Safello Group AB Q4 FY2024 Earnings Call
· Earnings call transcript and AI-powered summary
- Adjusted EBITDA: $132 million in Q4 2024, down from $167 million in Q3 2024.
- Net Income: $20 million or $0.15 per share in Q4 2024, down from $44.5 million or $0.34 per share in Q3.
- Gross Charter Hire: $232 million in Q4 2024, slightly down from Q3 due to drydocking and vessel upgrades.
- Dividend Declared: $0.27 per share for the 84th consecutive quarter (~10% dividend yield).
- Total Fixed-Rate Charter Backlog: Approx. $4.3 billion (up $2 billion in 2024); 2/3 tied to investment-grade customers like Maersk and Volkswagen.
- Fleet Expansion: 9 vessels delivered in 2024, including dual-fuel tankers and PCTCs. Five 16,700 TEU container vessels ordered for 2028 delivery.
- Asset Sales: Green Ace sold for $10.8 million (gain of $5.4M), Asian Ace to be sold in Q2 2025 for $9.5 million (expected gain of $4M).
- Golden Ocean: Exercised purchase options for 8 capesize vessels ($112M), expected to complete in Q3 2025. Estimated net cash proceeds: $50M.
- Financing Activity: Raised $1.3B in 2024, including $220M in bonds. Additional $150M raised post-Q4 with maturity in 2030.
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