We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
DHT Holdings Inc New | NYSE:DHT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.10 | 0.83% | 12.20 | 12.39 | 12.06 | 12.36 | 1,624,171 | 01:00:00 |
Exhibit
|
Description
|
|
101.INS
|
XBRL Instance Document
|
|
101.SCH
|
XBRL Taxonomy Extension Schema
|
|
101.CAL
|
XBRL Taxonomy Extension Scheme Calculation Linkbase
|
|
101.DEF
|
XBRL Taxonomy Extension Scheme Definition Linkbase
|
|
101.LAB
|
XBRL Taxonomy Extension Scheme Label Linkbase
|
|
101.PRE
|
XBRL Taxonomy Extension Scheme Presentation Linkbase
|
DHT Holdings, Inc.
|
||||
(Registrant)
|
||||
Date: November 6, 2023
|
By:
|
/s/ Laila C. Halvorsen | ||
Name:
|
Laila C. Halvorsen
|
|||
Title:
|
Chief Financial Officer
|
|||
USD mill. (except per share)
|
Q3 2023
|
Q2 2023
|
Q1 2023
|
Q4 2022
|
Q3 2022
|
2022
|
2021
|
Shipping revenues
|
130.3
|
152.0
|
131.5
|
166.5
|
108.2
|
450.4
|
295.9
|
Adjusted net revenues1
|
89.1
|
112.9
|
93.9
|
116.7
|
55.3
|
264.9
|
203.4
|
Adjusted EBITDA2
|
67.4
|
89.8
|
71.9
|
95.4
|
35.6
|
177.9
|
113.7
|
Profit/(loss) after tax
|
31.0
|
57.1
|
38.0
|
61.8
|
7.5
|
62.0
|
(11.5)
|
EPS – basic
|
0.19
|
0.35
|
0.23
|
0.38
|
0.04
|
0.37
|
(0.07)
|
EPS – diluted3
|
0.19
|
0.35
|
0.23
|
0.38
|
0.04
|
0.37
|
(0.07)
|
Dividend4
|
0.19
|
0.35
|
0.23
|
0.38
|
0.04
|
0.48
|
0.10
|
Interest bearing debt
|
436.6
|
388.3
|
395.7
|
396.7
|
418.9
|
396.7
|
522.3
|
Cash and cash equivalents
|
73.9
|
130.6
|
117.5
|
125.9
|
65.7
|
125.9
|
60.7
|
Net debt
|
367.7
|
257.6
|
278.2
|
270.7
|
353.2
|
270.7
|
461.6
|
• |
In the third quarter of 2023, the Company achieved average combined time charter equivalent earnings of $42,500 per day, comprised of $35,500 per day for the Company’s VLCCs on time-charter and $44,700 per
day for the Company’s VLCCs operating in the spot market. The result for the Company’s VLCCs operating in the spot market, measured on a discharge-to-discharge basis, was $42,300 per day for the third quarter of 2023.
|
• |
Adjusted EBITDA for the third quarter of 2023 was $67.4 million. Net profit for the quarter was $31.0 million, which equates to $0.19 per basic share.
|
• |
In the third quarter of 2023, the Company purchased 1,137,583 of its own shares in the open market for an aggregate consideration of $9.9 million, at an average price of $8.72. All shares were retired upon
receipt.
|
• |
For the third quarter of 2023, the Company declared a cash dividend of $0.19 per share of outstanding common stock, payable on November 28, 2023, to shareholders of record as of November 21, 2023. This marks the 55th consecutive quarterly cash dividend and is in line with the Company’s capital allocation policy to pay out 100% of net income. The shares will trade
ex-dividend from November 20, 2023.
|
• |
During the quarter, the Company took delivery of DHT Appaloosa, the 2018 VLCC acquired for $94.5 million. The vessel was financed with available liquidity and a $45 million secured credit facility under the incremental facility with
ING as agent. The new facility bears interest at a rate equal to SOFR plus a margin of 1.80% and is payable in quarterly installments of $0.75 million. The facility has a 20-year profile and maturity in line with the ING credit facility.
|
Q3 2023
|
Q2 2023
|
Q1 2023
|
Q4 2022
|
Q3 2022
|
2022
|
2021
|
|
Operating days5
|
2,177.7
|
2,093.0
|
2,070.0
|
2,116.0
|
2,184.3
|
8,929.0
|
9,776.5
|
Scheduled off hire days
|
79.1
|
60.9
|
111.8
|
63.5
|
-
|
150.3
|
514.7
|
Unscheduled off hire6
|
0.1%
|
1.3%*
|
2.2%*
|
0.1%
|
0.0%
|
0.2%
|
0.1%
|
Revenue days7
|
2,096.0
|
2,005.6
|
1,912.8
|
2,051.5
|
2,181.5
|
8,721,7
|
9,157.3
|
Spot exposure6
|
77.3%
|
70.4%
|
72.9%
|
74.7%
|
74.5%
|
75.4 %
|
54.7 %
|
VLCC time charter rate per day
|
$ 35,500
|
$ 36,200
|
$ 35,000
|
$36,100
|
$35,300
|
$34,600
|
$32,600
|
VLCC spot rate per day
|
$ 44,700
|
$ 64,800
|
$ 54,600
|
$63,800
|
$22,000
|
$29,000
|
$13,200
|
Estimated
Q4 2023
|
|
Total term time charter days
|
420
|
Average term time charter rate ($/day)*
|
$ 36,000
|
Total spot days for the quarter
|
1,790
|
Spot days booked to date
|
1,280
|
Average spot rate booked to date ($/day)
|
$ 41,500
|
Spot P&L break-even for the quarter
|
$ 24,700
|
• |
Thus far in the fourth quarter of 2023, 71% of the available VLCC spot days have been booked at an average rate of $41,500 per day on a discharge-to-discharge basis. 77% of the available
VLCC days, combined spot and time-charter days, have been booked at an average rate of $40,200 per day.
