Hafnia (HAFNI) Q4 2024 earnings summary

Executive summary

• Full-year 2024 net profit was USD 774 million, with Q4 net profit of USD 79.6 million, reflecting strong performance despite a softer Q4 market.

• Total TCE income for 2024 reached USD 1.4 billion, with adjacent fee-generating businesses contributing USD 35.2 million.

• Operates a diversified fleet of 115 owned and 10 chartered-in vessels, with a net asset value of USD 3.8 billion and NAV per share of USD 7.63.

• Completed share buyback program, repurchasing 14.4 million shares (~2.8% of outstanding) at 70% of NAV for USD 76.7 million.

• Advanced fleet renewal and sustainability initiatives, including delivery of dual-fuel methanol vessels and a joint venture with Cargill for sustainable marine fuel procurement.

Financial highlights

• Q4 2024 TCE income was USD 233.6 million; full-year TCE income totaled USD 1.4 billion.

• Adjusted EBITDA for Q4 was USD 131.2 million; full-year Adjusted EBITDA was USD 992.3 million.

• Q4 net profit included a USD 13.6 million gain from a vessel sale.

• Return on equity for 2024 was 34.5%; return on invested capital was 25%.

• Cash balance at year-end was USD 195 million, with total liquidity exceeding USD 510 million.

Outlook and guidance

• 67% of Q1 2025 earning days covered at USD 23,989/day; 25% of full-year 2025 covered at USD 24,062/day.

• Projected 2025 net profit in the range of USD 300–400 million, with analysts' consensus for FY 2025 Adj EBITDA at ~USD 670 million.

• Market fundamentals remain strong, with anticipated uplift in product tanker market and limited impact from Red Sea reopening.