DHT - DHT Holdings: Best Balance Between PNAV LTV And Fleet Quality; Still Buy Rating
2024-03-13 00:42:45 ET
Summary
- DHT Holdings ordered four new scrubber-fitted vessels, expected to be delivered between April and December 2026, at an average price per ship of $128.5 million.
- DHT maintains a prudent capital structure with a gross LTV of 20.9%. The company has ample liquidity. DHT delivered $251 million in operating cash and $193 million in operating income.
- FY23 Adjusted EBITDA reached $302 million, 77% higher than in 2022. The bottom line, EPS FY23 is $0.99/share, while FY22 is $0.48/share.
- Compared with its VLCC/Suezmax pure play competitors, NAT and ECO, DHT strikes the best balance between fleet age and specs, LTV and PNAV.
Note: I have covered DHT Holdings ( DHT ) previously . In my previous article on DHT, I pointed out the company's strengths, such as its VLCC-only fleet, prudent capital structure, ample liquidity, and adequate margins. Since then, the VLCC market has become tighter due to Sovcom sanctions and the deepening Red Sea Crisis. This article discusses DHT's last report from February 07, 2024, and crude oil tanker market dynamics.