DHT Holdings, Inc. (NYSE:DHT) Q2 2024 Earnings Conference Call August 13, 2024 8:00 AM ET

Company Participants

Laila Halvorsen - CFO
Svein Moxnes Harfjeld - President and CEO

Conference Call Participants

Jon Chappell - Evercore ISI
Frode Mørkedal - Clarkson Securities
Omar Nokta - Jefferies

Operator

Good day, and thank you for standing by. Welcome to the Q2 2024 DHT Holdings, 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 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 2024 earnings call. I am 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 August 20. 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.

As usual we will start the presentation with some financial highlights. We maintain a very strong balance sheet represented by low leverage and significant liquidity. At quarter end, financial leverage was 18.6% based on market values for the ships and net debt was $14.2 million per vessel. The second quarter ended with total liquidity of $263 million, consisting of $73 million in cash and $191 million available under our evolving credit facilities.

Now over to the P&L. We are pleased with the results for the quarter. We achieved revenues on TCE basis of $103.7 million and EBITDA of $80 million. Net income came in at $44.5 million, equal to $0.27 per share. Vessel operating expenses for the quarter were $20.4 million, which included some one-offs in addition to timing of purchases of spares and consumables. G&A for the quarter was $4.5 million.