in tightening fleet supply in 2025. The UK, UN, and OFAC have collectively sanctioned more than 400 tankers this year, with roughly 25% of them operate in product segments.

接下來是第11張投影片。除了 LR2 遷移之外，受制裁的船舶在 2025 年收緊船隊供應方面也發揮著重要作用。今年，英國、聯合國和美國財政部外國資產管制辦公室（OFAC）已對 400 多艘油輪實施制裁，其中約 25% 的油輪在成品油領域運作。

This is supportive for product tankers. As it effectively reduces available supply and also limits crude cannibalization, contributing to a tighter overall supply-demand balance. EUs 19th sanctions package, adds another 19 vessels to this list with the new addition split evenly between dirty and clean trading.

這對成品油輪來說是有利的。因為它有效地減少了可用供應，也限制了原油的蠶食，從而有助於實現更嚴格的整體供需平衡。歐盟第 19 輪制裁方案將 19 艘船列入製裁名單，新增船隻中，非法貿易船隻和合法貿易船隻各佔一半。

We estimate that approximately 280 additional vessels have engaged in trade with sanctioned regions, signaling the potential for further sanctions. The dark fleet refers to targets with questionable ownership and an older age profile, while the grey fleet is associated with more reputable ownership.

我們估計，另有約 280 艘船與受制裁地區進行貿易，這預示著可能會有進一步的製裁。「暗黑艦隊」指的是所有權存疑、船齡較長的目標，而「灰燼艦隊」則與信譽較好的所有權相關。

Moving on to slide 12. Bringing together the topics of LR2 migration and vessel sanctions detailed in the previous two slides, overall, clean petroleum product capacity growth in 2025 has been unlimited. Year-to-date, around 12 million coated deadweight has been delivered. We had only about 1.1 million deadweight has effectively entered clean trading. This translates to approximately 0.5% net growth in clean product tanker supply.

接下來是第12張投影片。結合前兩張投影片中詳細介紹的 LR2 遷移和船舶制裁等主題，總體而言，到 2025 年，清潔石油產品產能成長將不受限制。今年迄今為止，已交付約 1200 萬磅塗層船重。我們只有大約 110 萬個無謂債務已經有效地進入了清潔交易階段。這意味著清潔產品油輪供應量淨成長約 0.5%。

Moving on to slide 13. Looking ahead, the supply outlook is less concerning than initially feared or reported. If we apply a 72.5% crude migration factor to future coated LR2 deliveries over the next three years, this implies roughly 11% fleet growth based on the current order book. However, nearly half of that growth is concentrated in 2026 driven by a heavier delivery schedule in the first quarter.

接下來是第13張投影片。展望未來，供應前景沒有最初擔心或報導的那樣令人擔憂。如果我們對未來三年交付的塗層 LR2 車型應用 72.5% 的原油遷移係數，這意味著根據目前的訂單量，車隊規模將增加約 11%。然而，近一半的成長集中在 2026 年，這主要是由於第一季交付計畫的增加。

Slide 14. Clean product cannibalization remained a real threat in Q3 with cannibalization volumes exceeding the three-year average. Despite this, clean product earnings proved resilient throughout the quarter. On a positive note and looking ahead, the current strong earnings environment in the VLCC and Suezmax segments has reduced cannibalization volumes for November to nearly zero. This sets the stage for a robust outlook for the remainder of 2025 into Q1 2026.

第14張幻燈片。第三季清潔產品蠶食仍然是一個真正的威脅，蠶食量超過了三年平均值。儘管如此，清潔產品收益在本季仍保持了韌性。從正面的角度來看，展望未來，VLCC 和 Suezmax 板塊目前強勁的獲利環境已將 11 月的蠶食量減少到幾乎為零。這為 2025 年剩餘時間以及 2026 年第一季的強勁前景奠定了基礎。

Moving on to slide 15. Apart from the factors we have discussed, the continued aging of vessels and potential scrapping also supports a positive supply outlook. Between 2025 and 2028, we expect around 114 million deadweight of newbuilds across Handy to VLCC segments.

