DHT Holdings, Inc. Third Quarter 2017 Results
HAMILTON, BERMUDA, November 13, 2017 - DHT Holdings, Inc. (NYSE:DHT) ("DHT" or the "Company") today announced:
FINANCIAL AND OPERATIONAL HIGHLIGHTS:
|USD mill. (except per share)||Q3 2017||Q2 2017||Q1 2017||Q4 2016||Q3 2016||2016||2015|
|Adjusted Net Revenue1||54.8||59.6||70.7||67.0||50.3||290.7||296.3|
|EPS - basic||(0.04)||0.04||0.15||0.19||(0.81)||0.10||1.13|
|EPS - diluted3||(0.04)||0.04||0.15||0.18||(0.81)||0.10||1.04|
|Interest Bearing Debt||826.0||841.1||674.6||701.5||684.9||701.5||662.5|
|Unscheduled off hire6||0.3%||0.2%||0.2%||5.5%||0.8%||1.8%||0.2%|
|Scheduled off hire6||2.7%||2.8%||2.4%||0.9%||5.1%||1.7%||0.5%|
HIGHLIGHTS OF THE QUARTER:
- Adjusted EBITDA for the quarter of $31.4 million. Net loss for the quarter of $5.1 million or loss of $0.04 per basic share.
- The Company's VLCCs achieved time charter equivalent earnings of $22,500 per day in the third quarter of 2017 of which the Company's VLCCs on time-charter earned $35,600 per day and the Company's VLCCs operating in the spot market achieved $17,500 per day. For the first nine months of 2017 the Company's VLCCs achieved time charter equivalent earnings of $29,100 per day of which the Company's VLCCs on time-charter earned $37,100 per day and the Company's VLCCs operating in the spot market achieved $25,600 per day.
- For the third quarter of 2017, the Company will return $2.8 million to shareholders in the form of a cash dividend of $0.02 per share, payable on December 6, 2017 for shareholders of record as of November 28, 2017.
- During the quarter the Company extended time-charters for three of its VLCCs to oil majors. The vessels DHT Amazon, DHT Europe and BW Peony have been extended for one year commencing during the October 2017 to January 2018 period. The time-charters have been extended with fixed base rates that are above DHT's cash break even levels. Additional earnings are based on market index above these fixed base rates and divided into two tranches with the first fully paid to DHT and the second shared 50/50 between the customer and DHT.
- DHT has a fleet of 30 VLCCs, 26 in the water and four under construction scheduled for delivery in 2018, as well as two Aframaxes. The total dwt of the fleet is 9,502,995. The average age of the VLCC fleet is 7.1 years. Seven of the VLCCs and the two Aframaxes are on fixed rate time charters. 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
1Net of voyage expenses.
2Q1 2017 includes an impairment charge of $7.5 million related to the sale of DHT Ann and DHT Phoenix. Q3 2016 includes an impairment charge of $76.6 million. 2016 includes total impairment charges of $84.7 million. 2015 includes a loss of $0.8 million related to the sale of the DHT Trader.
3Diluted shares include the dilutive effect of the convertible senior notes and restricted shares granted to management and members of the board of directors.
4The cash balance as of December 31, 2016 includes $48.7 million relating to the financing for DHT Tiger which was drawn in 2016 in advance of the delivery of the DHT Tiger on January 16, 2017. The cash balance as of December 31, 2015 includes $50.0 million relating to the financing for DHT Leopard which was drawn on December 29, 2015 in advance of the delivery of the DHT Leopard on January 4, 2016.
5Per common share.
6As % of total operating days in period.
EARNINGS CONFERENCE CALL AND WEBCAST INFORMATION
The Company will host a conference call and webcast which will include a slide presentation at 8:00 a.m. EDT/14:00 CET on Tuesday November 14, 2017 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 1359 within the United States, 23500486 within Norway and +44 203 427 1917 for international callers. The passcode is "DHT" or "5865866".
The webcast which will include a slide presentation will be available on the following link:
https://edge.media-server.com/m6/p/yqs4ceq7 and can also be accessed 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 20, 2017. To access the replay, dial 1 888 203 1112 within the United States, 80019672 within Norway or +44 808 101 1153 for international callers and enter 5865866 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 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 23, 2017.
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: +1 441 299 4912 and +47 412 92 712
DHT Q3 2017 financial report