DHT Holdings, Inc. (NYSE:DHT) Q3 2024 Earnings Conference Call November 13, 2024 8:00 AM ET
Company Participants
Laila C. Halvorsen - CFO
Svein Moxnes Harfjeld - President and CEO
Conference Call Participants
Frode Mørkedal - Clarkson Securities
Jonathan Chappell - Evercore ISI
Omar Nokta - Jefferies
Operator
Good day, and thank you for standing by. Welcome to the Q3 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 first speaker today, CFO, Laila Halvorsen. Please go ahead.
Laila C. Halvorsen
Thank you. Good morning and good afternoon, everyone. Welcome and thank you for joining DHT Holdings' third quarter 2024 earnings call. I am joined by DHT's President and CEO, Svein Moxnes Harfjeld. As usual, we will go through the 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 November 20th. 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. Our balance sheet remains in excellent health with low leverage and significant liquidity. At quarter end financial leverage was 17.6% based on marked values for the shifts and net debt was 13.9 million per vessel very below estimated residual shift values. The third quarter ended with total liquidity of 264 million consisting of 74 million in cash and 190 million available under our revolving credit facilities.
Now, over to the P&L. We are pleased with the results for the quarter. We achieved revenues on TCE basis of 92.6 million and EBITDA of 70.4 million. Net income came in at 35.2 million equal to $0.22 per share. Vessel operating expenses for the quarter were 19 million and G&A for the quarter was 4.2 million. For the third quarter, the average TCE for all vessels in the spot market was $43,700 per day or less spot vessels under 15 years of age achieved earnings of $47,600 per day. The vessels on time charters made $38,800 per day while the average combined TCE achieved for the quarter was $42,400 per day.