DHT Q1 2025 Earnings Report

DHT EPS Results

• Actual EPS: $0.27
• Consensus EPS: $0.15
• Beat/Miss: Beat by +$0.12
• One Year Ago EPS: $0.29

DHT Revenue Results

• Actual Revenue: $79.34 million
• Expected Revenue: $84.00 million
• Beat/Miss: Missed by -$4.67 million
• YoY Revenue Growth: -25.40%

DHT Announcement Details

• Quarter: Q1 2025
• Date: 5/6/2025
• Time: After Market Closes
• Conference Call Date: Wednesday, May 7, 2025
• Conference Call Time: 8:00AM ET

DHT (NYSE:DHT), through its subsidiaries, owns and operates crude oil tankers primarily in Monaco, Singapore, and Norway. The company also offers technical management services. As of March 15, 2024, it had a fleet of 24 very large crude carriers. The company was incorporated in 2005 and is headquartered in Hamilton, Bermuda.

DHT Q1 2025 Earnings Call Transcript

Presentation

[Operator]

day, and thank you for standing by. Welcome to the Q1 twenty twenty five DHT Holdings, Inc. Earnings Conference Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session.

[Operator]

Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Lila Halvorsen, CFO. Please go ahead.

[Laila Halvorsen, CFO at DHT]

Thank you. Good morning and good afternoon, everyone. Welcome, and thank you for joining DHT Holdings First quarter twenty twenty five earnings call. I am joined by DHT's president and CEO, Svein Moksnes Harfjell. As usual, we will go through financials and some highlights before we open up for your questions.

[Laila Halvorsen, CFO at DHT]

The link to the slide deck can be found on our website, thtankers.com. Before we get started with today's call, I would like to make the following remarks. A replay of this conference call will be available on our website, dhtankers.com, until May 14. In addition, our earnings press release will be available on our website and on the SEC EDGAR system as an exhibit to our Form six ks. As a reminder, on this conference call, we will discuss matters that are forward looking in nature.

[Laila Halvorsen, CFO at DHT]

These forward looking statements are based on our current expectations about future events as detailed in our financial report. Actual results may differ materially from the expectations reflected in these forward looking statements. We urge you to read our periodic reports available on our website and on our SSE EDGAR system, including the risk factors in these reports, for more information regarding risks that we face. As usual, we will start the presentation with some financial highlights. We are pleased to report on another quarter with a respectable performance for DHT.

[Laila Halvorsen, CFO at DHT]

In the first quarter of twenty twenty five, we achieved revenues on TCE basis of 79,300,000.0 and adjusted EBITDA of $56,400,000 Net income came in at $44,100,000 equal to zero two seven dollars per share. After adjusting for the 19,800,000.0 gain on sale of vessel related to the sale of DHT Scandinavia, the company had a net profit for the quarter of 24,300,000.0 equal to $0.15 per share. Metal operating expenses for the quarter were 17,800,000.0, and G and A for the quarter was 5,500,000.0. For the first quarter, the average TCE for the vessels in the spot market was $36,300 per day. The vessels on time charters made 42,700 per day, while the average combined TCE achieved for the quarter was $38,200 per day.

[Laila Halvorsen, CFO at DHT]

DHT has a robust balance sheet with low leverage and significant liquidity. We have continued to strengthen our balance sheet and the first quarter ended with total liquidity of $277,000,000 consisting of $80,500,000 in cash and 196,200,000.0 available under our two revolving credit facilities. At quarter end, financial leverage was 16.9% based on market values for the ship, and net debt was $12,300,000 per vessel, well below estimated residual ship values. On this slide, we present the cash flow highlights for the quarter. We started the quarter with $78,000,000 in cash and we generated $56,000,000 in EBITDA.

[Laila Halvorsen, CFO at DHT]

Ordinary debt repayment and cash interest amounted to 19,000,000 and $27,000,000 was allocated to shareholders through a cash dividend. Dollars 25,800,000.0 was used for our newbuilding program, 42,500,000.0 was net proceeds from the sale of PhD Scandinavia, while 32,400,000.0 was prepaid under one of our revolving credit facilities and can be re borrowed in the future. Positive changes in working capital and other amounted to $8,400,000 and the quarter ended with $18,500,000 in cash. With that, I will turn the call over to Svein.

