DHT ups dividend to 0.38 from 0.04
QUARTERLY HIGHLIGHTS: • In the fourth quarter of 2022, the Company achieved average combined time charter equivalent earnings of $56,900 per day, comprised of $36,100 per day for the Company’s VLCCs on time-charter and $63,800 per day for the Company’s VLCCs operating in the spot market. The result for the Company’s VLCCs operating in the spot market, measured on a discharge-to-discharge basis, was $63,900 per day for the fourth quarter of 2022. • Adjusted EBITDA for the fourth quarter of 2022 was $95.4 million. Net profit for the quarter was $61.8 million which equates to $0.38 per basic share. • In December 2022, the Company prepaid $23.7 million under the Nordea Credit Facility. The voluntary prepayment was made for all regular installments for 2023. • In November 2022, the Company entered into agreement for a $37.5 million refinancing with Credit Agricole. The new loan will bear interest at a rate equal to Secured Overnight Financing Rate (SOFR) + 2.05%, including the historical Credit Adjustment Spread (CAS) of 26 basis points. The cost of the facility compares to a LIBOR equivalent margin of 179 basis points and the facility is repayable in quarterly installments of $0.6 million with final maturity in December 2028. • For the fourth quarter of 2022, the Company declared a cash dividend of $0.38 per share of outstanding common stock, payable on February 24, 2023, to shareholders of record as of February 17, 2023. This marks the 52nd consecutive quarterly cash dividend. The shares will trade ex-dividend from February 16, 2023.
