DHT Holdings, Inc. Files 20-F for Fiscal Year Ended December 31, 2023

TL;DR

<b>DHT Holdings, Inc. has submitted its annual 20-F filing for the fiscal year 2023, detailing its financial performance and business operations.</b>

AI Summary

DHT Holdings, Inc. (DHT) filed a Foreign Annual Report (20-F) with the SEC on March 20, 2024. DHT Holdings, Inc. filed its annual 20-F report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located in Hamilton, Bermuda. DHT Holdings, Inc. was formerly known as DHT Maritime, Inc. and Double Hull Tankers, Inc. The filing is made under the Securities Exchange Act of 1934.

Why It Matters

For investors and stakeholders tracking DHT Holdings, Inc., this filing contains several important signals. This 20-F filing provides investors with a comprehensive overview of DHT Holdings' financial health, operational activities, and strategic direction for the past fiscal year. As a foreign private issuer, this 20-F filing is the primary disclosure document for DHT Holdings, offering insights into its compliance with U.S. securities laws and its business in the deep-sea foreign transportation of freight sector.

Risk Assessment

Risk Level: low — DHT Holdings, Inc. shows low risk based on this filing. The filing is a routine annual report for a foreign private issuer, with no immediate red flags or significant negative developments indicated in the header information.

Analyst Insight

Review the detailed financial statements and risk factors within the 20-F filing to assess DHT Holdings' performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period of report)
• 2024-03-20 — Filing Date (Date of filing)
• 2008-06-27 — Name Change Date (Date DHT Maritime, Inc. changed name)
• 2005-06-24 — Name Change Date (Date Double Hull Tankers, Inc. changed name)

Key Players & Entities

• DHT Holdings, Inc. (company) — Filer name
• 20-F (regulator) — Form type
• 20240320 (date) — Filing date
• 20231231 (date) — Period of report
• Hamilton, Bermuda (location) — Business address
• DHT Maritime, Inc. (company) — Former company name
• Double Hull Tankers, Inc. (company) — Former company name
• 1934 Act (regulator) — SEC Act

FAQ

Industry Context

DHT Holdings operates in the deep-sea foreign transportation of freight sector, primarily involving the shipping of crude oil and refined petroleum products.

Regulatory Implications

As a foreign private issuer, DHT Holdings files annual reports on Form 20-F with the SEC, which is a substitute for the annual report on Form 10-K.

What Investors Should Do

1. Analyze the financial statements within the 20-F for revenue, net income, and balance sheet details.
2. Review the 'Risk Factors' section for potential challenges and uncertainties facing DHT Holdings.
3. Examine management's discussion and analysis (MD&A) for insights into operational performance and future outlook.

Year-Over-Year Comparison

This is the initial 20-F filing for the period ending December 31, 2023, and no prior filing data is available for direct comparison within this header information.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share DHT New York Stock Exchan

Filing Documents

• ef20015337_20f.htm (20-F) — 3385KB
• ef20015337_ex4-2.htm (EX-4.2) — 1130KB
• ef20015337_ex4-4.htm (EX-4.4) — 1598KB
• ef20015337_ex8-1.htm (EX-8.1) — 17KB
• ef20015337_ex12-1.htm (EX-12.1) — 18KB
• ef20015337_ex12-2.htm (EX-12.2) — 18KB
• ef20015337_ex13-1.htm (EX-13.1) — 9KB
• ef20015337_ex23-1.htm (EX-23.1) — 4KB
• ef20015337_ex97-1.htm (EX-97.1) — 23KB
• image001.jpg (GRAPHIC) — 9KB
• image003.jpg (GRAPHIC) — 2KB
• image004.jpg (GRAPHIC) — 2KB
• image005.jpg (GRAPHIC) — 6KB
• image00012.jpg (GRAPHIC) — 5KB
• image00013.jpg (GRAPHIC) — 3KB
• image00014.jpg (GRAPHIC) — 2KB
• image00015.jpg (GRAPHIC) — 6KB
• 0001140361-24-014358.txt (&nbsp;) — 18251KB
• dht-20231231.xsd (EX-101.SCH) — 138KB
• dht-20231231_cal.xml (EX-101.CAL) — 109KB
• dht-20231231_def.xml (EX-101.DEF) — 497KB
• dht-20231231_lab.xml (EX-101.LAB) — 1317KB
• dht-20231231_pre.xml (EX-101.PRE) — 744KB
• ef20015337_20f_htm.xml (XML) — 2943KB

