Hafnia (One-pager): Best 9-months in the company’s history, but with retreating rates
Read the latest Hafnia One-pager update following the Q3 2024 results. The One-pager includes a brief description of Hafnia, an update on the product tanker market, latest financials, valuation perspectives relative to a peer group, and outlines several key investment risks and key investment reasons.
In Q3 2024, Hafnia announced quarterly dividends of USD 0.379/share, reflecting a payout ratio of 90%, and announced a USD 100m share buyback program. Product tanker markets continue to face structurally larger ton miles as the war in Ukraine and conflict in the Red Sea drive greater average distances. Consensus analysts expect that Hafnia will continue paying strong dividends, with dividend yield estimates for FY2025e and FY2026e being 17% and 16% respectively.
To learn more about Hafnia, the product tanker market, and the company's outlook for 2024 and beyond, read the one-pager or catch up on the latest Hafnia Q3 2024 presentation with Hafnia CEO Mikael Skov.
Link: https://www.inderes.dk/videos/hafnia-presentation-of-q3-2024
Disclaimer: HC Andersen Capital receives payment from Hafnia for a digitalIR/corporate visibility subscription agreement. / Philip Coombes 16:20 28/11/2024
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Hafnia is an international shipping company that specializes in the transportation of oil and chemical products. It started trading in Norway on the NOTC marketplace for unlisted shares in 2013. In 2019 Hafnia listed on the main market in Norway – Oslo Stock Exchange. The company, headquartered in Singapore, operates in the product tanker market, where it manages six pools combining self-owned and externally-owned vessels to benefit from economies of scale. The pools distribute profits/loss across all vessels in the pool, and Hafnia charges a commission for operating externally-owned tankers. Hafnia’s six pools are categorized by vessel size/type, and reflect the fleet of vessels it owns. Its six pools are the: Handy Pool, MR Pool, LR Pool, LR2 Pool, Specialized Pool and Chemicals Pool. The MR and LR pools are considerably outsize the Handy and Specialized pools in terms of revenue and fleet size. Hafnia’s pools are primarily active in the product tanker spot market, but has also recently ramped up on chemical tankers. In addition, Hafnia procures the bunker fuel for its partners at competitive prices for which it receives a commission.
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