DHT Holdings, Inc. reports third quarter results

 
 

 

HAMILTON, BERMUDA, October30, 2013 - DHT Holdings, Inc. (NYSE:DHT) ("DHT" or the "Company") today announced:

Financial and operational highlights:

USD mill. (except per share)

Q3 2013 Q2 2013 Q1 2013 Q4 2012 2012 2011
Net Revenue 11.2 10.3 12.4 16.9 86.4 100.1
EBITDA* 3.2 0.9 4.2 9.8 43.1 52.7
Adjusted Net Income** (4.1) (7.7) (3.1) 0.6 6.0 14.8
Adjusted EPS** (0.26) (0.50) (0.20) 0.04 0.39 2.83
Interest bearing debt 156.4 156.4 203.7 212.7 212.7 280.6
Cash 50.0 43.1 75.5 71.3 71.3 42.6
Dividend*** 0.02 0.02 0.02 0.02 0.52 3.12
Fleet (dwt) 1,776,349 1,776,349 2,086,315 2,086,315 2,086,315 2,574,304
Spot days**** 47.2% 59.0% 61.6% 46.3% 31% 13%
Unscheduled off hire**** 0 0.25% 1.32% 0.06% 0.19% 0.27%
Scheduled off hire**** 2.4% 2.2% 0 0 0.88% 1.90%

*adjusted for impairment charges of $56 million in 2011, $8.0 million in Q4 2012 and $100.5 million in 2012.

** adjusted for loss on sale of vessels in 2012, Q1 2013 and Q2 2013, non-cash impairment charge in 2011, Q4 2012 and 2012 and non-cash swap related items. EPS is calculated assuming all preferred shares issued on 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.

*** per common share. Historical dividend per share adjusted for 12:1 reverse split.

**** as % of total operating days in period.


Highlights of the quarter:

  • EBITDA for the quarter of $3.2 million and net loss for the quarter of $4.1 million ($0.26 per share).   

  • As of September 30, 2013 the cash balance was $50.0 million, equal to $3.22 per share; an increase of $6.9 million from June 30, 2013. 

  • The Company will pay a dividend of $0.02 per common share for the quarter payable on November 21, 2013 for shareholders of record as of November 13, 2013. When determining the dividend our Board has taken into account general business conditions and the continued weak tanker market. 

  • During the quarter we concluded period business for the following vessels: DHT Target, DHT Trader, DHT Sophie and DHT Chris (extension). As of September 30, 2013, six of our eight vessels are on time charters of 6 to 12 months of which five of the charters are at fixed rates above cash break even (operating expenses, debt service and G&A) and one at a variable rate related to market development.
     

  • As of September 30, 2013 DHT had 15,640,975 shares of common stock outstanding. The 359,427 shares of preferred stock outstanding on June 30, 2013 were mandatorily exchanged into common shares on July 1, 2013.  

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 October 31, 2013, 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 0896 within the United States, 23162771 within Norway and +44 20 3427 1908 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 November 6, 2013.  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 6526702# 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, Aframax and Suezmax segments. We operate out of Oslo, Norway, through our wholly owned management company. 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 clean corporate structure maintaining a high level of integrity and good governance.  For further information: www.dhtankers.com.

Forward Looking Statements

This press release contains 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 April 29, 2013.

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 Ub√łe, CFO

Phone: +1 441 299 4912 and +47 412 92 712

E-mail: eu@dhtankers.com


Q3 2013 financial report