Financial Risks - The Secured Overnight Finance Rate (SOFR) increased from 0.05% to 5.38% between the start of 2022 and the end of 2023, which could materially adversely affect the company's operating results and cash flows [41]. - Five customers represented 50%, 61%, and 61% of the company's revenue in 2022, 2023, and 2024, respectively, indicating a high revenue concentration risk [42]. - The company relies on its subsidiaries for fund distribution to meet financial obligations, which could be restricted by various laws and agreements [48]. - The company is subject to operational risks that could impair charterers' ability to make payments, affecting financial results [93]. - The company may incur additional costs due to climate change regulations and scrutiny over sustainability practices, potentially affecting financial performance [76]. - The company may be subject to taxation in Norway, which could materially affect operations and result in Norwegian withholding taxes on dividends [119]. - Potential additional income tax from the CIT Act may adversely affect the company's business and financial condition [120]. Market Conditions - The tanker industry is highly cyclical, and fluctuations in charter rates and vessel values are influenced by supply and demand for tanker capacity and oil products [57]. - The tanker market's volatility is influenced by global economic conditions, OPEC production changes, and environmental regulations, which could adversely affect business operations [63]. - The global economy faces downside risks from high inflation, energy costs, and fiscal fragility, which may lead to weaker demand for shipping services [67]. - China's economic growth and oil demand have not met projections, which could negatively impact global shipping demand [68]. - The ongoing conflicts in the Middle East and the Red Sea Crisis have raised concerns about oil supply stability, which could adversely affect the company's operations [66]. Compliance and Regulatory Risks - Compliance with environmental regulations, such as the Energy Efficiency Index (EEXI) and Carbon Intensity Indicator (CII), may require significant capital expenditures to maintain compliance [75]. - The company monitors compliance with sanctions through communication with charterers and administrators, but future compliance cannot be guaranteed [85]. - The company is committed to compliance with anti-corruption laws, but violations could result in significant penalties and damage to reputation [86]. - The company has faced sanctions and embargo laws that could affect trading prices and investor perception [85]. Operational Risks - The company has 16 vessels operating in the spot market, exposing it to significant fluctuations in spot market rates, which can be unpredictable [58]. - Changes in trading patterns for particular commodities can significantly impact overall tonnage requirements, affecting the company's operations [41]. - The company is exposed to risks from potential cyberattacks that could disrupt IT systems and result in lost revenues and additional costs [54]. - Acts of piracy in regions like the Gulf of Aden and the Red Sea could lead to increased insurance premiums and operational costs, impacting overall profitability [80]. - Insurance coverage may be insufficient to cover all operational risks, with pollution liability coverage capped at $1 billion per vessel per occurrence [95]. - Maritime claimants could arrest vessels, potentially interrupting cash flow and requiring significant payments to lift arrests [96]. - Government requisition of vessels during war or emergencies could adversely affect revenues and cash available for dividends [97]. Competitive Landscape - The company operates in a highly competitive tanker market, facing competition from major oil companies and independent tanker companies with larger fleets [92]. - The carrying values of vessels may not reflect their charter-free market value, and impairment reviews are conducted when circumstances indicate [91]. Geopolitical Risks - The geopolitical environment, including tensions between the U.S. and China, could lead to increased operating costs due to proposed port fees targeting Chinese-built ships, potentially impacting financial results [65]. - The conflict between Russia and Ukraine may result in further economic sanctions, affecting the company's operations and financial condition [78]. - The company faces risks from potential trade tariffs and embargoes that could limit trading activities with countries in the Middle East and Asia [66]. - The structural issues in the EU post-Brexit could create uncertainty in financial markets, potentially impacting the company's business operations [70]. Shareholder Considerations - The market price of the company's common stock may be volatile due to various factors, including industry conditions and operating results [98]. - Future sales of common stock could dilute existing shareholders and depress market prices [100]. - The company may not pay dividends in the future, and its dividend policy is subject to change based on various financial factors [103]. Taxation Issues - The company is incorporated in the Marshall Islands, which lacks a well-developed body of corporate law, potentially complicating legal claims [106]. - The company believes it is not currently classified as a Passive Foreign Investment Company (PFIC), which could have adverse tax consequences for U.S. stockholders [112]. - If the company loses its tax exemption status, it would face a 4% U.S. federal income tax on U.S. source gross transportation income, negatively impacting earnings available for distribution [117]. - Bermuda enacted the Corporate Income Tax ("CIT") Act 2023, imposing a 15% income tax on companies with revenue exceeding €750 million for two of the previous four fiscal years [120]. - The CIT Act will be effective for fiscal years beginning on or after January 1, 2025, with a five-year deferred effective date for certain groups [120]. - Currently, the company is not subject to any income or capital gains taxes in Bermuda [120].