[Svein Moxnes Harfjeld, President & CEO at DHT]

Thank you, Ryla. We will here take you through some quarterly highlights. We sold our older ships at DHT Scandinavia and built in 02/2006 for 43,400,000.0 She delivered in January, and we recorded a capital gain of $19,800,000 during the quarter. She was debt free, and the proceeds will be allocated to general corporate purposes, here under investments in vessels and or share buybacks and or prepayment of debt. We entered into two time charter contracts.

[Svein Moxnes Harfjeld, President & CEO at DHT]

Firstly, the DHT China, built 02/2007, hence one of our older ships, was fixed to a leading commodity trader for one year at $40,000 per day. The contract commenced in January. Secondly, we fixed the DHT Tiger, 2017, to one of our largest customers, an oil major, for a year at $52,500 per day. This contract commenced at the March. On this slide, we will discuss capital allocation and dividends.

[Svein Moxnes Harfjeld, President & CEO at DHT]

As per our capital allocation policy of paying out 100% of ordinary net income as quarterly cash dividends, the dividend for the first quarter of twenty twenty five is declared at $0.15 per share. This is and marks our sixty first consecutive quarterly cash dividend. The shares will trade ex dividend on May 21, and the dividend will be paid on May 28. In the graph to the left, we share our P and L and cash breakeven levels for 2025. As you will see, the difference between the two is estimated at $7,200 per day for the year.

[Svein Moxnes Harfjeld, President & CEO at DHT]

This discretionary cash flow will remain in the company and be allocated to general corporate purposes with the intention being to fund installments under our newbuilding program. The graph on the right illustrates the accumulated dividends since updating our capital allocation policy from the third quarter of twenty twenty two. The accumulated amount of dividend is 2.51 per share and reflects well during a period in which our share price is appreciated. And we made share buybacks totaling $32,000,000 equal to 2.3% of the company in addition to the quarterly cash dividends. Here we update you on the bookings to date for the second quarter of twenty twenty five.

[Svein Moxnes Harfjeld, President & CEO at DHT]

We expect to have seven eighty time charter days covered for the second quarter at $42,200 per day, an improvement when compared to the prior quarter. This rate assumes profit sharing for the month of April and the base rate only for the months of May and June for the time charter contracts that has profit sharing feature. Given the current spot market, there is potential for additional profit sharing and upside to the time charter earnings for the two vessels once the quarter is done. We assume twelve forty five spot days in the quarter, of which 72% have been booked at an average rate of $48,700 per day, a meaningful improvement when compared to the first quarter. The current market is strong, and we are constructive on the way forward.

[Svein Moxnes Harfjeld, President & CEO at DHT]

The spot P and L breakeven for the second quarter is estimated to be $17,500 per day, a number you may use to estimate the net income contribution from our spot fleet that quarter. We will now discuss updates to our fleet. As earlier announced and subsequently to the first quarter, we entered into a truly long term time charter and an agreement to sell two older ships. The DST Appaloosa built 2018 has entered into a seven year time charter with a global energy company, also commonly referred to as an oil major. The contract has a fixed base rate of 41,000 per day plus an indexed based profit sharing structure calculated on the vessel's specification.

[Svein Moxnes Harfjeld, President & CEO at DHT]

The vessel in question is an excellent ship and is expected to provide competitive earnings under the pre agreed calculator for the profit sharing. And the index earnings in excess of $41,000 per day will be shared equally between the customer and VHT. We really like the deal, and it offers long term visibility on base earnings, thereby protecting the downside whilst retaining upside to the markets. We agreed to sell the DHT Lotus and DHT Peony for a combined price of $103,000,000 The vessels were built at Buhai Shipbuilding in 2011 and came into DHT through the BW Fleet acquisition in 2017. The vessels were acquired for a combined price of $115,800,000 and have served us well during these eight years.

[Svein Moxnes Harfjeld, President & CEO at DHT]

The DHT Lotus was delivered to our new owners during April, and we expect to record a gain of $17,500,000 in the second quarter. The DSG Peony is expected to deliver during July, and we project to record a gain of $15,500,000 in the third quarter. The proceeds from the sales will be allocated to general corporate purposes, again, here under investments in vessels and or share buybacks and or prepayment of debt. Here is our fleet employment overview. As per usual, we have a mix of spot and term charter contracts in our portfolio.

