Dht Holdings, Inc. · NYSE:DHT
Dht — Q1 2024 Earnings Presentation
13 slides from Dht's earnings presentation, May 15, 2024
Slide 1: DHT Holdings Q1 2024 Results
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Slide 2: Disclaimer: Forward Looking Statements
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 particul
Slide 3: Balance Sheet Highlights
Q1’24 Financials BALANCE SHEET HIGHLIGHTS $ Thousands As per 31.03.2024 Total liquidity of $289 million Cash $ 73,076 Cash $ 73.1 million Other current assets $ 130,321 RCF availability $ 216.3 million Vessels* $ 1,261,591 Other assets $ 7,342 Total assets $ 1,472,330 Current portion of long-ter
Slide 4: P&L Highlights
Q1’24 Financials P&L HIGHLIGHTS Q1 2024 $ Thousands, except per share Average TCE Q1 2024 Revenues on TCE basis $ 106,339 $54,000/d Spot $39,500/d Time-charter Vessel operating expenses $ (19,172) $50,900/d Fleet average G&A $ (4,664) EBITDA $ 83,666 Interest expenses $ (8,775) Net Income / (l
Slide 5: Q1 2024 Cash Flow Highlights
Q1’24 Financials Q1 2024 CASH FLOW HIGHLIGHTS Cash Bridge Q1 2024 $m 200 175 83.7 -7.6 -7.4 150 -35.5 125 -3.9 -24.0 100 -7.2 0.2 75 150.8 143.4 50 107.9 104.0 74.7 74.7 80.0 72.9 72.9 73.1 25 0 31/12/23 Cash EBITDA Debt repayment Cash interest Dividend Maintenance Prepayment of Change in Net Other
Slide 6: Capital Allocation
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 sh
Slide 7: Robust Spot Earnings
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
Slide 8: Peer Spot Earnings Comparison
Business Update PEER SPOT EARNINGS COMPARISON Achieved VLCC spot rates LTM* $/d $70,000 $64,800 $65,000 $64,000 $60,000 $55,000 $55,000 $54,000 $52,300 $50,000 $44,700 $44,700 $45,000 $43,600 $43,000 $42,200 $42,500 $41,700 $42,300 $41,700 $41,000 $40,000 $35,000 $30,000 Q2'23 Q3'23 Q4'23 Q1'24 DHT
Slide 9: Q2 Outlook
Business Update Q2 OUTLOOK Estimated Q2 2024 Total term time-charter days 455 Average term time-charter rate ($/day)* $36,300 Total spot days for the quarter 1,660 Spot days booked to date / % of total spot days 1,200 / 72% Average spot rate booked to date ($/day) $51,000 Spot P&L break-even for the
Slide 10: Rapidly Aging Fleet
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
Slide 11: Newbuilding Program
Business Update NEWBUILDING PROGRAM 4 x Super Eco Design with premium earning power and reduced emissions • Large carrying capacity of 320,000 dwt and high specifications • Top-tier yards: 2 x HHI and 2 x Hanwha (ex. Daewoo) • Expected delivery schedule: • February 2026 • August 2026 • September 2
Slide 12: Summary
Summary SUMMARY Attractive fundamentals: Continued oil demand growth Longer transportation distances Limited supply of new shipping capacity against a rapidly aging fleet Disciplined strategic execution and respectable corporate governance Structured for cyclical and volatile markets S
Slide 13: Q&A
Q&A May 15, 2024 13