DHT Holdings, Inc. reports second quarter 2014 results
28 August 2014 - 6:34AM
DHT Holdings, Inc. (NYSE:DHT) ("DHT" or the "Company") today
announced:
Financial and operational highlights: USD mill.
(except per share)
|
Q2 2014 |
Q1 2014 |
Q4 2013 |
Q3 2013 |
Q2 2013 |
2013 |
2012 |
Net
Revenue[1] |
14.5 |
17.9 |
27.8 |
11.2 |
10.3 |
61.6 |
86.4 |
EBITDA1,[2] |
1.6 |
7.6 |
18.9 |
3.2 |
0.9 |
27.2 |
43.1 |
Adjusted Net Income1,[3] |
(8.1) |
(0.5) |
11.5 |
(4.1) |
(7.7) |
(3.5) |
6.0 |
Adjusted EPS3 |
(0.12) |
(0.01) |
0.48 |
(0.26) |
(0.50) |
(0.24) |
0.39 |
Interest bearing debt |
204.4 |
205.4 |
156.4 |
156.4 |
156.4 |
156.4 |
212.7 |
Cash |
146.2 |
220.0 |
126.1 |
50.0 |
43.1 |
126.1 |
71.3 |
Dividend[4] |
0.02 |
0.02 |
0.02 |
0.02 |
0.02 |
0.08 |
0.52 |
Fleet (dwt)[5] |
4,499,720 |
4,179,670 |
2,376,149 |
1,776,349 |
1,776,349 |
1,776,349 |
2,086,315 |
Spot exposure[6] |
61.3% |
44.2 % |
41.7% |
72.2% |
83.1% |
69.8% |
31% |
Unscheduled off hire6 |
0.29% |
1.69% |
0.83% |
0 |
0.25% |
0.61% |
0.19% |
Scheduled off hire6 |
3.3% |
4.6% |
0 |
2.4% |
2.2% |
1.13% |
0.88% |
Highlights of the quarter:
- EBITDA for the quarter of $1.6 million and net loss for the
quarter of $8.1 million ($0.12 per share).
- Operating expenses reflects an increase in the operating
fleet, three vessels undergoing intermediate surveys as well as
upstoring and startup cost related to the delivery of DHT Condor,
DHT Hawk and DHT Falcon in the first half of 2014.
- The Company will pay a dividend of $0.02 per common share for
the quarter payable on September 17, 2014 for shareholders of
record as of September 9, 2014.
- The Company acquired a VLCC built in 2004 at Daewoo for $49.0
million which was delivered at the end of May 2014. The
Company financed the acquisition with cash on hand. The vessel
completed its second special survey in July.
- During the quarter the Company entered into firm commitments
for the debt financing of four of its newbuildings ordered at
Hyundai Heavy Industries. The financing equals about 50% of the
contract prices with an average margin above Libor of 2.5%.
Assuming a Libor of 0.25% the average total debt service (interest
and installments) per vessel per day is estimated to about $11,100
in the first year after drawdown. The financing commitments are
subject to final documentation. The Company views the debt market
as favorable and will pursue raising financing for the remaining
two vessels in due course.
- The Company currently has a fleet of 7 VLCCs, 2 suezmaxes and 2
Aframaxes totaling 2,700,320 dwt in operation and 6 VLCC
newbuildings totaling 1,799,400 dwt under construction. For more
details on the fleet, please refer to our web site:
http://dhtankers.com/index.php?name=About_DHT%2FFleet.html
The full report can be found on the link
below.
EARNINGS CONFERENCE CALL
INFORMATION
DHT will host a conference call at 8:00 a.m. EDT on Thursday
August 28, 2014, to discuss the results for the quarter. All
shareholders and other interested parties are invited to join the
conference call, which may be accessed by calling
1 212 444 0412 within the United States, 23500486 within
Norway and +44 20 3427 1909 for international callers. The passcode
is "DHT". A live webcast of the conference call will be
available in the Investor Relations section on DHT's website at
http://www.dhtankers.com.
An audio replay of the conference call will be
available through September 1, 2014. To access the replay,
dial 1 347 366 9565 within the United States, 21000498
within Norway or +44 20 3427 0598 for international callers
and enter 1713091# as the pass code.
About DHT Holdings, Inc. DHT is
an independent crude oil tanker company. Our fleet trades
internationally and consists of crude oil tankers in the VLCC,
Suezmax and Aframax segments. We operate through our wholly owned
management companies in Oslo, Norway and Singapore. You shall
recognize us by our business approach with an experienced
organization with focus on first rate operations and customer
service, quality ships built at quality shipyards, prudent capital
structure with robust cash break even levels to accommodate staying
power through the business cycles, a combination of market exposure
and fixed income contracts for our fleet and a transparent
corporate structure maintaining a high level of integrity and good
governance. For further information: www.dhtankers.com.
Forward Looking Statements
This press release contains certain
forward-looking statements and information relating to the Company
that are based on beliefs of the Company's management as well as
assumptions, expectations, projections, intentions and beliefs
about future events, in particular regarding daily charter rates,
vessel utilization, the future number of newbuilding deliveries,
oil prices and seasonal fluctuations in vessel supply and demand.
When used in this document, words such as "believe," "intend,"
"anticipate," "estimate," "project," "forecast," "plan,"
"potential," "will," "may," "should" and "expect" and similar
expressions are intended to identify forward-looking statements but
are not the exclusive means of identifying such statements.
These statements reflect the Company's current views with respect
to future events and are based on assumptions and subject to risks
and uncertainties. Given these uncertainties, you should not
place undue reliance on these forward-looking statements.
These forward-looking statements represent the Company's estimates
and assumptions only as of the date of this press release and are
not intended to give any assurance as to future results. For
a detailed discussion of the risk factors that might cause future
results to differ, please refer to the Company's Annual Report on
Form 20-F, filed with the Securities and Exchange Commission on
March 3, 2014.
The Company undertakes no obligation to publicly
update or revise any forward-looking statements contained in this
press release, whether as a result of new information, future
events or otherwise, except as required by law. In light of
these risks, uncertainties and assumptions, the forward-looking
events discussed in this press release might not occur, and the
Company's actual results could differ materially from those
anticipated in these forward-looking statements.
CONTACT: Eirik Ubøe, CFO Phone: +1 441 299
4912 and +47 412 92 712 E-mail: eu@dhtankers.com
[1]Net of voyage expenses. Q4 2013 and 2013 includes $15.4
million in payment from Citigroup related to final settlement of
sale of OSG claim. [2] Adjusted for impairment charges of $100.5
million in 2012. [3] Adjusted for loss on sale of vessels in 2012,
2013 and Q2 2013, non-cash impairment charge in 2012 and non-cash
swap related items. EPS is calculated assuming all preferred shares
issued on November 29, 2013 and May 3, 2012 had been exchanged for
common stock and applying the 12:1 reverse stock split which was
effective as of close of business on July 16, 2012 retrospectively.
[4] Per common share. Historical dividend per share adjusted for
12:1 reverse split. [5] Q1 and Q2 2014 include six newbuildings
totaling 1,799,400 dwt to be delivered in 2015/2016. [6] As % of
total operating days in period.
DHT Q2 2014 financial report
http://hugin.info/150897/R/1851541/646728.pdf
HUG#1851541