Dht Holdings, Inc. · NYSE:DHT
Dht — Q1 2020 Earnings Presentation
14 slides from Dht's earnings presentation, May 6, 2020
Slide 1: First Quarter 2020 Results
FIRST QUARTER 2020 RESULTS May 6, 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: Q1'20 Financials: P&L Highlights
Q1’20 Financials P&L HIGHLIGHTS USD Thousands, except per share amounts 1Q 2020 1Q 2019 2019 Revenues on TCE basis $ 152,524 $ 85,812 $ 347,568 Vessel Operating Expenses $ (19,827) $ (17,920) $ (78,327) G&A $ (4,296) $ (3,720) $ (14,789) Impairment Charge - - - EBITDA $ 128,401 $ 64,172 $ 254,452 In
Slide 4: Q1'20 Financials: Balance Sheet Highlights
Q1’20 Financials BALANCE SHEET HIGHLIGHTS As per As per USD Thousands 31.03.2020 31.12.2019 Cash $ 75,832 $ 67,356 Current RCF availability of $136.0 million: • ABN: $102.8 million Other Current Assets $ 130,969 $ 150,930 • Nordea: $33.2 million Vessels $ 1,575,148 $ 1,601,096 Other Assets $ 8,211
Slide 5: Financing
Financial Update FINANCING After quarter end, entered into a new financing for DHT Jaguar, built 2015 • Danish Ship Finance, in direct continuation of existing loan $36.4 million financing • LIBOR + 200 bps • 20-year repayment profile • 5-year tenor, due November 2025 May 6, 2020 5
Slide 6: 1Q Cash Flow Highlights
Q1’20 Financials 1Q CASH FLOW HIGHLIGHTS 200 14,2 11,5 150 47,0 128,4 1,2 1,5 100 57,8 0,6 12,7 50 75,8 67,4 0 31/12/19 EBITDA Debt Cash interest Dividends Maintenance Scrubber Prepayment Change in Net Other 31/03/20 Cash Balance repayment CapEx CapEx long-term working Cash Balance debt capital May
Slide 7: Capital Allocation
Business Update CAPITAL ALLOCATION Returning $51.4 million to shareholders Cash dividend of $0.35 per share • Payable on May 26th to shareholders of record as of May 19th • Cash dividend for the 41st consecutive quarter Prepaid $57.8 million in bank debt • Applied to a revolving credit facilit
Slide 8: COVID-19 – Operational Impact
Business Update COVID-19 – OPERATIONAL IMPACT Restrictions in ports and immigration makes for challenges to change crew on regular intervals • International efforts to resolve challenges underway Main areas of supplies such as Singapore and Fujairah works reasonably well • Smaller ports and remo
Slide 9: Operational Highlights
Business Update OPERATIONAL HIGHLIGHTS Spot vessels earned $66,400 per day Vessels on time-charter contracts earned $54,000 per day Fleet average earnings of $64,400 per day Booked 66% of the available VLCC spot days for Q2 at $110,400 per day Stable and competitive cost structure OPEX o
Slide 10: Fleet Employment Update
Business Update FLEET EMPLOYMENT UPDATE Subsequent to the quarter, we announced 6 time charter contracts • All 6 ships fixed on 12 months contracts • 5 have delivered with the remaining ship planned for delivery later in Q2 • Average daily hire of $67,300 per day for the six contracts Total of 1
Slide 11: VLCC Spot Market Past Nine Months
Business Update VLCC SPOT MARKET PAST NINE MONTHS AG-China 350 000 300 000 250 000 200 000 USD/day 150 000 100 000 50 000 0 1-Aug-19 1-Sep-19 1-Oct-19 1-Nov-19 1-Dec-19 1-Jan-20 1-Feb-20 1-Mar-20 1-Apr-20 1-May-20 Source: Galbraiths May 6, 2020 11
Slide 12: Estimated Outlook Q2 2020
Business Update ESTIMATED OUTLOOK Q2 2020 # DAYS $ PER DAY $/M Time Charter* 749 $54,100 $40.6 Fixed Spot Business 1,122 $110,400 $123.8 Sum 1,871 $164.4 Unfixed Revenue Days 584 Expected Off-hire Days 2 * Time charter rates exclude prospective profit sharing Record revenues already secured Furt
Slide 13: Closing Remarks
CLOSING REMARKS May 6, 2020 13
Slide 14: Q&A
Q&A May 6, 2020 14