November 7, 2023
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 23, 2023.
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.
November 7, 2023 | 2 |
Q3'23 Financials
BALANCE SHEET HIGHLIGHTS
As per | ||
$ Thousands | 30.09.2023 | |
Cash | $ | 73,920 |
Other current assets | $ | 105,307 |
Vessels* | $ | 1,311,906 |
Other assets | $ | 6,340 |
Total assets | $ | 1,497,474 |
Current portion of long-term debt | $ | 47,933 |
Other liabilities | $ | 34,378 |
Long-term debt | $ | 388,647 |
Equity | $ | 1,026,516 |
Total equity and liabilities | $ | 1,497,474 |
Total liquidity of $292 million
| Cash | $ 73.9 million |
| RCF availability | $ 217.6 million |
Interest bearing debt to total assets
- Marked to market: 21.0%
Net debt per vessel as of 30.09.2023
- $15.1 million
*Including advances for vessel and vessel upgrades
November 7, 2023 | 3 |
Q3'23 Financials
P&L HIGHLIGHTS
$ Thousands, except per share | Q3 2023 | |
Revenues on TCE basis | $ | 89,087 |
Vessel operating expenses | $ | (18,608) |
G&A | $ | (4,303) |
EBITDA | $ | 67,419 |
Interest expenses | $ | (8,789) |
Net Income / (loss) after tax | $ | 30,967 |
EPS | $ | 0.19 |
Average TCE Q3 2023
- $42,500/d
- $44,700/d Spot
- $35,500/d Time-charter
November 7, 2023 | 4 |
Q3'23 Financials
P&L HIGHLIGHTS
$ Thousands, except per share | Q3 2023 | YTD | |||
Revenues on TCE basis | $ | 89,087 | $ | 295,887 | |
Vessel operating expenses | $ | (18,608) | $ | (56,711) | |
G&A | $ | (4,303) | $ | (13,455) | |
EBITDA | $ | 67,419 | $ | 229,118 | |
Interest expenses | $ | (8,789) | $ | (23,868) | |
Net Income / (loss) after tax | $ | 30,967 | $ | 126,089 | |
EPS | $ | 0.19 | $ | 0.77 | |
Average TCE YTD 2023
- $49,200/d
- $54,300/d Spot
- $35,600/d Time-charter
November 7, 2023 | 5 |
Q3'23 Financials
Q3 2023 CASH FLOW HIGHLIGHTS
Cash Bridge Q3 2023
225 | |||||||||||
200 | 67.4 | -6.9 | -7.0 | ||||||||
-56.7 | |||||||||||
175 | |||||||||||
150 | |||||||||||
-9.9 | |||||||||||
125 | -5.5 | -2.1 | -85.3 | ||||||||
100 | |||||||||||
54.5 | -4.9 | -0.3 | |||||||||
75 | |||||||||||
130.6 | |||||||||||
50 | |||||||||||
73.9 | |||||||||||
25 | |||||||||||
0 | |||||||||||
30/06/23 Cash | EBITDA | Debt | Cash interest | Dividend | Share buyback Maintenance | EGCS CapEx | New | Issuance of | Change in | Other | 30/09/23 Cash |
Balance | repayment | CapEx | investment | long-term | working | Balance | |||||
CapEx | debt | capital | |||||||||
November 7, 2023 | 6 |
Q3'23 Financials
CAPITAL ALLOCATION
Cash dividend of $0.19 per share
- Equals capital allocation policy: 100% of net income
- The 55th consecutive quarterly cash dividend
- Payable on November 28, 2023, to shareholders of record as of November 21, 2023
Share repurchases
- Repurchased 1.1 million of its own shares during the quarter
- Average price of $8.72
- Acquired shares retired upon receipt
For Q3 2023, return to shareholders equals 132% of net income: $0.19 per share in cash dividend and $9.9 million in share buybacks
November 7, 2023 | 7 |
Business Update
Q3 EVENTS
- Took delivery of acquired 2018-built VLCC
- Acquired for $94.5 million
- Acquisition funded by cash on hand and a new $45 million term loan facility
- Vessel named DHT Appaloosa
November 7, 2023 | 8 |
Business Update
ROBUST BREAK-EVEN LEVELS
$/day 35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
Estimated break-even 2024
27,50025,000
21,400
17,300
P&L break-even rates | P&L break-even rates spot | Cash break-even rates | Cash break-even rates for spot |
ships | ships |
Cash break-even includes all true cash costs:
OPEX, G&A, amortization, cash interest and maintenance CAPEX
November 7, 2023 | 9 |
Business Update
Q4 OUTLOOK
Estimated Q4 2023
Total term time-charter days
Average term time-charter rate ($/day)*
Total spot days for the quarter Spot days booked to date
Average spot rate booked to date ($/day)
Spot P&L break-even for the quarter
420
$36,000
1,790
1,280 $41,500
$24,700
*The month of October includes a profit-sharing. The months of November and December assume only the base rate.
November 7, 2023 | 10 |
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Disclaimer
DHT Holdings Inc. published this content on 07 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 November 2023 15:05:16 UTC.