|
USD in thousands except time charter equivalent per day
|
Q3 2023
|
Q2 2023
|
Q1 2023
|
Q4 2022
|
Q3 2022
|
2022
|
2021
|
Reconciliation of adjusted net revenue
|
|||||||
Shipping revenues
|
130,322
|
151,993
|
131,468
|
166,522
|
108,227
|
450,381
|
295,853
|
Voyage expenses
|
(41,235)
|
(39,092)
|
(37,569)
|
(49,781)
|
(52,882)
|
(185,502)
|
(92,405)
|
Adjusted net revenues
|
89,087
|
112,902
|
93,899
|
116,741
|
55,345
|
264,880
|
203,448
|
|
|||||||
Reconciliation of adjusted EBITDA
|
|||||||
Profit/(loss) after tax
|
30,967
|
57,081
|
38,041
|
61,819
|
7,457
|
61,979
|
(11,507)
|
Income tax expense
|
137
|
94
|
191
|
111
|
246
|
587
|
360
|
Other financial (income)/expenses
|
413
|
606
|
366
|
272
|
469
|
2,826
|
(645)
|
Fair value (gain)/loss on derivative financial liabilities
|
-
|
70
|
433
|
(56)
|
(2,788)
|
(14,983)
|
(12,450)
|
Interest expense
|
8,789
|
7,492
|
7,586
|
6,462
|
6,938
|
26,197
|
25,727
|
Interest income
|
(1,213)
|
(1,966)
|
(398)
|
(886)
|
(80)
|
(1,076)
|
(6)
|
Share of profit from associated companies
|
-
|
-
|
-
|
-
|
-
|
(1,327)
|
(1,278)
|
(Gain)/loss, sale of vessel
|
-
|
-
|
-
|
-
|
(6,829)
|
(19,513)
|
(15,153)
|
Depreciation and amortization
|
28,326
|
26,376
|
25,726
|
27,692
|
30,198
|
123,255
|
128,639
|
Adjusted EBITDA
|
67,419
|
89,753
|
71,946
|
95,414
|
35,610
|
177,946
|
113,688
|
|
|||||||
Reconciliation of adjusted spot time charter equivalent per day*
|
|||||||
Spot time charter equivalent per day
|
44,700
|
64,800
|
54,600
|
63,800
|
22,000
|
29,000
|
13,200
|
IFRS 15 impact on spot time charter equivalent per day**
|
(2,400)
|
(3,000)
|
3,900
|
100
|
5,100
|
1,200
|
500
|
Adjusted spot time charter equivalent per day
|
42,300
|
61,800
|
58,500
|
63,900
|
27,100
|
30,200
|
13,700
|
Note
|
September 30, 2023
(Unaudited)
|
December 31, 2022
(Audited)
|
|||
ASSETS
|
|||||
Current assets
|
|||||
Cash and cash equivalents
|
$
|
|
|
||
Accounts receivable and accrued revenues
|
7 |
|
|
||
Capitalized voyage expenses
|
|
|
|||
Prepaid expenses
|
|
|
|||
Derivative financial assets |
|
||||
Bunker inventory
|
|
|
|||
Total current assets
|
$
|
|
|
||
Non-current assets
|
|||||
Vessels
|
5
|
$
|
|
|
|
Advances for vessel upgrades
|
5
|
|
|
||
Other property, plant and equipment
|
|
|
|||
Goodwill |
|||||
Total non-current assets
|
$
|
|
|
||
TOTAL ASSETS
|
$
|
|
|
||
LIABILITIES AND EQUITY
|
|||||
Current liabilities
|
|||||
Accounts payable and accrued expenses
|
$
|
|
|
||
Current portion long-term debt
|
4
|
|
|
||
Other current liabilities
|
|
|
|||
Deferred shipping revenues
|
8 |
|
|
||
Total current liabilities
|
$
|
|
|
||
Non-current liabilities
|
|||||
Long-term debt
|
4
|
$
|
|
|
|
Other non-current liabilities
|
|
|
|||
Total non-current liabilities
|
$
|
|
|
||
TOTAL LIABILITIES
|
$ |
|
|
||
Equity
|
|||||
Common stock at par value
|
6
|
$
|
|
|
|
Additional paid-in capital
|
|
|
|||
Accumulated deficit
|
(
|
(
|
|||
Translation differences
|
|
|
|||
Other reserves
|
|
|
|||
Total equity attributable to the Company
|
|
|
|||
Non-controlling interest
|
|
|
|||
Total equity
|
$
|
|
|
||
TOTAL LIABILITIES AND EQUITY
|
$
|
|
|
Q3 2023 | Q3 2022 | 9 months 2023 | 9 months 2022 | |||||||
Note
|
Jul. 1 - Sep. 30,
2023
|
Jul. 1 - Sep. 30,
2022
|
Jan. 1 - Sep. 30,
2023
|
Jan. 1 - Sep. 30,
2022
|
||||||
Shipping revenues
|
$
|
|
|
|
|
|||||
Other revenues
|
||||||||||
Total revenues |
3 |
$ | ||||||||
Gain sale of vessels |
||||||||||
Operating expenses
|
||||||||||
Voyage expenses
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||
Vessel operating expenses
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||
Depreciation and amortization
|
5
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
|
General and administrative expenses
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||
Total operating expenses
|
$
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
|
Operating (loss)/ income
|
$
|
|
|
|
|
|||||
Share of profit from associated companies
|
|
|
|
|
||||||
Interest income
|
|
|
|
|
||||||
Interest expense
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||
Fair value gain/(loss) on derivative financial liabilities
|
|
|
(
|
)
|
|
|||||
Other financial (expense)/income
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||
Profit/(loss) before tax
|
$
|
|
|
|
|
|||||
Income tax expense
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||
Profit/(loss) after tax
|
$
|
|
|
|
|
|||||
Attributable to owners of non-controlling interest
|
|
|
|
|
||||||
Attributable to the owners of parent
|
$
|
|
|
|
(
|
)
|
||||
Attributable to the owners of parent |
||||||||||
Basic earnings/(loss) per share
|
|
|
|
(
|
) | |||||
Diluted earnings/(loss) per share
|
|
|
|
(
|
) | |||||
Weighted average number of shares (basic)
|
|
|
|
|
||||||
Weighted average number of shares (diluted)
|
|
|
|
|
Q3 2023 | Q3 2022 | 9 months 2023 | 9 months 2022 | |||||||||||||
|
Note |
Jul. 1 - Sep. 30,
2023
|
Jul. 1 - Sep. 30,
2022
|
Jan. 1 - Sep. 30,
2023
|
Jan. 1 - Sep. 30,
2022
|
|||||||||||
Profit/(loss) after tax
|
$
|
|
|
|
|
|||||||||||
Other comprehensive income/(loss):
|
||||||||||||||||
Items that may be reclassified subsequently to income statement:
|
||||||||||||||||
Exchange gain/(loss) on translation of foreign currency denominated associate and subsidiary
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Total
|
$
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||
Other comprehensive income/(loss)
|
$
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||
Total comprehensive income/(loss) for the period
|
$
|
|
|
|
(
|
)
|
||||||||||
Attributable to owners of non-controlling interest
|
$
|
|
|
|
|
|||||||||||
Attributable to the owners of parent
|
$
|
|
|
|
(
|
)
|
Q3 2023 | Q3 2022 | 9 months 2023 | 9 months 2022 | |||||||||||||||
|
Note
|
Jul. 1 - Sep. 30,
2023
|
Jul. 1 - Sep. 30,
2022 |
Jan. 1 - Sep. 30,
2023
|
Jan. 1 - Sep. 30,
2022
|
|||||||||||||
CASH FLOW FROM OPERATING ACTIVITIES
|
||||||||||||||||||
Profit/(loss) after tax
|
$
|
|
|
|
|
|||||||||||||
Items included in net income not affecting cash flows
|
|
|
|
|
||||||||||||||
Depreciation and amortization
|
5 |
|
|
|
|
|||||||||||||
Amortization of deferred debt issuance cost
|
|
|
|
|
||||||||||||||
(Gain) / loss, disposal of property, plant and equipment
