Hafnia (NYSE:HAFN) Q4 2025 Earnings call February 26, 2026 08:30 AM ET Speaker1We will begin shortly. You'll be brought through today's presentation by Hafnia CEO, Mikael Skov, CFO, Perry van Echtelt, Søren Winter, VP Commercial, and Thomas Andersen, EVP, Head of Investor Relations. They will be pleased to address any questions after the presentation. Should you have any questions, you can submit them via the chat function or use the raise hand function to be unmuted to ask your question verbally. Questions ...

Financial Data and Key Metrics Changes - Teekay Tankers reported GAAP net income of $120 million, or $3.47 per share, and adjusted net income of $97 million, or $2.80 per share in Q4 2025 [3] - For the full year, GAAP net income was $351 million, or $10.15 per share, and adjusted net income was $241 million, or $6.96 per share, with realized gains on vessel sales totaling $100 million [4] - The company generated approximately $112 million in free cash flow from operations, ending the quarter with a cash position of $853 million and no debt [4][18] Business Line Data and Key Metrics Changes - Spot tanker rates during Q4 2025 were the second highest for the fourth quarter in the last 15 years, with rates for VLCC, Suezmax, and Aframax fleets secured at $79,800, $56,900, and $51,400 per day respectively [6][4] - The company executed a fleet renewal strategy, acquiring three Aframaxes for $142 million and selling two older Suezmaxes for gross proceeds of $73 million [5] Market Data and Key Metrics Changes - Global seaborne oil trade volumes were near record highs in Q4 2025 due to OPEC+ supply unwinding and increased oil production from non-OPEC+ countries [7] - Sanctions against Russia, Iran, and Venezuela have shifted trade volumes towards compliant tankers, increasing tanker ton mile demand [9][10] - Venezuelan oil exports are expected to recover to around 800,000 barrels per day, benefiting mid-sized tankers [44] Company Strategy and Development Direction - The company aims to maximize shareholder value through exposure to the strong spot market and continues to renew its fleet by investing in modern vessels while selling older tonnage [19] - Teekay Tankers has a strong balance sheet with no debt and a significant cash position, allowing for quick transactions in a dynamic market [18] Management's Comments on Operating Environment and Future Outlook - Management noted that the tanker market remains strong, with positive underlying demand fundamentals projected to increase by 1.1 million barrels per day in 2026 [13] - The company anticipates continued strength in the tanker market due to geopolitical factors and the shift of oil trade to compliant fleets [9][10] Other Important Information - The company declared a regular fixed dividend of $0.25 per share [6] - Teekay Tankers has made significant progress in fleet renewal, acquiring six vessels for $300 million and selling 14 vessels for $500 million, booking estimated gains of approximately $145 million [16] Q&A Session Summary Question: Impact of bareboat charters on P&L - Management confirmed that during the period before full ownership, the company will only receive the bareboat rate without additional operational expenses [22] Question: General and Administrative (G&A) run rate - Management indicated that the G&A run rate should approximate the last few quarters, around $46 million annually [24] Question: Cash position and urgency to invest - Management expressed a cautious approach to investing the cash, preferring smaller acquisitions rather than major ones due to high asset values [32] Question: Dividend expectations for Q1 - Management stated that special dividends are typically discussed at the March board meeting, with announcements made during the May earnings release [36] Question: Outlook for Venezuelan oil exports - Management noted that Venezuelan crude exports are recovering and could reach normal levels soon, with potential increases in production depending on foreign investments [44]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported earnings per share of $0.68, while for the full year, earnings per share reached $1.28, marking the fifth consecutive year of profitability [3][11] - Net revenue for Q4 2025 totaled $49.4 million, with adjusted EBITDA at $28.9 million and net income at $12.5 million [11] - Full year net revenue amounted to $158.1 million, adjusted EBITDA reached $81.7 million, and net income was $21.2 million, translating into earnings per share of $1.02 [11][12] - The fleet loan-to-value ratio stood at 43%, reflecting a conservative leverage profile [5][12] Business Line Data and Key Metrics Changes - The company achieved a daily time charter equivalent of approximately $26,600 in Q4 2025, while the full year average was approximately $21,000 per day [7][12] - Fleet utilization exceeded 96%, demonstrating strong operational efficiency despite a busy drydocking schedule [7] Market Data and Key Metrics Changes - The Baltic Capesize Index averaged approximately $21,300 per day in 2025, with a strong recovery in the second half of the year driven by iron ore and coal restocking in China [17][18] - Capesize demand in early 2026 started strong, with the BCI averaging 22,000, supported by increased bauxite exports and high iron ore cargo activity [18][19] Company Strategy and Development Direction - The company focuses exclusively on larger bulkers, specifically Capesizes and Newcastlemaxes, positioning itself favorably in a constrained supply environment [4][19] - Significant progress has been made in fleet renewal, with orders for three high-specification eco new buildings totaling approximately $226 million [4][10] - The capital allocation priorities include returning capital to investors, modernizing the fleet, and preserving financial strength [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the positive trend for charter rates due to limited vessel supply and increased ton-mile demand [21] - The company anticipates a constructive demand outlook for Capesize trade, with expectations of continued growth in bauxite trade and resilient iron ore production [18][19] Other Important Information - The company declared total dividends of $0.43 per share in 2025, including $0.20 for Q4 [6] - Approximately $80 million is expected to be deployed for new building investments in 2026, with financing secured on attractive terms [12][15] Q&A Session Summary Question: Market strategy regarding long-term time charters versus spot market - Management indicated that 35% of fleet days are already under long-term contracts, with plans to increase this as market conditions improve [26] Question: Balancing inflated asset values with attractive rate environment - Management is focusing on securing new buildings at high-quality shipyards while considering the disposal of older assets to manage fleet composition [28] Question: Expectations for operational off-hire days in 2026 - Management expects operational off-hire days to be consistent with or slightly lower than 2025 due to a softer dry dock schedule [36] Question: Limited shipyard availability and order book - Management clarified that while global shipbuilding capacity is high, the order book for Capesize vessels is limited due to demand from other ship types [38][40] Question: Dividend policy in light of new builds - Management does not expect the dividend policy to be affected by new building expenditures, as cash flow from operations will remain sufficient [44] Question: Contracting strategy for new builds - Management is considering long-term contracts for new builds but aims to avoid below-market rates to maintain operating cash flow [48]