接下來是第15張投影片。除了我們討論過的因素外，船舶持續老化和潛在的拆解也支撐了積極的供應前景。2025 年至 2028 年間，我們預計從 Handy 到 VLCC 各個細分市場的新造船總載重將達到約 1.14 億磅。

Over the same period, potential scrapping could approximately be around 167 million deadweight based on typical scrapping ages. Looking further ahead, an additional 87 million deadweight could exit the fleet between 2029 and '30-'31. It is important to note that these estimates do not account for differences in utilization between newbuilds and older vessels.

同期，根據典型的報廢船齡，潛在的報廢量可能約為 1.67 億載重噸。展望未來，2029 年至 2030-31 年間，船隊可能會額外淘汰 8,700 萬載重噸的船舶。值得注意的是，這些估計並未考慮新造船和舊船之間利用率的差異。

Slide 16. Inventory levels are an important indicator within the product tanker market. European diesel inventories have seen significant draws in 2025. With the winter season approaching, Europe will look to replenish inventory.

第16張幻燈片。庫存水準是成品油輪市場的重要指標。2025年歐洲柴油庫存大幅下降。隨著冬季臨近，歐洲將尋求補充庫存。

The end of refinery turnarounds in the US Gulf, Far East, and Middle East during November will free up additional export capacity to support the supply. As I'll explain in later slides, it's also worth noting that South America will rely on increased North American supply over the next two quarters, leaving the Eastern Hemisphere to cover the European import shortfall. This dynamic is expected to drive higher volumes and longer tonne-miles.

11 月美國海灣地區、遠東和中東煉油廠檢修期的結束將釋放額外的出口產能，以支持供應。正如我將在後面的幻燈片中解釋的那樣，值得注意的是，在接下來的兩個季度裡，南美洲將依靠北美增加的供應，而東半球將彌補歐洲的進口缺口。預計這種趨勢將推動銷售成長和噸英里數增加。

Slide 17. With continued drawdowns and refinery turnarounds, refinery margins have been on the rise in 2025. This typically correlates with higher earnings, further supporting the underlying market strength over the first quarter of 2026.

第17頁。由於煉油廠持續減產和檢修，2025 年煉油廠利潤率上升。這通常與更高的收益相關，進一步支撐了 2026 年第一季的潛在市場強勢。

Slide 18. The longevity of strong refining margins and resulting transportation demand is set to continue in Q1 2026. Fundamentally, European supply and rising transportation volumes depends on sufficient oil availability and the pricing structure that supports underlying arbitrages.

第18張幻燈片。強勁的煉油利潤率和由此產生的運輸需求預計將在 2026 年第一季繼續保持。從根本上講，歐洲的石油供應和不斷增長的運輸量取決於充足的石油供應和支撐潛在套利的定價結構。

Forward arbitrage from the US Gulf and the East to Europe, is trending high for the remainder of 2025 into 2026. This supports forward trading volumes and underscores the real and sustained demand from Europe to cover for the winter season and replenish low inventories.

從美國墨西哥灣沿岸和東部到歐洲的遠期套利，在 2025 年剩餘時間和 2026 年將保持在高位。這支撐了遠期交易量，並凸顯了歐洲為應對冬季需求和補充低庫存而產生的真實且持續的需求。

Slide 19. Geopolitical tensions continue to influence the product tanker market. Following Ukraine's drone strikes on Russian refineries, clean petroleum product exports from Russia have declined significantly, while crude exports have correspondingly increased. This leads Russia's ability to supply clean petroleum products to South America and West Africa, prompting substitute barrels from the US Gulf and Europe.

第19張幻燈片。地緣政治緊張局勢持續影響成品油輪市場。在烏克蘭無人機襲擊俄羅斯煉油廠後，俄羅斯清潔石油產品出口大幅下降，原油出口也相應增加。這使得俄羅斯有能力向南美和西非供應清潔石油產品，促使美國墨西哥灣沿岸和歐洲的石油轉向替代。

These shifts drive higher tonne-miles on the non-sanctioned fleet, pushing the overall utilization. We're already seeing a decline in South American imports from Russia, accompanied by corresponding increases in imports from the US Gulf.