|
||||||||||||||||||
(Gain) / loss, sale of vessels
|
( |
) | ( |
) | ||||||||||||||
Fair value (gain)/loss on derivative financial instruments
|
|
(
|
)
|
|
(
|
)
|
||||||||||||
Impairment of equity accounted investment
|
||||||||||||||||||
Compensation related to options and restricted stock
|
|
|
|
|
||||||||||||||
Net foreign exchange differences
|
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
(Gain) / loss modification of debt
|
( |
) | ||||||||||||||||
Share of profit in associated companies
|
|
|
|
(
|
)
|
|||||||||||||
Income adjusted for non-cash items
|
$
|
|
|
|
|
|||||||||||||
Changes in operating assets and liabilities
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||
Accounts receivable and accrued revenues
|
|
(
|
)
|
|
(
|
)
|
||||||||||||
Capitalized voyage expenses
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||
Prepaid expenses
|
|
|
|
(
|
)
|
|||||||||||||
Accounts payable and accrued expenses
|
(
|
)
|
(
|
)
|
(
|
)
|
|
|||||||||||
Deferred shipping revenues
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|||||||||||
Bunker inventory
|
(
|
)
|
|
(
|
)
|
(
|
)
|
|||||||||||
Pension liability
|
|
|
(
|
)
|
|
|||||||||||||
Net cash provided by operating activities
|
$
|
|
|
|
|
|||||||||||||
CASH FLOW FROM INVESTING ACTIVITIES
|
||||||||||||||||||
Investment in vessels
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||
Proceeds from sale of vessels | ||||||||||||||||||
Investment in subsidiaries |
( |
) | ||||||||||||||||
Acquisition of subsidiary, net of cash
paid |
||||||||||||||||||
Investment in other property, plant and equipment
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||
Net cash (used in)/provided by investing activities
|
$
|
(
|
)
|
|
(
|
)
|
|
|||||||||||
CASH FLOW FROM FINANCING ACTIVITIES
|
||||||||||||||||||
Cash dividends paid
|
6 |
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||
Dividends paid to non-controlling interest |
( |
) | ||||||||||||||||
Repayment principal element of lease liability
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||
Issuance of long-term debt
|
4 |
|
|
|
|
|||||||||||||
Purchase of treasury shares
|
6 |
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||
Proceeds from sale of derivatives |
||||||||||||||||||
Scheduled repayment of long-term debt
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||
Prepayment of long-term debt | 4 |
( |
) | ( |
) | ( |
) | ( |
) | |||||||||
Repayment of long-term debt refinancing | ( |
) | ||||||||||||||||
Repayment of long-term debt, sale of vessels | ( |
) | ( |
) | ||||||||||||||
Net cash used in financing activities
|
$
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||
Net increase/(decrease) in cash and cash equivalents
|
(
|
)
|
(
|
)
|
(
|
)
|
|
|||||||||||
Net foreign exchange difference |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
Cash and cash equivalents at beginning of period
|
|
|
|
|
||||||||||||||
Cash and cash equivalents at end of period
|
$
|
|
|
|
|
|||||||||||||
Specification of items included in operating activities:
|
||||||||||||||||||
Interest paid
|
|
|
|
|
||||||||||||||
Interest received
|
|
|
|
|
Paid-in | Non- | ||||||||||||||||||||||||||||||||||||||
Additional | Treasury | Accumulated | Translation | Other | Controlling | Total | |||||||||||||||||||||||||||||||||
Note |
Shares
|
Amount
|
Capital
|
Shares
|
Deficit
|
Differences
|
Reserves
|
Interest
|
Equity
|
||||||||||||||||||||||||||||||
Balance at January 1, 2022
|
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||||||||||||||
Profit/(loss) after tax
|
(
|
)
|
|
|
|||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss)
|
|
(
|
)
|
( |
) |
(
|
)
|
||||||||||||||||||||||||||||||||
Total comprehensive income/(loss)
|
(
|
)
|
(
|
)
|
|
(
|
)
|
||||||||||||||||||||||||||||||||
Cash dividends declared and paid
|
(
|
)
|
(
|
)
|
|||||||||||||||||||||||||||||||||||
Purchase of treasury shares |
6 |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||||
Adjustment related to non-controlling interest |
|||||||||||||||||||||||||||||||||||||||
Retirement of treasury shares |
6 |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Compensation related to options and restricted stock
|
|
|
|
(
|
)
|
|
|||||||||||||||||||||||||||||||||
Balance at September 30,
2022
|
6 |
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
Balance at January 1, 2023
|
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||||||||||||||
Profit/(loss) after tax
|
|
|
|
||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss)
|
|
(
|
)
|
( |
) |
(
|
)
|
||||||||||||||||||||||||||||||||
Total comprehensive income/(loss)
|
|
(
|
)
|
|
|
||||||||||||||||||||||||||||||||||
Cash dividends declared and paid
|
(
|
)
|
( |
) |
(
|
)
|
|||||||||||||||||||||||||||||||||
Purchase of treasury shares | 6 |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||||
Adjustment related to non-controlling interest |
|||||||||||||||||||||||||||||||||||||||
Retirement of treasury shares | 6 |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Compensation related to options and restricted stock
|
|
|
|
(
|
)
|
|
|||||||||||||||||||||||||||||||||
Balance at September 30,
2023
|
6 |
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
$
|
|
o |
Amendments to IAS 1 Classification of Liabilities as Current or Non-current
These amendments are effective for annual periods beginning on or after January 1, 2024. The Company has not early adopted the amendments and the Company does not expect the amendments to have any impact on the presentation
of the Company’s consolidated financial statements and disclosures when the amendments become effective.
|
o |
Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
The Company has adopted the amendments to IAS 8, effective for annual periods beginning on or after January 1, 2023. These amendments have no impact on the interim condensed consolidated
financial statements.
|
o |
Disclosure
of Accounting Policies – Amendments to IAS 1 and IFRS Practice Statement 2
The Company will adopt the amendments to IAS 1 and IFRS Practice Statement 2, effective
for annual periods beginning on or after January 1, 2023. These amendments have no impact on the interim condensed consolidated financial statements.
