DHT Holdings, Inc. Business Update

Rhea-AI Summary

DHT Holdings, Inc. provides a business update for Q2 2023 and Q3 2023. The estimated time charter equivalent earnings for Q2 2023 is $56,300 per day, with $36,200 per day for VLCCs on time-charter and $64,800 per day for VLCCs in the spot market. In Q3 2023, 37% of available VLCC spot days have been booked at an average rate of $48,000 per day, and 51% of available VLCC days have been booked at an average rate of $42,200 per day. The Company has completed the installation of exhaust gas cleaning systems on all its vessels and secured a $45 million credit facility to finance the acquisition of a 2018 built VLCC.

HAMILTON, BERMUDA, July 10, 2023 – DHT Holdings, Inc. (NYSE:DHT) (“DHT” or the “Company”) today provides the following business update:

 

• For the second quarter of 2023, the Company estimates time charter equivalent earnings for its fleet at $56,300 per day, comprising of $36,200 per day for the Company’s VLCCs on time-charter and $64,800 per day for the Company’s VLCCs operating in the spot market.
  
  
• Thus far in the third quarter of 2023, 37% of the available VLCC spot days have been booked at an average rate of $48,000 per day on a discharge-to-discharge basis. 51% of the available VLCC days, spot and time-charter days combined, have been booked at an average rate of $42,200 per day.
  
  
• During the second quarter of 2023, the Company has completed the installation of the two final exhaust gas cleaning systems in the retrofit project. Following this, all of DHT’s vessels are now fitted with exhaust gas cleaning systems.
  
  
• The Company has received commitment of a $45 million secured credit facility under the incremental facility with ING as agent. The new facility will have an interest rate equal to SOFR plus a margin of 1.80% and is otherwise in line with the “DHT-style” financing. The facility will finance the acquisition of the 2018 built VLCC announced in May, which is expected to deliver later this month.
  
  

About DHT Holdings, Inc.
DHT is an independent crude oil tanker company. Our fleet trades internationally and consists of crude oil tankers in the VLCC segment. We operate through our integrated management companies in Monaco, Norway and Singapore. You may recognize us by our renowned business approach as an experienced organization with focus on first rate operations and customer service; our quality ships; our prudent capital structure that promotes staying power through the business cycles; our combination of market exposure and fixed income contracts for our fleet; our counter cyclical philosophy with respect to investments, employment of our fleet, and capital allocation; and our transparent corporate structure maintaining a high level of integrity and good governance. For further information please visit www.dhtankers.com.

Forward Looking Statements
This press release contains certain forward-looking statements and information relating to the Company that are based on beliefs of the Company’s management as well as assumptions, expectations, projections, intentions and beliefs about future events. When used in this document, words such as “believe,” “intend,” “anticipate,” “estimate,” “project,” “forecast,” “plan,” “potential,” “will,” “may,” “should” and “expect” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. These statements reflect the Company’s current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. These forward-looking statements represent the Company’s estimates and assumptions only as of the date of this press release and are not intended to give any assurance as to future results. For a detailed discussion of the risk factors that might cause future results to differ, please refer to the Company’s Annual Report on Form 20-F, filed with the SEC on March 23, 2023.

The Company undertakes no obligation to publicly update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur, and the Company’s actual results could differ materially from those anticipated in these forward-looking statements.

Contact:
Laila C. Halvorsen, CFO
Phone: +1 441 295 1422 and +47 984 39 935
E-mail: lch@dhtankers.com

 

FAQ

What is the estimated time charter equivalent earnings for Q2 2023?

The estimated time charter equivalent earnings for Q2 2023 is $56,300 per day.

What is the breakdown of earnings for VLCCs in the spot market and on time-charter in Q2 2023?

In Q2 2023, VLCCs on time-charter earned $36,200 per day, while VLCCs in the spot market earned $64,800 per day.

What is the booking rate and average rate for VLCC spot days in Q3 2023?

In Q3 2023, 37% of available VLCC spot days have been booked at an average rate of $48,000 per day.

What is the booking rate and average rate for VLCC days (spot and time-charter combined) in Q3 2023?

In Q3 2023, 51% of available VLCC days have been booked at an average rate of $42,200 per day.

Has the Company completed the installation of exhaust gas cleaning systems on its vessels?

Yes, the Company has completed the installation of exhaust gas cleaning systems on all its vessels.

What is the purpose of the $45 million credit facility secured by the Company?

The $45 million credit facility will be used to finance the acquisition of a 2018 built VLCC.

What is the interest rate and financing terms of the new credit facility?

The new credit facility has an interest rate equal to SOFR plus a margin of 1.80% and is otherwise in line with the 'DHT-style' financing.

When is the expected delivery of the 2018 built VLCC?

The 2018 built VLCC is expected to deliver later this month.