The following is a summary of the DHT Holdings, Inc. (DHT) Q3 2024 Earnings Call Transcript:

Financial Performance:

• DHT Holdings reported a net income of $35.2 million for Q3 2024, equivalent to $0.22 per share.

• Total liquidity at the end of Q3 stood at $264 million, comprising $74 million in cash and $190 million available under revolving credit facilities.

• Revenue on a TCE basis for Q3 was $92.6 million with EBITDA at $70.4 million.

• For the first nine months, net income was $126.7 million, or $0.78 per share, with average TCE rates of $47,400 per day.

Business Progress:

• DHT Holdings paid substantial dividends and simultaneously invested in the balance sheet over the past 10 years, including new buildings and an exhaust gas cleaning system for the entire fleet.

• P&L break-even for 2025 is projected at $26,500 per day per vessel, with cash break-even estimated at $20,000 per day.

• They have not issued equity since 2014 and showed a disciplined approach to capital allocation, announcing a quarterly dividend of $0.22 per share, consistent with their policy of distributing 100% of ordinary net income.

Opportunities:

• Expected increase in Chinese oil consumption and economic stimulus may enhance market conditions beneficial for DHT.

• Anticipated policy changes following the U.S. election could impose stricter sanctions on Iran; this could shift oil transportation to the compliant fleet, potentially benefiting compliant shippers like DHT.

Risks:

• Market risks include potential fluctuations in oil demand and geopolitical tensions, particularly pertaining to Chinese economic performance and regulatory outcomes in oil-exporting nations.

• Any negative shifts in the global economic climate or oil market could impact freight rates and vessel values.

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