Hafnia Limited (HAFN) 2026 Q1 法說會逐字稿

Welcome to Hafnia's first quarter 2026 financial results presentation. We will begin shortly. You will be brought through today's presentation by Hafnia's CEO, Michael Skov; CFO, Perry Van Echtelt; Soren Winter, VP, Commercial; and Thomas Anderson, EVP, Head of Investor Relations. They will be pleased to address any questions after the presentation. (Operator Instructions)

歡迎參加 Hafnia 2026 年第一季財務業績簡報會。我們將於稍後開始。今天的簡報將由 Hafnia 執行長 Michael Skov、財務長 Perry Van Echtelt、商務副總裁 Soren Winter，以及投資人關係主管（EVP）Thomas Anderson 帶領進行。簡報結束後，他們很樂意回答各位的提問。(接線員指示)

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，部分陳述可能被視為前瞻性陳述，反映管理層目前的預期。這些陳述涉及風險、不確定性及其他因素，其中許多超出 Hafnia 的控制範圍，可能導致實際結果、表現或計畫與所明示或暗示者出現重大差異。此外，本次電話會議不構成任何買入或賣出任何證券之要約或招攬。

With that, I'm pleased to turn the call over to Hat and CEO, Michael Scott.

接下來，我很高興把電話交給董事長兼執行長 Michael Scott。

Thank you, and hello, everyone and thanks for joining Hafner's first quarter 2026 earnings call. I'm Michael Skol, CEO of Haffner. With me today are our CFO, Perianaktelt, our VP of Commercial, SonWinter, and our Head of Investor Relations, Thomas Anderson.

謝謝，各位好，感謝各位參加 Hafner 2026 年第一季法說會。我是 Haffner 的執行長 Michael Skol。今天與我一同出席的有我們的財務長 Perianaktelt、商務副總裁 SonWinter，以及投資人關係主管 Thomas Anderson。

We released our first quarter 2026 results earlier today, and you can find them on our website. On today's call, we will cover our Q1 highlights the latest market developments, including the significant geopolitical disruptions that have shaped the quarter and then give an update on our financial position. We will also talk on our sustainability initiatives before concluding the presentation.

我們已於今日稍早發布 2026 年第一季業績，您可在我們的網站上查閱。在今天的電話會議中，我們將回顧第一季重點、最新市場發展（包括對本季造成重大影響的地緣政治擾動），並更新我們的財務狀況。在結束簡報前，我們也會談到我們的永續發展倡議。

Let's move to the next slide. 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 in this call should be construed as an offer to buy or sell securities.

我們進入下一張投影片。在繼續之前，我想先說明我們的安全港聲明。本次電話會議所討論的資訊係基於我們目前掌握的資訊，其中可能包含涉及風險與不確定性的前瞻性陳述。實際結果可能與這些陳述存在重大差異。本次電話會議所呈現的任何內容均不應被解讀為買入或賣出證券之要約。

Next slide. We now move to slide number 4, and let's begin with a review of our results for the quarter. The first quarter was a transformative quarter for the tanker industry largely defined by geopolitical disruption without modern precedent. The closure of the Strait of Hormuz has fundamentally reshaped global oil trade flows during the quarter. Against this backdrop, we delivered a net profit of $179.7 million, nearly 3 times our first quarter 2025 result supported by higher freight rates, which tightened tanker supply and disruptions of trading routes around the world.

下一張投影片。我們現在來到第 4 張投影片，先回顧本季的業績表現。第一季對油輪產業而言是具轉折性的季度，主要由前所未有的地緣政治擾動所定義。荷姆茲海峽的關閉在本季從根本上重塑了全球原油貿易流向。在此背景下，我們實現淨利 1.797 億美元，接近 2025 年第一季的 3 倍；此表現受惠於更高的運價、油輪供給趨緊，以及全球各地航線受干擾所致。

On our forward coverage, 73% of Q2 earnings days has been covered at $46,600 per day, supporting our expectation of a stronger second quarter. On the fleet activity side, we continue to divest older vessels during the quarter as per our fleet renewal strategy in maintaining a low average age modern fleet. Importantly, we have also announced the signing of a contract for eight new MR newbuilds with Hundai Heavy Industries, with delivery is expected between Q3 2028 and second quarter 2029. Further to that, we recently exercised two additional options with the same yard for delivery in 2029.

就我們的遠期覆蓋而言，第二季（Q2）收益日中已有 73% 以每日 46,600 美元鎖定，支持我們對第二季更強勁表現的預期。在船隊營運方面，我們依照船隊汰舊換新策略，於本季持續處分較老舊船舶，以維持平均船齡較低的現代化船隊。更重要的是，我們也宣布與現代重工（Hundai Heavy Industries）簽署 8 艘新造 MR 船合約，預計交付期介於 2028 年第三季至 2029 年第二季。此外，我們近期也在同一船廠行使另外兩項選擇權，預計於 2029 年交付。

This is a meaningful step in our fleet renewal strategy, locking in modern, efficient tonnage at an attractive point in the cycle, continuing our focus on modernizing the fleet and reducing average fleet age as well as strengthening our long-term earnings capacity.

這是我們船隊更新策略中的重要一步：在景氣循環中具吸引力的時點鎖定現代化且高效率的運力，持續聚焦船隊現代化並降低平均船齡，同時強化我們的長期獲利能力。

Let's move to the next slide. Hafnia remains the global leader in product and chemical tankers. At the end of the quarter, we owned and chartered in 118 vessels with an average fleet age of 9.6 years. Our net asset value at the end of this quarter has increased to approximately $4 billion, equivalent to $8.09 per share or about NOK 78.81. That's up from the $3.5 billion at the end of fourth quarter, driven by higher valuations across all segments and strong earnings.

