Dht Holdings, Inc. · NYSE:DHT
Dht — Q2 2023 Earnings Presentation
13 slides from Dht's earnings presentation, Aug 9, 2023
Slide 1: Second Quarter 2023 Results
SECOND QUARTER 2023 RESULTS August 9, 2023
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
Q2’23 Financials BALANCE SHEET HIGHLIGHTS As per $ Thousands 30.06.2023 Cash $ 130,649 Total liquidity of $359 million Cash $ 130.6 million Other current assets $ 103,667 RCF availability $ 228.2 million Vessels* $ 1,248,780 Other assets $ 6,775 Total assets $ 1,489,851 Current portion of long-t
Slide 4: P&L Highlights
Q2’23 Financials P&L HIGHLIGHTS Q2 2023 $ Thousands, except per share Average TCE Q2 2023 Revenues on TCE basis $ 112,902 $56,300/d Vessel operating expenses $ (19,687) $64,800/d Spot $36,200/d Time-charter G&A $ (4,515) EBITDA $ 89,753 Interest expenses $ (7,492) Net Income / (loss) after tax
Slide 5: Q2 2023 Cash Flow Highlights
Q2’23 Financials Q2 2023 CASH FLOW HIGHLIGHTS Cash Bridge Q2 2023 250 225 89.8 -8.1 -5.5 200 -38.1 175 -8.9 -1.8 -8.6 150 -9.5 1.7 1.4 125 100 75 130.6 117.5 50 25 0 31/03/23 EBITDA Debt Cash interest Dividend Share Maintenance EGCS CapEx New Change in Other 30/06/23 Cash Balance repayment buyback C
Slide 6: Capital Allocation
Q2’23 Financials CAPITAL ALLOCATION Cash dividend of $0.35 per share According to capital allocation policy to pay out 100% of net income as quarterly cash dividend The 54th consecutive quarterly cash dividend Payable on August 30, 2023, to shareholders of record as of August 23, 2023 Share re
Slide 7: Quarterly Highlights
Business Update QUARTERLY HIGHLIGHTS Q2 Events Acquired a 2018-built VLCC for $94.5 million in Q2 2023 • Quality vessel built at HHI, large DWT, ECO-design with EGCS Completed the EGCS retrofit program DHT’s fleet is 100% EGCS fitted Subsequent Events Acquired 250k shares at $8.46 Took del
Slide 8: Fleet Update
Business Update FLEET UPDATE DHT Appaloosa delivered end of July, • Takes the fleet to 24 VLCCs 4 time-charter contracts coming to an end: • DHT Mustang - redelivered • DHT Stallion - redelivered • DHT Colt - to be redelivered during Q3 • DHT Amazon expires towards the end of Q3 Subsequently,
Slide 9: Q3 Outlook
Business Update Q3 OUTLOOK Estimated Q3 2023 Total term time-charter days 530 Average term time-charter rate ($/day)* $35,400 Total spot days for the quarter 1,560 Spot days booked to date 1,090 Average spot rate booked to date ($/day) $46,300 Spot P&L break-even for the quarter $25,700 *The month o
Slide 10: Tanker Market
Market Update TANKER MARKET VLCC Historical Spot Earnings Global Seaborne Crude $/d kbd 140,000 48,000 120,000 46,000 100,000 44,000 80,000 42,000 60,000 40,000 40,000 38,000 20,000 36,000 0 34,000 J F M A M J J A S O N D -20,000 J F M A M J J A S O N D 5-year average 2023 avg. based on TD3, TD15 an
Slide 11: Robust Break-Even Levels
Business Update ROBUST BREAK-EVEN LEVELS Estimated break-even H2’23 $/day 30,000 Estimated discretionary cash flow between P&L and cash break-even 25,000 $8,500/d of $8,500 per ship per day 20,000 15,000 Estimated P&L break-even H2 2023 27,700 25,900 • $27,700 p/d 10,000 19,200 15,400 • $25,900
Slide 12: VLCC Fleet Overview
Market Update VLCC Fleet Overview Current VLCC orderbook stands at 1.9% # VLCCs 80 70 Orderbook 17 VLCCs • 6 to go in 2023 60 50 8 VLCCs contracted YTD 29.9 % 40 91 ships to turn 20-years 30 14.2 % up to end 2025 20 10 0 2024e 2025e 2026e 2027e 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Slide 13: Closing Remarks and Q&A
CLOSING REMARKS AND Q&A August 9, 2023 13