DHT (DHT) Q4 2024 earnings summary

Executive summary

• Q4 2024 net income was $54.7 million ($0.34/share), with adjusted EPS of $0.17 after a $27.9 million non-cash impairment reversal; full-year net income reached $181.5 million ($1.12/share), and adjusted net income was $153.6 million ($0.95/share).

• Ended Q4 2024 with strong liquidity of $258 million and low leverage at 18% of market value.

• Declared a Q4 2024 dividend of $0.17/share, marking the 60th consecutive quarterly payout and representing 100% of ordinary net income.

• Sold oldest vessel, DHT Scandinavia, for $43.4 million, expecting a $19.8 million gain in Q1 2025; proceeds to be used for investments, buybacks, or debt prepayment.

• Repurchased 1.48 million shares in Q4 2024 for $13.2 million at $8.89/share, all retired upon receipt.

Financial highlights

• Q4 2024 revenues on TCE basis were $85.5 million; full-year 2024 revenues reached $388.2 million; adjusted EBITDA was $60.6 million for Q4 and $294.6 million for 2024.

• Q4 2024 average TCE was $38,800/day; spot TCE was $38,200/day; time charter TCE was $40,500/day; full-year fleet average TCE was $45,200/day.

• Vessel operating expenses for Q4 were $20 million; G&A was $5.6 million, including a $0.7 million non-recurring item; full-year vessel operating expenses were $78.6 million.

• Q4 2024 net cash from operations was $65.8 million; full-year 2024 net cash from operations was $298.7 million.

• Cash balance at year-end was $78.1 million; net debt per vessel stood at $13.8 million.

Outlook and guidance

• Q1 2025: 74% of spot days booked at $36,400/day; average term time-charter rate estimated at $41,700/day; spot P&L break-even projected at $21,700/day.

• G&A run rate for 2025 estimated at $18 million; annual depreciation expected at $110 million.

• Market outlook constructive for VLCCs due to low orderbook, aging fleet, and sanctions impacting shadow fleet.

• Modern VLCC spot market rates currently $55,000–$60,000/day, with positive trajectory.

• China’s “moderately loose” fiscal policy and strong Asian refinery margins expected to boost oil demand.