我們進入下一張投影片。Hafnia 仍是全球成品油與化學品油輪的領導者。截至本季末，我們自有及租入船舶共 118 艘，平均船齡 9.6 年。本季末我們的淨資產價值（NAV）已增至約 40 億美元，相當於每股 8.09 美元或約 78.81 挪威克朗（NOK）。相較於第四季末的 35 億美元有所上升，主要受各船型估值上揚及強勁獲利所帶動。

We continue to operate around 60 third-party vessels across 8 pools. While our c-scale energy bunkering joint venture with Cargill continues to progress steadily and even more so with recent geopolitical events. Looking ahead in 2026, we intend to wind down our Handy and LR2 pool operations. As our handy vessels are sold, we expect to exit the Handy segment entirely, while the majority of our fleet will transition to employment under time charter arrangements.

我們持續在 8 個聯營船隊（pool）中營運約 60 艘第三方船舶。同時，我們與嘉吉（Cargill）合作的 c-scale energy 加油燃料（bunkering）合資企業持續穩健推進，且在近期地緣政治事件下更顯重要。展望 2026 年，我們計畫逐步結束 Handy 與 LR2 的 pool 營運。隨著我們的 Handy 船舶出售，我們預期將完全退出 Handy 船型市場；同時，我們船隊中的多數船舶將轉為以期租（time charter）安排為主的就業模式。

Let's move to the next slide. Turning to shareholder returns. We have now paid dividends for 17 consecutive quarters. Our net loan-to-value improved to 20.2% at the end of the first quarter, down from 24.9% at the end of 2025 and primarily driven by strong cash flow generation from both operations and vessel sales. In line with our transparent dividend policy, we are declaring an 80% payout ratio.

我們進入下一張投影片。接著談股東報酬。我們已連續 17 個季度發放股利。第一季末的淨貸款價值比（net loan-to-value）改善至 20.2%，低於 2025 年底的 24.9%，主要由營運與船舶出售帶來的強勁現金流所驅動。依循我們透明的股利政策，我們宣布 80% 的配息率。

That translates to a total cash dividend of $143.8 million or $ 0.2877 per share. This represents an annualized yield of 14%.

這相當於總現金股利 1.438 億美元，或每股 0.2877 美元。換算年化殖利率為 14%。

For shareholders receiving dividends in Norwegian kroner, the exchange rate will be based on the value date which is two business days before payment. Over the last four quarters, our cumulative dividends totaled $365.3 million or $0.79 per share. Our total shareholder return over the last 12 months now exceeds 100%, which is a result of strong earnings, consistent dividends and meaningful share price appreciation.

對於以挪威克朗領取股利的股東，匯率將以付款日前兩個營業日的價值日（value date）為基準。過去四個季度，我們累計股利達 3.653 億美元，或每股 0.79 美元。過去 12 個月的總股東報酬率目前已超過 100%，主要來自強勁獲利、穩定配息以及股價的顯著上漲。

San Vinda, our VP of Commercial, will now take you through the industry review and market outlook.

接下來將由我們的商務副總裁 San Vinda 帶各位進行產業回顧與市場展望。

Thanks, Michael. The next slide, please. Let me set the scene for the market environment we are navigating. This quarter has been unlike anything we have seen in modern shipping history. So I want to walk through the key dynamics shaping the market.

謝謝你，Michael。麻煩下一張投影片。我先為我們正在面對的市場環境做個鋪陳。本季與我們在現代航運史上所見的任何情況都不同。因此，我想帶各位梳理塑造市場的關鍵動態。

The headline numbers tell the story. Global observed inventories has drawn down roughly 200 million barrels between February and April 2026. The with OECD on land stocks punching 146 million barrels in April alone. The IEA A cumulative deficit is projected to reach approximately 900 million barrels by September, requiring roughly 1 million barrels per day of incremental supply over a three-year period to fully be built.

幾個關鍵數據已說明一切。2026 年 2 月至 4 月期間，全球可觀測庫存約減少 2 億桶。其中，OECD 陸上庫存僅在 4 月就下降 1.46 億桶。IEA 預估累計缺口將在 9 月前擴大至約 9 億桶；要完全回補，未來三年需額外增加約每日 100 萬桶的供給。

On the fleet side, year-to-date, around 72 LR2 vessels have migrated into Aframax DD trading, reducing the clean LR2 fleet by about 28%. This has effectively absorbed the bulk of 2026 newbuild deliveries. Meanwhile, and since the closure of the homes trade, US clean product exports have surged approximately 40% and from February to May, partly filling the supply gap left by the Middle East disruption. The market remains backed by fundamentals supporting continued market resilience.

在船隊方面，截至今年迄今，約有72艘LR2船舶轉入Aframax DD航線交易，使清潔品LR2船隊規模縮減約28%。這已有效吸收了2026年大部分新造船交付量。同時，自「本土貿易」關閉以來，美國清潔成品油出口在2月至5月期間激增約40%，部分填補了中東受擾動所留下的供給缺口。市場仍由基本面支撐，支持市場韌性得以延續。

Most important drivers are elevated ton miles, structural fleet tightness and a multi-quarter inventory rebuild ahead.

最重要的驅動因素是噸海里數居高不下、船隊結構性緊俏，以及未來數季即將展開的庫存重建。

Let me take you through the deeper detail. Next slide, please. Starting with global oil demand. In the face of global oil shortages, government and companies are working to constrain the crisis by implementing demand-saving measures. As a result, the IEA is now projecting the first annual decline in global oil demand since 2020, with the sharpest dip coming in Q2 2026.

我來帶各位深入說明細節。請看下一張投影片。先從全球石油需求談起。面對全球石油短缺，各國政府與企業正透過推行節省需求的措施來抑制危機。因此，IEA目前預測全球石油需求將出現自2020年以來首次年度下滑，其中跌幅最大將出現在2026年第二季。

However, projections for demand are to recover towards the year-end to approximately 106 million barrels per day, averaging around 104 million barrels per day for the full year.

不過，需求預測將在年底前回升至約每日1.06億桶，全年平均約每日1.04億桶。

On the inventory levels, as mentioned, the IEA's cumulative drawdown could reach 900 million barrels by September 2026, which includes the 400 million barrels of coordinated SPR stock releases, of which only 164 million barrels have been released as of May 8.

