DHT Holdings, Inc. Announces Financing of VLCC Newbuildings
HAMILTON, BERMUDA, March 1, 2017 - DHT Holdings, Inc. (NYSE:DHT) ("DHT") announced that it has secured bank financing for the two 318,000 dwt VLCCs newbuildings scheduled to be delivered in July and September 2018 from Hyundai Heavy Industries. The financing will cover about 50% of the contract price with the remainder being financed by cash at hand. As such, DHT does not intend to issue any stock to finance the two newbuildings. The financing has a 5 year tenor and its 20 year repayment profile is in support of DHT's low cash break-even levels. DHT estimates that the average cash break-even for each vessel to cover OPEX, interest and debt repayment to be about $16,800 per day. The bank financing has a margin of 250bps above LIBOR and 50% of the financing is structured as a revolving credit facility.
About DHT Holdings, Inc.
DHT is an independent crude oil tanker company operating a fleet of crude oil tankers in the VLCC and Aframax segments. We operate through our wholly owned management companies in Oslo, Norway and Singapore. 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 21, 2016.
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 Uboe CFO
Phone: +47 41292712