[Svein Moxnes Harfjeld, President & CEO at DHT]

There are currently a total of nine ships on time charter, of which three are coming off during this year, namely DSG Europe, DSG Lion and DSG Harrier. The DSG Puma and the DSG Appaloosa in green color have profit sharing features built into the contracts, hence offering combination of a certain level of earnings visibility without giving away all the upside in the strong markets. We have meaningful exposure to this rising freight market, both in the spot market and with potential rerating on new time charter contracts. Further, we will, as you probably know, expand our fleet with four new and very competitive ships in the first half of twenty twenty six. These ships have gained a total of close to 800 additional earnings days in 2026 compared to when the contracts were entered into.

[Svein Moxnes Harfjeld, President & CEO at DHT]

Here, we provide an update on a corporate transaction. Subsequent to the quarter, we have acquired the remaining outstanding shares in Goodwood Ship Management for a purchase price of $6,100,000 As a result, DHT now owns 100 of the company. This company is a very important pillar in DHT's business and strategy, undertaking the technical management of our ships, including recruitment, employment and training of our seafarers. The company is now fully integrated into DHT, and we will continue to develop and build on its excellent safety and operational track record in support of our long term strategy. Now an update on our debt financing.

[Svein Moxnes Harfjeld, President & CEO at DHT]

We have entered into a $30,000,000 secured reducing revolving facility with Nordea, being one of our relationship banks. The new loan will refinance the current facility for the DSG Jagger with its current outstanding debt of $25,500,000 The new loan is priced at 175 basis points above sulfur and is a DHT style financing, including a six year tenure and a twenty year repayment profile. We reiterate our view that the dynamics of our market is increasingly becoming a favorable supply story, with a rapidly aging fleet exceeding a benign order book for new ships and a string of sanctions making it increasingly challenging to trade ships in the shuttle fleet. The graph updates the demographics of the VLCC fleets. I apologize for being repetitive, but we think it's important to reinforce the obvious, which is that the VLCC fleet is set to shrink at the time when demand for our services is growing.

[Svein Moxnes Harfjeld, President & CEO at DHT]

By the end of twenty twenty six, we estimate four forty one VLCCs to be older than 15 years of age and 199 to be older than 20. Extraordinarily, we estimate 58 to become older than 25 years. All these numbers assume no scrapping, staggering numbers and in support of our markets and business. The order book for new VLCCs is benign with about 11% of capacity on order. There will be five ships delivered for the remainder of 2025, '20 '8 are scheduled for 2026, '40 '8 in '27 and '19 in '28.

[Svein Moxnes Harfjeld, President & CEO at DHT]

On the order book, about 20% are being constructed and built in Korea. OPEC has started to bring more of its oil to the market, contributing to strengthening freight rates evidenced through new highs for the year and higher lows. We believe OpEx decision to, amongst others, be supported by the following: one, continued oil demand growth two, a temporarily moderating growth trajectory of Atlantic based oil production offering an opportunity for OPEC and Saudi Arabia in particular to regain some market share low crude oil inventories in China requiring refilling to support growth and new refining capacity coming on stream and lastly, a certain sanctioned oil production being at risk with a possible need for replacement. Our markets have for the past two point five years or so fared better than what most people think. In fact, VHC's average spot market earnings for this period were just shy of $50,000 per day, dollars forty nine thousand three hundred per day to be precise.

[Svein Moxnes Harfjeld, President & CEO at DHT]

We think this is a very handsome number. With the favorable supply backdrop and the constructive oil markets for freight, we believe it's reasonable to expect rewarding times ahead or in plain English, be bullish. We continue to focus on what we can control and delivering on what we believe is a resilient business approach and strategy. We receive encouragement from our key stakeholders, namely shareholders, customers and lending banks. Irrespective of which constituency you belong to, you should expect us to focus on solid customer relations with safe and reliable services, a competitive cost structure with robust breakeven levels, a solid balance sheet and a clear capital allocation policy to create long term shareholder value.

[Svein Moxnes Harfjeld, President & CEO at DHT]

We appreciate the encouragement. We will stick to our knitting, work hard and operate with leading governance standards and a high level of integrity. And with that, we open up for Q and A. Over to you, operator.

[Operator]

Thank Our first question comes from the line of Frode Morkadal from Clarkson Securities. Please go ahead. Your line is open.

[Frode Morkedal, Analyst at Clarksons Platou Securities]

Thank you. Hi, Tore and Lilach. First off, I guess, on the vessel sales, sold to only Chinese built ships. I guess that's, not a coincidence. Right?

