DHT Holdings, Inc. · NYSE:DHT
DHT — Q2 2021 Earnings Presentation
13 slides from DHT's earnings presentation, Aug 10, 2021
Slide 1: Second Quarter 2021 Results
SECOND QUARTER 2021 RESULTS August 10, 2021
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: P&L Highlights
Q2’21 Financials P&L HIGHLIGHTS Q2 2021 H1 2021 $ Thousands, except per share Revenues on TCE basis $ 45,251 $ 116,528 Average TCE Q2 2021 $19,500 per day Vessel Operating Expenses $ (19,585) $ (38,640) G&A $ (4,671) $ (10,226) Average TCE H1 2021 EBITDA $ 20,995 $ 67,663 $25,500 per day Interest ex
Slide 4: Balance Sheet Highlights
Q2’21 Financials BALANCE SHEET HIGHLIGHTS As per As per $ Thousands 30.06.2021 31.12.2020 Cash $ 52,241 $ 68,641 Total liquidity of $234.6 million ▪ Cash $ 52.2 million Other Current Assets $ 44,814 $ 49,638 ▪ RCF availability $182.4 million Vessels* $ 1,518,013 $ 1,493,705 Asset held for sale $ 28,
Slide 5: Q2 Cash Flow Highlights
Q2’21 Financials Q2 21 CASH FLOW HIGHLIGHTS 350 300 250 175.9 230.9 200 150 100 93.4 1.9 3.7 21.0 51.4 22.5 2.0 50 6.8 54.0 15.3 18.5 2.1 52.2 0 August 10, 2021 5
Slide 6: Capital Allocation
Q2’21 Financials CAPITAL ALLOCATION $25.8 million, in total, will be returned to shareholders for Q2 2021 Share buyback • During the second quarter, the Company returned $22.5M to shareholders by purchasing $3.7M of its own shares, equal to 2.2% of the outstanding shares • The shares were retired up
Slide 7: Fleet Update
Business Update FLEET UPDATE Delivery of DHT Osprey • Took delivery of DHT Osprey on the 12th of April, the second of two VLCCs acquired in January 2021 • The first vessel, DHT Harrier, was delivered to us the 18th of February 2021 Sold and delivered the three oldest vessels in the fleet • DHT Raven
Slide 8: Debt Financing Update
Business Update DEBT FINANCING UPDATE New $316 million credit facility with Nordea as agent • LIBOR + 190 bps • 20-year repayment profile • Over 5-year tenor: final maturity January 2027 • Prepayment of the 2021 and 2022 ordinary installments, previously rendered in 2020, remained in effect under th
Slide 9: Fleet Employment
Business Update FLEET EMPLOYMENT Spot vs. Current TC Cover H2 2021 100% 90% 80% 70% 58% 60% 77% 50% 40% 30% 20% 42% 10% 23% 0% Q3'21 TC Spot Q4'21 Thus far in the third quarter of 2021, 64% of the available days have been booked at an average rate of $22,100* per day on a discharge-to-discharge basi
Slide 10: Dry Docking Program
Business Update DRY DOCKING PROGRAM Q2 2021 • DHT Redwood – completed 2nd special survey • DHT Tiger – completed 1st special survey • DHT Osprey – completed 1st special survey Q3 2021 • DHT Falcon – scheduled for 3rd special survey and BWTS installation • DHT China – scheduled for 3rd special survey
Slide 11: Robust Cash Break Even
Business Update ROBUST CASH BREAK EVEN Estimated Cash Break Even H2 2021 Estimated Cash Break Even H1 2022 USDm USDm $100 $100 $90 $90 $80 $80 Maintenance $70 $70 Maintenance CapEx CapEx Spot: $60 $60 Cash G&A Cash G&A 10 200/d Debt repayment Debt repayment $50 $50 Cash interest Cash interest $40 VL
Slide 12: Summary
Business Update SUMMARY • Fleet renewal • New financing at attractive terms • Strong balance sheet and healthy liquidity • Low cash break-even levels August 10, 2021 12
Slide 13: Q&A
Q&A August 10, 2021 13