Svein Moxnes Harfjeld: So the dividend policy we announced last year, so it’s quite fresh. But we spend a lot of time thinking about how to frame this, and in particular, to the point that you are raising here that we have comfortable capacity to continue to reduce our debt. So as you might see from this report, in addition to paying out 100% of the net income, we also did an extraordinary prepayment of all the amortization of one of our largest facilities. We did that in end of fourth quarter. So that’s sort of just continuing to working down the balance sheet even further. And also, there is — as I said, there’s about $9,000 a day difference between the P&L breakeven and the cash breakeven. So — and that’s depending a bit on of our days and dockings in the year, but that is in the sort of tune of $70 million.
So — and that capital will be allocated for general corporate purposes, which could be investments. It could also be further debt prepayments. And in the cash flow breakeven, that includes the ordinary debt repayments, right, which for this year of 2023 is $30 million. So we try to be wise about it. It’s not the only way to do things, but we think we have sort of struck a good balance here to continue to work on the balance sheet, whilst at the same time, reward our shareholders.
Unidentified Analyst: And I agree, you have done a wonderful job. I’m just encouraging you to give a little less dividend and more debt reduction. I think it will pay off in the long run. The share price will definitely go higher with lesser debt. Also, I have a question about your reference to parent. Can you — I didn’t realize we had some sort of a parent. And could you explain that for me a little bit more color on what is your reference to the parent in the report?
Svein Moxnes Harfjeld: I didn’t refer to parent. So maybe my pronunciation of another word was bad or maybe the line was a bit crappy. So in what context did you hear the word parent? We don’t have any parent.
Unidentified Analyst: Let me read it to you. It says, attributable — this is in the profit loss after-tax. And it says, total comprehensive incomes/loss for the period attributable to owners of non-controlling interest and then attributable to the owners of parent — what’s the parent.
Laila Halvorsen: In this context, DHT Holdings, Inc. is the parent. So it’s no other parent. It’s DHT Holdings, Inc.
Unidentified Analyst: Thank you for the clarification. Well, just keep on doing the great job that you’ve been doing. We’ve been with you for years and we’re really pleased. I think you’re one of the best crude oil shipping companies in the world in my opinion and in the company’s opinion.
Operator: We will take our next question. And the question comes from the line of Geoffrey Scott from Scott Asset Management.
Geoffrey Scott: I don’t mean to get into a debate with the prior caller, but you rightfully point out that you have $125 million approximately in the depreciation expense, non-cash, which is available for debt repayment and/or purchase of new ships. And so there’s plenty of debt capacity if you pay out 100%. My question has to do with the policy itself. When the announcement was originally made, it was effective immediately. If all things change, if it were to change to something other than 100%, would that change also be effective immediately or would that change be announced and effective after a 6-month period or a 12-month period or a 24-month period or some other timeframe? So the question is really, if it were to change, could it be done effectively immediately?