[Frode Morkedal, Analyst at Clarksons Platou Securities]

So maybe you can talk firstly about the decision to do that and, you know, how you're thinking about that, Korean versus Chinese built ships. That's the first question. And then, related to that, I guess, you have a lot of cash coming in, 85,000,000, after debt. And then you list the general corporate purposes and investments is, first, share buybacks second, prepayment of debt third. Is that coincident?

[Frode Morkedal, Analyst at Clarksons Platou Securities]

Or is that actually the priority as you see it now?

[Svein Moxnes Harfjeld, President & CEO at DHT]

So on the first, we felt it was an opportune time now to sort of fine tune our fleet profile. And this is also reflecting discussions with customers, what they would like to see from DHT and how they would like to see us positioned going forward. So these two ships, as you said, have been with us for eight years. We bought them only some $10,000,000 12 million dollars above what we sold them for now. So it's been a very, very good investment.

[Svein Moxnes Harfjeld, President & CEO at DHT]

So in a way, it's also it's a good opportunity to take some profit off the table. So that's really with that. On the chronology of the three items apart from cash dividends, that is in no specific order. It depends on the time, the opportunities we can find in the market and so forth. It is, of course, in general, our priority to invest in ships as opposed to invest in buying our own stock or invest further in the balance sheet, which is already super strong.

[Svein Moxnes Harfjeld, President & CEO at DHT]

So but it's not so easy to find opportunities. We are in this market all the time. And if we are able to identify good investments, we have ample firepower to do that and can do that without issuing any additional capital in the company. So time will tell what we can actually deliver on. If you have looked at our historical buybacks, you will note that they are at times when we feel there is a meaningful dislocation in the capital markets when compared to asset values and the trajectory of the underlying business.

[Svein Moxnes Harfjeld, President & CEO at DHT]

So I think at the current market, this is not an area where you should expect us to apply capital.

[Operator]

Our

[Operator]

Our next question comes from the line of John Chappell from Evercore ISI. Please go ahead. Your line is open.

[Jonathan Chappell, Senior Managing Director at Evercore ISI]

Thank you. Good afternoon. Fine, the Appalooza contract really stands out given its duration, but also the structure. Base rate is higher than one of the one year time charters you just did. Is this a complete one off?

[Jonathan Chappell, Senior Managing Director at Evercore ISI]

Or are you seeing more appetite for extended contracts and more appetite for profit share contracts? It seems to be kind of structure of the past as opposed to the present times.

[Svein Moxnes Harfjeld, President & CEO at DHT]

So we are very excited about this contract. We think it's sort of well balanced, and it's an excellent counterparty. It's a meaningful customer of ours, where we have the ambition to expand the relationship, if I can use that word. These contracts are far and few between. I do think it reflects a couple of things.

[Svein Moxnes Harfjeld, President & CEO at DHT]

One is that the customer are aligned with our view that the VLCC fleet is going into a period where it will be hard to find really good assets from top operators like VHT. So they are concerned about securing, I think, quality tonnage from a quality operator. I should not speak for them, but this is sort of our impression. So the fact that you say, I alluded to the fact that we can do a base rate, which is quite healthy with the profit sharing, is also a reflection of the quality of this ship and the sort of commercial features, consumption and size and all of that. So I think this probably also made good sense for counterparty.

[Svein Moxnes Harfjeld, President & CEO at DHT]

If at all possible to develop more of these, I think we will entertain that. But it's not the ready shelf of these contracts to just to pull out, right? So it's a lot of work. It took several months to put this to bed. So let's see.

[Svein Moxnes Harfjeld, President & CEO at DHT]

But in general, the issue is open to similar sort of structures or contracts if we are able to develop them.

[Jonathan Chappell, Senior Managing Director at Evercore ISI]

Okay. That makes sense. Second one, more market related. There's been a lot of optimism about OPEC's seeming shift in strategy. You mentioned it in your prepared remarks as well.

[Jonathan Chappell, Senior Managing Director at Evercore ISI]

Sometimes when OPEC announces an increase in production, it's not really on a one for one basis just given there's some overproduction or certain members can't produce to their quota. Based on what they've announced so far, do you have a rough estimate of how much of that do you think will actually enter the market, the timing as such, and the equivalent amount of ELCCs that could be added from the last two meetings from OPEC?

