DHT (DHT) Q3 2024 earnings summary

Executive summary

• Q3 2024 net income was $35.2 million ($0.22 per share), with strong EBITDA of $70.4 million and robust revenue performance.

• Maintained significant liquidity with $264 million and net debt per vessel at $13.9 million as of September 30, 2024.

• Declared a $0.22 per share dividend for Q3 2024, marking the 59th consecutive quarterly payout.

• Fleet comprised 24 VLCCs as of September 30, 2024, with 7 on time charters and 17 in the spot market.

• Continued focus on customer relations, cost structure, and governance standards.

Financial highlights

• Q3 2024 revenues on TCE basis were $92.6 million; shipping revenues reached $141.1 million.

• Adjusted EBITDA for Q3 2024 was $70.4 million; net cash from operating activities was $80.1 million.

• Net income for Q3 was $35.2 million ($0.22 per share); YTD net income totaled $126.7 million ($0.78 per share).

• Vessel operating expenses for Q3 were $19 million; G&A expenses were $4.2 million.

• Ended Q3 with $74 million in cash and $264 million in total liquidity.

Outlook and guidance

• For Q4 2024, 64% of spot days booked at $41,000/day; average spot rate for vessels under 15 years is $44,800/day.

• Estimated Q4 term time-charter rate is $40,000/day; spot P&L break-even for Q4 is $21,500/day.

• 2025 P&L break-even estimated at $26,500/day; cash break-even at $20,000/day.

• Projected $6,500/day per ship in discretionary cash flow after dividends for 2025.

• Management expects Chinese economic stimulus and OPEC+ production restraint to support future demand and freight rates.