就庫存水位而言，如前所述，IEA估計至2026年9月累計去庫存可能達9億桶，其中包含4億桶的協調SPR（戰略石油儲備）釋放；截至5月8日，實際釋放量僅為1.64億桶。

Next slide, please. Importantly, the inventory drawdown is uneven across regions withdraws heavily focused in the East. The US and China inventories remain balanced as the US is supported by strong refinery runs for exports, while China adds to commercial stocks.

請看下一張投影片。重要的是，庫存去化在各地區並不均衡，提領主要集中在東方地區。美國與中國的庫存仍維持平衡：美國受惠於強勁的煉廠開工以支撐出口，而中國則增加商業庫存。

The draws are concentrated in the Middle East, Asia and Europe. The Middle East is drawing heavily under direct Iranian impact, such as refinery damage and product diversion. The rest of Asia is growing as eastbound arbitrage flows pulled from regional stockpiles and Europe is growing as Atlantic supplies mobilized esports, tightening regional balance.

去庫存主要集中在中東、亞洲與歐洲。中東在伊朗直接影響下大幅去庫存，例如煉廠受損與成品改道。亞洲其他地區則呈增加，因東向套利流量自區域庫存中抽離；歐洲也呈增加，因大西洋供應動員出口，收緊區域供需平衡。

Next slide, please. This slide puts the current situation into historical context and further shows the unique situation we are facing. And you can observe historically, oil supply deficits have coincided with weaker freight rates due to lower cargo volumes. However, current conditions break that pattern. We have recorded supply deficits occurring alongside VLCC earnings near cycle highs.

請看下一張投影片。這張投影片將當前情勢置於歷史脈絡中，並進一步顯示我們正面臨的獨特局面。從歷史上可觀察到，石油供給缺口通常會因貨量下降而伴隨較弱的運價。然而，當前情況打破了這一模式。我們記錄到供給缺口與VLCC收益接近景氣循環高點同時發生。

We see two possible outcomes, either freight rates correct sharply or supply rebound strongly to validate current freight levels. We expect the latter to happen. Supply recovery and continued freight resilience into 2027, supported by the Middle East refinery normalization, demand recovery and structural tanker market tightness from LR2 migration and sanctioned fleet attrition.

我們看到兩種可能結果：要麼運價大幅修正，要麼供給強勁反彈以驗證目前的運價水準。我們預期會是後者。供給回復並使運價韌性延續至2027年，支撐因素包括中東煉廠正常化、需求回升，以及因LR2轉移與受制裁船隊萎縮所造成的油輪市場結構性緊俏。

The next slide, please. Apart from the closure of the home of trade, another key factor behind the market disruption is the extensive damage to regional refinery capacity. Around 2 million barrels per day of Middle East on refining capacity is currently offline due to war-related infrastructure damage. This includes major facilities like Cato and Jubail, BAPCO in Citra and ADNOC. While Eastern refiners have indicated that even without further hostilities, full capacity won't return before Q1 2027.

請看下一張投影片。除了「本土貿易」關閉之外，造成市場擾動的另一個關鍵因素，是區域煉油產能遭受廣泛破壞。目前約有每日200萬桶的中東煉油產能因戰爭相關的基礎設施損害而停擺。其中包括Cato與Jubail等主要設施、位於Citra的BAPCO，以及ADNOC。東方煉油商也表示，即使不再爆發進一步敵對行動，全面恢復產能也要到2027年第一季之前。

While consensus expect shipping to weaken post conflict, we see continued strength if demand rebounds as forecasted. With ongoing refinery disruptions supporting elevated product flows and ton mile demand into late 2026.

雖然市場共識預期衝突結束後航運將轉弱，但若需求如預測反彈，我們認為強勢將延續。在煉廠持續受擾的情況下，成品油流向維持高位，並支撐噸海里需求延續至2026年末。

The next slide, please. Looking at daily loadings. Global clean petroleum product departures are down approximately 15% heavily concentrated in the East of Suez, driven by the homes disruption and export restrictions and Far Eastern hubs. This has partly been offset by a search investor exports, mainly from the US, but not enough to fully replace the lost Eastern volumes. On the dirt side, we see a similar pattern.

請看下一張投影片。來看每日裝船量。全球清潔成品油出港量約下滑15%，且降幅高度集中在蘇伊士運河以東，主要受「本土」供應擾動、出口限制以及遠東樞紐影響。這部分被（疑為）投資者尋求的出口所抵銷，主要來自美國，但仍不足以完全取代流失的東方貨量。在黑油端，我們也看到類似的模式。

Global dirty petroleum product departures are down about 17%, mainly due to the collapse in Arabian Gulf crude exports.

全球黑油（原油/重質油品）出港量約下滑17%，主要因阿拉伯灣原油出口崩跌所致。

And the next slide, please. We typically observed to mile data as a proxy for product tanker demand. However, reliable data is delayed due to prolonged voyage links. Instead, products on water serve as the most reliable proxy for transportation demand. It's important to note that while clean vetoleum product loadings are down by roughly 15%, floating cargo volume are only down about 6%.

請看下一張投影片。我們通常以噸海里數據作為成品油輪需求的代理指標。然而，由於航程延長，可靠數據出現延遲。因此，「在水上」的貨量（products on water）成為衡量運輸需求最可靠的代理指標。需要注意的是，雖然清潔成品油裝載量約下降15%，但浮動貨量僅約下降6%。

This tells us that the actual impact on global transportation demand is milder than the headline figures suggest, meaning that vessels are spending more time on the water, effectively absorbing tonnage supply.

這告訴我們，全球運輸需求的實際影響比標題數字所暗示的更溫和，意味著船舶在海上停留時間更長，從而有效吸收了運力供給。

Next slide, please. On ton miles, the reported data shows a decline of about 10% from February to April. But as mentioned, this may not paint the most accurate picture as it's distorted by data lag and ongoing voyages not yet fully captured. Once in transit, latent voyages are reflected, and we expect the gap to narrow. What is much more telling is the ballast voyage links hitting record highs of approximately 1,900 nautical miles in April.

