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 values.

• Continued capital returns to shareholders via dividends and share buybacks, including 1.48 million shares repurchased in Q4 at $8.89/share.

• Sold oldest vessel, DHT Scandinavia, for $43.4 million, generating a $19.8 million book gain expected in Q1 2025.

• Secured a one-year time charter for DHT China at $40,000/day, delivered January 2025.

Financial highlights

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

• Q4 average TCE was $38,800/day; spot TCE $38,200/day; time charter TCE $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 opex was $78.6 million, G&A $18.9 million.

• Q4 2024 net cash from operations was $65.8 million; year-end cash balance was $78.1 million; net debt per vessel stood at $13.8 million.

• Q4 2024: $35.5 million paid as dividends, $13.2 million for share buybacks, $12.9 million for newbuildings.

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.

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

• Market outlook constructive due to shrinking VLCC fleet, low orderbook, and growing demand, especially from China.