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 73 ITEM 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 73 PART II 74 ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 74 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 74 ITEM 15.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 74 ITEM 16. RESERVED 75 ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 75 ITEM 16B. CODE OF ETHICS 75 ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 75 ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 76 ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 76 ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 76 ITEM 16G. CORPORATE GOVERNANCE 76 ITEM 16H. MINE SAFETY DISCLOSURE 77 ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 77 ITEM 16J. INSIDER TRADING POLICIES 77 ITEM 16K. CYBERSECURITY 77 PART III 78 ITEM 17.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 78 ITEM 18.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 78 ITEM 19. EXHIBITS 78 i Table of Contents INTRODUCTION AND USE OF CERTAIN TERMS Explanatory Note Unless we specify otherwise, all references in this report to "we," "our," "us," "Company" and "DHT" refer to DHT Holdings, Inc. and its subsidiaries and all references to DHT Holdings, Inc. "common stock" are to our common registered shares. All references in this report to "DHT Maritime" or "Maritime" refer to DHT Maritime, Inc., which was a wholly owned subsidiary of DHT Holdings until being dissolved in November 2018. Our functional currency is the U.S. dollar. Most of our revenues and operating costs are in U.S. dollars. All references in this report to "$" and "dollars" refer to U.S. dollars. Presentation of Financial Information DHT Holdings, Inc. prepares its consolidated financial statements in accordance with International Financial Reporting Standards, or "IFRS," as issued by the International Accounting Standards Board, or "IASB." Certain Industry Terms The following are definitions of certain terms that are commonly used in the tanker industry and in this report: Term Definition annual survey The inspection of a vessel pursuant to international conventions by a classification society surveyor, on behalf of the flag state, that takes place every year. bareboat charter A charter under which a charterer pays a fixed daily or monthly rate for a fixed period of time for use of the vessel. The charterer pays all voyage and vessel operating expenses, including crewing and vessel insurance. Bareboat charters are usually long term. Also referred to as a "demise charter." bunker Fuel oil used to operate a vessel's engines, generators and boilers. charter Contract for the use of a vessel, generally consisting of either a voyage, time or bareboat charter. charterer The company that hires a vessel pursuant to a charter. charter hire Money paid by a charterer to the shipowner for the use of a vessel under a time char

RISK FACTORS

RISK FACTORS If the events discussed in these Risk Factors occur, our business, financial condition, results of operations or cash flows could be materially adversely affected. In such a case, the market price of our common stock could decline. Summary of Risk Factors Risks Relating to our Company A contraction or tightening of the global credit markets and the resulting volatility in the financial markets could have a material adverse impact on credit availability, world oil demand and demand for our vessels, which could adversely affect our results of operations, financial condition and cash flows, and could cause the market price of our common stock to decline. We may not be able to re-charter or employ our vessels profitably. We are dependent on performance by our charterers. We may have difficulty managing growth. We may elect to reduce our fleet. Restrictive covenants in the secured credit facilities may impose financial and other restrictions on us and our subsidiaries. If we fail to comply with certain corporate or ship-specific covenants, including as a result of declining vessel values, or are unable to meet our debt obligations under the secured credit facilities, our lenders could declare their debt to be immediately due and payable and foreclose on our vessels. Risks Relating to our Industry Vessel values and charter rates are volatile. The highly cyclical nature of the tanker industry may lead to changes in charter rates from time to time, which may adversely affect our earnings, financial condition and results of operations. An oversupply of new vessels may adversely affect charter rates and vessel values. Political decisions may affect our vessels' trading patterns and could adversely affect our business and operation results. 6 Table of Contents Adverse conditions and disruptions in global economies could have a material adverse effect on our business. Compliance with environmental laws, regulations or carbon tax regimes and emis

View Full Filing

View this 20-F filing on SEC EDGAR