請看下一張投影片。在噸海里方面，已公布數據顯示2月至4月下降約10%。但如前所述，這可能無法呈現最準確的圖像，因其受到數據滯後與尚未完全納入的在途航次所扭曲。待在途的潛在航次反映出來後，我們預期差距將縮小。更具指標性的是，壓艙航程距離在4月創下約1,900海里的歷史新高。

This means vessels are sailing further to secure their next cargo a clear sign of repositioning inefficiency that support a tighter supply-demand balance.

這表示船舶為了取得下一票貨而航行得更遠，清楚顯示重新部署效率不佳，從而支撐更緊的供需平衡。

And the next slide, please. Turning to key exporting regions. China's anticipated 2026 export quota of 332 million barrels has had a remaining balance of about 1 million barrels per day through an year representing sustained refinery export capacity. US export volumes increased roughly 40% from February to May, stepping in to fill the left gap by disrupted Eastern supply.

請看下一張投影片。轉向主要出口地區。中國預期2026年出口配額為3.32億桶，全年剩餘可用量約相當於每日100萬桶，代表煉廠出口能力可持續。美國出口量在2月至5月增加約40%，介入填補東方供應受擾所留下的缺口。

Although elevated prices have since narrowed arbitrage spreads, export flows remain resilient and continue to sustain ton mile demand. Russian clean product exports remain constrained by ongoing refinery disruptions from Ukrainian drone strikes.

儘管高油價已使套利價差收斂，出口流量仍具韌性，並持續支撐噸海里需求。俄羅斯清潔成品油出口仍受限，原因是烏克蘭無人機攻擊導致煉廠持續受擾。

And the next slide, please. In the Arabian Gulf, exports have been partially offset by increased loadings via the reds, particularly proband supported by a greater utilization of the Saudi Gulf to Red Sea pipeline. However, this remains only a partial offset overall regional export capacity is still materially below historical levels. Clean petroleum product exports from the Red Sea remain resilient.

請看下一張投影片。在阿拉伯灣，出口部分被經由紅海增加的裝載所抵銷，尤其（疑為）在更高程度使用沙烏地阿拉伯「阿拉伯灣—紅海」管線的支持下。然而，這整體而言仍僅是部分抵銷；區域總出口能力仍明顯低於歷史水準。紅海的清潔成品油出口仍具韌性。

And on to the next slide. Turning to Tanker Supply. Over the past years, the Taker Markets has faced five major shocks. COVID-19, the Russia-Ukraine war the Panama dot, the HuitiRedsea disruption and now the Hormuz blockade. Each chug has rerouted trade flows and added ton miles, while replacement capacity has consistently lagged.

接著看下一張投影片。轉到油輪供給。過去幾年，油輪市場遭遇了五大衝擊。COVID-19、俄烏戰爭、巴拿馬運河乾旱、胡塞—紅海干擾，以及如今的荷姆茲封鎖。每一次衝擊都重塑了貿易流向並增加了噸海里，而替代運力則持續落後。

The fleet aids 20 years and above has grown from 48 million deadweight tons in 2020 to 187 million deadweight today with DKK 251 million projected by 2028. The scrap potential, sanctions and operational restrictions on this expanding age cohort for a durable supply anchor through the end of the decade.

船齡在20年以上的船隊，已從2020年的4,800萬載重噸增至目前的1.87億載重噸，並預計到2028年將達到2.51億載重噸。該擴大的高齡船隊所帶來的拆船潛力、制裁與營運限制，將在本十年末之前形成持久的供給錨定因素。

And the next slide, please. The LR2 to Aframax migration continues to be one of the most important structural shifts in our markets. Global clean LR2 availability is now down approximately 28% year-to-date, with 72 vessels having migrated to dirty trading. This has effectively absorbed both 2026 newbuild deliveries and part of the existing clean trading tonnage. A reversal is unlikely while Aframax economics remain this strong.

請看下一張投影片。LR2向Aframax的轉移，仍是我們市場中最重要的結構性變化之一。全球清潔油品LR2可用運力今年迄今已下降約28%，其中有72艘船已轉向髒油交易。這等同於有效吸收了2026年的新造船交付量，並吸收了部分既有的清潔油品交易運力。只要Aframax的經濟性仍如此強勁，這種趨勢不太可能逆轉。

This migration is materially tightening clean tanker supply and reinforcing the overall tonnage constraint.

這種轉移正實質收緊清潔油輪供給，並強化整體運力受限的格局。

Next slide, please. On the order book and square landscape, the known newbuild program through 2029 for handy to LR2 consists of approximately 54 million deadweight tons with LR2s accounting for a large proportion. Against that, potential scrapping of older vessels and sanction tonnage totaled 79 million deadweight tonnes over 2026 to 2029. Here, we assume that the sanctioned fleet above 20 years is unlikely to reenter mainstream trading. Despite available yard slots for 2029 and 2030, any new order would arrive late in the cycle, structurally capping the net fleet growth.

請看下一張投影片。就訂單簿與供需格局而言，已知至2029年的Handy至LR2新造船計畫約為5,400萬載重噸，其中LR2占比很高。相對地，2026至2029年間，老舊船舶的潛在拆解量與受制裁運力合計達7,900萬載重噸。在此我們假設，船齡超過20年的受制裁船隊不太可能重返主流交易。儘管2029與2030仍有船廠檔期，任何新增訂單都將在週期後段才交付，從結構上限制淨船隊成長。

And on to the next slide. When preparing this material, the home was trade remained closed and leaving 124 laden and 33 ballast tankers carrying approximately 96 million barrels worth of dirty petroleum products and 18 million barrels worth of clean petroleum products trapped within the region. Stranded tonnage is materially tighten global supply conditions and underscore the constrained state of the market.