[Svein Moxnes Harfjeld, President & CEO at DHT]

I wish I could give you a precise answer, but it's a bit too early to tell. Think at the get go, when the additional barrels came to the market, the sort of amounts were quite modest. And we believe that, that was probably spread out on existing shipments, lifting a little bit more cargo on each keel maybe rather than having additional number of ships loading. So the get go, it wasn't maybe that visible. Now that sort of the amounts are coming into the 400,000 sort of barrel plus, it's a very different game.

[Svein Moxnes Harfjeld, President & CEO at DHT]

And we think coming now from June onwards that we will see this more clearly in the market. There is, of course, some balancing against other multi OPEC members that have possibly overproduced. So but it's I think the only people who truly knows this is the insides of OPEC and maybe Saudi Arabia in particular. So we try to make the sense of it. But then what we do feel that you see that there has been more cargo in the market, exactly how many we will have had to look back month after month to see whether it tallies, right?

[Svein Moxnes Harfjeld, President & CEO at DHT]

So and there's probably some shifts here also in the sense that there's maybe more VLCC cargoes and less of some other sectors, although, Susan and Afros, in particular, had some spikes as of late as well. So I think we just trust a bit in the sentiment and how the customers are behaving. And so that there is real there is more oil in the market.

[Jonathan Chappell, Senior Managing Director at Evercore ISI]

Okay. Thank you, Simon.

[Operator]

Thank you. We'll now move on to our next question. Our next question comes from the line of Greg Lewis from BTIG LLC. Please go ahead. Your line is open.

[Gregory Lewis, Managing Director at BTIG]

Yes. Thank you, and good afternoon, and thanks for taking my questions. I guess, I was kind of curious. It's not really been impacting the crude market, but at least in containership market, we're starting to hear about, you know, vessel sailing cancellations. And, you know, just kinda curious, like, as we think about fuel spreads as as maybe, know, not in tankers, but in some of these other sectors start to see maybe pullbacks in demand.

[Gregory Lewis, Managing Director at BTIG]

Any kind of view on on what that could maybe do to to fuel spreads?

[Svein Moxnes Harfjeld, President & CEO at DHT]

You when you say fuel spread, you mean between very low sulfur and heavy?

[Gregory Lewis, Managing Director at BTIG]

Exactly.

[Gregory Lewis, Managing Director at BTIG]

Yeah. The scrubber the scrubber scrubber spread.

[Svein Moxnes Harfjeld, President & CEO at DHT]

Yeah. So, you know, as of late, it's been hovering between, call it, 5,100. Probably, it's been down below 50 at certain times as well. So the spread is thinner compared to when all the sort of scrubber projects were coming on several years ago. And I do think it's also related to whether people are buying heavier fuel oil as the feedstock as opposed to crude oil.

[Svein Moxnes Harfjeld, President & CEO at DHT]

And also, it's a reflection of what the refiners are sort of tuning their stack to deliver. So I'm not a refining expert, but I have a sense that if there's more demand for jet or sort of higher grades, then that sort of tends to widen the spread a bit. And when that's not the case, and we've had sort of maybe to the surprise of many, but there's been more diesel demand than what people expected as of late as well. So maybe that has compressed part of this. So I think it's a mix of these things without being able to give you a very sort of precise number.

[Gregory Lewis, Managing Director at BTIG]

Okay. Great. And and my other one is is a little macro, Ito. You know, it's interesting. As you look at, like, the the the oil curve, for Brent, you know, for forever, it's kind of been in backwardated.

[Gregory Lewis, Managing Director at BTIG]

And then about 30 ago, it started to move in contango, not in '26, but like in '28 and then really in the last week. You've now seen like oil in contango like a year out. Just as you think about what that can do to the tanker market, realizing that it's only been a couple of weeks since this has happened, any kind of thoughts on if we continue to see this contango curve hold, how that could impact demand for VLCCs, speed of vessels, maybe storage? Kind of just curious on your views on that, realizing that it's really only happened in the last couple of weeks.

[Svein Moxnes Harfjeld, President & CEO at DHT]

I think typically, the contango widens or increases, it could drive some floating storage. But it's just too narrow, and there's no sort of room for that activity to happen right now. But if that trends becomes stronger and wider, you will see more activity of people, of course, storing oil. But I shouldn't sort of forecast that for a particular time frame, but that's the typical result.

[Gregory Lewis, Managing Director at BTIG]

Thank you.

[Operator]

Thank you. We'll now move on to our next question. Our next question comes from the line of Omar Nokta from Jefferies. Please go ahead. Your line is open.

