The following is a summary of the DHT Holdings, Inc. (DHT) Q1 2024 Earnings Call Transcript:

Financial Performance:

• DHT Holdings ended Q1 2024 with financial leverage at 17.8% and net debt at $13.5 million per vessel. The company boasted a total liquidity of $289 million.

• The company reported Q1 revenues on TCE basis of $106.3 million, EBITDA of $83.7 million, and a net income of $47.1 million - equivalent to $0.29 per share.

• The company showed sound financial management with operating expenses for the quarter at $19.2 million and G&A at $4.7 million.

• The company's spot market vessels made $54,000 per day, and those on time charters made $39,500 per day, on average.

Business Progress:

• DHT has contracted four VLCCs, to be delivered in 2026, from high-quality shipyards, upgrading its fleet to offer improved economics for both customers and DHT.

• With an optimistic stance on the future, DHT expects strong demand and a robust market, despite a possible shrink in fleet size.

• In the context of expansion, DHT's priority lies in acquisitions. For the new building project, the company plans to utilize cash flow from operations, available liquidity, and fresh mortgage debt, instead of issuing new capital.

• DHT showed interest in selling its ship options as it recognizes the market value. The company also discussed the aim of expanding its fixed income and the potential for term charters.

More details: DHT Holdings IR

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