Q4 2021 DHT Holdings Inc Earnings Call

February 8, 2022

Good day and thank you for standing by welcome to the fourth quarter 2021, DHT Holdings earnings Conference call. At this time all participants are in a listen only mode. After the speaker's presentation. There will be a question and answer session to ask a question.

During this session you will need to press star one on your telephone please be advised that today's conference is being recorded.

If you require any further assistance please press star zero.

With us today, we have co Ceos fine mountainous how Phil a trick for Pete Mercer and CFO later Hudson I'd now like to turn the conference over to your first speaker today Laila Halvorsen. Please go ahead.

Thank you.

Good morning, and good afternoon, everyone welcome and thank you for joining DHT holdings fourth quarter, 'twenty or 'twenty one earnings call.

I'm joined by Dht's co Ceos.

Oh I'm sorry.

Uh huh.

As usual, we will go through financials, some smaller before we open up for your questions.

A link to the slide deck can be found on our website D edge tankers dot com.

Before we get started with todays call I would like to make the following remarks.

A replay of this conference call will be available at our website <unk> dot com until February 15th.

In addition, our earnings press release will be available on our website.

The current system as an exhibit to our form 6K.

As a reminder, this conference call.

Gus matters that are forward looking in nature.

Forward looking statements are based on our current expectations about future events, including Dht's prospects dividends share repurchases and debt repayment.

So for the tanker market in general failure shots or higher rates.

Recession forecasts of world economic activity oil prices and oil trading patterns.

So you get a level of some of these buildings.

Projected drydock schedule.

Actual results may differ materially from expectations reflected in these forward looking statements.

Subject to read our periodic reports available on our website unless you have car system, including the risk factors in these reports for more information regarding risks.

Yes.

Yeah.

Did she continues to show a healthy and strong balance sheets on the quarter ended with $67 million of cash.

Quarter end the company its availability under both revolving credit facilities with Congress on 17 seven.

7 million.

And total liquidity of 239 million from December 31st.

Financial leverage is above 30% based on market values for the ships.

And that debt per vessel was 17 8 million at quarter end, which is well below current scrap volume.

Looking at the P&L highlights.

For the fourth quarter was 32.

$2 million and less.

Cloth came in at $2 9 million.

We believe this is a very competitive result, given the terms to take to market.

This also includes the cash distribution of <unk> $4 6 million from the mutual Horus club.

Non cash gain in fair value related to interest rate derivatives.

$5 million.

The company continues to show a very good cost control with Opex for the quarter at $19 9 million.

Average opex for 2021, almost equal to $7900 per day per ship.

G&A for the quarter was $1 9 million, which was low due to a reversal of accruals related to performance compensation.

G&A for the full year was $16 6 million equal to $1700 per ship.

We will revert with guidance related to G&A for 2022 in connection with our first quarter results.

In the fourth quarter of 2021, the company achieved an average TCE of 21 $1500 per day.

Average TCE for the full year 2021 amounted to $22200 per day.

For the first quarter of 2022, 69% of available days have been booked at an average rate of $19900 per day.

59% of available days have been booked at an average rate of $12600 per day.

Let's go through the cash bridge, we started the quarter with $65 million of cash and we generated $32 million in EBIDTA.

Ordinary debt repayments and cash interest amounted to $8 8 million, while $6 3 million.

<unk> to shareholders through share buybacks.

And payment.

$14 2 million was used for maintenance on the scrubber capex.

Changes in working capital amounted to $7 6 million, mainly resulting from re delivery of vessels on time charter and we ended the quarter with $67 million of cash.

As you will note despite the very challenging freight market our operations, who are again cash positive.

With that I will turn the call over to Sweden.

Yes.

Thank you Eduardo.

Sure.

Well this slide we will discuss a topic, which is core to running a shipbuilding company.

How much will operate so let me get out of the capital will have been entrusted.

This lets us shortly will agree.

Betsy illustrated through the EBITA margin company delivers.

Look just two a quarter as being clear with overtime.

This slide illustrates these various here over the past five years.

We have taken the liberty to compare our margin were the three most relevant peers in the public space.

