2025-05-15-Jefferies-哈夫尼亚（HAFN）_业绩尚可_下季度有望有所改善_13页_187kb

Hafnia Ltd (HAFN) Equity Research Summary: Jefferies May 15, 2025

• Company Overview: Hafnia is a leading shipping company specializing in product carriers across major vessel segments, operating primarily in the spot market. It has a sizable owned fleet of over 115 vessels, with continued modernization.

• Q1 2025 Performance: The 1Q earnings report showed EPS of $0.13, slightly below consensus but in-line with Jefferies' estimate, while adjusted EBITDA was $125 million, near the forecast. Notable increase in dividend to $0.10 per share with an 80% payout ratio, reflecting strong cash flows and a shift from buybacks.

• Market Outlook: Hafnia's second-quarter bookings are robust, with day rates rising significantly across segments (e.g., LR2 rates up from $22,454/day to $37,495/day), driven by counter-seasonal spot rate improvements. Jefferies models a full-fleet average for Q2 at $23,500/day, despite challenges from drydockings.

• Balance Sheet Strength: The company maintains a solid financial position with $188 million in cash, $1.06 billion in debt (net LTV of 24%), enabling high dividend payouts while remaining below regulatory thresholds. Free cash flow supports ongoing deleveraging.

• Valuation and Recommendations: Jefferies reiterates a "Buy" rating and price target of $6.00 per share, a 15% increase from current levels, based on improved tanker rates and fleet performance. This follows a price target revision amid positive sector trends.

• Key Risks and Opportunities: Risks include volatility from macroeconomic factors like OPEC supply decisions and interest rate changes. Opportunities lie in sustained spot rates, potential vessel acquisitions, and dividend growth for shareholders. Sustainability initiatives aim to reduce emissions by 40% by 2028.

• Financial Highlights: Exhibits provide detailed income statements, balance sheets, and fleet valuations, showing steady operational income and cash flow generation, with current day rates sustaining profitability.