這些變化導致非正規車隊的噸英里數增加，從而提高了整體利用率。我們已經看到南美洲從俄羅斯的進口量下降，同時，從美國海灣地區的進口量也相應增加。

Moving on to slide 20. Further on geopolitical tensions. In early Q4, the Trump administration facilitated a piece plan between Israel and Hamas, aimed at ending hostilities. While this could eventually lead to a gradual reopening of the Red Sea, we expect the process to take time.

接下來是第20張投影片。關於地緣政治緊張局勢的進一步討論。第四季初，川普政府促成了以色列和哈馬斯之間的一項和平計劃，旨在結束敵對行動。雖然這最終可能導致紅海逐步重新開放，但我們預計這個過程需要時間。

Our analysis suggests that the potential impact of a Red Sea reopening may be less than initially anticipated. If Red Sea transits return to normal, Suez canal traffic could regain the equivalent of roughly 180 MRs in transportation demand. While tonnage demand loss via the Cape of Good Hope are projected at around 230 MRs.

我們的分析表明，紅海重新開放的潛在影響可能小於最初預期的影響。如果紅海航運恢復正常，蘇伊士運河的運輸需求可能會恢復到約 180 MR。預計經由好望角的噸位需求損失約 230 百萬噸。

The net effect on total arbitrage transportation volumes, while the Suez canal is about 43 MR equivalents. This implies a minimal negative market impact of approximately 6 MR units.

對總套利運輸量的淨影響，而蘇伊士運河則約為 43 MR 當量。這意味著對市場的負面影響最小，約 6 個 MR 單位。

Moving on to the next slide, where Perry, our CFO, now will bring you through the financial developments.

接下來請看下一張投影片，我們的財務長佩里將為大家介紹財務方面的最新進展。

Thanks, Soren. If we move to next page, 22. We indeed had another strong quarter as market conditions strengthened, fueled by higher trading activity and firm refinery margins. For Q3, we reported adjusted EBITDA of $150.5 million and a net profit of $91.5 million, which is our best quarterly results of 2025 so far.

謝謝你，索倫。如果我們翻到下一頁，22。隨著市場狀況走強，交易活動增加和煉油利潤率堅挺，我們確實又迎來了一個強勁的季度。第三季度，我們公佈的調整後 EBITDA 為 1.505 億美元，淨利潤為 9,150 萬美元，這是我們 2025 年迄今為止最好的季度業績。

Our Fee-based business in the pools remained steady, contributing $7.1 million in fee income. And we maintained strong profitability metrics with an annualized return on equity of 15.9% and a return on invested capital of 12.8%.

我們在博彩池中的收費業務保持穩定，貢獻了 710 萬美元的收費收入。我們維持了強勁的獲利能力指標，年化股本回報率為 15.9%，投資資本回報率為 12.8%。

Moving on to the operating summary. We continue to generate strong operating cash flows, supported by a boost balance sheet and further declining breakeven levels. For the quarter, TCE income stood at $247 million with an average TCE of $26,040 per day.

接下來是營運概要。在資產負債表改善和損益平衡點進一步下降的支持下，我們持續產生強勁的營運現金流。本季度，TCE 營收為 2.47 億美元，平均每天 TCE 為 26,040 美元。

A meaningful portion of our fleet was built in 2015 and 2016, leading to a relatively high number of drydockings. And this quarter's performance also reflected the impact of several vessels undergoing drydocking.

我們船隊中有相當一部分是在 2015 年和 2016 年建造的，因此進塢維修的次數相對較多。本季的業績也反映了多艘船舶進行乾船塢維修的影響。

We recorded approximately 740 off-hire days in Q3, which is about 230 days above our initial expectations, primarily due to drydock glass and two vessels undergoing special cargo tank recoating. Across the first three quarters of '25, we have drydocked 32 vessels and expect to complete another 14 in the fourth quarter.