But she received the ESP represented by the Green bars Costar, Paul talk every year over this period.

<unk> <unk> with.

It may be no coincidence either.

We think this reflects our quality fleet run by a team of some of the best people in this industry within our company culture.

Another consistent feature in our strategy is how we allocate capital.

Firstly and including this reporting quarter, we will have paid quarterly cash dividends for 48 quarters in a row.

Secondly.

Our capital allocation policy was introduced and has remained unchanged seven years ago.

We are giving our investors the benefit of excluding negative noncash adjustments and including positive capital gains to our formula for calculating the dividend.

And keep in mind it is a minimum 60% of ordinary net income.

For the fourth quarter, we will return a total of $6 3 million to shareholders.

As we have previously announced we bought back 560 <unk> of our own shares average price of 28.

The shares were retired our progress.

In addition to the share buybacks, we will pay a cash dividend of <unk> <unk> per share for the quarter.

It will be payable on the 24th of February to shareholders of record on the 17th of February .

As mentioned this marks our 48 consecutive quarterly cash dividend.

For <unk> as a whole will be returning $49 million to shareholders consisting of $17 million in cash dividends of $32 million in share buybacks.

This slide takes a lot of time charter portfolio.

We currently have six ships on time charter for which will expire during this year.

The cover is equal to about 33% for the first half moving down to about 5% during the second half.

The average rate of these time charters for 30 30 to $34300 per day, excluding profit sharing if early.

Yeah.

We are not actively pursuing additional time charters in the current markets.

It could be exceptions in relation to possible extensions of current time charters with our customers' subject of course to rates for longer terms being acceptable.

And with that and for the last time, I will turn the call over to trigger.

Thank you Brian .

Let us now update you on where we stand with respect to our strategy of protecting the downside without giving away the upside.

Let's look at cash breakeven.

The number we want you to remember from this slide is that our spot ships only need to generate $10900 per day in 2022 in order for DHT to be cash neutral.

You should recognize this as a short and very competitive number.

And we can inform you that even in a dreadful current market.

Our spot ships are making more than that.

As Leila set first quarter spot bookings to date stands at 59% of available days booked at over 12600 today.

So we there to state that if you generate cash in this market you have protected your downside very well.

Let us then switch to the upside.

We currently have six ships on time charters for which will expire within the year.

As you can see <unk> offers great operational leverage and immediate participation once the market recovery finally happens.

As an example.

If we were to see $50000 a day average spot rates for the year, we stand to generate $287 million in free cash flow, which equates to a $1 70 per share.

You should also note that.

That is $5000 a day change in spot rates equaled $38 million in annual cash flow.

Equivalent to almost a quarter of share.

Finally, let us summarize the key messages in this presentation.

One <unk>.

<unk> has the strongest balance sheet in the peer group.

Two.

Whilst we were not profitable in 2021, we are proud of having limited lost $11 5 million and the worst tanker market in over a generation.

Although just one of the others have reported so far we believe this number will compare very favorably to peers.

Three.

DHT consistently generate superior EBITDA margin compared to peers.

Four.

With our spot cash breakeven of just 10900 today, we are cash flow positive even in today's market.

Yet we have 20 vlccs in the spot market now, giving immediate participation once the market recovers.

Five.

We continue to deliver on our capital allocation policy.

In 2021, we certainly exceeded our minimum 60%.

When a total of 49 billion was returned.

The combination of cash dividends and share buybacks.

Yes.

Before we open up for your questions. Let me also add some brief comments about my retirement.

That was announced a couple of weeks ago.

When China decided to team up just after the great financial crisis of 2008.

With a desire to build the shipbuilding company that was doing all the right things, namely <unk>.

Investing counter cyclically.

Building a balance sheet suitable for the business.

And staying disciplined through the cycles.

DHT became our platform and I'm very proud of how we have been able to transform what was a small tonnage provider to the sizable and highly regarded VLCC owner we are today.

We have done it together with a small group hotel lenses and dedicated shipping professionals without it just couldn't have happened.

The company is in excellent shape with a great fleet strong balance sheet and a terrific team both the shore and aboard our ships.

So why in the World would I want to step down from this.