|
$ in thousands
|
Q3 2023
|
Q3 2022
|
9M 2023
|
9M 2022
|
||||||||||||
Time charter revenues1
|
|
|
|
|
||||||||||||
Voyage charter revenues
|
|
|
|
|
||||||||||||
Shipping revenues
|
|
|
|
|
||||||||||||
Other revenues2 | ||||||||||||||||
Total revenues |
Interest |
Q4 |
|||||||||||||||||||||||
$ in thousands
|
rate
|
2023
|
2024
|
2025
|
Thereafter
|
Total
|
||||||||||||||||||
Credit Agricole Credit Facility
|
SOFR +
|
%
|
|
|
|
|
|
|||||||||||||||||
Danish Ship Finance Credit Facility 1
|
LIBOR +
|
%
|
|
|
|
|
|
|||||||||||||||||
ING Credit Facility 2
|
SOFR + |
% |
||||||||||||||||||||||
ING Credit Facility
|
SOFR + |
% |
||||||||||||||||||||||
Nordea Credit Facility 3
|
SOFR + CAS4 +
|
%
|
|
|
|
|
|
|||||||||||||||||
Total
|
|
|
|
|
|
|||||||||||||||||||
Unamortized upfront fees bank loans
|
(
|
)
|
||||||||||||||||||||||
Total interest bearing debt
|
|
|
ING | Credit Agricole | Danish Ship Finance | Nordea | |||||
|
Credit Facility
|
Credit Facility
|
Credit Facility
|
Credit Facility
|
||||
Security
|
|
|
|
|||||
Charter free market value of vessels that secure facility must be no less than
|
|
|
|
|
||||
Value adjusted* tangible net worth
|
$
|
$
|
$
|
$
|
||||
Unencumbered cash of at least
|
Higher of $
|
Higher of $
|
Higher of $
|
Higher of $
|
||||
Guarantor
|
|
|
|
|
Cost of Vessels | ||||
$ in thousands
|
||||
At January 1, 2023
|
|
|||
Transferred from vessels upgrades
|
|
|||
Retirement 1 |
( |
) | ||
At September 30, 2023
|
|
Depreciation and amortization
|
||||
$ in thousands
|
||||
At January 1, 2023
|
|
|||
Depreciation and amortization 2
|
|
|||
Retirement 1 | ( |
) | ||
At September 30, 2023
|
|
Carrying Amount |
||||
$ in thousands
|
||||
At January 1, 2023
|
|
|||
At September 30, 2023
|
|
Cost
of advances of vessel and vessel upgrades |
||||
$ in thousands
|
||||
At January 1, 2023
|
|
|||
Additions
|
|
|||
Transferred to vessels
|
(
|
)
|
||
At September 30, 2023
|
|
Common stock
|
||||
Issued at September 30, 2023
|
|
|||
Numbers of shares authorized for issue at September 30, 2023
|
|
|||
Par value
|
$
|
|
Payment date
$ in thousands,
except per common share
|
Total payment
|
Per common share
|
|||||
August 30, 2023
|
$ |
|
$
|
|
|||
May 25, 2023
|
$ |
|
$
|
|
|||
February 24, 2023
|
$ |
|
$
|
|
|||
Total payment made year-to-date as of September 30, 2023
|
$ |
|
$
|
|
Payment date
$ in thousands,
except per common share
|
Total payment
|
Per common share
|
|||||
November 29, 2022
|
$ |
|
$
|
|
|||
August 30, 2022
|
$ |
|
$
|
|
|||
May 26, 2022
|
$ |
|
$
|
|
|||
February 24, 2022
|
$ |
|
$
|
|
|||
Total payments made during 2022
|
$ |
|
$
|
|
Document and Entity Information |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2023 |
Current Fiscal Year End Date | --12-31 |
Entity Registrant Name | DHT Holdings, Inc. |
Entity Central Index Key | 0001331284 |
CONDENSED CONSOLIDATED INCOME STATEMENT (UNAUDITED) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|||
CONDENSED CONSOLIDATED INCOME STATEMENT (UNAUDITED) [Abstract] | ||||||
Shipping revenues | $ 130,322 | $ 108,227 | $ 413,783 | $ 283,860 | ||
Other revenues | [1] | 1,243 | 1,711 | 3,397 | 2,392 | |
Total revenues | 131,565 | 109,938 | 417,180 | 286,251 | ||
Gain on sale of vessels | 0 | 6,829 | 0 | 19,513 | ||
Operating expenses | ||||||
Voyage expenses | (41,235) | (52,882) | (117,896) | (135,721) | ||
Vessel operating expenses | (18,608) | (17,578) | (56,711) | (53,873) | ||
Depreciation and amortization | (28,326) | (30,198) | (80,427) | (95,563) | ||
General and administrative expenses | (4,303) | (3,867) | (13,455) | (14,125) | ||
Total operating expenses | (92,472) | (104,525) | (268,490) | (299,282) | ||
Operating (loss)/ income | 39,093 | 12,242 | 148,691 | 6,482 | ||
Share of profit from associated companies | 0 | 0 | 0 | 1,327 | ||
Interest income | 1,213 | 80 | 3,577 | 191 | ||
Interest expense | (8,789) | (6,938) | (23,868) | (19,735) | ||
Fair value gain/(loss) on derivative financial liabilities | 0 | 2,788 | (504) | 14,927 | ||
Other financial (expense)/income | (413) | (469) | (1,385) | (2,555) | ||
Profit/(loss) before tax | 31,104 | 7,703 | 126,512 | 637 | ||
Income tax expense | (137) | (246) | (422) | (477) | ||
Profit/(loss) after tax | 30,967 | 7,457 | 126,089 | 161 | ||
Attributable to owners of non-controlling interest | 208 | 425 | 97 | 665 | ||
Attributable to the owners of parent | $ 30,759 | $ 7,031 | $ 125,993 | $ (505) | ||
Basic earnings/(loss) per share (in dollars per share) | $ 0.19 | $ 0.04 | $ 0.77 | $ 0 | ||
Diluted earnings/(loss) per share (in dollars per share) | $ 0.19 | $ 0.04 | $ 0.77 | $ 0 | ||
Weighted average number of shares (basic) (in shares) | 161,735,939 | 162,867,756 | 162,575,803 | 165,380,297 | ||
Weighted average number of shares (diluted) (in shares) | 161,902,025 | 163,058,844 | 162,743,441 | 165,380,297 | ||
|
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) [Abstract] | ||||
Profit/(loss) after tax | $ 30,967 | $ 7,457 | $ 126,089 | $ 161 |
Items that may be reclassified subsequently to income statement: | ||||
Exchange gain/(loss) on translation of foreign currency denominated associate and subsidiary | (106) | (324) | (163) | (536) |
Total | (106) | (324) | (163) | (536) |
Other comprehensive income/(loss) | (106) | (324) | (163) | (536) |
Total comprehensive income/(loss) for the period | 30,861 | 7,132 | 125,927 | (375) |
Attributable to the owners of non-controlling interest | 156 | 273 | 3 | 442 |
Attributable to the owners of parent | $ 30,705 | $ 6,859 | $ 125,924 | $ (818) |
General information |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
General information [Abstract] | |
General information |
Note 1 – General information
DHT Holdings, Inc. (“DHT” or the “Company”) is a company incorporated under the laws of the Marshall Islands whose shares are listed on the New York
Stock Exchange. The Company’s principal executive office is located at Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda. The Company is engaged in the ownership and operation of a fleet of crude oil carriers.
