DHT Maritime (DHT) Q3 2021 Earnings Call Transcript

DHT Maritime (NYSE:DHT)
Q3 2021 Earnings Call
Nov 03, 2021, 9:00 a.m. ET

Contents:

• Prepared Remarks
• Questions and Answers
• Call Participants

Prepared Remarks:

Operator

Good day, and thank you for standing by. Welcome to the third quarter 2021 DHT Holdings earnings conference call. At this time all participants are in a listen-only mode. [Operator instructions] I must advise that this conference is being recorded today on Wednesday, November 3, 2021.

With us on our conference call today we have Svein Harfjeld, Co-CEOs; and Laila Halvorsen, CFO. And now without any further delay let me hand you over to Laila Halvorsen. Please go ahead. 

Laila Halvorsen — Chief Financial Officer

Thank you. Good morning, and good afternoon, everyone. Welcome and thank you for joining DHT Holdings’ third quarter 2021 earnings call. I’m joined by DHT Co-CEO, Svein Moxnes Harfjeld; and Wilhelm Flinder, head of investor relations.

As usual, we will go through some financials and some highlights before we open up for your question. The link to the slide deck can be found on our website dhtankers.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 at our website dhtankers.com until November 10th.

In addition, our earnings press release will be available on our website and on the SEC EDGAR system as an exhibit to our Form 6-K. As a reminder on this conference call, we will discuss matters that are forward-looking in nature. These forward-looking statements are based on our current expectations about future events. Including DHT’s prospects, dividends, share repurchase, and some debt repayments.

The outlook for the tanker market in general, daily charter high rates and vessel utilization, forecasts of world economic activity, oil prices and oil trading patterns, anticipated level of new buildings and scrapping, and projected drydock schedules. 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 the SEC EDGAR system, including the risk factors in these reports for more information regarding risks that we face. As you will know in the historically weak type of market, which has impacted the results for the third quarter of 2021.

Looking at the P&L highlights, EBITDA for the third quarter was $14 million and net loss came in at $21 million. The result includes a gain of $1.6 million related to the sale of DHT Condor and a non-cash gain in fair value related to interest rate derivatives of $2.3 million. The company continues to show very good cost control. Opex for the quarter came in at $19.2 million equal to $8,000 per day while the average opex year-to-date is equal to $7,800 per day.

G&A for the quarter was $4.4 million. In the third quarter of 2021, the company achieved an average TCE of…