BW Group-controlled Hafnia will hand out more cash to its shareholders after listing in New York.
The board of the tanker owner has approved an increase in the dividend payout ratio, which shall be effective today.
“The strong markets we've experienced in previous years have enabled us to achieve record earnings,” chief executive Mikael Skov said in a statement.
Hafnia will increase the payout ratio to 80% of net profit from 70% when the net loan-to-value is above 20% but equal to or below 30%.
“After careful consideration, we believe this increase in our dividend policy will allow us to maintain a good balance between shareholder value and ensuring resources for debt repayments and any future investments, without exposing the company to unnecessary debt risk,” Skov said.
If the net LTV is equal to or below 20%, the payout ratio will be further elevated to 90%.
If it is above 30 % but at most 40%, the payout will be 60%. The payout ratio will be 50% if the LTV is more than 40%.
“Hafnia remains committed to delivering strong shareholder value to its shareholders while safeguarding financial stability,” according to the statement.
The company’s shares will start trading on the New York Stock Exchange from today, 9 April.
The shares will be traded on the NYSE under the ticker code “HAFN”.
The company will maintain its primary listing status on the Oslo Stock Exchange, trading under the ticker “HAFNI”.
In March, Andreas Sohmen-Pao’s BW Group sold Hafnia shares for $178m to increase trading liquidity ahead of the US listing.
BW Group controls around 43% of the company.
Yesterday, another company backed by BW Group filed papers to list in New York.
BW LPG, an Oslo-listed owner of VLGCs, filed a registration statement with US securities regulators to list its shares on the New York Stock Exchange.