The unaudited interim condensed consolidated financial statements were approved by the Company’s Board of Directors (the “Board”) on November 3, 2023
and authorized for issue on November 6, 2023.
|
General accounting principles |
9 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | ||||||||||
General accounting principles [Abstract] | ||||||||||
General accounting principles |
Note 2 – General accounting principles
The interim condensed consolidated financial statements do not include all information
and disclosures required in the annual financial statements and should be read in conjunction with DHT’s audited consolidated financial statements included in its Annual Report on Form 20-F for 2022. The interim results are not necessarily
indicative of the results for the entire year or for any future periods.
The interim condensed consolidated financial statements have been prepared in accordance
with IAS 34 “Interim Financial Reporting” as issued by the International Accounting Standards Board (“IASB”).
The interim condensed consolidated financial statements have been prepared on a
historical cost basis, except for derivative financial instruments that have been measured at fair value. The accounting policies applied in these condensed consolidated interim financial statements are consistent with those presented in the
2022 audited consolidated financial statements.
These interim condensed consolidated financial statements have been prepared on a going concern basis.
Application of new and revised International Financial Reporting Standards (“IFRSs”)
New and amended standards and interpretations that are issued are disclosed below.
|
Segment reporting |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment reporting |
Note 3 – Segment reporting
DHT’s primary business is owning and operating a fleet of crude oil tankers, with a secondary activity of providing
technical management services. Management organizes and manages the entity as one segment based upon the magnitude of services provided. The Company’s Chief
Operating Decision Maker (“CODM”), being the President & Chief Executive Officer, reviews the Company’s operating results on a consolidated basis as one operating segment as defined in IFRS 8 Operating Segments.
The below table details the Company’s total revenues:
1 Time
charter revenues is presented in accordance with IFRS 16 Leases, while the portion of time charter revenues related to technical management services, equaling $4.3 million in the third quarter of 2023, $4.7 million in the third
quarter of 2022, $15.1 million in the first nine months of
2023 and $14.2 million in the first nine months of
2022 is recognized in accordance with IFRS 15 Revenue from Contracts with Customers.
2 Other revenues mainly relate to technical
management services provided.
As of September 30, 2023, the Company had 24 vessels in operation; four vessels were on time
charters and 20 vessels operating in the spot market.
Information about major customers:
For the period from July 1, 2023, to September 30, 2023, five customers represented $34.3 million, $17.8 million, $13.1 million, $10.0 million, and $8.4 million, respectively, of the Company’s shipping revenues. The five customers in aggregate represented $83.6 million, equal to 64 percent
of the shipping revenues of $130.3 million for the period from July 1, 2023, to September 30, 2023.
For the period from January 1, 2023, to September 30, 2023, five customers represented $64.9 million, $60.8 million, $59.9 million, $38.2 million, and $29.4 million, respectively, of the Company’s total revenues. The five customers in aggregate represented $253.3 million, equal to 61 percent of the total revenue of
$413.8 million for the period from January 1, 2023, to September 30, 2023.
For the period from July 1, 2022, to September 30, 2022, five customers represented $13.5 million, $12.8 million, $10.9 million, $10.9 million, and $6.5 million, respectively, of the Company’s total revenues. The five customers in aggregate represented $54.6 million, equal to 50 percent of the total revenue of
$108.2 million for the period from July 1, 2022, to September 30, 2022.
For the period from January 1, 2022, to September 30, 2022, five customers represented $42.4 million, $39.0 million, $23.5 million, $19.1 million, and $17.1 million, respectively, of the Company’s total revenues. The five customers in aggregate represented $141.1 million, equal to 50 percent of the total revenue of
$283.9 million for the period from January 1, 2022, to September 30, 2022.
|
Interest bearing debt |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing debt [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing debt |
Note 4 – Interest bearing debt
As of September 30, 2023, DHT had interest bearing debt totaling $436.6 million.
Scheduled debt repayments
1 Semiannual installment and will be transferred to SOFR in November 2023
2 $75.1 mill. undrawn as of September 30, 2023.
3 $142.5 mill. undrawn as of September 30, 2023.
4 Credit Adjustment Spread (CAS) of 0.26%.
ING Credit Facility
In January
2023, the Company entered into a new $405 million secured credit facility, including a $100 million uncommitted incremental facility, with ING, Nordea, ABN AMRO, Credit Agricole, Danish Ship Finance and SEB, as lenders, ten wholly owned special-purpose vessel-owning subsidiaries as borrowers, and DHT Holdings, Inc., as guarantor. Borrowings bear interest at a
rate equal to SOFR plus a margin of 1.90% and is repayable in quarterly installments of $6.3 million with maturity in
.
In the third quarter of 2023, the Company drew down $55
million under the revolving credit facility, which was applied towards the delivery of DHT Appaloosa and general corporate purposes. Further, the Company entered into a $45 million senior secured credit facility under the incremental facility, with ING, Nordea, ABN AMRO, Danish Ship Finance and SEB, as lenders, one wholly owned special-purpose vessel-owning subsidiary as borrower, and DHT Holdings, Inc., as guarantor. Borrowings bear interest at a rate equal to SOFR plus a margin of
1.80% and is repayable in quarterly
installments of $0.75 million with maturity in . The draw down of the $45 million senior secured credit
facility was applied to repay the revolving credit facility.
Credit Agricole Credit Facility
The credit facility is repayable in quarterly installments of $0.6
million with final payment of $22.5 million in addition to the last installment in December 2028.
Danish Ship Finance Credit Facility
The credit facility is repayable in semiannual installments of $1.2 million and a final payment of $24.3 million in addition to the last installment in November 2025.
Nordea Credit Facility
All regular installments have been prepaid through 2023. The credit facility is repayable in quarterly installments of $5.9
million from the first quarter of 2024, with the final payment of $40.9 million in addition to the last installment of $5.2 million due in the first quarter of 2027. Additionally, the facility includes an uncommitted “accordion” of $250 million. In June 2023, we entered into an amended and restatement agreement in relation to the LIBOR cessation. The credit facility bear
interest at a rate equal to SOFR plus CAS plus a margin of 1.90%.