第三季我們記錄了約 740 個停租日，比我們最初的預期高出約 230 天，這主要是由於乾船塢玻璃和兩艘船舶進行特殊貨艙重新塗層。2025 年前三個季度，我們已經完成了 32 艘船舶的乾船塢維修，預計第四季也將完成 14 艘船舶的乾船塢維修。

While we still have several vessels scheduled for drydocking in the coming quarters, we do expect off-hire days to decline and taper down to around 440 in the fourth quarter. This positions us well for stronger utilization and earnings momentum heading into 2016.

儘管我們仍有幾艘船舶計劃在未來幾艘進行乾船塢維修，但我們預計停租天數將會減少，並在第四季度逐漸減少到 440 天左右。這將使我們在進入 2016 年時擁有更強勁的利用率和盈利勢頭。

And turning to the balance sheet. We made significant progress this quarter. Our net LTV ratio based on our 100% owned fleet improved from 24.1% at the end of Q2 to 20.5%, supported by strong operational cash flows.

接下來來看資產負債表。本季我們取得了顯著進展。在強勁的營運現金流支持下，我們基於 100% 自有車隊的淨 LTV 比率從第二季末的 24.1% 改善至 20.5%。

Across 2025, we have also reduced our weighted average debt margins by more than 50 basis points, further strengthening our financial position by securing very attractive pricing on new financings. During the quarter, we have used $100 million of our excess liquidity alongside debt refinancing to repurchase 14 vessels that are under -- that were under sale and leasebacks. Vessel market values remained stable, showing a slight uptick from the previous quarter.

到 2025 年，我們還將加權平均債務利差降低了 50 多個基點，透過獲得極具吸引力的新融資定價，進一步鞏固了我們的財務狀況。本季度，我們利用 1 億美元的超額流動資金以及債務再融資，回購了 14 艘先前處於售後回租狀態的船舶。船舶市場價值保持穩定，較上一季略有上漲。

On the right, you can see our liquidity position. Following the signing of our $750 million revolving credit facility, we ended the quarter with over $630 million in total available liquidity, consisting of around $130 million in cash and $500 million in undrawn financing capacity. As mentioned earlier, we recently announced the agreement to acquire 14.45% of TORM shares. And let me clarify how this will be reflected in our net LTV calculation upon effectiveness of that transaction.

右邊顯示的是我們的流動狀況。在簽署了 7.5 億美元的循環信貸協議後，我們本季末擁有超過 6.3 億美元的可用流動資金，其中包括約 1.3 億美元的現金和 5 億美元的未提取融資額度。如前所述，我們最近宣布了收購 TORM 14.45% 股份的協議。接下來我將闡明，該交易生效後，這將如何反映在我們的淨貸款價值比 (LTV) 計算中。

In addition to broker valuations for our wholly owned vessels, we will incorporate the lower of the investments market value or its purchase price. This ensures that the investment is reflected in our leverage metric, while also maintaining the integrity of our dividend policy, which is designed to balance our capital structure and our asset strength.

除了經紀人對我們全資擁有的船舶的估值外，我們還將採用投資市值或購買價格中較低的那一個。這確保了投資能夠反映在我們的槓桿指標中，同時也維持了我們股利政策的完整性，該政策旨在平衡我們的資本結構和資產實力。

Looking ahead, our solid financial position and effective cost structure supports an operational cash flow breakeven of below $13,000 per day for 2026. Given the current market environment, this positions us very well for another year of strong earnings.

展望未來，我們穩健的財務狀況和有效的成本結構將支援 2026 年每日營運現金流損益平衡點低於 13,000 美元。鑑於目前的市場環境，這為我們明年繼續保持強勁盈利奠定了非常有利的地位。

If we look for that on the next page. So we look towards conclusion of Q4, as of November 14, we have secured 71% of our Q4 earnings days at an average rate of $25,610 per day. For 2026, we already have 15% of our earning days covered at an average rate of $24,506 per day, giving us a strong head start to the year ahead.

