Dht Holdings, Inc. · NYSE:DHT

Dht — Q3 2023 Earnings Presentation

15 slides from Dht's earnings presentation, Nov 7, 2023

  1. Slide 1: November 7, 2023

    November 7, 2023

  2. 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

  3. Slide 3: Balance Sheet Highlights

    Q3’23 Financials BALANCE SHEET HIGHLIGHTS As per $ Thousands 30.09.2023 Total liquidity of $292 million Cash $ 73,920  Cash $ 73.9 million Other current assets $ 105,307  RCF availability $ 217.6 million Vessels* $ 1,311,906 Other assets $ 6,340 Total assets $ 1,497,474 Current portion of long-ter

  4. Slide 4: P&L Highlights Q3 2023

    Q3’23 Financials P&L HIGHLIGHTS Q3 2023 $ Thousands, except per share Average TCE Q3 2023 Revenues on TCE basis $ 89,087  $42,500/d Vessel operating expenses $ (18,608)  $44,700/d Spot G&A $ (4,303)  $35,500/d Time-charter EBITDA $ 67,419 Interest expenses $ (8,789) Net Income / (loss) after tax

  5. Slide 5: P&L Highlights Q3 and YTD 2023

    Q3’23 Financials P&L HIGHLIGHTS Q3 2023 YTD $ Thousands, except per share Average TCE YTD 2023 Revenues on TCE basis $ 89,087 $ 295,887  $49,200/d Vessel operating expenses $ (18,608) $ (56,711)  $54,300/d Spot G&A $ (4,303)  $35,600/d Time-charter $ (13,455) EBITDA $ 67,419 $ 229,118 Interest ex

  6. Slide 6: Q3 2023 Cash Flow Highlights

    Q3’23 Financials Q3 2023 CASH FLOW HIGHLIGHTS Cash Bridge Q3 2023 225 67.4 -6.9 200 -7.0 -56.7 175 150 -9.9 125 -5.5 -2.1 -85.3 100 54.5 -4.9 -0.3 75 130.6 50 73.9 25 0 30/06/23 Cash EBITDA Debt Cash interest Dividend Share buyback Maintenance EGCS CapEx New Issuance of Change in Other 30/09/23 Cash

  7. Slide 7: Capital Allocation

    Q3’23 Financials CAPITAL ALLOCATION Cash dividend of $0.19 per share  Equals capital allocation policy: 100% of net income  The 55th consecutive quarterly cash dividend  Payable on November 28, 2023, to shareholders of record as of November 21, 2023 Share repurchases  Repurchased 1.1 million of

  8. Slide 8: Q3 Events

    Business Update Q3 EVENTS  Took delivery of acquired 2018-built VLCC • Acquired for $94.5 million • Acquisition funded by cash on hand and a new $45 million term loan facility • Vessel named DHT Appaloosa November 7, 2023 8

  9. Slide 9: Robust Break-Even Levels

    Business Update ROBUST BREAK-EVEN LEVELS Estimated break-even 2024 $/day 35,000 30,000 25,000 20,000 15,000 27,500 25,000 10,000 21,400 17,300 5,000 0 P&L break-even rates P&L break-even rates spot Cash break-even rates Cash break-even rates for spot ships ships Cash break-even includes all true cas

  10. Slide 10: Q4 Outlook

    Business Update Q4 OUTLOOK Estimated Q4 2023 Total term time-charter days 420 Average term time-charter rate ($/day)* $36,000 Total spot days for the quarter 1,790 Spot days booked to date 1,280 Average spot rate booked to date ($/day) $41,500 Spot P&L break-even for the quarter $24,700 *The month o

  11. Slide 11: Dry Dock Schedule

    Business Update DRY DOCK SCHEDULE  4 vessels conducted DD during Q3 2023  3 vessels scheduled for dry dock in 2024  1 vessel scheduled for dry dock in 2025 November 7, 2023 11

  12. Slide 12: VLCC Rates

    Market Update VLCC RATES $/d 120,000 100,000 80,000 $57,000 60,000 40,000 $45,600 20,000 0 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Avg. index rate 5-year avg. index rate DHT last four quarters spot avg. Last four quarters index spot avg. Source: SIN

  13. Slide 13: VLCC Fleet Overview

    Market Update VLCC FLEET OVERVIEW Current VLCC orderbook stands at 2.6% # VLCCs 80 70  Orderbook 24 VLCCs • 2 to go in 2023 60  17 VLCCs contracted YTD 50 29.9%  186 VLCCs 20+ years by 40 end of 2025 (20% of fleet) 14.2 %  Assumes no scrapping 30 and no slippage 20 10 0 2024e 2025e 2026e 2027e 1

  14. Slide 14: The DHT DNA

    Summary THE DHT DNA  Clear strategy with disciplined execution  Highly regarded corporate governance  Structured for cyclical and volatile markets  Solid balance sheet with strong liquidity  Robust break-even levels  Meaningful market exposure and operating leverage  Defined and shareholder f

  15. Slide 15: cL Q <x od Q

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DHT Holdings — Q3 2023 Earnings Presentation on 6ix