Group 1 - ZIM Integrated Shipping Services Ltd. is considered an attractive buy based on the analysis of container freight rates [1] - Invest Heroes LLC is a research firm established in 2018, providing equity and fixed income research services, gaining recognition among professional investors and private clients [1] - The firm covers over 120 Russian, US, and Chinese stocks, as well as 200 Russian bonds, and serves a diverse client base including institutional clients and private clients [1] Group 2 - The research team at Invest Heroes consists of 9 analysts and has achieved global professional recognition, participating in Refinitiv and Factset [1] - The firm’s forecasts are noted for being ahead of the market due to a detailed business model built for each company [1]

Q3 2025 Earnings Presentation BW LPG Kristian Sørensen and Samantha Xu 2 December 2025 Disclaimer and forward-looking statements NOT FOR RELEASE, PUBLICATION, DISTRIBUTION OR FORWARDING, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR IN TO ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL. BY ATTENDING THE MEETING WHERE THIS PRESENTATION IS MADE, OR BY READING THE PRESENTATION SLIDES, YOU ACKNOWLEDGE AND AGREE TO COMPLY WITH THE FOLLOWING RESTRICTIONS. This presentation has been produced by BW LPG Li ...

Financial Data and Key Metrics Changes - In Q3, the company reported a TCE income of $247 million, with an adjusted EBITDA of $150.5 million, leading to a net profit of $91.5 million or $18 per share [15][16] - The company has a dividend payout ratio of 80% of net profit, resulting in a distribution of $73.2 million or $14.7 per share for this quarter [16][24] - The company sold four older MR vessels, with three recognized in Q4 and one in the current quarter [21] Business Line Data and Key Metrics Changes - The company operates a fleet of 126 vessels, including 117 owned and nine long-term time chartered vessels, with a focus on product and chemical tankers [6][7] - The company has eight commercial pools managing over 200 ships globally, enhancing operational scale and efficiency [7] Market Data and Key Metrics Changes - The company has booked 71% of its bookings for Q4 as of mid-November, indicating an improvement in rates, with current bookings around $26,040-$25,600 [29] - The company experienced 230 extra dry docking days in Q3 due to a significant number of ships requiring maintenance, which is expected to taper off in the current quarter [30] Company Strategy and Development Direction - The company is focused on strategic growth through acquisitions, joint ventures, and fleet modernization, including a recent agreement to purchase 14.1 million shares of TORM [10][22] - The company aims to maintain a low-cost operation with a strong focus on shareholder distributions, linking its balance sheet strength to its dividend policy [8][9] Management's Comments on Operating Environment and Future Outlook - Management noted that Q3 is typically a weaker quarter for product tankers, but this year saw a strong market due to increased ton miles and tighter supply from sanctioned vessels [15] - The management expressed optimism about the winter market, citing a tight tonnage situation and refinery closures in Europe leading to increased demand for their services [49][50] Other Important Information - The company is actively monitoring geopolitical developments, including the situation in the Red Sea and the impact of Russian oil transportation dynamics on the market [39][43] - The company is cautious about the potential return of Venezuelan oil exports and its implications for the market [45] Q&A Session Summary Question: What is the status of the TORM share purchase? - The company is awaiting the appointment of a new independent board chair at TORM to finalize the transaction [22][28] Question: How does the company view the impact of the Red Sea reopening? - Management believes the reopening may not significantly impact the market, as the dynamics of traffic and supply have already adjusted [40][41] Question: Why has the order book fallen in Q3? - The decline in the order book is attributed to a shift of vessels into dirty trades rather than an increase in scrapping [51] Question: What is the company's strategy regarding fleet renewal? - The company is focusing on extending the life of existing vessels rather than ordering new builds at high prices, while remaining open to opportunities for fleet purchases or M&A [54][55]

