Slide 1: Second Quarter 2024 Results
SECOND QUARTER 2024 RESULTS August 13, 2024
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
Q2’24 Financials BALANCE SHEET HIGHLIGHTS Total liquidity of $263 million $ Thousands As per 30.06.2024 Cash $ 72.6 million Cash $ 72,642 RCF availability $ 190.7 million Other current assets $ 123,107 Vessels* $ 1,285,412 Other assets $ 6,883 Total assets $ 1,488,042 Current portion of long-ter
Slide 4: P&L Highlights
Q2’24 Financials P&L HIGHLIGHTS Average TCE Q2 2024 Q2 2024 $ Thousands, except per share $52,700/d Spot $36,400/d Time-charter Revenues on TCE basis $ 103,696 $49,100/d Fleet average Vessel operating expenses $ (20,393) H1 2024 G&A $ (4,521) $53,400/d Spot $50,000/d Fleet average EBITDA $
Slide 5: Q2 2024 Cash Flow Highlights
Q2’24 Financials Q2 2024 CASH FLOW HIGHLIGHTS Cash Bridge Q2 2024 $m 200 175 80.0 -8.8 150 -7.4 -46.8 125 100 -0.8 -51.5 8.8 0.2 75 144.2 136.8 25.0 50 90.0 89.2 73.1 73.1 71.6 72.6 62.8 25 37.8 37.8 0 31/03/24 Cash EBITDA Debt Cash interest Dividend Maintenance Investment in Issuance of Change in N
Slide 6: Capital Allocation
Q2’24 Financials CAPITAL ALLOCATION Cash dividend of $0.27 per share Equals capital allocation policy: 100% of ordinary net income The 58th consecutive quarterly cash dividend The shares will trade ex-dividend August 23, 2024 Cash dividend since dividend policy update from Q3 2022: $1.97 per
Slide 7: Q3 Outlook
Business Update Q3 OUTLOOK Estimated Q3 2024 Total term time-charter days 552 Average term time-charter rate ($/day)* $37,700 Total spot days for the quarter 1,630 Spot days booked to date / % of total spot days 1,230 / 75% Average spot rate booked to date ($/day) $42,100 Spot P&L break-even for the
Slide 8: Newbuilding Program Update
Business Update NEWBUILDING PROGRAM UPDATE Newbuilding program delivery schedule • DHT Antelope, Hanwha, February 2026 • DHT Gazelle, Hyundai, April 2026 • DHT Addax, Hanwha, May 2026 • DHT Impala, Hyundai, July 2026 Options are not exercised and have expired Improved delivery schedule increas
Slide 9: Seasonality
Market Update SEASONALITY Historical VLCC earnings $/d 100,000 80,000 60,000 40,000 20,000 0 J F M A M J J A S O N D 2014-2023 avg. 2023 2024 Source: SIN Clarksons August 13, 2024 9
Slide 10: Crude Stockdraws
Market Update CRUDE STOCKDRAWS Seaborne crude transportation Global crude onshore inventories mb/d mb 42 50 OECD Onshore Non-OECD onshore 41.5 40 41 30 40.5 20 40 10 39.5 0 39 -10 38.5 -20 38 -30 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Source: Vortexa, Energy Aspects August 13, 2024 10
Slide 11: Product Inventory Builds on Weaker Refinery Margins
Market Update PRODUCT INVENTORY BUILDS ON WEAKER REFINERY MARGINS Average refinery margin Singapore Global diesel and gasoline inventories $/bbl Bbbl 10 1.21 8 1.19 6 1.17 4 1.15 1.13 2 1.11 0 1.09 (2) 1.07 (4) 1.05 sep 23 des 23 mar 24 jun 24 sep 24 J F M A M J J A S O N D 2024 2015-19 Source: Ener
Slide 12: Summary
Summary SUMMARY Attractive fundamentals: Continued oil demand growth Longer transportation distances Limited supply of new shipping capacity against a rapidly aging fleet Disciplined strategic execution and respectable corporate governance Structured for cyclical and volatile markets S
Slide 13: Q&A
Q&A August 13, 2024 13