接著看下一張投影片。在準備這份資料時，荷姆茲航道仍處於關閉狀態，導致124艘滿載與33艘壓艙油輪被困在該區域內，所載貨物約為9,600萬桶髒油石油產品與1,800萬桶清潔石油產品。被困運力正實質收緊全球供給條件，並凸顯市場受限的狀態。

Moving on to the last slide. In summary, while the timing and trajectory of geopolitical developments in the Middle East remain difficult to predict, we remain constructive on the strength of the underlying market fundamentals. As countries continue to draw down on inventories, the eventual reopening of the home was trade and recovery in Eastern refinery operations could trigger a meaningful multi-quarter inventory rebuilding cycle, providing strong underlying support for the tanker demand and resilient freight rates.

接著進入最後一張投影片。總結而言，儘管中東地緣政治發展的時間點與走勢仍難以預測，我們對基本面所展現的市場強度仍持正面看法。隨著各國持續去化庫存，荷姆茲航道最終重啟以及東部煉廠營運復甦，可能引發一個顯著、跨越多個季度的補庫週期，為油輪需求與具韌性的運價提供強勁的底層支撐。

I'm now handing over to Perry, our CFO, who will bring you through our financial developments.

接下來交給我們的財務長Perry，他將帶各位了解我們的財務進展。

Thanks, Karen. Next slide, please. Q1 2026 was our strongest quarter since the end TCE income reached $282.5 million, up from $218.8 million in the first quarter of '25. Adjusted EBITDA came in at $198.6 million compared to $125.1 million again for Q1 2025. Fee-based business contributed $7.1 million and we've also earned $9.9 million in dividend income from our investment in Tor.

謝謝，Karen。請看下一張投影片。2026年第一季是我們自（上一輪）週期末以來最強的一季，TCE收入達2.825億美元，高於2025年第一季的2.188億美元。調整後EBITDA為1.986億美元，相較於2025年第一季的1.251億美元。以費用為基礎的業務貢獻710萬美元，我們也從對Tor的投資中取得990萬美元的股利收入。

Therefore, net profit was $179.7 million, nearly triple Q1 2025, and this quarter also included $32.5 million in gains on the vessels that we sold in the quarter. Return on equity for Q1 reached 29.5% on an annualized basis. And return on invested capital was 22.7%, both the highest levels we've recorded in the trailing five quarters. If we move to the balance sheet on the next page.

因此，淨利為1.797億美元，幾乎是2025年第一季的三倍；此外，本季也包含我們於本季出售船舶所帶來的3,250萬美元處分收益。第一季股東權益報酬率（年化）達29.5%。投入資本報酬率為22.7%，兩者皆為我們過去五個季度以來的最高水準。接著我們看下一頁的資產負債表。

Our net debt decreased from $932 million to $797 million driven by strong operational cash flow and the vessel sales, the proceeds from those vessel sales. Our net LTV ratio improved meaningfully from 24.9% at the end of last Q4 to 20.2% as vessel valuations continue to rise. Cash flow was steady, and we received proceeds from these vessel sales.

在強勁的營運現金流與船舶出售（處分）所得的帶動下，我們的淨負債由9.32億美元降至7.97億美元。隨著船舶估值持續上升，我們的淨LTV比率也由上一季第四季末的24.9%明顯改善至20.2%。現金流維持穩健，且我們已收到這些船舶出售的款項。

We continue to maintain a strong liquidity profile with total liquidity standing at approximately $660 million, comprising of $146 million in cash and $550 million in undrawn credit facilities. With our newbuild program consisting of 10 MRs, the chart on the bottom right reflects our expected CapEx commitments for these newbuilds. We expect to incur approximately $80 million in Q2 2026 on progress payments and most of the CapEx of the remaining CapEx is concentrated in 2028.

我們持續維持強勁的流動性水位，總流動性約為6.6億美元，其中包含1.46億美元現金與5.5億美元未動用授信額度。由於我們的新造船計畫包含10艘MR，右下方圖表反映了這些新造船的預期資本支出承諾。我們預期在2026年第二季將因分期付款支出約8,000萬美元，而其餘資本支出的大部分將集中在2028年。

We then move to the operating summary on the next page. The first quarter TCE rates showed significant improvement across most segments. Our fleet-wide average TCE reached $30,327 per day, while our average spot rates were $31,543 per day. The dry docking side, Q1 had 214 off-hire days, significantly less than those that we had experienced in 2025 overall. And we still expect some dry docking in 2026, but the number of off-hire days will decrease meaningfully in the second half of this year.

接著我們看下一頁的營運摘要。第一季各主要船型的TCE運價均顯著改善。我們全船隊平均TCE達到每日30,327美元，而平均現貨運價為每日31,543美元。在坞修方面，第一季共有214個停租日，明顯少於我們在2025年整體所經歷的水準。我們仍預期2026年會有部分坞修，但今年下半年停租日數將明顯下降。

The strength of the current market is clearly visible in our forward coverage -- as you can see from the graph, our covered rates for Q2 are significant improvements from the previous quarters, supporting our expectation that Q2 will be significantly stronger than Q1.

目前市場的強勁在我們的遠期覆蓋率上清楚可見——如圖所示，我們第二季的已覆蓋運價較前幾季大幅提升，支持我們對第二季將顯著強於第一季的預期。

Then with that, let's move to the next slide. So as of May 13, we have secured 73% of Q2 earning days at an average rate of 46,600 per day. For Q2 through Q4 2026, we have 39% of earning days covered at $38,281 per day. These rates are well above our operational cash flow breakeven and reflect the extraordinary rate environment that we're in. Based on these coverage levels, looking at the current earnings scenarios, as you can see on this page, for full year 2026, the range from $700 million to $1 billion in net income, depending on the scenario.

接著我們看下一張投影片。截至5月13日，我們已以平均每日46,600美元的運價鎖定第二季73%的可營收日。就2026年第二季至第四季而言，我們已以每日38,281美元鎖定39%的可營收日。這些運價遠高於我們的營運現金流損益兩平水準，並反映我們所處的異常高運價環境。基於這些覆蓋水位，並參考目前的獲利情境，如本頁所示，2026年全年淨利區間約為7億至10億美元，視情境而定。

Michael, over to you for the next slides.