A good question indeed, but the simple reason is that I've always wanted to retire and time to be able to enjoy and pursue my many hobbies well still the on going strong.

It really is as simple as that.

I feel that all of us at DHT have accomplished Schwartz and I set out to do some 13 years ago.

And it doesn't stop here.

Convinced the future holds great things for DHT.

I'm very proud of what the ESG has become.

I'm totally confident Savannah, and the team will continue to do the right things.

<unk> and navigate the DHT is shipped through the coming tanker market cycles.

It has been a great journey and I'd like to thank all of my wonderful colleagues for the REIT.

So with that we are now ready to take your questions.

Operator.

Thank you.

Minder, if you wish you also a question. Please press star one on your telephone keypad and wait for your name to be announced.

If you wish to withdraw Youll recall, please press the pound key.

Our first question comes from the line of Brendan Gibbons from Jefferies. Please ask your question.

How it ATM DHT how has it gone.

Well thanks, how are you.

Doing all right.

I guess first question just looking at capital return you did about $6 3 million for the fourth quarter, roughly 50, 50 split between stock purchases and the dividend.

Is that kind of a goal now on in terms of 50 50 split I know you have a minimum dividend of two cents in terms of the share buybacks.

How is that number determined or is that just the maximum amount of shares you could buy during that period.

I think first of all around that.

<unk> has been the minimum for a number of years, but it's not really part of the capital allocation policy. So just wanted to for sake of good order that this is not something we have committed to in writing, but practice has been that way for sure.

To your second question on buybacks.

We have been on and off on this over the years and as you will know that.

The preference is being for cash dividends and <unk>.

Early on in certain locations, when we see particularly depressed share prices or whatnot.

We have done some buybacks.

And of course last year, we did more than we've done in quite a while.

Ladies always going to be an opportunistic approach to it that we look at the cash flow of the company and we look at other potential uses of capital and of course.

As you know last year, we did invest into a modern scrubber fitted eco ships the market ran a bit away from us.

This voice after that and we then allocated some capital to buying back shares instead. So it is very hard to give any firm.

Guidance on what we're going to do in the future, but it's certainly one of the alternatives.

Allocate capital to.

Okay. No that's fair, it's great to see the share count going down and your NAV going up so good news there.

Second question for me in terms of the general market right brokers continue to say rates are negative.

But you just mentioned your spot rates are still above 10000 plus per day.

It's still a relatively low level, so with demand on the rise inventory levels at eight year lows OPEC gradually increasing supply.

It's keeping such a tight lid on rates and when do you expect to see an inflection higher.

I think all things you mentioned is right in the oil markets.

We recognize these things are moving ahead and eventually it will be in a strong flavor of the tanker market.

The short answer in the short term is that there is just way too many ships in the market.

So we'll need to have a big sort of goes to the fleet.

Surface flying a demand for transportation from sanction barrels.

And secondly, you have had hardly any scrapping and retirements of ships.

So we're now close to I think 2778% of the fleet older than 15 years in Europe between 11, and 12% of the fleet over 20 years.

There will be some 35 ships this year turning 20.

And.

Far from all of the ships have been through dry docks or installed ballast water treatment systems, etcetera, and scrap prices are higher so I think all logic sort of lead you to.

Scrapping will have historically four points.

It's really the short term pain. There is that there is too many ships in the market.

Yes, that's fair simple supply demand all good well. Thanks again, congrats on retirement Trygve enjoy the the next stage of life and stay young and strong.

Thank you Andy I appreciate it.

Alright.

Thank you. Our next question comes from Chris <unk> from Longbow Research. Please ask your question.

Hi, good afternoon, everyone how are you.

Okay.

Just wanted to ask you about the dry docking I think there is three scheduled in 2022 on the last call. I believe you guys said there was one in the first half into Q.

Q3.

Is there any update.

This particular slide forward, given where the market is now.

Do you expect in this state in mind.

We've got one in Red Oak as we speak and the chances are we'll try to bring also the other two us forward as we possibly can but there is no set date, yet so but.

The schedule will be communicated as well as required according to costs.

Okay, Thanks and.

For the Q1 fixtures to date can you.

