DHT Holdings Inc. (NYSE:DHT) Q4 2022 Results Conference Call February 9, 2023 8:00 AM ET
Company Participants
Laila Halvorsen - CFO
Svein Moxnes Harfjeld - President and CEO
Conference Call Participants
Jon Chappell - Evercore ISI
Omar Nokta - Jefferies
Chris Tsung - Webber Research & Advisory
Anders Karlsen - Kepler Cheuvreux
Geoffrey Scott - Scott Asset Management
Michael Beall - Davenport
Laila Halvorsen
Thank you. Good morning and good afternoon, everyone. Welcome, and thank you for joining DHT Holdings fourth quarter 2022 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 February 16. In addition, our earnings press release will be available on our website and on the SEC EDGAR system as an exhibit to our 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 EDGAR system, including the risk factors in these reports for more information regarding risks that we face.
Our balance sheet is in excellent shape. The quarter ended with $126 million of cash. And in addition, the company's availability under our revolving credit facilities was $234 million, putting total liquidity at $360 million as of December 31. Financial leverage is about 19.4% based on market values for the ships. And net debt per vessel was $11.8 million at quarter end, which is significantly below current scrap values.
Reflecting on the strong freight market and our competitive cost structure, EBITDA for the fourth quarter was $95.4 million with net income at $61.8 million, equal to $0.38 per share. OpEx for the quarter was $19.9 million and included some periodical variations, mainly related to stores and spares. G&A for the quarter came in at $2.8 million.
In the fourth quarter, the vessels in the spot market earned $63,800 per day and the vessels on time charter made $36,100 per day. On average, the achieved TCE for the quarter was $56,900 per day. The first 3 months of 2022 was more or less breakeven. Our net income for the full year came in at $62 million, equal to $0.37 per share. DHT continues to show a very stable and competitive cost structure, and OpEx for the year was $73.8 million, equal to an average of $8,250 per day for the fleet.