ATHENS, Greece, Feb. 17, 2026 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ: PSHG), (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, today announced that, through a separate wholly-owned subsidiary, it has signed a Memorandum of Agreement to sell its oldest vessel, the 2009-built, 105,071 dwt Aframax tanker vessel, M/T P. Sophia, to an unaffiliated third party for a gross sale price of US$35.65 million. The vessel is expected to be delivered to her ...

Core Viewpoint - Safe Bulkers, Inc. has announced the acquisition of two newbuild Kamsarmax class vessels, enhancing its fleet and aligning with environmental regulations [1][2]. Group 1: Acquisition Details - The company has entered into an agreement for two newbuild vessels, each with a deadweight tonnage of 82,500 dwt, scheduled for delivery in Q3 2028 and Q1 2029 [1]. - This acquisition is part of the company's strategy to renew its fleet and improve competitiveness [4]. Group 2: Environmental Compliance - The newbuild vessels are designed to meet the Phase 3 requirements of the Energy Efficiency Design Index (IMO GHG -EEDI Phase 3) and comply with NOx emissions regulation (NOx-Tier III) [2]. - The company has already taken delivery of twelve vessels that meet the same environmental standards, indicating a commitment to sustainability [3]. Group 3: Fleet Expansion - With the new agreement, the company now has an outstanding orderbook of eight newbuild vessels, including two that are methanol dual fuel, with deliveries scheduled from 2026 to 2029 [3].

