Dht Holdings, Inc. · NYSE:DHT

Dht — Q1 2023 Earnings Presentation

15 slides from Dht's earnings presentation, May 4, 2023

  1. Slide 1: First Quarter 2023 Results

    FIRST QUARTER 2023 RESULTS May 4, 2023 DHT LION HONG KONG

  2. Slide 2: Disclaimer

    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

  3. Slide 3: Balance Sheet Highlights

    Q1’23 Financials BALANCE SHEET HIGHLIGHTS As per $ Thousands 31.03.2023 Cash $ 117,549 Total liquidity of $346 million  Cash $ 117.5 million Other current assets $ 95,666  RCF availability $ 228.8 million Vessels* $ 1,258,650 Other assets $ 5,672 Total assets $ 1,477,536 Current portion of long-te

  4. Slide 4: P&L Highlights

    Q1’23 Financials P&L HIGHLIGHTS Q1 2023 $ Thousands, except per share Average TCE Q1 2023 Revenues on TCE basis $ 93,899  $49,100/d  $54,600/d Spot Vessel operating expenses $ (18,417)  $35,000/d Time Charter G&A $ (4,637) EBITDA $ 71,946 Discharge-to-discharge Spot Interest expenses $ (7,586) 

  5. Slide 5: Q1 2023 Cash Flow Highlights

    Q1’23 Financials Q1 2023 CASH FLOW HIGHLIGHTS Cash Bridge Q1 2023 425 400 375 350 216.4 -216.8 325 300 275 250 225 71.9 -0.6 -4.8 -61.9 200 175 150 -2.0 -12.8 1.2 3.3 -2.2 125 100 75 125.9 117.5 50 25 0 31/12/22 EBITDA Debt Cash interest Dividend Maintenance EGCS CapEx Change in Proceeds Issuance of

  6. Slide 6: Financing Updates

    Q1’23 Financials FINANCING UPDATES Q1 EVENTS  Entered into a new $405 million secured bank facility • DHT-style financing • SOFR + 190 bps (equivalent to LIBOR + 164 bps) • Refinancing of ABN Amro Credit Facility  Terminated seven interest rate swaps with maturity in Q2-Q3’23 • Received $3.3 milli

  7. Slide 7: Capital Allocation

    Q1’23 Financials CAPITAL ALLOCATION Cash dividend of $0.23 per share  Returning $37.5 million in cash dividend for Q1 2023  The 53rd consecutive quarter  Payable on May 25, 2023, to shareholders of record as of May 18, 2023  The share will trade ex-dividend from May 17, 2023 Renewed share buybac

  8. Slide 8: Business Update

    Business Update BUSINESS UPDATE Current Time Charter Contracts Vessel 2023 2024 2025 2026 2027 2028 DHT Leopard DHT Amazon DHT Puma DHT Colt DHT Mustang DHT Harrier DHT Osprey Fixed Hire Option DHT Puma fixed on a three-year time charter • Fixed floor rate of $33,500 per day • Above floor rate all p

  9. Slide 9: Q2 Outlook

    Business Update Q2 OUTLOOK Estimated Q2 2023 Total term time charter days 620 Average term time charter rate ($/day)* $34,800 Total spot days for the quarter 1,390 Spot days booked to date 900 Average spot rate booked to date ($/day) $70,300 Spot P&L break-even for the quarter $24,900 *The month of

  10. Slide 10: Robust Breakeven Levels

    Business Update ROBUST BREAKEVEN LEVELS Estimated Breakeven Q2-Q4 2023 USD/day  Estimated P&L Breakeven Q2-Q4’23 30,000 • $27,500 USD/d 25,000 $9,000 • $24,600 USD/d for spot vessels 20,000  Estimated Cash Breakeven Q2-Q4’23 15,000 • $18,500 USD/d 27,500 24,600 • $12,800 USD/d for spot vessels 10,

  11. Slide 11: EGCS Project Update

    Business Update EGCS PROJECT UPDATE USD/ton Sinapore VLSFO/HFO Spread 500 450 400  6 of 8 retrofits completed 350 300  2 planned for the remainder of 2023 250 200 150 100 Following the completion, DHT’s 50 0 fleet will be 100% EGCS fitted 4-Jun-22 4-Nov-22 4-Apr-22 4-May-22 4-Apr-23 4-May-23 4-Aug

  12. Slide 12: Seaborn Crude Export

    Business Update SEABORN CRUDE EXPORT Global Seaborn Crude Export World Monthly Ton-Miles mtm mb/d 1,000,000 50.0 900,000 45.0 800,000 40.0 700,000 35.0 600,000 30.0 25.0 500,000 20.0 400,000 15.0 300,000 10.0 200,000 5.0 100,000 0.0 0 Jul-20 Jul-21 Jul-22 Nov-20 Nov-21 Nov-22 May-20 May-21 May-22 Ja

  13. Slide 13: Market Comments

    Business Update MARKET COMMENTS  The key pillars of oil transportation are supportive  Growing oil demand served by seaborne exports  Increasing transportation distances  Insignificant new supply coming on  OPEC+ cut surprised the market • Cuts might be justified??  Tanker market is prone for

  14. Slide 14: Summary

    Business Update SUMMARY  Near-term headwinds should not blur the view of long-term tailwinds  Main market pillars are intact  Continued disciplined execution of the business model and strategy  Well structured for cyclical markets  Strong balance sheet and healthy liquidity  Robust operational

  15. Slide 15: Q&A

    Q&A May 4, 2023 15

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