DHT Holdings, Inc. · NYSE:DHT
DHT — Q1 2021 Earnings Presentation
16 slides from DHT's earnings presentation, May 5, 2021
Slide 1: First Quarter 2021 Results
FIRST QUARTER 2021 RESULTS May 5, 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
Q1’21 Financials P&L HIGHLIGHTS 1Q 2021 1Q 2020 2020 $ Thousands, except per share Revenues on TCE basis $ 71 278 $ 152 524 $ 550 475 Vessel Operating Expenses $ (19 055) $ (19 827) $ (82 188) G&A $ (5 555) $ (4 296) $ (17 890) Impairment Charge $ - - $ (12 560) EBITDA $ 46 668 $ 128 401 $ 450 397 I
Slide 4: Balance Sheet Highlights
Q1’21 Financials BALANCE SHEET HIGHLIGHTS As per As per $ Thousands 31.03.2021 31.12.2020 Cash $ 53 978 $ 68 641 Other Current Assets $ 56 683 $ 49 638 Vessels* $ 1 610 124 $ 1 493 705 Other Assets $ 10 022 $ 10 005 Total Assets $ 1 730 807 $ 1 621 989 Current Portion of Long Term Debt $ 11 761 $ 3
Slide 5: Q1'21 Cash Flow Highlights
Q1’21 Financials Q1’21 CASH FLOW HIGHLIGHTS 250 200 125.0 136.1 150 0.7 5.3 8.6 100 46.7 5.0 31.3 50 0.6 68.6 54.0 0 31/12/20 EBITDA Debt Cash interest Dividend RCF Vessel Maintenance Change in Net Other 31/03/21 Cash Balance repayment drawdown acquisitions CapEx working Cash Balance capital May 5,
Slide 6: Capital Allocation
Q1’21 Financials CAPITAL ALLOCATION Cash dividend of $0.04 per share • Payable on May 26th to shareholders of record as of May 19th • The 45th consecutive quarter with cash dividends May 5, 2021 6
Slide 7: Fleet Renewal
Business Update FLEET RENEWAL Acquired two 2016 built VLCCs for a total of $136 million in Q1’2021 • Quality vessels, Eco-design with scrubber and BWTS installed Sold the three oldest vessels in the fleet in Q2’2021 • DHT Lake, DHT Raven and DHT Condor, all 2004 built, have been sold in three separa
Slide 8: Fleet Employment
Business Update FLEET EMPLOYMENT Spot vs. Current TC Cover Rest of Year 2021 100 % 90 % 80 % 52 % 70 % 58 % 60 % 77 % 50 % 40 % 30 % 48 % 20 % 42 % 10 % 23 % 0% Q2'21 Q3'21 Q4'21 TC Spot Thus far in the second quarter of 2021, 75% of the available days have been booked at an average rate of $21,300*
Slide 9: Dry Docking Program
Business Update DRY DOCKING PROGRAM ▪ We continue with our accelerated dry docking program to take advantage of softer market conditions • Without altering subsequent special survey due dates Q1'2021 Q2'2021 Dry Docking Program actual estimated Number of vessels commencing dry dock 7 3 Number of sch
Slide 10: One Year with COVID-19
Business Update ONE YEAR WITH COVID-19 ▪ Crew changes is a logistical challenge as restrictions in ports and immigration is making regular intervals challenging ▪ Especially impacted now are seafarers from India following the ongoing outspread in the country making it difficult to both embark and di
Slide 11: New Financing
Business Update NEW FINANCING New $316 million credit facility subsequent Q1’2021 ✓ Syndicate comprises seven banks, showing continued support in our business ✓ Attractive terms with LIBOR + 1.90% ✓ Final maturity in January 2027 The new facility serves three main purposes: 1. Financing the two newl
Slide 12: Main Financial Effects of New Financing and Ship Sales
Business Update MAIN FINANCIAL EFFECTS OF NEW FINANCING AND SHIP SALES Liquidity As per Q1’2021 $ 99 million New financing $ 132 million Net proceeds from sales $ 78 million Pro forma $ 309 million Interest Bearing Debt As per Q1’2021 $ 575 million Repayments of DHT Condor loan $ 9 million Pro Forma
Slide 13: Main Benefits from S&P and Financing Activities
Business Update MAIN BENEFITS FROM S&P AND FINANCING ACTIVITIES ✓ Fleet renewal ✓ Reduced financing cost ✓ Extended maturity on one of our two large credit facilities ✓ Strengthened financial position • Net debt of $16.6 million per ship, well below scrap values • Total liquidity over $300 million M
Slide 14: Robust Cash Break Even
Business Update ROBUST CASH BREAK EVEN Estimated Cash Break Even Q2’2021 Estimated Cash Break Even H2’2021 USDm USDm 100 100 90 90 80 80 Maintenance 70 70 CapEx Spot: 60 60 Cash G&A 10 200/d Debt repayment 50 50 Cash interest 40 40 VLCC: Maintenance Spot: CapEx 16 800/d 30 Cash G&A 6 700/d 30 Debt r
Slide 15: Summary
Business Update SUMMARY ✓ Profitable quarter despite loss making market conditions ✓ Fleet renewal ✓ Strong balance sheet ✓ Low cash break-even ✓ Oil inventories will be the key factor for when the freight market will turn May 5, 2021 15
Slide 16: Q&A
Q&A May 5, 2021 16