DHT Holdings, Inc. (NYSE:DHT) Q2 2023 Earnings Conference Call August 8, 2023 8:00 AM ET
Company Participants
Laila Halvorsen - Chief Financial Officer
Svein Moxnes Harfjeld - President and Chief Executive Officer,
Conference Call Participants
Frode Morkedal - Clarksons Securities
John Chappell - Evercore ISI
Omar Nokta - Jefferies
Chris Tsung - Webber Research
Operator
Good day, and thank you for standing by. Welcome to the Q2 2023 DHT Holdings, Inc. Earnings Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Laila Halvorsen, CFO. Please go ahead.
Laila Halvorsen
Thank you. Good morning and good afternoon, everyone. Welcome, and thank you for joining DHT Holdings second quarter 2023 earnings call. I'm joined by DHT's President and CEO, Svein Moxnes Harfjeld. As usual, we will go through financials and some highlights before we open up for your questions. The link to the slide deck can be found on our website, dhtankers.com. Before we get started with today's call, I would like to make the following remarks. A replay of this conference call will be available at our website, dhtankers.com until August 16. In addition, our earnings press release will be available on our website and on the SSE EDGAR system as an exhibit to Form 6-K.
As a reminder, on this conference call, we will discuss matters that are forward-looking in nature. These forward-looking statements are based on our current expectations about future events as detailed in our financial report. Actual results may differ materially from the expectations reflected in these forward-looking statements. We urge you to read our periodic reports available on our website and on the SEC Edco system, including the risk factors in these reports for more information regarding risks that we face.
DHT continues to show a solid balance sheet represented by low leverage and significant liquidity. At quarter end, financial leverage was about 18% based on market values for the ships. And net debt was just above $11 million per vessel. The quarter ended with total liquidity of $359 million, consisting of $131 million in cash and SEK 228 million available under our revolving credit facility. Now over to the P&L highlights.
It was a strong quarter with robust spot rates for the VLCCs and we achieved revenues on a TCE basis of $113 million and EBITDA of $90 million. Net income came in at $57 million, equal to $0.35 per share. Reported vessel operating expenses for the quarter was $19.7 million and G&A was $4.5 million. Included in OpEx number for the quarter were some advanced costs for spares and consumables associated with ships that have been in the order in connection to some nonrecurring items.