Dht Holdings, Inc. · NYSE:DHT
Dht — Q2 2020 Earnings Presentation
12 slides from Dht's earnings presentation, Aug 11, 2020
Slide 1: Second Quarter 2020 Results
SECOND QUARTER 2020 RESULTS August 11, 2020
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
Slide 3: Q2'20 Financials: P&L Highlights
Q2’20 Financials P&L HIGHLIGHTS Q2 2020 1H 2020 $ Thousands, except per share Revenues on TCE basis $ 202 721 $ 355 245 Vessel Operating Expenses $ (19 721) $ (39 548) G&A $ (5 039) $ (9 334) EBITDA $ 177 962 $ 306 363 Interest expenses $ (11 022) $ (23 249) Net Income $ 135 824 $ 207 982 EPS $ 0.92
Slide 4: Q2'20 Financials: Balance Sheet Highlights
Q2’20 Financials BALANCE SHEET HIGHLIGHTS As per As per $ Thousands 30.06.2020 31.12.2019 Cash $ 137 717 $ 67 356 ▪ Total liquidity $273m Other Current Assets $ 123 550 $ 150 930 • Cash $138m Vessels $ 1 552 868 $ 1 601 096 • RCF $135m Other Assets $ 9 852 $ 7 836 Total Assets $ 1 823 988 $ 1 827 21
Slide 5: Q2 Cash Flow Highlights
Q2’20 Financials Q2 CASH FLOW HIGHLIGHTS August 11, 2020 5
Slide 6: Operational Highlights
Business Update OPERATIONAL HIGHLIGHTS ▪ Spot vessels earned $92,100 per day in Q2’20 ▪ Vessels on time-charter contracts earned $62,700 per day ➢ Fleet average earnings of $83,300 per day ▪ So far we have covered 75% of the available days in Q3’20 at $51,200 per day • 61% of the available VLCC spot
Slide 7: Capital Allocation
Business Update CAPITAL ALLOCATION ▪ Cash dividend of $0.48 per share • Payable on September 2nd to shareholders of record as of August 26th • Cash dividend for the 42nd consecutive quarter ▪ Prepaid $59.2 million in bank debt • All regular 2021 installments for the Nordea and ABN facilities • Remai
Slide 8: Convertible Senior Notes due 2021
Business Update CONVERTIBLE SENIOR NOTES DUE 2021 ▪ On July 17, the company announced to have exercised the call option for the Convertible Senior Notes due 2021 at par • Redemption Date August 21, 2020 • Principal Amount $124,999,000 • Conversion Rate 187.0208 shares of common stock per $1,000 prin
Slide 9: COVID-19; Operational Impact
Business Update COVID-19; OPERATIONAL IMPACT ▪ Restrictions in ports and immigration continue to create challenges for crew changes on regular intervals • Few geographical areas currently support these operations – making crews staying on longer than planned August 11, 2020 9
Slide 10: Time Charter Coverage and Cash Break-even
Business Update TIME CHARTER COVERAGE and cash break-even ▪ DHT has 10 vessels on time-charter contracts • We currently have four vessels with profit sharing mechanisms and six with fixed rates. The average rate of the fixed elements in these 10 time-charters is $50,673 per day. ▪ … and 17 ships in
Slide 11: Managing the Cycles
Business Update MANAGING THE CYCLES continuing our solid track record $/day 140 000 120 000 100 000 SIGNIFICANT DIVIDENDS, BOND SIGIFICANT DIVIDENDS, TC 80 000 BUY-BACKS, TC CONTRACTS AND CONTRACTS AND DEBT DEBT PREPAYMENTS PREPAYMENTS 60 000 40 000 ACQUIRED 16 ACQUIRED 13 VLCCs VLCCs 20 000 0 Jan-1
Slide 12: Q&A
Q&A August 11, 2020 12