MenzhiliyAnantoly Investment Thesis In our article in May this year on DHT Holdings, Inc. (NYSE:DHT), we concluded that it was our opinion that the VLCC's earning potential should be good for the next 2 to 3 years. It was based on the low order book and that even if this changes, it would still take 2 to 3 years before these new vessels could upset the favorable supply and demand dynamics. The share price has been down 7% since our previous buy call. DHT just came out with their Q2 results, allowing us to l ...

财务数据和关键指标变化 - 公司在第二季度实现了强劲的业绩,收入为1.037亿美元,EBITDA为8000万美元,净利润为4450万美元,每股0.27美元 [9] - 上半年净利润为9160万美元,每股0.57美元 [10] - 公司维持着强大的资产负债表,财务杠杆率为18.6%,每艘船净债务为1420万美元,总流动性为2.63亿美元 [8] 各条业务线数据和关键指标变化 - 现货市场船舶日收益为52,700美元,定期租船船舶日收益为36,400美元,平均日收益为49,100美元 [10] - 上半年现货船舶日收益为53,400美元,平均日收益为50,000美元 [10] 各个市场数据和关键指标变化 - 第三季度公司有552个定期租船日,平均日租金为37,700美元,其中包括一艘2007年建造的船舶,日租金为49,500美元 [16] - 第三季度公司预计有1,630个现货日,其中75%已经签约,平均日租金为42,100美元,但现货市场低于此水平,存在下调风险 [17] 公司战略和发展方向及行业竞争 - 公司新船建造计划交船时间提前,预计2026年2月至7月交付,较原计划增加550-600个收益日 [18][19] - 公司未行使新船购买选择权,主要考虑到不希望大幅增加资本支出,影响100%派息政策 [40][41] - 公司正在探索为新船寻找长期定期租约,但目前进展不大,可能需要到明年才有进展 [31][32] - 公司认为行业基本面向好,包括油品需求增长、航运距离延长、船舶供给有限以及船队老龄化等 [25] 管理层对经营环境和未来前景的评论 - 第三季度现货市场处于淡季,但预计随着炼厂检修完成和产能提升,需求将会回升 [20][21][22][23][24] - 管理层认为中国市场存在一些短期波动,如重卡用LNG替代柴油,但长期来看,中国炼化产能扩张将带来更多原油需求 [35][36][37] - 管理层认为OPEC若增产,也意味着需求有所增长,不会对油价造成大的冲击 [55][56][57] - 管理层认为从加拿大出口至亚洲的原油运输,Aframax倒灌至VLCC的新贸易模式将带来新的机会 [58][59] 其他重要信息 - 公司维持100%派息政策,本季度派息0.27美元/股,这是连续第58个季度派息 [13] - 公司全年经营性现金流量平衡点为每天18,500美元,税后平衡点为27,700美元,意味着每艘船每天有9,200美元的自由现金流 [14] 问答环节重要的提问和回答 问题1 **Jon Chappell 提问** 新船建造付款计划和融资安排 [27][28][30] **Laila Halvorsen 和 Svein Moxnes Harfjeld 回答** 未来12个月内新船建造付款为8990万美元,具体融资方案尚未确定,公司正在探讨 [28][30] 问题2 **Frode Mørkedal 提问** 为何未行使新船购买选择权 [40][41] **Svein Moxnes Harfjeld 回答** 公司未行使选择权,主要考虑到不希望大幅增加资本支出,影响100%派息政策 [41][42] 问题3 **Omar Nokta 提问** OPEC产量和非OPEC产量增长对VLCC市场的影响 [54][55][56][57] **Svein Moxnes Harfjeld 回答** OPEC若增产,意味着需求有所增长,不会对油价造成大的冲击,这对VLCC市场是利好的,因为远程原油运输是VLCC的主要业务 [55][56][57]

财务数据 - 公司截至2024年6月30日的资产总额为148.8亿美元，现金为7264万美元，船舶为12.85亿美元[3] - 2024年第二季度营收按TCE基础为103696千美元，EBITDA为79953千美元，净利润为44489千美元[4] - 公司第二季度每股收益为0.27美元，上半年每股收益为0.57美元[6] - 公司第二季度现金流量表现良好，现金余额为7260万美元，EBITDA为1442万美元[7] 股利政策 - 公司宣布每股派发现金股利0.27美元，符合资本分配政策，为连续第58个季度派发现金股利[9] 新船交付计划 - 公司新船交付计划更新，预计2026年新增550-600天的收入[16] 基本面强调 - 公司强调吸引力基本面，包括持续的石油需求增长、较长的运输距离、有限的新船舶供应以及稳健的资产负债表和股东友好的股利政策[27]

DHT Holdings (DHT) came out with quarterly earnings of $0.27 per share, missing the Zacks Consensus Estimate of $0.28 per share. This compares to earnings of $0.35 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -3.57%. A quarter ago, it was expected that this independent oil tanker company would post earnings of $0.31 per share when it actually produced earnings of $0.29, delivering a surprise of -6.45%. Over the last four q ...

HAMILTON, BERMUDA, August 12, 2024 – DHT Holdings, Inc. (NYSE:DHT) ("DHT" or the "Company") today announced its results for the quarter ended June 30, 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 renowne ...

HAMILTON, BERMUDA, July 30, 2024 - DHT Holdings, Inc. (NYSE:DHT) will release its second quarter 2024 results after market close on Monday, August 12, 2024. The Company will host a conference call and webcast, which will include a slide presentation, at 8:00 a.m. EDT/14:00 CEST on Tuesday, August 13, 2024, 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.vevent.com/register/BI7b708a ...

HAMILTON, BERMUDA, July 30, 2024 - DHT Holdings, Inc. (NYSE: DHT or the “Company”) will release its second quarter 2024 results after market close on Monday, August 12, 2024. The Company will host a conference call and webcast, which will include a slide presentation, at 8:00 a.m. EDT/14:00 CEST on Tuesday, August 13, 2024, 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.vevent.com ...

文章核心观点 - 公司在2024年第二季度的平均日租金收入为49,100美元,其中航船在现货市场的日租金为52,700美元,在期租合同下的日租金为36,400美元 [1] - 在2024年第三季度,公司已经预订了48%的可用现货航次,平均日租金为45,600美元,61%的可用航次(包括现货和期租)的平均日租金为42,300美元 [2] - 公司与一家炼油公司签订了一份为期一年的期租合同,租金为每天49,500美元,租船将在大西洋流域为欧洲炼厂提供服务 [3] - 公司已经提前获得了4艘大型VLCC油轮的交付,预计将在2026年2月至7月陆续交付 [4] 公司概况 - 公司是一家独立的原油运输公司,拥有VLCC级原油运输船队,通过在摩纳哥、挪威、新加坡和印度的管理公司进行运营 [5] - 公司以优质的船舶、谨慎的资本结构、灵活的船舶运用策略和透明的公司治理而著称 [5] 前瞻性声明 - 文章中包含了一些前瞻性陈述,反映了公司管理层的信念、假设、预期和意图 [6][7] - 这些前瞻性陈述存在一定的不确定性,投资者不应过度依赖 [6][7] - 公司不承诺更新这些前瞻性陈述,实际结果可能与预期存在差异 [7]

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