Confirm what is the spot rates booked so far.

As <unk> said, it's 12006 four acute in the first quarter.

Okay. That's it for me, thank you and congrats on retirement.

Thank you.

Thank you. Our next question comes from Omar.

For <unk> security. Please ask your question.

Yeah. Thank you hi, guys. Good morning, good afternoon, and also triggered from US at Clarksons wishing you will also a happy retirement.

And I think agree agreeing with your with your comments Youre, leaving DHT in great shape, which is I think really saying something considering the kind of market we've been in the.

The past 18 months or so.

Wanted to ask maybe a bit more.

Kind of about the debt schedule clearly you guys have.

Not much to pay this year.

It's very doable with your existing cash resources, but in 'twenty three 'twenty four you do have a couple of maturities what are you thinking in terms of refinancing those timing wise.

I think historically, we have addressed refinancings in time so that.

The expiring facility doesn't show up as short term debt.

So typically we would like to do with the ear out something like that.

And quite frankly with the.

The loan to value that we have we do not see any potential issues at all.

To the contrary I think theres a good chance that the company is going to be able to refinance at more attractive terms.

Generally speaking.

Okay. Thank you and then.

I guess, maybe just sort of.

Randy had brought up just the OPEC and.

Some of the barrels so just maybe shifting onto that.

Last week, one of the big real discussion points coming out of the OPEC plus meeting was the real inability of some of the producers, especially out of West Africa to to meet their quotas and basically struggling.

Hit there.

Target.

And.

The middle East seems to have been a bit more more or less on target in terms of trading patterns.

What are you seeing for Vlccs as a result of this.

And then is there any indication that things are improving out of West Africa, and returning to some sort of normalized.

Cargo.

Any color you can give on that.

I think you rightly point West Africa.

<unk> been disappointing.

We're not in particular.

And the Opex system works.

One country is not delivering on this quarter. The other countries are not sort of permits us to step up.

Maybe it will change.

So obviously, one country being the elephant in the room in the Opex.

Maybe they will decide that somebody will have to step up and time, which certainly will be good for <unk> good for the tanker market.

But I can't say that we've seen in at least in West Africa sort of stepping up.

What we've seen.

Is that the rig counts.

In the shale.

Sure.

Business is increasing.

That could well be an indication that production is going up and with prices, where they are at least produce civil certainly.

Make good cash flows.

The more it could be tight so there should be space for those barrels to come out so that will certainly be positive.

Positive for the French market.

Thanks, Brian and then maybe just one final question for you.

Just from your lens in the sale and purchase market Theres been a lot of talk earlier in the year I guess, we're still early but.

I think at the start of the year. There has been there have been a lot of discussion about cash buyers coming into the tanker space looking at both crude and product.

And our secondhand market.

Is that something you're still seeing.

Anything you can give any insight you can you can give on how the.

The S&P markets looking today from your vantage point.

I think in the older and it's a bit more quiet.

It was quite a lot of activity I would say first half Gulf here, which you took advantage of selling the three older ships in our fleet.

Well keep in mind also some of these so called cash buyers are a buyer is that at least we would look to transact with.

They will not be regarded best Ky stable if you like.

And.

So then you just have to refrain from doing business with.

It seems that there is a bit more quiet in that market.

The illicit trade is both a growing trade so.

You'd be surprised to see sort of a more people dialing in for this to expand their fleets to service that market.

If anything is sanctions.

Or are being discussed and maybe look to this in the futures.

Will change so.

In the modern era.

It's also been very few transactions.

See anything ever happened in the past six months.

Almost so.

I think Canada is a bit of a standoff.

There are some potential centers of steel prices, which are quite a bit above where maybe buyers are so again, it's very quiet.

Haven't seen activity as it relates to our assuming the 10 12 year olds spectrum assets.

Assets have changed hands.

Or a less of a broker values.

Okay.

Got it thank you.

Appreciate the comments and and trigger happy happy retirement.

Thank you very much.

Thank you. Our next question comes from Magnus <unk> from H C. Wainwright. Please go ahead.

Yes, hi.

Congratulations to a good quarter. Despite the challenging market also wanted to congratulate Craig on that happy retirement, and hope you find time to do all your hobbies.