如果我們在下一頁找到的話。因此，展望第四季末，截至 11 月 14 日，我們已經確保了第四季度 71% 的收益日，平均每天收益為 25,610 美元。2026 年，我們已經實現了 15% 的收入保障，平均每天收入為 24,506 美元，這讓我們在新的一年裡擁有了強勁的開端。

If you look at that based on the Q4 covered rates and also the analyst consensus, 2025 points toward net profits for the full year in the range of $300 million to $350 million. This positions us exceptionally well as we also move into 2026.

如果根據第四季覆蓋率以及分析師的共識來看，2025 年全年淨利將在 3 億至 3.5 億美元之間。這使我們在邁入 2026 年之際處於非常有利的地位。

And Mikael, over to you for the next few slides.

接下來幾張投影片就交給米凱爾了。

Thank you for this. And let me now turn to Hafnia sustainability strategy and goals, and we are on slide 27. As a global leader in the product tanker segment, we do recognize the critical role we play in shaping the maritime ecosystem.

謝謝。現在讓我們來談談哈夫尼亞的永續發展策略和目標，我們現在在第 27 頁。身為成品油輪領域的全球領導者，我們深知自身在塑造海運生態系統中扮演的關鍵角色。

We hold ourselves to the highest operational and environmental standards with a clear commitment to creating a positive difference. Across the value chain, we are deepening collaboration with strategic partners, regulators, and key international bodies to codevelop solutions to the challenges our industry faces. These efforts ensure that Hafnia remains firmly positioned at the forefront of the energy transition, not just adapting, but leading the way forward.

我們秉持最高的營運和環境標準，並堅定致力於創造積極的改變。在整個價值鏈中，我們正在深化與策略夥伴、監管機構和主要國際機構的合作，共同開發解決方案，以應對我們產業面臨的挑戰。這些努力確保哈夫尼亞始終穩居能源轉型的前沿，不僅適應轉型，也引領轉型。

Moving to slide 28. Here, we showcased some of the strategic initiatives we've been working on to strengthen our competitive edge. Take Seascale Energy, for example, this joint venture creates powerful synergies with our existing operations and enables us to deliver reliable, scalable solutions across the maritime sector.

轉到第28張投影片。在這裡，我們展示了一些我們一直在努力加強自身競爭優勢的策略性舉措。以 Seascale Energy 為例，這家合資企業與我們現有的業務產生了強大的協同效應，使我們能夠為整個海事領域提供可靠、可擴展的解決方案。

In parallel, we're advancing our technological capabilities through our strategic investment in Complexio. Complexio leverages both structured and unstructured data to create a detailed operational landscape, enabling automation of recurring processes such as chartering, ship clearance, finance management and contract negotiation. These initiatives reinforce Hafnia's position at the forefront of innovation in the maritime sector, ensuring we remain agile, efficient, and future-ready.

同時，我們透過對 Complexio 的策略性投資，提升了自身的技術能力。Complexio 利用結構化和非結構化資料創建詳細的營運環境，從而實現租船、船舶清關、財務管理和合約談判等重複性流程的自動化。這些舉措鞏固了哈夫尼亞在海事領域創新前沿的地位，確保我們保持敏捷、高效，並為未來做好準備。

Slide 29. Looking ahead, Hafnia remains well positioned for the remainder of the year. With winter approaching, seasonal demand is expected to support the oil market, driving higher earnings through increased tonnes-miles activity and strong operational dynamics.

第29頁。展望未來，Hafnia 在今年剩餘的時間裡仍處於有利地位。隨著冬季臨近，季節性需求預計將支撐石油市場，透過增加噸英里活動和強勁的營運動力推動更高的收益。

I'm encouraged by the underlying market strength and proud that we've delivered solid results while maintaining our 80% dividend payout ratio. We will continue to exercise disciplined financial management and pursue strategic opportunities that enhance our competitive position.

我對市場的基本面強勁感到鼓舞，並為我們在保持 80% 股息支付率的同時取得穩健的業績而感到自豪。我們將繼續實行嚴格的財務管理，並尋求能夠提升我們競爭地位的策略機會。

Before concluding, I want to stress an important concern. As Ukrainian ceasefire discussions progress, policymakers and the shipping industry must ensure the vessels from the dark fleet often operating with poor safety standards are not allowed back into mainstream trade. Doing so (technical difficulty).