Michael，接下來的投影片交給你。

Thank you for that. Move on to the next slide. Let me now turn to Hafner's sustainability strategy and targets. As a global leader in the product tanker segment, we take our role in shaping the maritime ecosystem seriously. We maintained the highest operational and environmental standards and are committed to making a positive impact.

謝謝。請看下一張投影片。接下來我將說明Hafner的永續策略與目標。作為成品油輪領域的全球領導者，我們嚴肅看待自身在塑造海運生態系中的角色。我們維持最高的營運與環境標準，並致力於帶來正向影響。

Our targets remain unchanged, a 40% reduction in fleet carbon intensity by 2028, and net sales growth on missions by 2050 and CeroHarm across our operations. We continue to invest in our people with a target of 40% women in our offices by 2030.

我們的目標維持不變：到2028年將船隊碳強度降低40%，並在2050年前於任務相關的淨銷售成長，以及在我們的營運中推動 CeroHarm。我們持續投資於員工，目標是在2030年前讓辦公室女性比例達到40%。

Next slide, please. Here, we showcased some of our strategic initiatives. On complex So, we have recently commenced the deployment of an enterprise AI platform that integrates conversational AI, workflow analytics, and automation to transform operational data into faster and more informed decision-making. Initial applications are very encouraging, having already improved response time across commercial and finance workflows. We believe the platform has significant potential to scale across Hafnia as adoption accelerates to 2026 and 2027.

請看下一張投影片。在這裡，我們展示了一些策略性倡議。在複雜度方面，我們近期已開始部署一個企業級 AI 平台，整合對話式 AI、工作流程分析與自動化，將營運數據轉化為更快速且更具資訊基礎的決策。初步應用成果非常令人鼓舞，已經改善了商務與財務工作流程的回應時間。我們相信，隨著採用在2026與2027年加速，該平台在 Hafnia 具備顯著的擴展潛力。

Next slide. Looking ahead, we remain encouraged by the fundamentals of the product tanker market. While periods of disruption and volatility often translate into stronger earnings for tanker companies, it is important that we do not lose sight of the human impact of these events. At the end of the quarter, nearly 200 tankers and thousands of sea fares remain unable to transit the straight. The safety and well-being of our own crews as well as those across the industry remain our foremost priority.

下一張投影片。展望未來，我們對成品油輪市場的基本面仍感到鼓舞。雖然干擾與波動的時期往往會轉化為油輪公司的更強獲利，但重要的是，我們不能忽視這些事件對人的影響。在本季末，將近200艘油輪以及數千名海員仍無法通行該海峽。我們自家船員以及整個產業船員的安全與福祉，仍是我們最優先的考量。

The outlook nevertheless remains highly uncertain and depends largely on the duration of the Hormuz disruption and the time required for oil production and global refinery operations to recover. Despite this backdrop, I remain highly confident in Hafner's commercial expertise and operational agility to respond to evolving market dynamics and capture opportunities as they arise.

然而，前景仍高度不確定，並在很大程度上取決於荷姆茲（Hormuz）中斷的持續時間，以及石油生產與全球煉油作業恢復所需的時間。儘管在此背景下，我仍對 Hafner 的商業專業能力與營運敏捷性充滿信心，能夠因應不斷演變的市場動態，並在機會出現時加以掌握。

With that, our presentation concludes. I'd now like to open the call for questions.

以上，我們的簡報到此結束。我現在想開放電話會議進入提問。

(Operator Instructions) I see Friday, you have your hand up. Can I ask you to unmet yourself, please?

(接線員指示) 我看到 Friday，您舉手了。可以請您取消靜音嗎？

My first question is to Michael, I guess, on the 10 MR newbuilds, I think this is the first time we've made a major newbuild investments. I can't recall at least one in a few years. So I guess in the prior discussions, we discussed newbuild investments. And in the past, of course, it was more about uncertainty about future fuels, long lead times at the yards. So the question is really about what's changed now?

我的第一個問題我想是問 Michael，關於那10艘 MR 新造船。我想這是我們第一次進行重大新造船投資。至少在過去幾年我不記得有。所以我想在先前的討論中，我們談過新造船投資。而過去當然更多是因為對未來燃料的不確定性、船廠交期很長。所以問題其實是：現在有什麼改變？

And what makes you feel this is the right time to take an order for new builds.

以及是什麼讓你們覺得現在是下新造船訂單的正確時點？

Thank you for that, Pat. And yes, it is true that we have previously said that we wanted to wait for more opportune timing when it came to new builds. But I think our conclusion on this has been that we've sold quite a lot of secondhand ships, older vessels. We sold them at very strong prices, which basically reflect the depreciated value of a new build today. So in other words, we have been selling older tonnage, and now we are taking on these 10 MR newbuilds. So we see this as kind of to say normal modernization of the fleet.

謝謝你，Pat。是的，確實我們之前曾表示，在新造船方面希望等待更合適的時機。但我們對此的結論是：我們已出售了相當多的二手船、較老的船舶。我們以非常強勁的價格出售，基本上反映了今天一艘新造船的折舊後價值。換句話說，我們一直在出售較老的運力，現在則承接這10艘 MR 新造船。因此我們將此視為船隊的正常汰舊換新。

And the other issue that we've kind of noticed is that the shipyards order book seems to be full very, very far ahead. '29 is almost full. So we're looking at 2030. So we also wanted to make sure we didn't get caught up in a situation where your fleet gets older and older and older every year, and you still have three or four years until you can get a new ship. So it's really a combination of those.

另外一點我們也注意到，船廠的訂單簿似乎在非常、非常久的未來都已滿載；2029年幾乎滿了。所以我們在看2030年。我們也希望確保不會陷入這樣的情況：你的船隊一年比一年老，但你仍要等三到四年才能拿到新船。所以這其實是上述因素的綜合。

I mean, we would have loved to see prices being lower. But I think what justifies it, as I said, is that we sold a lot more of older vessels before we order the new ones at similar price levels.