First just wanted to follow up on <unk> question on the market recover we all talked about OPEC struggling too.

Reached our production quota, but do you see the recovery or the seasonal.

Summer market playing out different this year I guess, you already mentioned that that could potentially be a reallocation of quote with us within OPEC, but just curious.

Since you guys had a pretty good crystal ball to see what you guys think about if theres any other.

Drivers here that could offset some of the weakness.

I think the sort of the normal seasonality is.

At least this winter market hasnt seen any of the normal seasonality and you can certainly argue a strong case that you will see a stronger summer and then what you saw the winter.

And we feel as we've discussed already.

So mercury upon.

How much additional production is going to come to market over the next few months.

Also.

I missed the dam break in terms of retiring older ships, we feel that there is.

Huge pent up potential there so you could very well see.

Or again, arguing the case, where you would see a very strong summer market and thereby having.

Flip side, the seasonality and the year of 2022.

Alright, good thanks for that color and just one housekeeping item.

<unk> dropped significantly in the fourth quarter I guess, there was some mention of.

Social security.

I guess, yes.

Cruel stair or is there anything in particular for the fourth quarter and what's a good run rate going forward.

So it wasn't social security, but it was.

We accrue bonuses through the year.

And the loss, making year bonuses were certainly cut back dramatically and there is there is the main reason for the lower G&A for the quarter.

The reversal of accruals.

And as was mentioned earlier.

Earlier on the call guidance for future G&A, we would like to come back or expanding our lives I would like to get back.

On the next earnings call in May for the first quarter of this year.

Okay very good well, thank you and happy retirement.

Thanks again.

<unk>.

Thank you.

Our next question comes from Jon Chappell of Evercore. Please ask your question.

Thank you good afternoon.

Only one left for me.

Picture sign as you think about the next couple of years, where we are in the cycle all of the things we've addressed and why the market Hasnt improved yet.

And also kind of flying solo now with his retirement.

Have you and the board discussed any changes in strategy.

However, as it relates to either.

The growth of the fleet.

Employment of the fleet.

<unk> segments or financial or is it kind of just steady as she goes until the recovery and we'll revisit at that point.

It's another that's the short answer.

Okay short answers your question. Thanks.

Okay. Thanks, John .

Thank you as a reminder, ladies and gentlemen, if you wish to ask a question. Please press star one on your telephone keypad.

Our next question comes from Rob Beck.

<unk> from <unk>. Please go ahead.

Well thank you Roger.

Hello, Yes, sorry.

Yeah.

Please go ahead, Bob Robert.

Right.

Want to first of all thank you.

<unk> done such a wonderful job of setting the business up.

To be able to endure for a longer period.

On.

The long run.

Great.

All across.

Give you tremendous advantage once rates turned around.

Okay.

So on make as much money.

Referred to earlier in your presentation Global book went up to 50000.

The cash would flow in so fast.

2020.

Now overall.

Matt.

Bongo ball two rockwood.

We bought.

<unk>.

All told you so well in the past.

That said when cash flow permit.

Also like to invest in our balance sheet.

And as you correctly noted our balance sheet today is very strong in fact is the strongest among sold appears.

So it's sort of.

Urgency to do this.

Think it will offer the company a much more flexibility through the cycles.

Having potentially even a stronger balance sheet.

So that's all that's all investments will be in the cards.

When cash flow permits in addition to rewarding shareholders, we will continue to invest in the balance sheet.

Well I want to thank you very much for that.

Approach.

<unk>.

And the market a company called one integrated shopping which has virtually no debt.

Have seen within the last two weeks of trading the stock has gone from a low of 15 to where it's currently trading at around $72 a share.

No.

Really strongly exemplifies what can be done when a company has a shipping company has virtually no debt.

So I definitely encouraging studied that.

As a possibility of adopting that for no debt.

<unk>.

Which were born especially if we have rates stay up for a while we can then accumulate cash.

Cash.

For new ships when the time comes around what we need them without going into additional heavy debt again.

So on the final one for me.

We are holding a lot of years now.

We would love to see you.

I've spoken of this before.