在結束之前，我想強調一個重要問題。隨著烏克蘭停火談判的推進，政策制定者和航運業必須確保那些經常以低安全標準運作的「黑船隊」的船隻不被允許重新進入主流貿易。這樣做（技術難題）

(technical difficulty) the supply into South America has gone back to the conventional tonnage, adding a little bit more tonne-mile there, whereby on the DPP trading side, especially on Aframax', you have seen some more influx of not sanction tonnage, of course, but the grey fleet entering into an already busy Aframax market on the dirty trade.

（技術難題）對南美的供應已經恢復到常規噸位，增加了一些噸英里數，而在DPP貿易方面，尤其是在阿芙拉型散裝貨船方面，你會看到一些未經批准的噸位湧入，當然，這是因為灰色船隊進入了已經繁忙的阿芙拉型散裝貨船市場。

For CPP, it's a positive result.

對於CPP來說，這是一個正面的結果。

Yes, you can say it certainly feels like a positive for now, and we don't seem to find a lot of competition from the dark fleet yet, at least.

是的，可以說目前來看這確實是一個正面的訊號，而且至少我們似乎還沒有遇到太多來自黑暗艦隊的競爭。

Omar, I can see you have your hand up? Can you unmute yourself, please?

奧馬爾，我看到你舉手了？請您解除靜音。

Thanks for the update. I did have just maybe a couple of questions and perhaps maybe first, just on the -- do you mind revisiting that Red Sea slide? I thought that was quite interesting. You mentioned the opening would perhaps not be as significant to fleet supply as initially thought. And just want to get a sense of if you wouldn't mind just explaining a bit more how you got to those figures, especially that part about the 43 cross hemisphere regains.

謝謝你的更新。我確實有幾個問題，首先，關於——您介意再去看看紅海滑梯嗎？我覺得這很有趣。你提到，這次開放或許不會像最初預想的那樣對艦隊補給產生重大影響。我只是想了解一下，如果您不介意的話，能否再解釋一下您是如何得出這些數字的，特別是關於 43 次跨半球收復失地的那部分。

Yes. Soren again, here. So the analysis we have done is based on historic data on a general note. So if you take pre-battle (inaudible) closing volumes and anticipate that those volumes would come back the market if Suez reopened in the sense that Middle East will then be the more competitive supplier into Northwest Europe and Mediterranean again in the event of a reopening.

是的。又是索倫。因此，我們所做的分析總體上是基於歷史資料。因此，如果你參考戰前（聽不清楚）的收盤成交量，並預期如果蘇伊士運河重新開放，這些成交量將恢復到市場水平，這意味著一旦運河重新開放，中東將再次成為西北歐和地中海地區更具競爭力的供應商。

So what you're looking at is that it's taking the volumes that you would regain out of Suez or trading by Suez again, and we have offset the full gains that we have had for trading via the Cape of Good Hope and added the volume to come back to normal averages of East to West volumes, which then boils down to a limited impact on the market.

所以，你看到的是，它拿走了你本可以從蘇伊士運河或再次通過蘇伊士運河進行貿易中獲得的交易量，我們已經抵消了通過好望角進行貿易所獲得的全部收益，並增加了交易量，使東西向交易量恢復到正常平均水平，這最終對市場的影響是有限的。

What you can see on that slide is what is that going to do to trade flows on a general note. Is that going to be a positive for the US Gulf, which has been a big driver over Q3 for sure. And if you have more supply out of the Middle East, that's probably positive for the LR1s and LR2s, whereby there will be other trade flows out of the US gold for the MRs and probably more tuned towards the South American region.

您可以在這張投影片上看到，這將對整體交易流量產生什麼影響。這對美國海灣地區來說是否會是個好消息？海灣地區無疑是第三季經濟成長的主要驅動力。如果中東的黃金供應量增加，這對 LR1 和 LR2 黃金來說可能是利好消息，因為屆時美國黃金將有其他貿易流向 MR 黃金，而這些貿易流可能會更多地轉向南美地區。

Okay. That's quite helpful. And maybe just touching on that point in terms of just transiting and what compels that you or maybe the industry do want to return. Obviously, I think a big part of it is perhaps insurance premiums. Have you seen any kind of shift or change in insurance costs, what's being quoted to transit in the region?