Covenant compliance
The Company’s financial covenants as of September 30, 2023, are summarized as follows:
*Value
adjusted is defined as an adjustment to reflect the difference between the carrying amount and the market valuations of the Company’s vessels (as determined quarterly by a broker approved by the financial institution)
As of September 30, 2023, the Company was in compliance with its financial covenants.
|
Vessels |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vessels [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vessels |
Note 5 – Vessels
The carrying values of the vessels may not represent their fair market value at any
point in time since the market prices of second-hand vessels tend to fluctuate with changes in charter rates and the cost of constructing new vessels. Historically, both charter rates and vessel values have been cyclical. The carrying amounts
of vessels held and used by us are reviewed for potential impairment or reversal of prior impairment charges whenever events or changes in circumstances indicate that the carrying amount of a particular vessel may not accurately reflect the
recoverable amount of a particular vessel.
Vessels
1Relates to
completed depreciation of drydocking for DHT Bronco, DHT Colt, DHT Mustang, DHT Scandinavia and DHT Stallion.
2 Relates solely
to depreciation of vessels, drydocking, and EGCS. Depreciation of office leases and other property, plant, and equipment represents an additional $1,530 thousand, which combined with the depreciation of vessels, drydocking, and EGCS
comprises $80,427 thousand in depreciation and amortization.
Advances for vessel and vessel upgrades
Cost of advances for vessel and vessel upgrades relates to prepaid drydocking.
|
Stockholders' equity and dividend payment |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' equity and dividend payment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' equity and dividend payment |
Note 6 – Stockholders’ equity and dividend payment
Common stock
Each outstanding share of common stock entitles the holder to one vote on all matters submitted to a vote of stockholders.
Stock repurchases
In the third quarter of 2023, the Company purchased 1,137,583 of its own shares in the open market for an aggregate consideration of $9.9 million, at an average price of $8.72. In the second quarter of
2023, the Company purchased 1,072,344 of its own shares in the open market for an aggregate consideration of $8.8 million, at an average price of $8.25
per share. All shares were retired upon receipt.
In the third quarter of 2022, the Company purchased 1,499,608 of its own shares in the open market for an aggregate consideration of $8.8 million,
at an average price of $5.87. In the second quarter of 2022, the Company purchased 2,826,771 of its own shares in the open market for an aggregate consideration of $15.9 million, at an average price of $5.63 per share. All shares were retired upon receipt.
Dividend payments
Dividend payment made year-to-date as of September 30, 2023:
Dividend payments made during 2022:
|
Accounts receivable and accrued revenues |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
Accounts receivable and accrued revenues [Abstract] | |
Accounts receivable and accrued revenues |
Note 7 – Accounts receivable and accrued revenues
As of September 30, 2023, $55.7 million, consisting mainly of accounts receivable with no material amounts overdue, was recognized as accounts receivable and accrued
revenues in the interim condensed consolidated statement of financial position, compared to $59.5 million as of December 31, 2022.
|
Deferred shipping revenues |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
Deferred shipping revenues [Abstract] | |
Deferred shipping revenues |
Note 8 – Deferred shipping revenues
Deferred shipping revenues relate to charter hire
payments paid in advance. As of September 30, 2023, $4.4 million was recognized as deferred shipping revenues in the interim
condensed consolidated statement of financial position, compared to $4.2 million as of December 31, 2022.
|
Financial risk management, objectives, and policies |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
Financial risk management, objectives and policies [Abstract] | |
Financial risk management, objectives and policies |
Note 9 – Financial risk management, objectives, and policies
Note 9 in the 2022 annual report on Form 20-F
provides for details of financial risk management objectives and policies.
The Company’s principal financial liability
consists of long-term debt with the main purpose being to partly finance the Company’s assets and operations. The Company’s financial assets mainly comprise cash.
The Company is exposed to market risk, credit risk
and liquidity risk. The Company’s senior management oversees the management of these risks.
|
Subsequent events |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
Subsequent events [Abstract] | |
Subsequent events |
Note 10 – Subsequent events
On November 6, 2023, the Board approved a dividend of $0.19 per common share related to the third quarter of 2023 to be paid on November 28, 2023, for shareholders of record as of November 21, 2023.
|
General accounting principles (Policies) |
9 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | ||||||||||
General accounting principles [Abstract] | ||||||||||
Statement of compliance |
The interim condensed consolidated financial statements have been prepared in accordance
with IAS 34 “Interim Financial Reporting” as issued by the International Accounting Standards Board (“IASB”).
|
|||||||||
Basis of preparation |
The interim condensed consolidated financial statements have been prepared on a
historical cost basis, except for derivative financial instruments that have been measured at fair value. The accounting policies applied in these condensed consolidated interim financial statements are consistent with those presented in the
2022 audited consolidated financial statements.
|
|||||||||
Application of new and revised International Financial Reporting Standards ("IFRSs") |
Application of new and revised International Financial Reporting Standards (“IFRSs”)
New and amended standards and interpretations that are issued are disclosed below.
|
Segment reporting (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Revenues |
The below table details the Company’s total revenues:
1 Time
charter revenues is presented in accordance with IFRS 16 Leases, while the portion of time charter revenues related to technical management services, equaling $4.3 million in the third quarter of 2023, $4.7 million in the third
quarter of 2022, $15.1 million in the first nine months of
2023 and $14.2 million in the first nine months of
2022 is recognized in accordance with IFRS 15 Revenue from Contracts with Customers.
2 Other revenues mainly relate to technical
management services provided.
|
Interest bearing debt (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Scheduled Debt Repayments |
Scheduled debt repayments
1 Semiannual installment and will be transferred to SOFR in November 2023
2 $75.1 mill. undrawn as of September 30, 2023.
3 $142.5 mill. undrawn as of September 30, 2023.
4 Credit Adjustment Spread (CAS) of 0.26%.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Covenant Compliance |
The Company’s financial covenants as of September 30, 2023, are summarized as follows:
*Value
adjusted is defined as an adjustment to reflect the difference between the carrying amount and the market valuations of the Company’s vessels (as determined quarterly by a broker approved by the financial institution)
|
Vessels (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vessels [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vessel Costs |
Vessels
1Relates to
completed depreciation of drydocking for DHT Bronco, DHT Colt, DHT Mustang, DHT Scandinavia and DHT Stallion.
2 Relates solely
to depreciation of vessels, drydocking, and EGCS. Depreciation of office leases and other property, plant, and equipment represents an additional $1,530 thousand, which combined with the depreciation of vessels, drydocking, and EGCS
comprises $80,427 thousand in depreciation and amortization.