Take a look.

When we.

<unk> bye.

And then following put option.

Month periods.

Period.

So that $5 this year.

Right now there are enough.

Great.

Options to cover the kind of volume growth.

Do you have that we purchase.

For a while.

Yes.

That would definitely robust cash flow.

Hello.

Are you buying it, namely a $5 a share currently if we go out far enough.

Get 45, or so a share.

For the quarter.

Put options, which means the clock.

It went below $5.

Would be buying the stock.

Sure.

Which is of course, a screaming bargains.

I really encourage you to examine the possibility of that but we'll look at how many outstanding options. There are in these neighborhoods.

In the months to come.

Please consider it.

Well, thank you for it but we have taken both of that.

Thank you. Our next question comes from Simon <unk> from by investors.

Please ask your question.

Good morning, Thank you for taking my questions in the press release, you mentioned you remain consciously optimistic on new room market.

And I was wondering if you could provide some additional insight on the potential impact the waiving of Iran sanctions with Honda on.

On the road tanker market.

Approximately how much incremental demand would you expect.

It's hard to have an exact figure here, but.

We estimate that there are some 50% to 60 large tankers involved in trading.

Essentially.

And this is not only around but also of Venezuela on crude.

I think the trick to the gaming areas.

These barrels are currently being sold at a discount in order to entice markets of Ireland and.

Then they have to pay a premium freight to get older ships willing to do this sanction trade.

Also barrels become.

And those ships are sort of a birthday will be off.

So that's already.

Yes.

Normal freight market.

So it will be more oil for the ships that is sort of a regular.

Illustrate the Golar fleet will just be moved out of the market. So that there should be a positive it's hard to say exactly what the number is how much additional oil it will be.

I think there are some indications that we could be in a million barrels per.

Per day, but we don't have an exact figure.

I may add I personally I think it would be a huge difference because it will be more barrels for transportation and there will be 50 or 60 ships retired within relatively short time, so the combination of more demand.

Meaningful.

The decrease in supply is going to be totally different freight market Hyatt personally think.

Thank you. We also believe it will be a significant positive.

And I was wondering if you could provide some commentary on the renewed fleet. Some people see it will offset part of these benefits and some say it will take a long time to be on line once again.

So could you provide some commentary on that.

The Iranian VLCC fleet.

All count 38 vessels.

Average age of that fleet is.

<unk> 17 in the off years, so its not the young.

<unk> fleet and many of these ships are used to store oil floating of Iran.

The buffer so it will be tough to sort of make that entire fleet fully efficient.

So on marketable to this sharp just all sorts of terminals.

Around the world.

I don't think.

The vessels sort of offset all of that maybe some of these ships will create that.

Some of them are already trading with.

With barrels so it looks like you have a flood of new ships that are not there today, so maybe a limited impact.

Alright Thats helpful. Thank you very much.

Thank you just a reminder, ladies and gentlemen, you'll ask the questions from the telephone line. Please press star one.

Yes of course.

Yes.

There are no further question I will now turn call back to the management team for the closing remarks.

Well. Thank you very much to all for listening in on the Ht and also thank you for offering and my good friend and has to start with you several alone.

Good day.

Right.

Alright, Thank you, ladies and gentlemen that does conclude our conference for today. Thank you for your participation.

You may all disconnect.

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Yes.

Okay.

Yes.

Okay.

Thanks.

Yes.

Okay.

Yes.

Okay.

Sure.

Okay.

Yes.

Okay.

Sure.

Okay.

Sure.

Great.

Okay.

Yes.

Okay.

[music].

Okay.

Yes.

Okay.

Yes.

<unk>.

Yes.

Maintenance.

Okay.

Great.

Okay.

Yes.

<unk>.

Okay.

Yes.

Okay.

Yes.

Okay.

Yes.

Okay.

Thanks.

Okay.

Yes.

Thank you.

Okay.

Sure.

Okay.

Thank you.

Okay.

Yes.

Okay.

Yes.

Okay.

Yes.

Okay.

Sure.

Okay.

Yes.

[music].

Sure.

Okay.

Yes.

Q4 2021 DHT Holdings Inc Earnings Call

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