Financial Data and Key Metrics Changes - The fourth quarter ended with total liquidity of $258 million, consisting of $78 million in cash and $180 million available under revolving credit facilities [7] - Revenues on a TCE basis for Q4 were $85.5 million, with EBITDA of $60.6 million and net income of $54.7 million, equating to $0.34 per share [8] - For the full year 2024, net income was $181.5 million, or $1.12 per share, adjusted for non-cash impairment charges [11] Business Line Data and Key Metrics Changes - Vessel operating expenses for Q4 were $20 million, while G&A expenses were $5.6 million, including a non-recurring item of $0.7 million [9] - The average TCE for all vessels in the spot market was $38,200 per day, with spot vessels under fifteen years achieving $40,500 per day [10] Market Data and Key Metrics Changes - The current spot market for modern vessels with exhaust gas cleaning systems is in the $55,000 to $60,000 range [32] - The estimated spot terminal breakeven for Q1 is $21,700 per day, indicating potential net income contribution from the spot fleet [25] Company Strategy and Development Direction - The company plans to allocate cash proceeds from the sale of the DHT Scandinavia to general corporate purposes, including investments in vessels, share buybacks, and debt prepayment [17] - The company has a capital allocation policy of paying out 100% of ordinary net income as quarterly cash dividends, marking the sixtieth consecutive quarterly cash dividend [20] Management's Comments on Operating Environment and Future Outlook - Management noted that the VLCC fleet is set to shrink while demand for services is growing, with an estimated 444 VLCCs to be older than fifteen years by the end of 2026 [26] - The company expects sanctions and tariffs to disrupt trade but believes VLCCs will be in high demand, particularly due to changes in procurement behavior in China [30] Other Important Information - The company repurchased 1.5 million shares in December at an average price of $8.89, which is expected to be accretive to earnings per share [16] - The company has secured a one-year time charter for DHT China at $40,000 per day, commencing at the end of January [19] Q&A Session Summary Question: Fleet development and derisking older vessels - Management indicated they might consider divesting older ships depending on time and price, with two ships on time charter continuing to operate [38][40] Question: Financing plan for new builds - The base case for debt financing new ships is $60 million per vessel, with potential adjustments based on negotiations [42] Question: Recent jump in VLCC spot rates - Management noted that the market is tight, driven by inventory changes and refining margins in China, with a potential tipping point in the market [52][56] Question: Capital allocation and buybacks - Management clarified that buybacks were based on available resources and not solely dependent on the sale of the DHT Scandinavia [59] Question: Impact of sanctions on rates - Management acknowledged that sentiment has been a primary driver, but changes in oil procurement behavior in China are also influencing demand [68] Question: Shadow fleet trading - Management stated that tracking the shadow fleet is difficult, but inefficiencies in this fleet could lead to increased demand for compliant vessels [72][74] Question: Future of older VLCCs - Management expressed skepticism about the commercial viability of VLCCs older than twenty-five years due to terminal acceptance issues [76] Question: Time charter market demand - Management noted that end users are increasingly looking to build up fleets as time charters expire, indicating real demand for fixed income opportunities [104]

2 Q4'24 Financials BALANCE SHEET HIGHLIGHTS February 6, 2025 DISCLAIMER Forward Looking Statements This presentation 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, in particular regarding dividends (including our dividend plans, timing and the amount and growth of any dividends), daily charter rates, vessel utilization, the ...

DHT Holdings (DHT) came out with quarterly earnings of $0.34 per share, beating the Zacks Consensus Estimate of $0.18 per share. This compares to earnings of $0.22 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 88.89%. A quarter ago, it was expected that this independent oil tanker company would post earnings of $0.21 per share when it actually produced earnings of $0.22, delivering a surprise of 4.76%.Over the last four quar ...

HAMILTON, BERMUDA, February 5, 2025 – DHT Holdings, Inc. (NYSE:DHT) (“DHT” or the “Company”) today announced its results for the quarter ended December 31, 2024. The full report is available here and in the below attachment. 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, Singapore, and India. You may recognize us by our ren ...

HAMILTON, BERMUDA, January 22, 2025 - DHT Holdings, Inc. (NYSE: DHT or the “Company”) will release its fourth quarter 2024 results after market close on Wednesday, February 5, 2025. The Company will host a conference call and webcast, which will include a slide presentation, at 8:00 a.m. EDT/14:00 CET on Thursday, February 6, 2025, to discuss the results for the quarter. To access the conference call the participants are required to register in advance of the conference using this link: https://register.vev ...

Share Repurchase - The company repurchased 1,481,383 of its own shares, equivalent to 0.9% of its outstanding shares, at an average price of $8.8899 during December 2024 [1] - The repurchased shares have been retired upon receipt [1] Company Overview - DHT Holdings, Inc is an independent crude oil tanker company operating internationally with a fleet in the VLCC segment [2] - The company operates through integrated management companies in Monaco, Norway, Singapore, and India [2] - DHT is known for its first-rate operations, customer service, quality ships, prudent capital structure, and transparent corporate governance [2] - The company employs a counter-cyclical philosophy in investments, fleet employment, and capital allocation [2] - DHT combines market exposure with fixed income contracts for its fleet [2]

For almost a decade, I held research analyst positions in various investment firms, mostly in Toronto. In the summer of 2021, I left the city and moved into a yurt I built in the boreal forest. I went from living in downtown Toronto to living alone in the woods approximately 100km away from the closest paved road or grocery store.Self-sufficiency does not exist, as I replaced my relationships with grocery stores and utility providers with natural ecosystems and, ultimately, with God. Knowing that I am able ...

HAMILTON, BERMUDA, December 12, 2024 – DHT Holdings, Inc. (NYSE:DHT) (“DHT” or the “Company”) has entered into agreement to sell the DHT Scandinavia, a 2006 built VLCC, for $43.4 million. The Company expects to deliver the vessel to its new owner in January 2025. The vessel has no outstanding bank debt and the sale proceeds will be allocated to general corporate purpose, hereunder investments in vessels, share buy-backs or prepayment of debt. The sale will reduce the average age of the Company’s fleet and i ...

Note: I have previously covered DHT Holdings (NYSE: DHT ) in September. In my previous article, I pointed out the company's strengths, such as its VLCC-only fleet, adequate liquidity, and robust capital structure. At the time of the publication DHT traded at 94% PNAVI am a voracious reader and self-taught investor. In the past, I was an accountant in the maritime industry. Now, I am a happy retiree passionate about writing and financial markets. As the kids are grown up, I have time to pursue my endeavors: ...