Financial Data and Key Metrics Changes - In Q3, Hafnia reported TCE income of $247 million, with adjusted EBITDA of $150.5 million, leading to a net profit of $91.5 million or $18 per share [13][14] - The company has maintained a dividend payout ratio of 80% of net profit, resulting in a dividend payment of $73.2 million or $14.7 per share for the quarter [14][9] - The average age of the owned fleet is 9.6 years, with a total of 126 vessels [5][6] Business Line Data and Key Metrics Changes - Hafnia operates in the product tanker and chemical markets, with a diversified fleet including 117 owned vessels and nine long-term time-chartered vessels [5][6] - The company has seen a strong market in Q3, contrary to typical seasonal trends, due to increased ton miles and tighter supply from sanctioned vessels [13] Market Data and Key Metrics Changes - The company has booked 71% of its bookings for Q4 as of mid-November, indicating an improvement in rates, with bookings around $26,040-$25,600 [20] - The market dynamics have shifted, with a significant reduction in fleet addition expected in 2025, leading to a tighter tonnage situation [35][36] Company Strategy and Development Direction - Hafnia is focused on strategic growth through acquisitions, joint ventures, and fleet modernization, including a recent acquisition of Chemical Tankers, Inc. and a joint venture with Cargill for bunkering services [10][11][7] - The company aims to maintain a low-cost operation while ensuring strong shareholder distributions, with a clear dividend policy linked to the strength of its balance sheet [7][9] Management's Comments on Operating Environment and Future Outlook - Management noted that the geopolitical environment, including the reopening of the Red Sea and the impact of Russian oil sanctions, presents both challenges and opportunities for the company [26][30] - The outlook for the winter market appears strong, driven by refinery closures in Europe and increased demand from the U.S. [37][38] Other Important Information - Hafnia has sold four older MR vessels as part of its fleet modernization strategy, with three recognized in Q4 [14] - The company is actively monitoring the situation in Venezuela, which has seen a recovery in export volumes [33] Q&A Session Summary Question: What is the status of the TORM share purchase? - Management confirmed that the transaction is pending the appointment of a new independent board chair for TORM, which is the last outstanding condition [16][19] Question: How does the company view the impact of the Red Sea reopening? - Management believes that while there may be initial negative sentiment, the actual trading dynamics suggest a return to a relatively normal market without significant impact [28][29] Question: Why has the order book fallen in Q3? - Management indicated that the decline in the order book is not due to increased scrapping but rather a shift in market dynamics with many vessels moving into dirty trades [39][40] Question: What is the company's strategy regarding fleet renewal? - The company is focusing on extending the life of existing vessels rather than ordering new builds at high prices, while remaining open to opportunities for fleet purchases or M&A [41][42]

Financial Data and Key Metrics Changes - In Q3, the company reported a TCE income of $247 million, with an adjusted EBITDA of $150.5 million, leading to a net profit of $91.5 million or $18 per share [16][17] - The company has a dividend payout ratio of 80% of net profit, resulting in a distribution of $73.2 million or $14.7 per share [17][18] - The company has paid dividends consistently over the last 15 quarters, with a projected dividend of $1.16 per share for 2024 [9][17] Business Line Data and Key Metrics Changes - The company operates a fleet of 126 vessels, including 117 owned and nine long-term time chartered vessels, with a focus on product and chemical tankers [6][7] - The company has seen a strong market in Q3, contrary to typical seasonal trends, due to increased ton miles and tighter supply from sanctioned vessels [16] Market Data and Key Metrics Changes - As of mid-November, the company had booked 71% of its bookings for Q4, indicating an improvement in rates, with current bookings around $26,040-$25,600 [30][31] - The company experienced 230 extra dry docking days in Q3, impacting operations, but this is expected to taper off in the current quarter [31] Company Strategy and Development Direction - The company is focused on strategic growth through acquisitions, joint ventures, and fleet modernization, including a recent acquisition of 14.1 million shares in TORM [11][23] - The company aims to maintain a low-cost operation while ensuring strong shareholder distributions, with a clear dividend policy linked to the loan-to-value ratio [9][25] Management's Comments on Operating Environment and Future Outlook - Management noted that the geopolitical environment, including the reopening of the Red Sea, could impact market dynamics, but the overall sentiment may not significantly affect trading volumes [37][40] - The company anticipates a strong winter market, driven by refinery closures in Europe and increased demand from the US, leading to a tight tonnage situation [50][51] Other Important Information - The company has a strong focus on innovation and has established a joint venture in the bunkering space with Cargill [8] - The company is actively managing its fleet, with a strategy to extend the life of vessels rather than ordering new builds in a high-price environment [55][56] Q&A Session Summary Question: Why has the order book fallen in Q3? Is scrapping increasing? - Management indicated that the order book has fallen due to a shift in vessels going into dirty trades, rather than an increase in scrapping [52][54] Question: Can you share thoughts on fleet renewal schemes? - The company is focusing on life extension of existing vessels and is open to various opportunities, including resales and M&A, rather than committing to new builds at high prices [55][56]

South Africa’s antitrust body has referred a price-fixing complaint against the local units of some of the world’s top shipping companies https://t.co/T1pWzIaw0s ...

