Analyzing DHT Holdings’ Performance in 2018


Nov. 20 2020, Updated 2:24 p.m. ET

DHT Holdings’ performance

DHT Holdings’ (DHT) YTD (year-to-date) returns were 1.1% as of April 5, 2018. DHT Holdings is the only crude tanker company with a positive YTD return. Euronav (EURN), Teekay Tankers (TNK), Frontline (FRO), and Nordic American Tankers (NAT) all have negative YTD returns. DHT Holdings was the best performer among its peers on a YTD basis. DHT Holdings has outperformed the shipping ETF as well as the broad equity market indexes. Since January 1, 2018, the Guggenheim Shipping ETF (SEA) has fallen 10%. Oil and gas transportation companies account for 47.7% of SEA. The Dow Jones Industrial Average (DIA) has fallen 2% YTD as of April 5, 2018. The SPDR S&P 500 ETF (SPY) has fallen 1.2% during the same period.

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DHT Holdings’ fleet

DHT Holdings is an independent crude tanker company. DHT Holdings operates a fleet of 27 VLCCs (very large crude carriers) and two Aframaxes. Out of the 27 VLCCs, 23 VLCCS are on the water and four VLCCs are under construction—scheduled for delivery in 2018. The company operates its fleet in the spot and time charter market.

Performance in 4Q17

DHT Holdings recorded an adjusted EBITDA of $33.5 million and a net loss of $7.5 million in 4Q17. For 4Q17, the company returned $2.8 million in the form of a cash dividend or $0.02 per share. In November 2017, DHT Holdings agreed to sell three of its oldest VLCCs—DHT Utah and DHT Utik built in 2001 and DHT Eagle built in 2002. In 4Q17, the company entered into a one-year time charter for two of its VLCCs—DHT Lotus and DHT Edelweiss. Now, DHT Holdings’ total number of VLCCs on time charter for 2018 is six.

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