DHT Holdings, Inc. (NYSE:DHT) Q4 2023 Earnings Call Transcript February 7, 2024 8:00 AM ET

Company Participants

Laila Halvorsen - CFO

Svein Moxnes Harfjeld - President and CEO

Conference Call Participants

Frode Morkedal - Clarksons Securities

Jon Chappell - Evercore

Omar Nokta - Jefferies

Robert Silvera - R.E. Silvera & Associate Marine Surveyors

Stefano Grasso - 8VantEdge

Operator

Good day, and thank you for standing by. Welcome to the Q4 2023 DHT Holdings, Inc. Earnings Conference Call. At this time, all participatns 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'd now like to hand the conference over to your first 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 fourth 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 on our website, dhtankers.com until February 14. 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 reports. Actual results may differ materially from expectations reflected in these forward-looking statements. We urge you to read our periodic report 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.

We maintain a very strong balance sheet represented by low leverage and significant liquidity. At year-end, financial leverage was below 20% based on market values for the ships and net debt was below $15 million per vessel. The fourth quarter ended with total liquidity of $268 million, consisting of $75 million in cash and $193 million available under our revolving credit facility.

Now, over to the P&L highlights for the quarter. We achieved revenues on TCE basis of $94.5 million and EBITDA of $73 million. Net income came in at $35.3 million, equal to $0.22 per share. We continue to show good cost control and operating expenses for the quarter were $18.7 million and G&A was $4 million. The vessels in the spot market earned $43,600 per day, and the vessels on time charters made $39,600 per day and this includes profit sharing for two of the five vessels on time charters. The average TCE achieved for the quarter was $42,800 per day.