我的意思是，我們當然希望價格能更低。但我認為其合理性在於，如我所說，我們在以相近的價格水準下新船訂單之前，已先出售了更多老舊船舶。

Yes. makes total sense, and this shouldn't affect the dividends, right, anyway. So yes, no course of actions. The second question I had is on the -- you mentioned that you're winding down the handy and moving some of the LR2s into time charter. Maybe you could elaborate about that.

是的，完全合理，而且這不會影響股利，對吧，無論如何。所以是的，沒有其他行動。我的第二個問題是關於——你提到你們正在逐步退出 handy，並把部分 LR2 轉到期租。也許你可以多說明一下。

Is that about scale or risk reduction? Or what's the reason behind that.

這是為了規模，還是降低風險？或者背後的原因是什麼？

Thank you for that. Well, the reason really when it comes to the hands is that -- we've seen a market that over the years actually have been shrinking rather than growing. That goes both from the demand side for handies but also on the supply side of vessels. We had a tremendous proposal for selling the handy ships that we had and the pricing was extremely interesting. I mean, we basically got the same price of the vessels as we bought them for is new builds back in 2015.

謝謝你的提問。嗯，關於 handy 的原因其實是——我們看到這個市場多年來是在縮小而不是成長。這不僅體現在 handy 的需求端，也體現在船舶供給端。我們收到一個出售手上 handy 船舶的極佳提案，價格非常有吸引力。我的意思是，我們基本上拿到的價格，與我們在2015年以新造船購入時的價格相同。

And they were making a lot of money in between. So that was like a constant decision that made sense because of the price of the assets.

而且在這段期間它們也賺了很多錢。所以這是一個很明確、合理的決定，因為資產價格非常好。

And then by selling that, we basically were coming down to a small amount that we decided to dissolve the pool because the whole idea of the pool is to have scale and to utilize scale to optimize on your earnings, that wasn't the case anymore. So it's a segment that's been shrinking, hence, again, why we also sold out of it. On the LR2 side, it's really a function of that Haftar doesn't have that many other two ships. And we decided to charter out a few of those. And because, again, we charted them out.

而在出售之後，我們的數量基本上降到很小，因此我們決定解散該聯營池（pool），因為 pool 的核心概念是要有規模，並利用規模來最佳化收益；但那已不再成立。所以這是一個正在縮小的細分市場，因此我們也選擇退出。至於 LR2 方面，主要是因為 Haftar 並沒有那麼多 LR2 船。我們決定把其中幾艘租出去。而且因為——同樣地——我們把它們租出去了。

It suddenly became a different scenario. It didn't make any sense to have a pool when you don't have any vessels yourself in the spot market.

情境就突然變得不同。當你自己在現貨市場上沒有任何船舶時，維持一個 pool 就沒有意義。

So the fuel at we have become more of a hedging sector for us, and that's why we put them out on time charter. That, of course, contains in the future, but that's kind of the reason for the alerts and the fact that we were winding down the pool as well.

因此，我們的船隊對我們而言更像是一個避險板塊，這也是我們把它們放到期租上的原因。當然，未來仍可能會變動，但這大致就是 LR2 的原因，以及我們也在逐步結束 pool 的原因。

Thank you for here. May I ask you to meet yourself?

謝謝你。可以請你取消靜音嗎？

Maybe sticking with the charter coverage. As you say, Handys and LR2 is a bit smaller part of your fleet. But when I look at your charter coverage on slide 23, has it been a very significant increase compared to your Q4 report. So I'm just wondering what you're hearing from charters. Obviously, spot rates are very compelling at the moment. But just curious for your thoughts there.

也許延續租約覆蓋率的話題。如你所說，Handys 和 LR2 在你們船隊中占比比較小。但我看你們在第23頁投影片的租約覆蓋率，相較於你們的 Q4 報告有非常顯著的提升。所以我想了解你們從租家那邊聽到什麼。顯然目前現貨運價非常有吸引力。但也想聽聽你們對此的看法。

Well, you can say we have actually increased our coverage to some extent, you are sitting somewhere between 25% and 30% coverage for half year now. And well, yes, spot charter rates are compelling. But this is -- for us, is a hedge against geopolitical unrest really and a future that is very hard to predict or at least to set a timing on my (inaudible)

嗯，你可以說我們其實在某種程度上提高了覆蓋率，你們現在大概已經有半年時間維持在 25% 到 30% 的覆蓋率之間。而且，嗯，是的，即期租船費率確實很有吸引力。但這對我們而言——其實是用來對沖地緣政治動盪，以及一個非常難以預測、或至少很難掌握時間點的未來。(聽不清)

Got it. And then zooming out a bit -- you mentioned migration of LR2s into the dirty trade. Do you see this state of Hermos putting pressure on LR2s to clean up or perhaps trade dirty on the one hand I'm thinking you have increased competition from larger tankers for some Atlantic routes, right? And then on the other, there's less export-oriented refining capacity, which you called out in the presentation.

了解。然後把視角拉遠一點——你提到 LR2 轉入髒油貿易。你是否看到這種 Hermos 的狀態對 LR2 造成壓力，使其一方面要轉回清潔油品、或改做髒油貿易？我在想，你在某些大西洋航線上，確實面臨來自更大型油輪的競爭增加，對吧？另一方面，出口導向的煉油產能也較少，這點你在簡報中也提到了。

I think primarily the driver for the switch over has been the super strong Aframax market on a general note in the Western Hemisphere. You could say, combined -- that combined with the almost closure for now, meant that you have to balance very long on your alien to pick up next cargo where the natural home for Aframax is pretty much tested to us. So that has probably driven a large part of it. But I think, first and foremost, the aging part of the two Aframax combination segment is the Aframaxes getting owned.