好的。這很有幫助。或許可以稍微談談過渡時期，以及是什麼促使你或整個產業想要回歸。顯然，我認為很大一部分原因可能是保險費。您是否注意到保險成本有任何變化或波動？該地區的交通運輸保險報價如何？

Not really yet, the big -- well, the big, I mean, at least the well-known owners on the clean side is not yet transiting. So there's not a lot of movement there. You have seen other parts of the lead, for instance, some Middle Eastern traders, that is sending their tonnage through the Red Sea. So I think you would see a mild increase in the volume that actually goes through the Red Sea today. But on an insurance and on a general willingness to try it out, not so much, to be honest.

還沒有真正發生，大的——好吧，我的意思是，至少乾淨一方的知名業主還沒有過渡。所以那裡並沒有太多動靜。例如，您可能已經看到其他一些貿易商，例如一些中東貿易商，他們正透過紅海運送貨物。所以我認為，如今流經紅海的水量會有輕微增加。但說實話，對於保險和嘗試的意願，就沒那麼強烈了。

So [Clement], can you unmute yourself, please?

所以[克萊門特]，請你解除靜音好嗎？

I wanted to start by asking about the exercise of purchase options you pursued on vessels under sale and lease back. Could you talk a bit about the effect you expect this to have on your all-in cash breakeven for the vessels involved?

我想先問一下，你們在對售後回租船舶行使購買選擇權的情況。您能否談談您預計這會對相關船舶的綜合現金損益平衡點產生什麼影響？

Hi, Clement. Good question. It's Perry here. I don't have the effect on the specific vessels. We purchased -- we had quite good and regular frequent purchase options on those leases.

你好，克萊門特。問得好。我是佩里。我對特定血管沒有影響。我們購買了——我們在這些租賃合約中擁有相當不錯且定期的購買選擇權。

So as part of our refinancing, we took them out across the board with all the refinancings that we've done since the summer, that has improved our cash flow breakeven quite significantly. I think for next year, that will bring us somewhere below the $13,000 a day. But we don't have anything for on a per vessel basis. It's also less relevant.

因此，作為我們再融資計劃的一部分，我們在夏季以來進行的所有再融資中都全面剔除了這些債務，這大大改善了我們的現金流盈虧平衡點。我認為明年我們的日收入會低於 13,000 美元。但我們沒有以船舶計算的費用。它也不太相關。

Makes sense. The color is still helpful. And you've continued divesting the older end of the fleet in recent months. How are you thinking about potential fleet renewal growth at current pricing? And secondly, should we consider the acquisition of TORM shares, likes that kind of fleet expansion, or how do you view it?

有道理。顏色仍然很有用。近幾個月來，你們一直在逐步淘汰船隊中較老舊的船隻。您如何看待當前價格下潛在的車隊更新成長？其次，我們是否應該考慮收購 TORM 的股份，就像這種艦隊擴張一樣？您對此有何看法？

Hi, it's Soren, again. You can say that our strategy over the past couple of years on the newbuild purchase side has always been linked to bigger projects, will cover somewhat forward. Perry -- and looking at newbuild prices now, that will probably be our strategy still. But -- well, yes, it's I guess, it all boils down to a better market than this, I think we are probably not in a situation now where we would look at a big newbuild program at current levels.

大家好，我是索倫。可以說，過去幾年我們在新建房屋採購方面的策略一直與大型專案相關，並且在一定程度上會向前發展。佩里——看看現在的新船價格，這可能仍然是我們的策略。但是——嗯，是的，我想，歸根結底，這取決於市場狀況，我認為我們現在的情況可能不適合以目前的水平開展大型新船建造項目。

And I'm actually not seeing any more raise hands, actually, so Omar -- so Clement, if you can take your hands down if you finished, and then Omar, can you unmute yourself?

