Jan's questions to Hafnia Ltd (HAFN) leadership • Q4 2024
Question
Jan asked what surprised management the most about the development of tanker rates, given the significant change since the previous earnings calls where a drop was not anticipated.
Answer
Søren Winther, VP of Commercial, explained that the biggest surprise was the disconnect between strong underlying market fundamentals and weaker market sentiment. He noted that in late Q4, metrics like ton-miles and oil-on-water were tight and should have supported higher rates, but TCE earnings did not reflect this strength until later.