Dht Holdings, Inc. · NYSE:DHT
Dht — Q4 2024 Earnings Presentation
12 slides from Dht's earnings presentation, Feb 6, 2025
Slide 1: Fourth Quarter 2024 Results
FOURTH QUARTER 2024 RESULTS February 6, 2025
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: Balance Sheet Highlights
Q4’24 Financials BALANCE SHEET HIGHLIGHTS Total liquidity of $258 million $ Thousands As per 31.12.2024 Cash $ 78.1 million Cash $ 78,143 RCF availability $ 179.5 million Other current assets $ 101,052 Vessels* $ 1,208,269 Advances for vessels under construction $ 93,178 Other assets $ 5,944 Tot
Slide 4: P&L Highlights Q4 2024
Q4’24 Financials P&L HIGHLIGHTS Q4 2024 Average TCE Q4 2024 $ Thousands, except per share $38,200/d Spot Revenues on TCE basis $ 85,535 • $40,500/d spot vessels <15 years $40,500/d Time-charter Vessel operating expenses $ (19,980) $38,800/d Fleet average G&A $ (5,589) Adj. EBITDA $ 60,588 Inte
Slide 5: P&L Highlights Q4 and 2024
Q4’24 Financials P&L HIGHLIGHTS Q4 2024 2024 Average TCE 2024 $ Thousands, except per share $47,200/d Spot Revenues on TCE basis $ 85,535 $ 388,212 • $49,800/d spot vessels <15 years $38,900/d Time-charter Vessel operating expenses $ (19,980) $ (78,594) $45,200/d Fleet average G&A $ (5,589) $
Slide 6: Q4 2024 Cash Flow Highlights
Q4’24 Financials Q4 2024 CASH FLOW HIGHLIGHTS Cash Bridge Q4 2024 $m 200 175 150 60.6 -8.8 -6.3 125 -35.5 100 -13.2 9.3 1.1 75 -12.9 10.0 125.6 119.3 50 83.7 77.0 78.1 73.8 73.8 70.6 67.7 25 57.7 57.7 0 30/09/24 Cash EBITDA Debt Cash interest Dividend Share buyback Investment in Issuance of Change i
Slide 7: Business Update
Business Update BUSINESS UPDATE 1,481,383 shares repurchased in Q4 2024 • Average price of $8.89/share • Aggregate of $13.2 million Equal to 0.9% of current outstanding shares Agreed to sell oldest ship in the fleet • DHT Scandinavia, built 2006, $43.4 million • Expect to book a gain of about
Slide 8: Capital Allocation
Q4’24 Financials CAPITAL ALLOCATION Cash dividend of $0.17 per share Equals capital allocation policy: 100% of ordinary net income The 60th consecutive quarterly cash dividend The shares will trade ex-dividend February 18, 2025 Cash dividend since dividend policy update from Q3 2022: $2.36 p
Slide 9: Q1 Outlook
Business Update Q1 OUTLOOK Estimated Q1 2025 Total term time-charter days 604 Average term time-charter rate ($/day)* $41,700 Total spot days for the quarter 1,475 Spot days booked to date / % of total spot days 1085 / 74% Average spot rate booked to date ($/d) $36,400 Average spot rate for vessels
Slide 10: VLCC Fleet
Market Update VLCC FLEET Newbuilds outpaced by aging VLCCs #VLCCs 80 60 VLCCs end-2026: 15+ years: 444 40 20+ years: 202 25+ years: 184 20 Shadow VLCC fleet 0 -18 Not sanctioned: 105 VLCCs -20 -28 -29 -37 Sanctioned: 92 VLCCs -17 Shadow + sanctioned: 197 VLCCs (22% of -40 -25 fleet) -32
Slide 11: China Oil Demand and Refinery Margins
Market Update CHINA OIL DEMAND AND REFINERY MARGINS Key agencies forecasts recovery in oil demand Chinese refinery margins mbd $/bbl 120 18.0 16.0 100 16.5 16.8 14.0 80 12.0 10.0 60 8.0 40 6.0 4.0 20 2.0 0 2024 2025 0.0 Other China -2.0 Source:OPEC, EIA, IEA, Energy Aspects February 6, 2025 11
Slide 12: Q&A
Q&A February 6, 2025 12