DHT Holdings, Inc. (NYSE:DHT) Q2 2022 Earnings Conference Call August 11, 2022 8:00 AM ET
Company Participants
Laila Halvorsen - Chief Financial Officer
Svein Moxnes Harfjeld - President & Chief Executive Officer
Conference Call Participants
Omar Nokta - Jefferies
Frode Mørkedal - Clarksons
Jon Chappell - Evercore
Anders Karlsen - Kepler Cheuvreux
Climent Molins - Value Investor's Edge
Operator
Good day and thank you for standing by. Welcome to the Q2 2022 DHT Holding’s Inc. Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speakers today, Laila Halvorsen. Please go ahead.
Laila Halvorsen
Thank you. Good morning and good afternoon, everyone. Welcome and thank you for joining DHT Holdings second 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 August 18th. 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.
The company continued to show a very strong and healthy balance sheet and the quarter ended with $106 million of cash. At quarter end, the company's availability under both revolving credit facilities was $188 million, putting total liquidity at $294 million as of June 30th. Financial leverage is about 28% based on market values for the ships and net debt per vessel was $15.7 million at quarter-end, which is well-below current scrap values.
Looking at the P&L highlights. EBITDA for the second quarter was $32.5 million, and net income came in at $10 million equal to $0.06 per share. The results include the gain related to sale of vessels and a non-cash gain in fair value related to interest rate derivatives. The company continues with a good cost control with OpEx for the quarter at $18 million, equal to $7,800 per day and G&A for the quarter at $4.2 million.