Hafnia (HAFNI) Q4 2024 earnings summary

Executive summary

• Q4 2024 net profit was USD 79.6 million, with full-year net profit at USD 774.0 million, reflecting strong performance despite a softer Q4 market.

• Adjusted EBITDA for Q4 2024 was USD 131.2 million; full-year Adjusted EBITDA totaled USD 992.3 million.

• Shareholder returns were prioritized through dividends and share buybacks, with an 82.8% payout ratio for 2024.

• Strategic initiatives included fleet renewal, delivery of dual-fuel methanol vessels, and new joint ventures in sustainable fuels and marine fuel procurement.

• Net asset value at year-end was approximately USD 3.8 billion.

Financial highlights

• Q4 2024 net profit: USD 79.6 million (Q4 2023: USD 176.4 million); full-year net profit: USD 774.0 million (2023: USD 793.3 million).

• Q4 TCE earnings: USD 233.6 million; average TCE USD 22,692/day; full-year TCE income: USD 1,391.3 million.

• Adjusted EBITDA: Q4 2024 USD 131.2 million; full-year USD 992.3 million.

• Q4 dividend: USD 0.0294/share (total USD 14.6 million); full-year payout including buybacks: USD 640.8 million (82.8% payout ratio).

• Net LTV at Q4 2024: 23.2%; total assets: USD 3,735 million; cash at bank: USD 195.3 million.

Outlook and guidance

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

• Product tanker market outlook remains positive, supported by robust demand, manageable supply, and analysts' consensus for FY 2025 Adj EBITDA at ~USD 670 million.

• Market uncertainty persists due to geopolitical events and sanctions, but long-term supply fundamentals remain firm.