DHT - DHT stock soars 16% after cruising past Q4 earnings expectations

Shares of DHT Holdings ( NYSE: DHT ) surged as much as 16% on Thursday after the company topped earnings consensus for the fourth quarter.

DHT on Wednesday after the bell posted Q4 GAAP EPS of $0.38, beating estimates by 5 cents, and revenue of $116.7M was +136.7% Y/Y, ahead of expectations by $6.28M.

DHT said it achieved an average combined time charter equivalent earnings of $56,900 per day in Q4.

Voyage expenses in the fourth quarter were $49.8 million, compared to $34.6 million last year, mainly due to more vessels in the spot market and higher bunker prices, DHT said, resulting in a $10.3 million increase in bunker expenses and a $2.5 million increase in port cost.

Q4 Adjusted EBITDA was $95.4 million, while net profit came in at $61.8 million, which equates to $0.38 per basic share.

For Q1 of 2023, DHT expects total fixed time charter days of 510 at an average fixed time charter rate $33,900 per day.

DHT has completed the installation of exhaust gas cleaning systems for two vessels so far in Q1, and currently has two additional vessels in the shipyard, with four remaining vessels planned to enter the shipyard in the first or second quarter of 2023.

So far in Q1, DHT said 66% of the available VLCC spot days have been booked at an average rate of $56,400 per day on a discharge-to-discharge basis, and 75% of the available VLCC days, combined spot and time charter days, have been booked at an average rate of $48,400 per day.

DHT stock rose nearly 74% in 2022.

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