Advances for vessel and vessel upgrades
Cost of advances for vessel and vessel upgrades relates to prepaid drydocking.
|
Stockholders' equity and dividend payment (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' equity and dividend payment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend Payment |
Dividend payment made year-to-date as of September 30, 2023:
Dividend payments made during 2022:
|
Segment reporting, Total revenues (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
Segment
|
Sep. 30, 2022
USD ($)
|
|||||
Operating Segments [Abstract] | ||||||||
Number of operating segments | Segment | 1 | |||||||
Total Revenues [Abstract] | ||||||||
Shipping revenues | $ 130,322 | $ 108,227 | $ 413,783 | $ 283,860 | ||||
Other revenues | [1] | 1,243 | 1,711 | 3,397 | 2,392 | |||
Total revenues | 131,565 | 109,938 | 417,180 | 286,251 | ||||
IFRS 15 [Member] | ||||||||
Total Revenues [Abstract] | ||||||||
Total revenues | 4,300 | 4,700 | 15,100 | 14,200 | ||||
Time Charter Revenues [Member] | ||||||||
Total Revenues [Abstract] | ||||||||
Shipping revenues | [2] | 17,859 | 19,884 | 58,339 | 57,208 | |||
Voyage Charter Revenues [Member] | ||||||||
Total Revenues [Abstract] | ||||||||
Shipping revenues | $ 112,464 | $ 88,343 | $ 355,444 | $ 226,651 | ||||
|
Interest bearing debt, Credit Facility (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2023
USD ($)
Borrower
|
Sep. 30, 2023
USD ($)
Borrower
|
Sep. 30, 2023
USD ($)
|
|||||||||
Credit Facility [Abstract] | |||||||||||
Borrowing amount | $ 436,579 | $ 436,579 | |||||||||
ING Credit Facility, $405 million Senior Credit Facility [Member] | |||||||||||
Credit Facility [Abstract] | |||||||||||
Borrowing amount | $ 405,000 | ||||||||||
Uncommitted accordion available | $ 100,000 | ||||||||||
Number of borrowers | Borrower | 10 | ||||||||||
Frequency of periodic repayment | quarterly | ||||||||||
Debt repayment installment amount | $ 6,300 | ||||||||||
Maturity date | Jan. 31, 2029 | ||||||||||
ING Credit Facility, $405 million Senior Credit Facility [Member] | SOFR [Member] | |||||||||||
Credit Facility [Abstract] | |||||||||||
Interest rate spread | 1.90% | 1.90% | [1] | 1.90% | [1] | ||||||
Revolving Credit Facility [Member] | |||||||||||
Credit Facility [Abstract] | |||||||||||
Drawdown | $ 55,000 | ||||||||||
ING Credit Facility, $45 million Senior Credit Facility [Member] | |||||||||||
Credit Facility [Abstract] | |||||||||||
Borrowing amount | $ 45,000 | $ 45,000 | |||||||||
Number of borrowers | Borrower | 1 | ||||||||||
Frequency of periodic repayment | quarterly | ||||||||||
Debt repayment installment amount | $ 750 | ||||||||||
Maturity date | Jan. 31, 2029 | ||||||||||
Drawdown | $ 45,000 | ||||||||||
ING Credit Facility, $45 million Senior Credit Facility [Member] | SOFR [Member] | |||||||||||
Credit Facility [Abstract] | |||||||||||
Interest rate spread | 1.80% | 1.80% | |||||||||
Credit Agricole Credit Facility [Member] | |||||||||||
Credit Facility [Abstract] | |||||||||||
Frequency of periodic repayment | quarterly | ||||||||||
Debt repayment installment amount | $ 600 | ||||||||||
Debt repayment final payment | $ 22,500 | ||||||||||
Credit Agricole Credit Facility [Member] | SOFR [Member] | |||||||||||
Credit Facility [Abstract] | |||||||||||
Interest rate spread | 2.05% | 2.05% | |||||||||
Danish Ship Finance Credit Facility [Member] | |||||||||||
Credit Facility [Abstract] | |||||||||||
Frequency of periodic repayment | semiannual | ||||||||||
Debt repayment installment amount | $ 1,200 | ||||||||||
Debt repayment final payment | 24,300 | ||||||||||
Nordea Credit Facility [Member] | |||||||||||
Credit Facility [Abstract] | |||||||||||
Uncommitted accordion available | $ 250,000 | $ 250,000 | |||||||||
Frequency of periodic repayment | quarterly | ||||||||||
Debt repayment final payment | $ 40,900 | ||||||||||
Debt repayment next periodic installment payment | 5,900 | ||||||||||
Debt repayment last periodic installment payment | $ 5,200 | ||||||||||
Nordea Credit Facility [Member] | SOFR + CAS [Member] | |||||||||||
Credit Facility [Abstract] | |||||||||||
Interest rate spread | [2],[3] | 1.90% | 1.90% | ||||||||
|
Interest bearing debt, Covenant compliance (Details) $ in Millions |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2023
USD ($)
VLCC
| ||||
ING Credit Facility [Member] | ||||
Summary of financial covenants [Abstract] | ||||
Security | 11 VLCCs | |||
Charter free market value of vessels that secure facility must be no less than | 135% of borrowings | |||
Value adjusted tangible net worth | $300 million and 25% of value adjusted total assets | [1] | ||
Unencumbered cash of at least | Higher of $30 million or 6% of gross interest bearing debt | |||
Guarantor | DHT Holdings, Inc. | |||
Credit facility covenant, Number of VLCCs used as security | VLCC | 11 | |||
Credit facility covenant, required adjusted tangible net worth | $ 300 | |||
Credit facility covenant, required percentage of adjusted tangible net worth to total assets | 25.00% | |||
ING Credit Facility [Member] | Bottom of range [member] | ||||
Summary of financial covenants [Abstract] | ||||
Credit facility covenant, required percentage of charter-free market value of vessels to borrowings | 135.00% | |||
Credit facility covenant, required unencumbered consolidated cash | $ 30 | |||
Credit facility covenant, required percentage of unencumbered consolidated cash to gross interest bearing debt | 6.00% | |||
Credit Agricole Credit Facility [Member] | ||||
Summary of financial covenants [Abstract] | ||||
Security | 1 VLCC | |||
Charter free market value of vessels that secure facility must be no less than | 135% of borrowings | |||
Value adjusted tangible net worth | $300 million and 25% of value adjusted total assets | [1] | ||
Unencumbered cash of at least | Higher of $30 million or 6% of gross interest bearing debt | |||
Guarantor | DHT Holdings, Inc. | |||
Credit facility covenant, Number of VLCCs used as security | VLCC | 1 | |||
Credit facility covenant, required adjusted tangible net worth | $ 300 | |||
Credit facility covenant, required percentage of adjusted tangible net worth to total assets | 25.00% | |||
Credit Agricole Credit Facility [Member] | Bottom of range [member] | ||||