實際上，我沒看到有人再舉手了，所以奧馬爾——克萊門特，如果你已經說完了，可以把手放下了嗎？然後奧馬爾，你能解除靜音嗎？

Yes, can you hear me?

是的，你聽得到我說話嗎？

Yes.

是的。

Yes.

是的。

Just wanted a follow-up on just a net LTV for half year at 3Q, obviously, a very nice drop from 24% to 20%. Obviously, precise like quarter over quarter. It seems that you're pace to perhaps get below 20% at the end of the fourth quarter, which, I guess, presumably triggers you back into that 90% payout threshold. Do you forecast that happening, or do you take into account the pro forma acquisition of the TORM stake at that point?

我只是想了解一下第三季上半年的淨貸款價值比 (LTV)，顯然，從 24% 到 20% 有非常不錯的下降。顯然，精確到四分之一英里。看來你的收益率可能會在第四季末跌破 20%，我猜，這大概會觸發你重新達到 90% 的派息門檻。您預測這種情況會發生，還是會考慮屆時對 TORM 股份的模擬收購？

Yes. Hi, Omar, it's Perry. Good question. Net LTV at the end of Q3 is 20.5%. As we always do, we are consistent with our dividend policy and our dividend payout ratio.

是的。嗨，奧馬爾，我是佩里。問得好。第三季末淨客戶終身價值為 20.5%。我們將一如既往地堅持我們的股息政策和股息支付率。

So of course, that would depend on where values are in the quarter. As we've also announced earlier in September that when we include -- once that deal closes, we include TORM stake at market value and purchase price, low of the both and then also including the debt. So that obviously will bring the net LTV all in all some -- probably somewhere in the middle of that range.

當然，這取決於當季的具體數值。正如我們在 9 月初宣布的那樣，一旦交易完成，我們將按市值和購買價格中的較低者計入 TORM 的股份，然後還要計入債務。所以很顯然，這將使淨 LTV 總體上達到——可能在這個範圍的中間某個位置。

I don't see any more raised hands. So I'm actually going to move on to the chats and the Q&A. So we have a question in our chat, which I will direct to Perry, regarding whether we plan on purchasing further shares in TORM?

我沒看到有人再舉手了。接下來我要進入聊天和問答環節。所以，我們聊天中有一個問題，我會把它轉給佩里，關於我們是否計劃購買更多 TORM 的股份？

Yes, that's not so much to come down. We've mentioned also in the earnings release that there's one more condition outstanding for the close of the stake that we've announced for 40.45%, and can't really comment or add on questions or suggestion of further purchases.

是的，這降幅並不大。我們在收益報告中也提到，我們宣布的 40.45% 股權收購完成還有一個未滿足的條件，對於進一步收購的問題或建議，我們無法發表評論或補充。

Moving on to the next question. So we have someone asking that we mentioned in our detailed release the pool earnings for the week beginning November 17, 2025. Is it only the week's earnings, or is it from the first of October to November 17, 2025?

接下來是下一個問題。有人問到，我們在詳細的公告中提到了 2025 年 11 月 17 日開始的那一週的獎金池收益。是指本週的收入，還是指從 2025 年 10 月 1 日到 11 月 17 日的收入？

Thank you for the question. That's for the week of -- starting November 17, so that week's earnings only.

謝謝你的提問。這是指從 11 月 17 日開始的那一周，所以只是那一周的收入。

Thank you, Thomas. I'm just giving it a few more seconds to see if we receive anymore raise hands or any more questions in the Q&A or the chat.

謝謝你，托馬斯。我再等幾秒鐘，看看問答環節或聊天室裡是否還有人舉手或提問。

All right. Well, thank you, everyone. So today, we've come to the end of today's presentation. So thank you for attending Hafnia's third quarter to 2025 financial results conference call. You can find more information available on our website at www.hafnia.com. Thank you, everyone.

好的。謝謝大家。今天的演講到此結束。感謝各位參加 Hafnia 2025 年第三季財務業績電話會議。更多資訊請造訪我們的網站 www.hafnia.com。謝謝大家。