Core Insights - BW LPG Limited reported a Q3 2025 profit attributable to equity holders of US$57 million, translating to an earnings per share of US$0.38, driven by solid shipping performance despite a negative Product Services accounting result and a positive realised trading result [1] Financial Performance - The TCE (Time Charter Equivalent) income for Q3 2025 was US$51,300 per available day and US$48,700 per calendar day, indicating strong performance in the shipping sector amidst market uncertainties [1]

Group 1 - The emergence of bank wealth management companies in the IPO subscription market, particularly with the successful allocation of shares in the domestic GPU company Moer Thread, indicates a significant step forward for banks in equity investments [1] - As of December 1, over 160 "golden stocks" have been recommended by brokerages for December, with a notable focus on companies like Zhongji Xuchuang and Midea Group, despite a challenging A-share market in November [1] - The A-share market is expected to experience an upward trend, with a high probability of a year-end rally, influenced by factors such as technology innovation and domestic demand recovery [1] Group 2 - The nuclear technology application industry in China is transitioning from a follower to a leader, with significant advancements in the supply of key isotopes and a market size for radioactive drugs projected to reach 26 billion yuan by 2030 [2] - The private equity and venture capital sector is encouraged to adopt reasonable equity buyback clauses to support the growth of real enterprises, as per the guidelines from the China Securities Investment Fund Industry Association [3] - Nearly 30 robotics companies have submitted applications to list on the Hong Kong Stock Exchange, indicating a potential boom in the robotics sector as it approaches a critical point of commercial viability [4] Group 3 - The domestic pig market is facing low prices ahead of the festive season, with futures contracts trading at 11,500 yuan per ton, and analysts predict limited price increases due to supply constraints [5] - The shipping sector has seen a significant rise, with major shipping companies increasing freight rates, leading to a collective surge in A-share port and shipping stocks, with China Merchants Energy achieving a historical high [5] - The AI toy market is gaining traction, with companies like Huawei and JD launching AI-powered toys, resulting in a collective rise in related stocks, reflecting strong institutional interest [6] Group 4 - The animation film market is experiencing a boom, with several major releases expected to break box office records, showcasing the potential for cross-industry benefits from mature IP development [7] - The stock private equity position index has reached a new high of 82.97%, indicating a bullish sentiment among private equity investors despite recent market adjustments [8] - The implementation of new national standards for ceramic tiles is expected to drive product innovation and quality improvements in the industry, benefiting leading companies [8]

Core Insights - Hafnia Limited, trading as "HAFN" on the New York Stock Exchange, is a prominent product tanker company with a fleet exceeding 120 vessels, headquartered in Singapore and also listed on the Oslo Stock Exchange [1] Financial Performance - On December 1, 2025, HAFN reported earnings per share (EPS) of $0.18, which was below the expected $0.28, indicating challenges in meeting market expectations [2] - HAFN's revenue for the period was $247 million, falling short of the estimated $268.3 million, suggesting potential issues in sales or operational efficiency [3] - The company's price-to-earnings (P/E) ratio is approximately 6.88, while the price-to-sales ratio is about 1.28, indicating a modest valuation despite the revenue shortfall [2][3] Valuation Metrics - The enterprise value to sales ratio of around 1.63 reflects HAFN's total valuation compared to its sales, suggesting that the market still sees value in the company's operations despite the earnings miss [4] - The enterprise value to operating cash flow ratio of approximately 4.78 indicates a reasonable valuation in relation to its cash flow from operations, showing effective cash generation [4] Financial Health - HAFN's financial health is supported by a debt-to-equity ratio of approximately 0.45, indicating a moderate level of debt relative to equity [5] - The current ratio of around 1.21 suggests that the company has a reasonable level of liquidity to cover its short-term liabilities, providing reassurance to investors despite recent earnings and revenue misses [5]

Core Viewpoint - Nordic American Tankers Limited (NAT) reported disappointing Q3 earnings, missing both EPS and revenue estimates, while maintaining a dividend to support investor confidence and planning fleet expansion through new tanker construction [2][3][5]. Financial Performance - NAT reported an earnings per share (EPS) of -$0.01, missing the estimated EPS of $0.10 [2][6] - Revenue was approximately $45.7 million, falling short of the expected $70.3 million [2][6] - The company's return on equity stands at 2.67%, with a net margin of 7.58% [4] Stock Market Reaction - Following the earnings announcement, NAT's stock price declined by 3.6%, reaching a low of $3.62 [4] - The trading volume was 1.6 million shares, a 37% decrease from the average session volume of 2.5 million shares [4] Dividend Declaration - NAT declared a quarterly cash dividend of $0.13 per common share, payable on December 22, aiming to retain investor confidence [3][6] - This dividend represents an increase from previous payouts [3] Strategic Developments - NAT entered into a letter of intent with a Korean shipyard for the construction of two Suezmax tankers, each priced at $86 million [5][6] - This move indicates the company's commitment to expanding its fleet and enhancing operational capabilities [5][6]