[Omar Nokta, Managing Director at Jefferies LLC]

Thank you. Hi, Zvi. Good afternoon. A couple of kind of bigger picture questions also, just more on the macro or perhaps just the market on VLCCs. Obviously, OPEC bringing back volumes and to what extent remains to be seen as you mentioned.

[Omar Nokta, Managing Director at Jefferies LLC]

You also talked a little bit about the potential for these OPEC barrels coming to market perhaps because of in part because say the Atlantic Basin there's been a bit of a void. I just wanted to ask, as you think about the the market as we move here over the next several months, especially into the seasonally softer summer period, do you think the OPEC volumes coming in are strong enough to push this market higher and offset the potential Atlantic Basin decline?

[Svein Moxnes Harfjeld, President & CEO at DHT]

Based on sort of the plan that we read this in the cards, we think that could be the case, so that we will then potentially have a quite robust summer market, which is not a typical seasonal event. So when I talk about Atlantic, it's, of course, it's mainly U. S. Shale, and that sort of is still growing, but at a much smaller level. You're probably it's probably going to be a bit in steps just because Brazil and Guyana is growing.

[Svein Moxnes Harfjeld, President & CEO at DHT]

And we also have quite a lot of new oil coming off the West Coast Of Canada. And almost half of that is going on the East To Seas to the Far East. So there are some still some non OPEC growth around, but it's a little bit sort of it's not the same speed as you had in The U. S. Now for a few years.

[Svein Moxnes Harfjeld, President & CEO at DHT]

So I do think this created an additional argument for OPEC to say this is an opportunity for us recoup some market share. I guess, Saudi, in particular, they have invested in several large and modern refineries in the Far East. So I would think it's in their interest also to ensure that they can deliver feedstock to these and not sort of have a competition with other suppliers.

[Omar Nokta, Managing Director at Jefferies LLC]

Yes. Yes. That's fine. And I guess part of the bullish thesis for VLCCs this year has been the sanctioning of so many ships and the tightening of that capacity, especially as it's been primarily due to the moving Iranian barrels. How do you think this market kind of how does this market shake out, for instance, if, you know, The US and Iran reach a long term agreement and Iran's volumes are maybe welcome back into the open market, how do you think the VLCC market reacts to that?

[Svein Moxnes Harfjeld, President & CEO at DHT]

Yes.

[Svein Moxnes Harfjeld, President & CEO at DHT]

That's a good question. So we look at this sort of two, call it, broad scenarios. And one is, as you alluded to, that there is an agreement in place with Iran and The U. S, and sanctions are lifted. And that means that Iran can access the compliant market for freight, which is cheaper per barrel to transport than in the shadow of the sanction market.

[Svein Moxnes Harfjeld, President & CEO at DHT]

So I think that those barrels will quite quickly then move on to the compliant fleet as we've seen in prior periods when sanctions have been lifted. So I think that is truly it's only positive for these. I think, strangely, if it's sort of the other way around that there's no deal and there's maximum pressure being applied on Iran and Iranian production is being driven down to the floor, it means that somebody else will have to step in and supply them that loss. And that will very likely be the other Middle Eastern producers, maybe especially Saudi and UAE. So I do think both of those scenarios are actually positive for the VLCC business.

[Svein Moxnes Harfjeld, President & CEO at DHT]

I think on sanctions in general, now Russian oil is being sold below the price cap. So that means that they can access the market for ships without sort of wondering too much about sanctions. But that is not the VLCC business. That is Aframaxes and Suezmaxes and much shorter hauls. So that has a very limited impact we would like to think compared to the Iranian story.

[Omar Nokta, Managing Director at Jefferies LLC]

Okay. That's very clear. Thank you, Svein.

[Operator]

Thank you. There are no further questions at this time. So I'll hand the call back to Svein for closing remarks.

[Svein Moxnes Harfjeld, President & CEO at DHT]

So thank you very much to all for listening in and following DHT. That's most appreciated, and we're wishing you all a good day ahead.

[Operator]

This concludes today's conference call. Thank you for participating. You may now disconnect. Speakers, please stand by.

Participants

Executives

• Laila Halvorsen, CFO
• Svein Moxnes Harfjeld, President & CEO

Analysts

• Frode Morkedal, Analyst at Clarksons Platou Securities
• Jonathan Chappell, Senior Managing Director at Evercore ISI
• Gregory Lewis, Managing Director at BTIG
• Omar Nokta, Managing Director at Jefferies LLC