DHT Holdings, Inc. second quarter 2015 results
HAMILTON, BERMUDA, July 28, 2015 - DHT Holdings, Inc. (NYSE:DHT) ("DHT" or the "Company") today announced:
Financial and operational highlights:
USD mill. (except per share)
|Q2 2015||Q1 2015||Q4 2014||Q3 2014||Q2 2014||2014||2013|
|Interest bearing debt||628.2||654.4||661.3||640.7||204.4||661.3||156.4|
|Unscheduled off hire6||0.72%||0.13%||0.15%||0.53%||0.29%||0.55%||0.61%|
|Scheduled off hire6||0%||0%||0%||3.7%||3.3%||2.4%||1.13%|
Highlights of the quarter:
- EBITDA for the quarter of $49.5 million. Net income for the quarter of $22.2 million ($0.24 per basic share).
- The Company's VLCCs operating in the spot market achieved time charter equivalent earnings of $52,300 per day in the second quarter of 2015.
- On July 22, 2015 the Company announced a new policy regarding dividend and capital allocation. As a result of the current tanker market, DHT intends to return at least 60% of its ordinary net income (adjusted for extraordinary items) to shareholders. Further, DHT intends to use a significant amount of surplus cash flow after returning such capital to shareholders to delever its balance sheet.
- In accordance with the new dividend policy the Company will pay a dividend of $0.15 per common share for the quarter payable on August 20, 2015 for shareholders of record as of August 12, 2015.
- As part of the Company's capital allocation policy announced on July 22, 2015, the Company prepaid $20.0 million of bank debt during the quarter. The $20.0 million consists of $17.1 million remaining outstanding under the DVB loan agreement that had final maturity in April 2016 as well as $2.9 million under the RBS credit facility. Subsequent to these prepayments, the refinancing of the Samco Scandinavia and amended margin for the financing of DHT Hawk and DHT Falcon, the Company has $508.4 million in mortgage bank debt outstanding with an average margin above Libor of 2.3%.
- A total of $290.4 million in bank financing, equal to about 50% of the contract prices, has been secured for the six newbuildings with an average margin above Libor of 2.4%. The six newbuildings are hence fully funded with previously raised equity and the committed debt financing, the latter which will be drawn at delivery of the newbuildings.
- During the second quarter the Company extended the time charter for Samco Amazon for one year at a rate of about $46,000 per day.
- DHT has a fleet of 20 VLCCs (including six VLCCs under construction at HHI), two Suezmaxes and two Aframaxes as well as a 50% ownership in Goodwood Ship Management. Of the 18 vessels currently in operation, ten are on fixed rate time charters and eight have spot market exposure. 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 Wednesday July 29, 2015 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 1 718 354 1152 within the United States, 23500486 within Norway and +44 20 3427 1901 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 August 5, 2015. 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 6506288# 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 integrated 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 dividends (including our dividend plans, timing and the amount and growth of any dividends), 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 19, 2015.
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.
Eirik UbÃ¸e, CFO
Phone: +1 441 299 4912 and +47 412 92 712
Net of voyage expenses. 2013 Net Revenue includes $15.4 million in payment from Citigroup related to final settlement of sale of OSG claim.
 Includes reversal of prior impairment charges totaling $31.9 million.
 Basic EPS is calculated assuming all preferred shares issued on November 29, 2013 had been exchanged for common stock.
 Per common share.
 Q1-Q2 2015, Q1-Q4 2014 and 2014 include six newbuildings totaling 1,799,400 dwt to be delivered in 2015/2016.
 As % of total operating days in period.
DHT Q2 2015 financial report