我認為，促使轉換的主要驅動因素，是西半球整體而言超強的 Aframax 市場。你可以說，再加上——再加上目前幾乎關閉的情況，意味著你必須在你的 alien 上拉得很長，去承接下一票貨，而 Aframax 的天然主場幾乎已被我們測試到極限。所以這可能推動了其中很大一部分。但我認為，首先也是最重要的是，在兩個 Aframax 組合區隔中，老化的那一部分就是 Aframax 正在被「擁有」（owned）。

And I don't know if you saw -- I can't remember the slide number. But looking at sanction tonnage and aging Aframax fleet, it looks like we will be able to build somewhere around 140 and 150 additional LR2s before you sort of catch up to the aging of the same segment. So in combination, to all seem natural that you will have Ms. Tan for that the LR1 segment go from 250 early '25 to 230 late '25 and now down to I think the last time we have is 179 clean trading LR2, which is a significant dent the deadweight available on the clean product segments that is probably market disruption and the scenarios that we are in now in a reopening of almost will that change things?

而且我不知道你是否有看到——我不記得是哪一頁投影片。但看制裁船舶噸位以及老化的 Aframax 船隊，感覺在你追上同一區隔的老化速度之前，我們大概還能再建造約 140 到 150 艘額外的 LR2。所以綜合來看，一切似乎都很自然：你會有 Ms. Tan，因此 LR1 區隔會從 2025 年初的 250 艘降到 2025 年底的 230 艘，而現在又降到我記得上次的數字是 179 艘從事清潔油品交易的 LR2；這對清潔成品油區隔可用載重噸位造成了顯著的缺口，這可能是市場擾動，而在我們現在這種幾乎重新開放的情境下——這會改變什麼嗎？

Well, to the extent that clean frame supersedes Aframax trade, then you are likely to see ships at least opportunistic trainers shutting back into team. The only caveat to that is that at the same time, right, it will take one or two quarters to do that meaningful.

嗯，在清潔框架取代 Aframax 貿易的程度上，你很可能會看到船舶——至少是機會型的 traders——再度回到 team。唯一需要注意的是，同時，對吧，要做到有意義的程度，可能需要一到兩個季度。

I don't actually see any more raised hands. So I am going to move into a question in the chat that we have from Fausto regarding S&P. So the company has been doing a great job on the fleet renewal front. Should we expect divestitures to continue in the coming months? What is management's view of the current S&P markets.

我其實沒有看到更多舉手。所以我將轉到聊天室裡 Fausto 關於 S&P 的問題。公司在船隊汰舊換新方面做得非常好。我們是否應該預期未來幾個月會持續進行資產出售？管理層如何看待目前的 S&P 市場？

Recently, the company has expanded the fleet with new builds. Could management comment on the reasons for favoring new builds over secondhand tonnage. Does management currently see new builds as more attractive? Or are there a few opportunities in the secondhand market?

最近，公司透過新造船擴充了船隊。管理層能否說明偏好新造船而非二手船噸位的原因？管理層目前是否認為新造船更具吸引力？或者二手市場是否也有一些機會？

Yes. Thank you for that question. Well, I think the fleet renewal strategy that we have is kind of an ongoing thing. So we still have a couple of vessels in our fleet that at the right price, we'd consider to divest but we have done most of the cleanup, I would say, of the older tonne it has been done already. So we're kind of getting close to a point where what we have left is what we would like to have left.

是的。謝謝這個問題。嗯，我認為我們的船隊更新策略算是一個持續進行的事情。所以我們船隊裡仍有幾艘船，在價格合適的情況下我們會考慮出售；但我會說，我們已經完成了大部分的清理，較老的噸位基本上已經處理完了。所以我們差不多接近一個點：剩下的就是我們希望保留的。

The newbuild versus secondhand, yes, I mean, I think there's two things in it. One is that we do believe that the secondhand vessels here and now are very highly priced for obvious reasons because you have a very strong spot market. We're not convinced maybe that, that is the right time to pay up for modern ships here and on the water with all the uncertainty. So the fleet renewal and the new build is first also about a new generation of vessels.

至於新造船對比二手船，是的，我的意思是，我認為這裡面有兩點。第一，我們確實相信目前的二手船在此時此刻價格非常高，原因很明顯，因為即期市場非常強勁。在充滿不確定性的情況下，我們不太確信現在就是為了現代化船舶、為了已在水上的船而付出溢價的正確時點。因此，船隊更新與新造船也首先是關於新一代船舶。

So the vessels that we get in '29 is a new design, which will have a lot more fuel savings than the older designs.

所以我們在 2029 年接收的船舶會是新設計，相較於舊設計將有更多的燃油節省。

So it's also kind of a way of making sure that we continue to be on the trajectory of having modern ships with less fuel consumption and less emissions. On top of that, they deliver in 2029. And if you look at the slide of the two slides that we have in the presentation, you can see how the aging fleet is coming under severe price already now. The current order book is nowhere near to cover the vessels that have to be scrapped within the next four to five years.

所以這也算是一種方式，確保我們持續走在擁有現代化船舶、較低燃油消耗與較低排放的軌道上。此外，它們在 2029 年交付。如果你看我們簡報中的那張投影片——那兩張投影片——你可以看到老化船隊已經在現在就面臨嚴重的價格壓力。目前的訂單量遠遠不足以覆蓋未來四到五年內必須報廢的船舶。

So we're kind of also feeling that the timing of getting something in '29 could actually be at a time where there is a massive shortfall again of tonnage. So that's another thing that we have kind of taken in or factored in when we made that decision.

所以我們也有一種感覺：在 2029 年接收新船，實際上可能正好落在市場再次出現噸位大幅短缺的時點。因此，這也是我們在做出該決策時納入考量、或已經反映在判斷中的另一個因素。

Okay. Thank you, Michael, for that. And thank you, Faster for the question. I don't actually see any more questions in the chat, all the Q&A and I don't see any more raised hands. So which then means that we have come to the end of today's presentation.

好的。Michael，謝謝你。也謝謝 Faster 的提問。我在聊天室裡其實看不到更多問題，所有 Q&A 也沒有，我也沒有看到更多舉手。所以這表示我們已經來到今天簡報的尾聲。

Thank you so much for attending apneas First Quarter 2020 financial results conference call. You can find more information available online at www.afnia.com. See you next time.

非常感謝各位參加 apneas 2020 年第一季財務結果電話會議。你可以在 www.afnia.com 線上找到更多資訊。下次見。