Summary of financial covenants [Abstract] | ||||
Credit facility covenant, required percentage of charter-free market value of vessels to borrowings | 135.00% | |||
Credit facility covenant, required unencumbered consolidated cash | $ 30 | |||
Credit facility covenant, required percentage of unencumbered consolidated cash to gross interest bearing debt | 6.00% | |||
Danish Ship Finance Credit Facility [Member] | ||||
Summary of financial covenants [Abstract] | ||||
Security | 1 VLCC | |||
Charter free market value of vessels that secure facility must be no less than | 135% of borrowings | |||
Value adjusted tangible net worth | $300 million and 25% of value adjusted total assets | [1] | ||
Unencumbered cash of at least | Higher of $30 million or 6% of gross interest bearing debt | |||
Guarantor | DHT Holdings, Inc. | |||
Credit facility covenant, Number of VLCCs used as security | VLCC | 1 | |||
Credit facility covenant, required adjusted tangible net worth | $ 300 | |||
Credit facility covenant, required percentage of adjusted tangible net worth to total assets | 25.00% | |||
Danish Ship Finance Credit Facility [Member] | Bottom of range [member] | ||||
Summary of financial covenants [Abstract] | ||||
Credit facility covenant, required percentage of charter-free market value of vessels to borrowings | 135.00% | |||
Credit facility covenant, required unencumbered consolidated cash | $ 30 | |||
Credit facility covenant, required percentage of unencumbered consolidated cash to gross interest bearing debt | 6.00% | |||
Nordea Credit Facility [Member] | ||||
Summary of financial covenants [Abstract] | ||||
Security | 11 VLCCs | |||
Charter free market value of vessels that secure facility must be no less than | 135% of borrowings | |||
Value adjusted tangible net worth | $300 million and 25% of value adjusted total assets | [1] | ||
Unencumbered cash of at least | Higher of $30 million or 6% of gross interest bearing debt | |||
Guarantor | DHT Holdings, Inc. | |||
Credit facility covenant, Number of VLCCs used as security | VLCC | 11 | |||
Credit facility covenant, required adjusted tangible net worth | $ 300 | |||
Credit facility covenant, required percentage of adjusted tangible net worth to total assets | 25.00% | |||
Nordea Credit Facility [Member] | Bottom of range [member] | ||||
Summary of financial covenants [Abstract] | ||||
Credit facility covenant, required percentage of charter-free market value of vessels to borrowings | 135.00% | |||
Credit facility covenant, required unencumbered consolidated cash | $ 30 | |||
Credit facility covenant, required percentage of unencumbered consolidated cash to gross interest bearing debt | 6.00% | |||
|
Vessels (Details) $ in Thousands |
9 Months Ended | |||||
---|---|---|---|---|---|---|
Sep. 30, 2023
USD ($)
| ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
At January 1, 2023 | $ 1,261,998 | |||||
At September 30, 2023 | 1,311,892 | |||||
Cost [Member] | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
At January 1, 2023 | 1,997,196 | |||||
Transferred from vessels upgrades | 128,791 | |||||
Retirement | (9,040) | [1] | ||||
At September 30, 2023 | 2,116,946 | |||||
Depreciation and Amortization [Member] | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
At January 1, 2023 | (735,198) | |||||
Depreciation and amortization | (78,897) | [2] | ||||
Retirement | 9,040 | [1] | ||||
At September 30, 2023 | (805,055) | |||||
Advances for Vessel and Vessel Upgrades [Member] | Cost [Member] | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
At January 1, 2023 | 4,583 | |||||
Additions | 124,223 | |||||
Transferred to vessels | (128,791) | |||||
At September 30, 2023 | $ 15 | |||||
|
Stockholders' equity and dividend payment, Stockholders equity (Details) |
9 Months Ended |
---|---|
Sep. 30, 2023
Vote
$ / shares
shares
| |
Common Stock [Abstract] | |
Number of vote per common stock | Vote | 1 |
Common Stock [Member] | |
Stockholders' Equity [Abstract] | |
Issued (in shares) | 160,999,542 |
Numbers of shares authorized for issue at September 30, 2023 (in shares) | 250,000,000 |
Par value (in dollars per share) | $ / shares | $ 0.01 |
Stockholders' equity and dividend payment, Stock repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2023 |
Jun. 30, 2023 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Stock Repurchases [Abstract] | ||||||
Share repurchases (in shares) | 1,137,583 | 1,072,344 | 1,499,608 | 2,826,771 | ||
Aggregate consideration | $ 9,900 | $ 8,800 | $ 8,800 | $ 15,900 | $ 18,808 | $ 24,758 |
Average price (in dollars per share) | $ 8.72 | $ 8.25 | $ 5.87 | $ 5.63 |
Stockholders' equity and dividend payment, Dividend payments (Details) - USD ($) $ / shares in Units, $ in Thousands |
9 Months Ended | 12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Nov. 06, 2023 |
Aug. 30, 2023 |
May 25, 2023 |
Feb. 24, 2023 |
Nov. 29, 2022 |
Aug. 30, 2022 |
May 26, 2022 |
Feb. 24, 2022 |
Sep. 30, 2023 |
Dec. 31, 2022 |
|
Dividend Payments [Abstract] | ||||||||||
Total payment | $ 56,661 | $ 37,487 | $ 61,935 | $ 6,506 | $ 6,506 | $ 3,336 | $ 3,330 | $ 156,082 | $ 19,679 | |
Per common share (in dollars per share) | $ 0.19 | $ 0.35 | $ 0.23 | $ 0.38 | $ 0.04 | $ 0.04 | $ 0.02 | $ 0.02 | $ 0.96 | $ 0.12 |
Accounts receivable and accrued revenues (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Accounts receivable and accrued revenues [Abstract] | ||
Accounts receivable and accrued revenues | $ 55,684 | $ 59,465 |
Deferred shipping revenues (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Deferred shipping revenues [Abstract] | ||
Deferred shipping revenues | $ 4,394 | $ 4,172 |
Subsequent events (Details) - $ / shares |
9 Months Ended | 12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Nov. 06, 2023 |
Aug. 30, 2023 |
May 25, 2023 |
Feb. 24, 2023 |
Nov. 29, 2022 |
Aug. 30, 2022 |
May 26, 2022 |
Feb. 24, 2022 |
Sep. 30, 2023 |
Dec. 31, 2022 |
|
Dividend Payments [Abstract] | ||||||||||
Per common share (in dollars per share) | $ 0.19 | $ 0.35 | $ 0.23 | $ 0.38 | $ 0.04 | $ 0.04 | $ 0.02 | $ 0.02 | $ 0.96 | $ 0.12 |
Dividend payable date | Nov. 28, 2023 | |||||||||
Dividend payable, record date | Nov. 21, 2023 |
1 Year DHT Chart |
1 Month DHT Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions