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 | |
---|---|---|---|---|---|---|---|---|
-0.28 | -2.64% | 10.32 | 10.64 | 10.25 | 10.57 | 1,122,916 | 19:09:43 |
Exhibit
|
Description
|
|
Press Release dated November 12, 2024
|
||
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 12, 2024
|
By:
|
/s/ Laila C. Halvorsen | ||
Name:
|
Laila C. Halvorsen
|
|||
Title:
|
Chief Financial Officer
|
USD mill. (except per share)
|
Q3 2024
|
Q2 2024
|
Q1 2024
|
Q4 2023
|
Q3 2023
|
2023
|
2022
|
Shipping revenues
|
141.1
|
150.1
|
145.9
|
142.3
|
130.3
|
556.1
|
450.4
|
Adjusted net revenues1
|
92.6
|
103.7
|
106.3
|
94.5
|
89.1
|
390.4
|
264.9
|
Adjusted EBITDA2
|
70.4
|
80.0
|
83.7
|
72.9
|
67.4
|
302.0
|
177.9
|
Profit/(loss) after tax
|
35.2
|
44.5
|
47.1
|
35.3
|
31.0
|
161.4
|
62.0
|
EPS – basic
|
0.22
|
0.27
|
0.29
|
0.22
|
0.19
|
0.99
|
0.37
|
EPS – diluted3
|
0.22
|
0.27
|
0.29
|
0.22
|
0.19
|
0.99
|
0.37
|
Dividend4
|
0.22
|
0.27
|
0.29
|
0.22
|
0.19
|
0.99
|
0.48
|
Long-term debt
|
407.6
|
414.6
|
397.8
|
428.7
|
436.6
|
428.7
|
396.7
|
Cash
|
73.8
|
72.6
|
73.1
|
74.7
|
73.9
|
74.7
|
125.9
|
Net debt
|
333.8
|
342.0
|
324.7
|
354.0
|
362.7
|
354.0
|
270.7
|
• |
In the third quarter of 2024, the Company achieved average combined time charter equivalent earnings of $42,400 per day, comprised of $43,700 per day for the Company’s VLCCs
operating in the spot market and $38,800 per day for the Company’s VLCCs on time-charter. Average spot rate for the quarter for vessels below 15-years of age was $47,600 per day.
|
• |
Adjusted EBITDA for the third quarter of 2024 was $70.4 million. Net profit for the quarter was $35.2 million, which equates to $0.22 per basic share.
|
• |
The Company entered into a one-year time charter contract for DHT Lion, built in 2016. The time charter contract has a rate of $55,000 per day and the vessel was delivered into the time charter
contract toward the end of the third quarter.
|
• |
In the third quarter of 2024, the Company paid $25.8 million as installments under its newbuilding program. To date, the Company has paid a total of $77.3 million under its newbuilding program.
|
• |
For the third quarter of 2024, the Company declared a cash dividend of $0.22 per share of outstanding common stock, payable on November 29, 2024, to shareholders of record as of November 22, 2024.
This marks the 59th consecutive quarterly cash dividend and is in line with the Company’s capital allocation policy to pay out 100% of ordinary net income. The
shares will trade ex-dividend from November 22, 2024.
|
Q3 2024
|
Q2 2024
|
Q1 2024
|
Q4 2023
|
Q3 2023
|
2023
|
2022
|
|
Operating days5
|
2,208.0
|
2,184.0
|
2,184.0
|
2,208.0
|
2,177.7
|
8,548.7
|
8,929.0
|
Scheduled off hire days
|
23.9
|
8.1
|
60.2
|
-
|
79.1
|
251.8
|
150.3
|
Unscheduled off hire6
|
0.0%
|
2.8%*
|
1.5%*
|
0.1%
|
0.1%
|
0.9%
|
0.2%
|
Revenue days7
|
2,184.4
|
2,114.0
|
2,090.8
|
2,206.7
|
2,096.0
|
8,221.0
|
8,721.7
|
Spot exposure6
|
74.5%
|
78.5%
|
79.2%
|
81.2%
|
77.3%
|
75.6%
|
75.4%
|
VLCC time charter rate per day
|
$ 38,800
|
$ 36,400
|
$ 39,500
|
$ 39,600
|
$ 35,500
|
$ 36,400
|
$ 34,600
|
VLCC spot rate per day
|
$ 43,700
|
$ 52,700
|
$ 54,000
|
$ 43,600
|
$ 44,700
|
$ 51,200
|
$ 29,000
|
*
|
In Q2 2024 one vessel underwent unscheduled repairs, accounting for the predominant part of the unscheduled off hire
for the quarter. In Q1 2024 two vessels underwent unscheduled repairs, accounting for the unscheduled off hire for the quarter.
|
• |
Tightening of Iranian sanctions that should re-impose pressure on Iranian oil exports, barrels that could be replaced by other Middle Eastern producers.
|
• |
Reversal of current decarbonization regulations, implying higher medium-term demand for fossil fuels towards 2030.
|
• |
Pro-drilling policies should further stimulate US production growth and exports.
|
Estimated
Q4 2024 |
|
Total term time charter days
|
596
|
Average term time charter rate ($/day)
|
$ 40,000
|
Total spot days for the quarter
|
1,610
|
Spot days booked to date
|
1,040
|
Average spot rate booked to date ($/day)
|
$ 41,000
|
Average spot rate for vessels below 15-years ($/day)
|
$ 44,800
|
Spot P&L break-even for the quarter
|
$ 21,500
|
• |
Thus far in the fourth quarter of 2024, 64% of the available VLCC spot days have been booked at an average rate of $41,000 per day on a discharge-to-discharge basis. 74% of the available VLCC
days, combined spot and time-charter days, have been booked at an average rate of $40,600 per day.
|
USD in thousands except time charter equivalent per day
|
Q3 2024
|
Q2 2024
|
Q1 2024
|
Q4 2023
|
Q3 2023
|
2023
|
2022
|
Reconciliation of adjusted net revenue
|
|
|
|
|
|
|
|
Shipping revenues
|
141,125
|
150,066
|
145,876
|
142,292
|
130,322
|
556,075
|
450,381
|
Voyage expenses
|
(48,484)
|
(46,370)
|
(39,537)
|
(47,771)
|
(41,235)
|
(165,667)
|
(185,502)
|
Adjusted net revenues
|
92,641
|
103,696
|
106,339
|
94,521
|
89,087
|
390,408
|
264,880
|
|
|
|
|
|
|
|
|
Reconciliation of adjusted EBITDA
|
|
|
|
|
|
|
|
Profit/(loss) after tax
|
35,189
|
44,489
|
47,072
|
35,308
|
30,967
|
161,397
|
61,979
|
Income tax expense
|
79
|
129
|
206
|
226
|
137
|
649
|
587
|
Other financial (income)/expenses
|
719
|
470
|
454
|
599
|
413
|
1,984
|
2,826
|
Fair value (gain)/loss on derivative financial liabilities
|
-
|
-
|
-
|
-
|
-
|
504
|
(14,983)
|
Interest expense
|
7,318
|
7,921
|
8,775
|
9,194
|
8,789
|
33,061
|
26,197
|
Interest income
|
(1,035)
|
(935)
|
(1,091)
|
(908)
|
(1,213)
|
(4,485)
|
(1,076)
|
Share of profit from associated companies
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,327)
|
(Gain)/loss, sale of vessel
|
-
|
-
|
-
|
-
|
-
|
-
|
(19,513)
|
Depreciation and amortization
|
28,135
|
27,878
|
28,250
|
28,475
|
28,326
|
108,902
|
123,255
|
Adjusted EBITDA
|
70,406
|
79,953
|
83,666
|
72,894
|
67,419
|
302,012
|
177,946
|
|
|
|
|
|
|
|
|
Reconciliation of adjusted spot time charter equivalent per day*
|
|
|
|
|
|
|
|
Spot time charter equivalent per day
|
43,700
|
52,700
|
54,000
|
43,600
|
44,700
|
51,200
|
29,000
|
IFRS 15 impact on spot time charter equivalent per day**
|
(2,800)
|
(1,500)
|
400
|
2,700
|
(2,400)
|
300
|
1,200
|
Adjusted spot time charter equivalent per day
|
40,900
|
51,200
|
54,400
|
46,300
|
42,300
|
51,500
|
30,200
|
Note
|
September 30, 2024
(Unaudited)
|
December 31, 2023
(Audited)
|
|||
ASSETS
|
|||||
Current assets
|
|||||
Cash and cash equivalents
|
$
|
|
|
||
Accounts receivable and accrued revenues
|
7 |
|
|
||
Capitalized voyage expenses
|
|
|
|||
Prepaid expenses
|
|
|
|||
Bunker inventory
|
|
|
|||
Total current assets
|
$
|
|
|
||
Non-current assets
|
|||||
Vessels
|
5
|
$
|
|
|
|
Advances for vessels under
construction |
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 2024 | Q3 2023 | 9 months 2024 | 9 months 2023 | |||||||
Note
|
Jul. 1 - Sep. 30,
2024
|
Jul. 1 - Sep. 30,
2023
|
Jan. 1 - Sep. 30,
2024
|
Jan. 1 - Sep. 30,
2023
|
||||||
Shipping revenues
|
$
|
|
|
|
|
|||||
Other revenues
|
||||||||||
Total revenues |
3 |
$ | ||||||||
Operating expenses
|
||||||||||
Voyage expenses
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||
Vessel operating expenses
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||
Depreciation and amortization
|
5
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
|
General and administrative expenses
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||
Total operating expenses
|
$
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
|
Operating (loss)/ income
|
$
|
|
|
|
|
|||||
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 2024 | Q3 2023 | 9 months 2024 | 9 months 2023 | |||||||||||||
|
Note |
Jul. 1 - Sep. 30,
2024
|
Jul. 1 - Sep. 30,
2023
|
Jan. 1 - Sep. 30,
2024
|
Jan. 1 - Sep. 30,
2023
|
|||||||||||
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 2024 | Q3 2023 | 9 months 2024 | 9 months 2023 | |||||||||||||||
|
Note
|
Jul. 1 - Sep. 30,
2024
|
Jul. 1 - Sep. 30,
2023 |
Jan. 1 - Sep. 30,
2024
|
Jan. 1 - Sep. 30,
2023
|
|||||||||||||
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
|
||||||||||||||||||
Fair value (gain)/loss on derivative financial instruments
|
|
|
|
|
||||||||||||||
Compensation related to options and restricted stock
|
|
|
|
|
||||||||||||||
Net foreign exchange differences
|
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
(Gain) / loss modification of debt
|
|
|
|
(
|
)
|
|||||||||||||
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
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||
Investment in vessels under construction | ( |
) | ( |
) | ||||||||||||||
Proceeds from sale of derivatives |
||||||||||||||||||
Investment in other property, plant and equipment
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||
Net cash used in 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 |
|
(
|
)
|
|
(
|
)
|
|||||||||||
Scheduled repayment of long-term debt
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||
Prepayment of long-term debt | 4 |
( |
) | ( |
) | ( |
) | |||||||||||
Repayment of long-term debt refinancing | ( |
) | ||||||||||||||||
Net cash used in financing activities
|
$
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||
Net (decrease)/increase 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, 2023
|
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||||||||||||||
Profit/(loss) after tax
|
|
|
|
||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss)
|
|
(
|
)
|
( |
) |
(
|
)
|
||||||||||||||||||||||||||||||||
Total comprehensive income/(loss)
|
|
(
|
)
|
|
|
||||||||||||||||||||||||||||||||||
Cash dividends declared and paid
|
(
|
)
|
( |
) |
(
|
)
|
|||||||||||||||||||||||||||||||||
Purchase of treasury shares |
6 |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||||
Retirement of treasury shares |
6 |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Compensation related to options and restricted stock
|
|
|
|
(
|
)
|
|
|||||||||||||||||||||||||||||||||
Balance at September 30, 2023
|
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
$
|
|
Balance at January 1, 2024
|
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||||||||||||||
Profit/(loss) after tax
|
|
|
|
||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss)
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
Total comprehensive income/(loss)
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
Cash dividends declared and paid
|
(
|
)
|
(
|
)
|
|||||||||||||||||||||||||||||||||||
Compensation related to options and restricted stock
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Balance at September 30, 2024
|
6 |
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
$
|
|
o |
Amendments to IAS 1 - Classification of Liabilities as Current or Non-current
The amendments affect only the presentation of liabilities as current or non-current in the statement of financial position and not the amount or timing of recognition of any
asset, liability, income or expense, or the
information disclosed about those items. The amendments are effective for annual periods beginning on or after January 1, 2024. The Company has adopted the amendments to IAS 1 and these amendments have no impact on the
presentation of the Company’s interim condensed consolidated financial statements.
|
$ in thousands
|
Q3 2024
|
Q3 2023
|
9M 2024
|
9M 2023
|
||||||||||||
Time charter revenues1
|
|
|
|
|
||||||||||||
Voyage charter revenues
|
|
|
|
|
||||||||||||
Shipping revenues
|
|
|
|
|
||||||||||||
Other revenues2 | ||||||||||||||||
Total revenues |
Interest |
Q4 |
|||||||||||||||||||||||||||
$ in thousands
|
rate
|
Maturity |
2024
|
2025
|
2026
|
Thereafter
|
Total
|
|||||||||||||||||||||
Credit Agricole Credit Facility
|
SOFR +
|
%
|
2028 |
|
|
|
|
|
||||||||||||||||||||
Danish Ship Finance Credit Facility 1
|
SOFR +
|
%
|
2025 |
|
|
|
|
|
||||||||||||||||||||
ING Credit Facility 2
|
SOFR + |
% |
2029 | |||||||||||||||||||||||||
ING Credit Facility
|
SOFR + |
% |
2029 | |||||||||||||||||||||||||
Nordea Credit Facility 3
|
SOFR + CAS4 +
|
%
|
2027 |
|
|
|
|
|
||||||||||||||||||||
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, 2024
|
|
|||
Transferred from vessels upgrades
|
|
|||
Retirement 1 | ( |
) | ||
At September 30, 2024
|
|
Depreciation and amortization
|
||||
$ in thousands
|
||||
At January 1, 2024
|
|
|||
Depreciation and amortization 2
|
|
|||
Retirement 1 | ( |
) | ||
At September 30, 2024
|
|
Carrying Amount | ||||
$ in thousands
|
||||
At January 1, 2024
|
|
|||
At September 30, 2024
|
|
Cost of advances of vessel upgrades | ||||
$ in thousands
|
||||
At January 1, 2024
|
|
|||
Additions
|
|
|||
Transferred to vessels
|
(
|
)
|
||
At September 30, 2024
|
|
Cost of vessels under construction | ||||
$ in thousands
|
||||
At January 1, 2024
|
|
|||
Additions
|
||||
At September 30, 2024
|
|
Vessels under construction | ||||
$ in thousands
|
||||
Within the next 12 months
|
|
|||
From one year to three years | ||||
At September 30, 2024*
|
|
Common stock
|
||||
Issued at September 30, 2024
|
|
|||
Numbers of shares authorized for issue at September 30, 2024
|
|
|||
Par value
|
$
|
|
Payment date
$ in thousands, except per common share
|
Total payment
|
Per common share
|
|||||
August 30, 2024
|
$ |
|
$
|
|
|||
May 31, 2024
|
$ |
|
$
|
|
|||
February 28, 2024
|
$ |
|
$
|
|
|||
Total payments made year-to-date as of September 30, 2024
|
$ |
|
$
|
|
Payment date
$ in thousands, except per common share
|
Total payment
|
Per common share
|
|||||
November 28, 2023
|
$ | $ |
|
||||
August 30, 2023
|
$ |
|
$
|
|
|||
May 25, 2023
|
$ |
|
$
|
|
|||
February 24, 2023
|
$ |
|
$
|
|
|||
Total payments made during 2023
|
$ |
|
$
|
|
Document and Entity Information |
9 Months Ended |
---|---|
Sep. 30, 2024 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2024 |
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, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
|||
Consolidated Income Statement [Abstract] | ||||||
Shipping revenues | $ 141,125 | $ 130,322 | $ 437,067 | $ 413,783 | ||
Other revenues | [1] | 982 | 1,243 | 3,315 | 3,397 | |
Total revenues | 142,107 | 131,565 | 440,382 | 417,180 | ||
Operating expenses | ||||||
Voyage expenses | (48,484) | (41,235) | (134,390) | (117,896) | ||
Vessel operating expenses | (19,048) | (18,608) | (58,614) | (56,711) | ||
Depreciation and amortization | (28,135) | (28,326) | (84,264) | (80,427) | ||
General and administrative expenses | (4,169) | (4,303) | (13,354) | (13,455) | ||
Total operating expenses | (99,837) | (92,472) | (290,621) | (268,490) | ||
Operating (loss)/ income | 42,270 | 39,093 | 149,760 | 148,691 | ||
Interest income | 1,035 | 1,213 | 3,061 | 3,577 | ||
Interest expense | (7,318) | (8,789) | (24,015) | (23,868) | ||
Fair value gain/(loss) on derivative financial liabilities | 0 | 0 | 0 | (504) | ||
Other financial (expense)/income | (719) | (413) | (1,643) | (1,385) | ||
Profit/(loss) before tax | 35,268 | 31,104 | 127,163 | 126,512 | ||
Income tax expense | (79) | (137) | (414) | (422) | ||
Profit/(loss) after tax | 35,189 | 30,967 | 126,749 | 126,089 | ||
Attributable to owners of non-controlling interest | (17) | 208 | 308 | 97 | ||
Attributable to the owners of parent | $ 35,206 | $ 30,759 | $ 126,442 | $ 125,993 | ||
Basic earnings/(loss) per share (in dollars per share) | $ 0.22 | $ 0.19 | $ 0.78 | $ 0.77 | ||
Diluted earnings/(loss) per share (in dollars per share) | $ 0.22 | $ 0.19 | $ 0.78 | $ 0.77 | ||
Weighted average number of shares (basic) (in shares) | 161,464,487 | 161,735,939 | 161,382,024 | 162,575,803 | ||
Weighted average number of shares (diluted) (in shares) | 161,553,185 | 161,902,025 | 161,479,762 | 162,743,441 | ||
|
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
|
Consolidated Statement of Comprehensive Income [Abstract] | ||||
Profit/(loss) after tax | $ 35,189 | $ 30,967 | $ 126,749 | $ 126,089 |
Items that may be reclassified subsequently to income statement: | ||||
Exchange gain/(loss) on translation of foreign currency denominated associate and subsidiary | 462 | (106) | 244 | (163) |
Total | 462 | (106) | 244 | (163) |
Other comprehensive income/(loss) | 462 | (106) | 244 | (163) |
Total comprehensive income/(loss) for the period | 35,651 | 30,861 | 126,993 | 125,927 |
Attributable to owners of non-controlling interest | 194 | 156 | 423 | 3 |
Attributable to the owners of parent | $ 35,457 | $ 30,705 | $ 126,570 | $ 125,924 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED) - USD ($) $ in Thousands |
Total |
Common Stock [Member] |
Paid-in Additional Capital [Member] |
Treasury Shares [Member] |
Accumulated Deficit [Member] |
Translation Differences [Member] |
Other Reserves [Member] |
Non-Controlling Interest [Member] |
---|---|---|---|---|---|---|---|---|
Balance at Dec. 31, 2022 | $ 1,073,486 | $ 1,627 | $ 1,243,754 | $ 0 | $ (180,664) | $ 138 | $ 3,623 | $ 5,008 |
Balance (in shares) at Dec. 31, 2022 | 162,653,339 | |||||||
Changes in equity | ||||||||
Profit/(loss) after tax | 126,089 | 125,993 | 97 | |||||
Other comprehensive income/(loss) | (163) | 0 | (69) | (94) | ||||
Total comprehensive income/(loss) for the period | 125,927 | 125,993 | (69) | 3 | ||||
Cash dividends declared and paid | (156,672) | (156,082) | (590) | |||||
Purchase of treasury shares | (18,808) | (18,808) | ||||||
Retirement of treasury shares | 0 | $ (22) | (18,786) | 18,808 | ||||
Retirement of treasury shares (in shares) | (2,209,927) | |||||||
Compensation related to options and restricted stock | 2,583 | $ 6 | 3,069 | (491) | ||||
Compensation related to options and restricted stock (in shares) | 556,130 | |||||||
Balance at Sep. 30, 2023 | 1,026,516 | $ 1,610 | 1,228,037 | 0 | (210,754) | 69 | 3,132 | 4,421 |
Balance (in shares) at Sep. 30, 2023 | 160,999,542 | |||||||
Balance at Dec. 31, 2023 | 1,031,667 | $ 1,610 | 1,228,254 | 0 | (206,477) | 201 | 3,566 | 4,513 |
Balance (in shares) at Dec. 31, 2023 | 160,999,542 | |||||||
Changes in equity | ||||||||
Profit/(loss) after tax | 126,749 | 126,442 | 308 | |||||
Other comprehensive income/(loss) | 244 | 0 | 128 | 116 | ||||
Total comprehensive income/(loss) for the period | 126,993 | 126,442 | 128 | 423 | ||||
Cash dividends declared and paid | (125,873) | (125,873) | ||||||
Compensation related to options and restricted stock | 2,898 | $ 5 | 2,578 | 315 | ||||
Compensation related to options and restricted stock (in shares) | 464,945 | |||||||
Balance at Sep. 30, 2024 | $ 1,035,685 | $ 1,615 | $ 1,230,832 | $ 0 | $ (205,909) | $ 329 | $ 3,882 | $ 4,937 |
Balance (in shares) at Sep. 30, 2024 | 161,464,487 |
General information |
9 Months Ended |
---|---|
Sep. 30, 2024 | |
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 12, 2024, and authorized for issue on November 12, 2024.
|
General accounting principles |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2024 | ||||
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 2023. 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. The accounting policies applied in these condensed consolidated interim financial statements are consistent with those presented in the 2023 audited consolidated financial statements.
These interim condensed consolidated financial statements have been prepared on a going concern basis.
Vessels under construction - pre-delivery installments
The initial pre-delivery installments made for vessels are recorded in the statement of financial position as “Advances for vessels under construction” under
Non-current assets. Vessels under construction are presented at cost less identified impairment losses, if any. Costs relating to vessels under construction include pre-delivery installments to the shipyard and other vessel costs incurred during the construction period that are directly
attributable to construction of the vessels, including borrowing costs, if any, incurred during the construction period.
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, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment reporting |
Note 3 – Segment reporting
DHT’s primary business is operating a fleet of crude oil tankers, with a secondary activity of
providing technical management services. The Company is organized and managed as one
segment based on the nature and financial effects of the business activities in which it engages and the economic environment in which it operates. The consolidated operating results are regularly reviewed by the Company’s chief operating
decision maker, the President & Chief Executive Officer, and the Company does not monitor performance by geographical areas.
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 $5.1
million in the third quarter of 2024, $4.3 million in the third quarter of 2023, $13.1 million in the first nine months of 2024 and $15.1 million in the first nine months of 2023, 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, 2024, the Company had 24 vessels in operation; seven
vessels were on time charters and 17 vessels operating in the spot market.
Information about major customers:
For the period from July 1, 2024, to September 30, 2024, five customers
represented $32.0 million, $28.3
million, $18.0 million, $11.2
million, and $10.0 million, respectively, of the Company’s shipping revenues. The five customers in aggregate represented $99.6 million, equal to 71 percent
of the shipping revenues of $141.1 million for the period from July 1, 2024, to September 30, 2024.
For the period from January 1, 2024, to September 30, 2024, five customers
represented $84.9 million, $67.8
million, $65.1 million, $30.1
million, and $22.8 million, respectively, of the Company’s total revenues. The five customers in aggregate represented $270.8 million, equal to 62 percent
of the shipping revenues of $437.1 million for the period from January 1, 2024, to September 30, 2024.
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 shipping revenues of $413.8 million for the period from January 1, 2023, to September 30, 2023.
|
Interest bearing debt |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing debt [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing debt |
Note 4 – Interest bearing debt
As of September 30, 2024, DHT had interest bearing debt totaling $407.6 million.
Scheduled debt repayments
1 Semiannual installment
2 $50.1 mill. undrawn as of September 30, 2024
3 $140.0 mill. undrawn as of September 30, 2024
4 3 months 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
January 2029.
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. In the fourth quarter of 2023, the Company drew down $24 million
under the revolving credit facility which was subsequently repaid in January 2024. In the first quarter of 2024, the Company drew down $50 million under the revolving credit facility
which was subsequently repaid in the same quarter. In the second quarter of 2024, the Company drew down $25 million under the revolving credit facility which was used for first
installments under the newbuilding contracts.
In September 2023, 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 January 2029. 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. In October 2023, we entered into an amended and restatement agreement in relation to the LIBOR cessation. The
credit facility bears an interest rate equal to SOFR plus a margin of 2.00%.
Nordea Credit Facility
The credit facility is repayable in quarterly installments of $5.9
million from the first quarter of 2025, 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 bears
an interest rate equal to SOFR plus CAS plus a margin of 1.90%. In the fourth quarter of 2023, the Company prepaid $23.7 million under the Nordea Credit Facility. The voluntary prepayment was made for all regular installments for 2024.
Covenant compliance
The Company’s financial covenants as of September 30, 2024, 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, 2024, the Company was in compliance with its financial covenants.
|
Vessels |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 Bauhinia and DHT Europe.
2 Relates
solely to depreciation of vessels, drydocking, and EGCS. Depreciation of office leases and other property, plant, and equipment represents an additional $1,437 thousand, which combined with the depreciation of vessels, drydocking, and EGCS comprises $84,264
thousand in depreciation and amortization.
Advances for vessel upgrades
Cost of advances for vessel upgrades relates to prepaid drydocking.
Advances for vessels under construction
The Company has entered into agreements to build four large VLCCs, fitted with exhaust gas cleaning systems, expected to be delivered between February and July 2026. Two will be constructed at each Hyundai Samho Heavy Industries Co., Ltd. (“HHI”) and Hanwha Ocean Co., Ltd. (“Hanwha”) in South Korea. The average price for the four ships is $130 million, adjusted for change orders. As of September 30, 2024, the Company has paid $77.3 million related to the installments under its newbuilding program. In addition, the Company has capitalized $1.5 million as borrowing costs in connection with the financing of the vessels under construction, at an average interest rate of 7.3% p.a., and $0.1 million related to other directly attributable expenses.
The following table represents future expected
payments related to the vessels under construction as of September 30, 2024:
*These are estimates only and are subject to change as construction progresses.
|
Stockholders' equity and dividend payment |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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
No stock repurchases were made in the first three quarters of 2024.
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. 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 $8.9 million, at an average price of $8.25. All shares
were retired upon receipt, of which 251,879 shares, equivalent to $2.1
million in treasury shares, were retired in July 2023. No stock repurchases were made in the first quarter of 2023.
Dividend payments
Dividend payments made year-to-date as of September 30, 2024:
Dividend payment made during 2023:
|
Accounts receivable and accrued revenues |
9 Months Ended |
---|---|
Sep. 30, 2024 | |
Accounts receivable and accrued revenues [Abstract] | |
Accounts receivable and accrued revenues |
Note 7 – Accounts receivable and
accrued revenues
As of September 30, 2024, $58.6 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 $75.8 million as of December 31, 2023.
|
Deferred shipping revenues |
9 Months Ended |
---|---|
Sep. 30, 2024 | |
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, 2024, $2.7 million was recognized as deferred shipping revenues in the
interim condensed consolidated statement of financial position, compared to $4.4 million as of December 31, 2023.
|
Financial risk management, objectives, and policies |
9 Months Ended |
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Sep. 30, 2024 | |
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 2023 annual report on
Form 20-F provides 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, 2024 | |
Subsequent events [Abstract] | |
Subsequent events |
Note 10 – Subsequent events
On November 12, 2024, the Board approved a dividend of $0.22 per common
share related to the third quarter of 2024 to be paid on November 29, 2024, for shareholders of record as of November 22, 2024.
|
General accounting principles (Policies) |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2024 | ||||
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”).
|
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Basis of preparation |
The interim condensed consolidated financial statements have been prepared
on a historical cost basis. The accounting policies applied in these condensed consolidated interim financial statements are consistent with those presented in the 2023 audited consolidated financial statements.
|
|||
Vessels under construction - pre-delivery installments |
Vessels under construction - pre-delivery installments
The initial pre-delivery installments made for vessels are recorded in the statement of financial position as “Advances for vessels under construction” under
Non-current assets. Vessels under construction are presented at cost less identified impairment losses, if any. Costs relating to vessels under construction include pre-delivery installments to the shipyard and other vessel costs incurred during the construction period that are directly
attributable to construction of the vessels, including borrowing costs, if any, incurred during the construction period.
|
|||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 $5.1
million in the third quarter of 2024, $4.3 million in the third quarter of 2023, $13.1 million in the first nine months of 2024 and $15.1 million in the first nine months of 2023, 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) |
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Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Scheduled Debt Repayments |
Scheduled debt repayments
1 Semiannual installment
2 $50.1 mill. undrawn as of September 30, 2024
3 $140.0 mill. undrawn as of September 30, 2024
4 3 months Credit Adjustment Spread (CAS) of 0.26%
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Financial Covenant Compliance |
The Company’s financial covenants as of September 30, 2024, 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vessels [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vessel Costs |
Vessels
1Relates to completed depreciation of drydocking for DHT Bauhinia and DHT Europe.
2 Relates
solely to depreciation of vessels, drydocking, and EGCS. Depreciation of office leases and other property, plant, and equipment represents an additional $1,437 thousand, which combined with the depreciation of vessels, drydocking, and EGCS comprises $84,264
thousand in depreciation and amortization.
Advances for vessel upgrades
Cost of advances for vessel upgrades relates to prepaid drydocking.
|
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Vessel costs advances for vessels under construction | Advances for vessels under construction
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Future expected payments for vessels under construction |
The following table represents future expected
payments related to the vessels under construction as of September 30, 2024:
*These are estimates only and are subject to change as construction progresses.
|
Stockholders' equity and dividend payment (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' equity and dividend payment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity |
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Dividend Payment |
Dividend payments made year-to-date as of September 30, 2024:
Dividend payment made during 2023:
|
Segment reporting, Total revenues (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2024
USD ($)
|
Sep. 30, 2023
USD ($)
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Sep. 30, 2024
USD ($)
Segment
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Sep. 30, 2023
USD ($)
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Operating Segments [Abstract] | ||||||||
Number of operating segments | Segment | 1 | |||||||
Total Revenues [Abstract] | ||||||||
Shipping revenues | $ 141,125 | $ 130,322 | $ 437,067 | $ 413,783 | ||||
Other revenues | [1] | 982 | 1,243 | 3,315 | 3,397 | |||
Total revenues | 142,107 | 131,565 | 440,382 | 417,180 | ||||
Time Charter Revenues [Member] | ||||||||
Total Revenues [Abstract] | ||||||||
Shipping revenues | [2] | 22,484 | 17,859 | 58,573 | 58,339 | |||
Time Charter Revenues [Member] | IFRS 15 [Member] | ||||||||
Total Revenues [Abstract] | ||||||||
Total revenues | 5,100 | 4,300 | 13,100 | 15,100 | ||||
Voyage Charter Revenues [Member] | ||||||||
Total Revenues [Abstract] | ||||||||
Shipping revenues | $ 118,641 | $ 112,464 | $ 378,494 | $ 355,444 | ||||
|
Interest bearing debt, ING credit facility (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023
USD ($)
Borrower
|
Jan. 31, 2023
USD ($)
Borrower
|
Jun. 30, 2024
USD ($)
|
Mar. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2024
USD ($)
|
||||
Credit Facility [Abstract] | ||||||||||
Borrowing amount | $ 407,629 | |||||||||
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 | |||||||||
ING Credit Facility, $405 million Senior Credit Facility [Member] | SOFR [Member] | ||||||||||
Credit Facility [Abstract] | ||||||||||
Interest rate spread | 1.90% | 1.90% | [1] | |||||||
Revolving Credit Facility [Member] | ||||||||||
Credit Facility [Abstract] | ||||||||||
Drawdown | $ 25,000 | $ 50,000 | $ 24,000 | $ 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 | |||||||||
Drawdown | $ 45,000 | |||||||||
ING Credit Facility, $45 million Senior Credit Facility [Member] | SOFR [Member] | ||||||||||
Credit Facility [Abstract] | ||||||||||
Interest rate spread | 1.80% | 1.80% | 1.80% | |||||||
|
Interest bearing debt, Credit agricole credit facility (Details) - Credit Agricole Credit Facility [Member] $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2024
USD ($)
| |
Credit Facility [Abstract] | |
Frequency of periodic repayment | quarterly |
Debt repayment installment amount | $ 0.6 |
Debt repayment final payment | $ 22.5 |
Interest bearing debt, Danish ship finance credit facility (Details) - Danish Ship Finance Credit Facility [Member] $ in Millions |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2024
USD ($)
| ||||
Credit Facility [Abstract] | ||||
Frequency of periodic repayment | semiannual | |||
Debt repayment installment amount | $ 1.2 | |||
Debt repayment final payment | $ 24.3 | |||
SOFR [Member] | ||||
Credit Facility [Abstract] | ||||
Interest rate spread | 2.00% | [1] | ||
|
Interest bearing debt, Nordea credit facility (Details) - Nordea Credit Facility [Member] - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Dec. 31, 2023 |
Sep. 30, 2024 |
|||||
Credit Facility [Abstract] | ||||||
Frequency of periodic repayment | quarterly | |||||
Debt repayment next periodic installment payment | $ 5.9 | |||||
Debt repayment final payment | 40.9 | |||||
Debt repayment last periodic installment payment | 5.2 | |||||
Uncommitted accordion available | $ 250.0 | |||||
Debt prepayment before installment term | $ 23.7 | |||||
SOFR + CAS [Member] | ||||||
Credit Facility [Abstract] | ||||||
Interest rate spread | [1],[2] | 1.90% | ||||
|
Interest bearing debt, Covenant compliance (Details) $ in Millions |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2024
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 |
3 Months Ended | 9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024
USD ($)
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2024
USD ($)
VLCC
|
Sep. 30, 2023
USD ($)
|
|||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||||||
At January 1, 2024 | $ 1,283,710 | |||||||||