Core Viewpoint - Safe Bulkers, Inc. reported its unaudited financial results for Q3 and the first nine months of 2025, highlighting a decrease in net revenues and net income compared to the same periods in 2024, while also declaring a cash dividend of $0.05 per share [1][38]. Financial Highlights - Net revenues for Q3 2025 were $73.1 million, a decrease of 4% from $75.9 million in Q3 2024 [2]. - Net income for Q3 2025 was $17.8 million, down from $25.1 million in Q3 2024 [2]. - Adjusted net income for Q3 2025 was $13.9 million, compared to $19.0 million in Q3 2024 [2]. - EBITDA for Q3 2025 was $40.1 million, down from $47.4 million in Q3 2024 [2]. - Earnings per share for Q3 2025 were $0.15, compared to $0.22 in Q3 2024 [2]. Average Daily Results - The average time charter equivalent (TCE) rate for Q3 2025 was $15,507, compared to $17,108 in Q3 2024 [3]. - Daily vessel operating expenses for Q3 2025 were $5,104, a decrease from $5,311 in Q3 2024 [3]. - Daily general and administrative expenses increased to $1,762 in Q3 2025 from $1,680 in Q3 2024 [3]. Selected Financial Highlights - Total cash as of Q3 2025 was $123.9 million, down from $135.9 million in Q4 2024 [8]. - Total debt as of Q3 2025 was $516.3 million, compared to $489.8 million in Q3 2024 [8]. - The number of vessels at the end of Q3 2025 was 45, consistent with Q3 2024 [8]. Management Commentary - The President of the Company noted the impact of geopolitical factors on market volatility and the ongoing fleet renewal strategy, including the sale of older vessels [12]. - The Company is focused on aligning its financing with sustainability goals through a new $75 million sustainability-linked credit facility [14]. Fleet Update - As of November 21, 2025, the fleet consisted of 45 vessels with an average age of 10.3 years [18]. - The Company has an orderbook of six newbuilds, including two methanol dual-fueled vessels scheduled for delivery in 2026 and 2027 [19]. Vessel Sales - The Company sold two Kamsarmax class vessels in 2025 for gross sale prices of $12.5 million and $11.5 million, respectively, as part of its fleet renewal strategy [20][21]. Chartering Strategy - The Company employs its vessels under both period time charters and spot time charters, with a focus on maintaining flexibility in low charter market conditions [22]. - As of November 21, 2025, the Company had contracted revenue of approximately $153.5 million from its charter contracts [23]. Debt and Liquidity - As of September 30, 2025, the Company had a consolidated debt of $525.0 million and a consolidated leverage of approximately 35% [26]. - The Company had $123.9 million in cash and $266.5 million in undrawn borrowing capacity as of September 30, 2025 [32]. Dividend Policy - The Board declared a cash dividend of $0.05 per share, payable on December 19, 2025 [38].

Core Insights - Teekay Tankers reported strong financial performance in Q3 2025, with GAAP net income of $92.1 million or $2.66 per share, and adjusted net income of $53.3 million or $1.54 per share, marking the best performance in the last twelve months [4] - The tanker market is experiencing robust spot rates, with VLCC, Suezmax, and Aframax LR2 fleets securing rates of $63,745, $50,000, and $35,200 per day respectively, indicating a strong winter market ahead [1][5] - The company generated approximately $69 million in free cash flow from operations, ending the quarter with a cash position of $775 million and no debt, positioning it well for future growth [3][18] Financial Performance - The combined gross proceeds from the sale of five Suezmax tankers amounted to $158.5 million, with an estimated book gain of approximately $47.5 million expected to be recorded [2] - Teekay Tankers declared a regular fixed dividend of 25¢ per share, reflecting its commitment to returning capital to shareholders [1] - The company has lowered its fleet's free cash flow breakeven from $13,000 per day to $11,300 per day, enhancing its cash flow generation capabilities [18] Market Dynamics - Spot tanker rates have improved significantly, remaining above historical averages, driven by increased global oil supply and rising production in the Atlantic Basin [5][6] - Global oil production has risen due to the unwinding of OPEC plus supply cuts, with a notable increase of 1.6 million barrels per day in Q3 compared to Q2 levels [7][8] - The tanker market is expected to benefit from geopolitical events and trade inefficiencies, particularly with sanctions affecting Russian oil exports, leading to increased demand for compliant tankers [12][13] Strategic Outlook - The company is focused on renewing its fleet by investing in modern vessels while selling older tonnage, aiming to maximize shareholder value through exposure to the strong spot market [19] - Teekay Tankers is prioritizing investments in its core segments, Aframax and Suezmax, while remaining open to opportunities in adjacent sectors [27] - The medium-term outlook for the tanker market appears balanced, with global oil demand projected to increase by 1.1 million barrels per day in 2026 [14][15]

