DHT Holdings, Inc.: Business Update

Rhea-AI Summary

DHT Holdings, Inc. (NYSE:DHT) has provided a business update for the third quarter of 2024. The company estimates time charter equivalent earnings for its fleet at $42,400 per day, with VLCCs in the spot market earning $43,700 per day and time-chartered VLCCs earning $38,800 per day. This estimate is based on 2,184 revenue days, including 1,622 spot days.

For the fourth quarter of 2024, 32% of available spot days have been booked at an average rate of $37,000 per day on a discharge-to-discharge basis. Additionally, 50% of total available revenue days (spot and time-charter combined) have been secured at an average rate of $39,200 per day.

The company also announced a one-year time charter contract for DHT Lion, a vessel built in 2016, at a rate of $55,000 per day.

Positive

• Time charter equivalent earnings for Q3 2024 estimated at $42,400 per day
• VLCCs in spot market earned $43,700 per day in Q3 2024
• 50% of Q4 2024 available revenue days booked at $39,200 per day
• New one-year time charter contract for DHT Lion at $55,000 per day

Negative

• Q4 2024 spot rates ($37,000 per day) lower than Q3 2024 spot rates ($43,700 per day)

HAMILTON, BERMUDA, October 9, 2024 – DHT Holdings, Inc. (NYSE:DHT) (“DHT” or the “Company”) today provides the following business update:

For the third quarter of 2024, the Company estimates time charter equivalent earnings for its fleet at $42,400 per day, comprising 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. The estimated time charter equivalent earnings are based on 2,184 revenue days for the third quarter, of which 1,622 days are spot days.

Thus far in the fourth quarter of 2024, 32% of the available spot days have been booked at an average rate of $37,000 per day on a discharge-to-discharge basis. 50% of the available revenue days, spot and time-charter days combined, have been booked at an average rate of $39,200 per day.

In the third quarter of 2024, the Company entered into a one-year time charter contract for DHT Lion, built 2016. The time charter contract has a rate of $55,000 per day.

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 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 20, 2024.

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 were DHT Holdings' estimated time charter equivalent earnings for Q3 2024?

DHT Holdings estimated time charter equivalent earnings for its fleet at $42,400 per day in Q3 2024.

How much did DHT's VLCCs earn in the spot market during Q3 2024?

DHT's VLCCs operating in the spot market earned an estimated $43,700 per day during Q3 2024.

What percentage of Q4 2024 spot days has DHT booked so far?

DHT has booked 32% of the available spot days for Q4 2024 at an average rate of $37,000 per day.

What new time charter contract did DHT Holdings (DHT) secure in Q3 2024?

DHT secured a one-year time charter contract for DHT Lion, built in 2016, at a rate of $55,000 per day.