At September 30, 2024 | $ 1,207,533 | 1,207,533 | ||||||||
Depreciation of office leases and other property, plant, and equipment | 1,437 | |||||||||
Depreciation and amortization | 28,135 | $ 28,326 | $ 84,264 | $ 80,427 | ||||||
Number of VLCCs contracted to be built | VLCC | 4 | |||||||||
Average price of four ships | $ 130,000 | |||||||||
Payment of installments under newbuilding program | 77,300 | |||||||||
Capitalized borrowing costs | $ 1,500 | |||||||||
Average interest rate | 7.30% | |||||||||
Other directly attributable expenses | $ 100 | |||||||||
Hyundai Samho Heavy Industries Co., Ltd. [Member] | ||||||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||||||
Number of VLCCs contracted to be built | VLCC | 2 | |||||||||
Hanwha Ocean Co., Ltd. [Member] | ||||||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||||||
Number of VLCCs contracted to be built | VLCC | 2 | |||||||||
Cost [Member] | ||||||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||||||
At January 1, 2024 | $ 2,052,878 | |||||||||
Transferred from vessels upgrades | 6,649 | |||||||||
Retirement | [1] | (8,339) | ||||||||
At September 30, 2024 | 2,051,188 | 2,051,188 | ||||||||
Depreciation and Amortization [Member] | ||||||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||||||
At January 1, 2024 | (769,168) | |||||||||
Depreciation and amortization | [2] | (82,826) | ||||||||
Retirement | [1] | 8,339 | ||||||||
At September 30, 2024 | (843,655) | (843,655) | ||||||||
Advances for Vessel Upgrades [Member] | Cost [Member] | ||||||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||||||
At January 1, 2024 | 10 | |||||||||
Additions | 6,639 | |||||||||
Transferred to vessels | (6,649) | |||||||||
At September 30, 2024 | 0 | 0 | ||||||||
Advances for Vessels under Construction [Member] | ||||||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||||||
At September 30, 2024 | [3] | 442,512 | 442,512 | |||||||
Advances for Vessels under Construction [Member] | Within the Next 12 Months {Member} | ||||||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||||||
At September 30, 2024 | 102,566 | 102,566 | ||||||||
Advances for Vessels under Construction [Member] | From One Year to Three Years [Member] | ||||||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||||||
At September 30, 2024 | 339,946 | 339,946 | ||||||||
Advances for Vessels under Construction [Member] | Cost [Member] | ||||||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||||||
At January 1, 2024 | 0 | |||||||||
Additions | 78,870 | |||||||||
At September 30, 2024 | $ 78,870 | $ 78,870 | ||||||||
|
Stockholders' equity and dividend payment, Stockholders equity (Details) |
9 Months Ended |
---|---|
Sep. 30, 2024
Vote
$ / shares
shares
| |
Common Stock [Abstract] | |
Number of vote per common stock | Vote | 1 |
Common Stock [Member] | |
Stockholders' Equity [Abstract] | |
Issued (in shares) | 161,464,487 |
Numbers of shares authorized for issue at September 30, 2024 (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 |
1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Jul. 31, 2023 |
Sep. 30, 2024 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2023 |
|
Stock Repurchases [Abstract] | ||||||||
Share repurchases (in shares) | 0 | 0 | 0 | 1,137,583 | 1,072,344 | 0 | ||
Aggregate consideration | $ 9,900 | $ 8,900 | $ 18,808 | |||||
Average price (in dollars per share) | $ 8.72 | $ 8.25 | ||||||
Retirement of treasury shares (in shares) | 251,879 | 1,137,583 | 1,072,344 | |||||
Retirement of treasury shares | $ 2,100 | $ 0 |
Stockholders' equity and dividend payment, Dividend payments (Details) - USD ($) $ / shares in Units, $ in Thousands |
9 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Aug. 30, 2024 |
May 31, 2024 |
Feb. 28, 2024 |
Nov. 28, 2023 |
Aug. 30, 2023 |
May 25, 2023 |
Feb. 24, 2023 |
Sep. 30, 2024 |
Dec. 31, 2023 |
|
Dividend Payments [Abstract] | |||||||||
Total payment | $ 43,595 | $ 46,786 | $ 35,492 | $ 30,590 | $ 56,661 | $ 37,487 | $ 61,935 | $ 125,873 | $ 186,672 |
Per common share (in dollars per share) | $ 0.27 | $ 0.29 | $ 0.22 | $ 0.19 | $ 0.35 | $ 0.23 | $ 0.38 | $ 0.78 | $ 1.15 |
Accounts receivable and accrued revenues (Details) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Accounts receivable and accrued revenues [Abstract] | ||
Accounts receivable and accrued revenues | $ 58,553 | $ 75,848 |
Deferred shipping revenues (Details) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Deferred shipping revenues [Abstract] | ||
Deferred shipping revenues | $ 2,711 | $ 4,394 |
Subsequent events (Details) - Dividend Declared for Q4 [Member] |
Nov. 12, 2024
$ / shares
|
---|---|
Dividend Payments [Abstract] | |
Dividend declare date | Nov. 12, 2024 |
Dividend declared (in dollars per share) | $ 0.22 |
Dividend payable date | Nov. 29, 2024 |
Dividend record date | Nov. 22, 2024 |
1 Year DHT Chart |
1 Month DHT Chart |
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