Financial Data and Key Metrics Changes - Teekay Tankers Ltd. reported a GAAP net income of $92.1 million, or $2.66 per share, and an adjusted net income of $53.3 million, or $1.54 per share for Q3 2025, marking the best quarter in the last 12 months [5][7] - The company generated approximately $69 million in free cash flow from operations, ending the quarter with a cash position of $775 million and no debt [7][12] Business Line Data and Key Metrics Changes - The company completed the acquisition of one modern Suezmax and a 50% ownership interest in a VLCC, while selling five Suezmax tankers for combined gross proceeds of $158.5 million, with an estimated book gain of approximately $47.5 million [11][12] - Teekay Tankers secured time charter rates of $42,500 per day for one Suezmax and an average of $33,275 per day for two Aframax vessels [12][13] Market Data and Key Metrics Changes - Spot tanker rates remained strong in Q3 2025, significantly above historical averages, with rates for VLCC, Suezmax, and Aframax fleets at $63,745, $50,000, and $35,200 per day respectively for the fourth quarter to date [13][14] - Global oil production increased by 1.6 million barrels per day compared to Q2 levels, driven by OPEC unwinding supply cuts and new supply from non-OPEC countries [16][18] Company Strategy and Development Direction - The company aims to maximize shareholder value through exposure to the strong spot market while renewing its fleet by investing in modern vessels and selling older tonnage [33][34] - Teekay Tankers is focused on its core business of medium-sized tankers, prioritizing investments in Aframax and Suezmax segments over potential expansion into the MR segment [60][61] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the tanker market's positioning for a firm winter market, supported by strong crude oil trade volumes and geopolitical factors creating trade inefficiencies [22][26] - The medium-term outlook for global oil demand is projected to increase by 1.1 million barrels per day in 2026, with a balanced fleet supply side and an aging tanker fleet [28][31] Other Important Information - Teekay Tankers declared a regular fixed dividend of $0.25 per share [13] - The company has lowered its fleet's free cash flow breakeven from $13,000 per day to $11,300 per day, enhancing its cash flow generation capabilities [32][33] Q&A Session Summary Question: Market strength and segment interaction - Management noted that the second half of the year has shown strength across all tanker segments, with VLCC rates leading the way and positively impacting Suezmax and Aframax rates [36][40] Question: Future capital deployment strategy - Management confirmed that the focus remains on investing in core segments (Aframax and Suezmax) rather than expanding into the MR segment at this time [55][60] Question: Fleet renewal and sales strategy - Management indicated that they are close to the minimum fleet size and aim to purchase new core Aframax and Suezmax vessels to offset future sales [64][65] Question: Time charter agreements - Management expressed a willingness to engage in more time charter agreements given the elevated rates, viewing each deal opportunistically [67][72] Question: Impact of the China-U.S. deal - Management stated that while the new deal is positive for the industry, it does not significantly impact Teekay Tankers due to its limited exposure to the affected sectors [79][81] Question: Total shareholder returns and valuation - Management emphasized a focus on value creation over valuation, confident that the market will ultimately recognize their efforts in building intrinsic value [86][89]

Core Points - Seanergy Maritime Holdings Corp. has successfully completed the strategic sale of its Capesize vessel, M/V Geniuship, optimizing its fleet and enhancing liquidity [1][5] - The expiration of Class E warrants on August 20, 2025, leaves Seanergy with no outstanding warrants or convertible securities [3][4] Sale of M/V Geniuship - The M/V Geniuship, a 170,057 dwt Capesize bulker built in 2010, was sold for a gross price of approximately $21.6 million [2] - The transaction generated net cash proceeds of approximately $12.0 million and is expected to result in an accounting profit of around $2.5 million, which will be recorded in the third quarter financial results [2] Expiration of Class E Warrants - Class E warrants were issued on August 20, 2020, with a five-year term and an exercise price of $3.98 per share [3] - Following previous exercises and a tender offer, 57,225 common shares remained outstanding as of the expiration date [3] Strategic Implications - The sale of M/V Geniuship aligns with the company's fleet renewal strategy and enhances liquidity and earnings profile [5][6] - The expiration of the Class E and Class D warrants streamlines the capital structure, eliminating legacy dilution risks and enabling cleaner value recognition for shareholders [6] Company Overview - Seanergy Maritime Holdings Corp. is a prominent pure-play Capesize shipping company, operating a fleet of 20 vessels with an average age of approximately 14.3 years and a total cargo carrying capacity of about 3,633,861 dwt [7]

Core Viewpoint - Safe Bulkers, Inc. has announced the sale of its MV Pedhoulas Merchant vessel for a gross price of $11.5 million, marking a strategic move to renew its fleet in anticipation of new vessel deliveries by 2026 [1][2]. Company Overview - Safe Bulkers, Inc. is an international provider of marine drybulk transportation services, specializing in transporting bulk cargoes such as coal, grain, and iron ore along global shipping routes [2]. Fleet Renewal Strategy - The sale of MV Pedhoulas Merchant, built in 2006, and another vessel, Pedhoulas Leader, built in 2007, is part of the company's strategy to renew its fleet [2]. - The company has an aggregate orderbook of six vessels scheduled for delivery by 2027 [2].