May 15, 2024
DISCLAIMER
Forward Looking Statements
This presentation contains certain forward-looking statements and information relating to the Company that are based on beliefs of the Company's management as well as assumptions, expectations, projections, intentions and beliefs about future events, in particular regarding dividends (including our dividend plans, timing and the amount and growth of any dividends), daily charter rates, vessel utilization, the future number of newbuilding deliveries, oil prices and seasonal fluctuations in vessel supply and demand. When used in this document, words such as "believe," "intend," "anticipate," "estimate," "project," "forecast," "plan," "potential," "will," "may," "should" and "expect" and similar expressions are intended to identify forward- looking statements but are not the exclusive means of identifying such statements. These statements reflect the Company's current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. These forward-looking statements represent the Company's estimates and assumptions only as of the date of this presentation and are not intended to give any assurance as to future results. For a detailed discussion of the risk factors that might cause future results to differ, please refer to the Company's Annual Report on Form 20-F, filed with the Securities and Exchange Commission on March 20, 2024.
The Company undertakes no obligation to publicly update or revise any forward-looking statements contained in this presentation, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this presentation might not occur, and the Company's actual results could differ materially from those anticipated in these forward-looking statements.
May 15, 2024 | 2 |
Q1'24 Financials
BALANCE SHEET HIGHLIGHTS
$ Thousands | As per 31.03.2024 | ||||||||||||||
Cash | $ | 73,076 | |||||||||||||
Other current assets | $ | 130,321 | |||||||||||||
Vessels* | $ | 1,261,591 | |||||||||||||
Other assets | $ | 7,342 | |||||||||||||
Total assets | $ | 1,472,330 | |||||||||||||
Current portion of long-term debt | $ | 36,161 | |||||||||||||
Other liabilities | $ | 30,490 | |||||||||||||
Long-term debt | $ | 361,619 | |||||||||||||
Equity | $ | 1,044,059 | |||||||||||||
Total equity and liabilities | $ | 1,472,330 | |||||||||||||
Total liquidity of $289 million
| Cash | $ 73.1 million |
| RCF availability | $ 216.3 million |
Interest bearing debt to total assets
- Marked to market: 17.8%
Net debt per vessel as of 31.03.2024
- $13.5 million
May 15, 2024 | 3 |
Q1'24 Financials
P&L HIGHLIGHTS
Q1 2024 | ||||||||||||
$ Thousands, except per share | ||||||||||||
Revenues on TCE basis | $ | 106,339 | ||||||||||
Vessel operating expenses | $ | (19,172) | ||||||||||
G&A | $ | (4,664) | ||||||||||
EBITDA | $ | 83,666 | ||||||||||
Interest expenses | $ | (8,775) | ||||||||||
Net Income / (loss) after tax | $ | 47,072 | ||||||||||
EPS | $ | 0.29 | ||||||||||
Average TCE Q1 2024
- $54,000/d Spot
- $39,500/d Time-charter
- $50,900/d Fleet average
May 15, 2024 | 4 |
Q1'24 Financials
Q1 2024 CASH FLOW HIGHLIGHTS
Cash Bridge Q1 2024
$m 200
175
150
125
100
75
50
25
0
83.7 | -7.6 | -7.4 | ||||||||||
-35.5 | ||||||||||||
-3.9 | -24.0 | |||||||||||
-7.2 | 0.2 | |||||||||||
150.8 | 143.4 | |||||||||||
74.7 | 74.7 | 107.9 | 104.0 | 80.0 | 72.9 | 72.9 | 73.1 | |||||
31/12/23 Cash | EBITDA | Debt repayment Cash interest | Dividend | Maintenance | Prepayment of | Change in | Net Other | 31/03/24 Cash |
Balance | CapEx | debt | working capital | Balance |
May 15, 2024 | 5 |
Q1'24 Financials
CAPITAL ALLOCATION
Cash dividend of $0.29 per share
- Equals capital allocation policy: 100% of ordinary net income
- The 57th consecutive quarterly cash dividend
- The shares will trade ex-dividend May 23, 2024
- Cash dividend since dividend policy update from Q3 2022: $1.70 per share
P&L and cash breakeven 2024, | Cash dividend per share since updated dividend policy | |
estimated discretionary cash flow | ||
$/d | |||||
$30,000 | |||||
$25,000 | $9,200 | ||||
$20,000 | |||||
$15,000 | $27,500 | $25,500 | |||
$10,000 | |||||
$18,300 | |||||
$13,900 | |||||
$5,000 | |||||
$- | P&L BE | P&L BE Spot | Cash BE | Cash BE Spot | |
May 15, 2024 | 6 |
Business Update
ROBUST SPOT EARNINGS
DHT average spot earnings
$/d $70,000
$64,800
$60,000
$54,000 | $51,000 | |||||||||||||||||||||||||||||||||||||||||||||
$50,000 | ||||||||||||||||||||||||||||||||||||||||||||||
$44,700 | $43,600 | |||||||||||||||||||||||||||||||||||||||||||||
$40,000 | ||||||||||||||||||||||||||||||||||||||||||||||
$40,300 | $40,500 | $40,700 | ||||||||||||||||||||||||||||||||||||||||||||
$30,000 | ||||||||||||||||||||||||||||||||||||||||||||||
$20,000 | $23,400 | |||||||||||||||||||||||||||||||||||||||||||||
$10,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Apr-23 | May-23 | Jun-23 | Jul-23 | Aug-23 | Sep-23 | Oct-23 | Nov-23 | Dec-23 | Jan-24 | Feb-24 | Mar-24 | Apr-24 | May-24 | Jun-24 | ||||||||||||||||||||||||||||||||
DHT avg. spot rate | DHT spot booked Q2TD 2024 | TD3c | ||||||||||||||||||||||||||||||||||||||||||||
Q2 2023 - Q1 2024: DHT spot average = $51,200 vs. TD3c average = $36,300
Source: SIN Clarksons
May 15, 2024 | 7 |
Business Update
PEER SPOT EARNINGS COMPARISON
Achieved VLCC spot rates LTM*
$/d $70,000
$65,000 $64,800 $64,000
$60,000
$55,000 | $55,000 | $54,000 | ||||
$52,300 | ||||||
$50,000 | ||||||
$44,700 | $43,600 | $44,700 | ||||
$45,000 | ||||||
$42,200 | $42,500 | $42,300 | $43,000 | |||
$41,700 | ||||||
$41,000 | $41,700 | |||||
$40,000
$35,000
$30,000
Q2'23 | Q3'23 | Q4'23 | Q1'24 |
DHT Peer A Peer B Peer C
*At the time of this presentation, Peer B has not reported Q1 2024 numbers.
May 15, 2024 | 8 |
Business Update
Q2 OUTLOOK
Estimated Q2 2024
Total term time-charter days
Average term time-charter rate ($/day)*
Total spot days for the quarter
Spot days booked to date / % of total spot days Average spot rate booked to date ($/day)
Spot P&L break-even for the quarter ($/day)
455
$36,300
1,660
1,200 / 72% $51,000
$25,300
*The months of April includes profit-sharing. The months of May and June assume only the base rate.
May 15, 2024 | 9 |
Market Update
RAPIDLY AGING FLEET
Number of VLCCs Global Fleet*
#VLCCs
1,000
900
800
700
600
500
400
2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025e | 2026e | 2027e | |
VLCCs 0-19 years | VLCCs 20-24 yrs | VLCCs 25+ yrs | ||||||||||||
Source: SIN Clarksons
May 15, 2024 | 10 |
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Disclaimer
DHT Holdings Inc. published this content on 15 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 May 2024 12:21:50 UTC.