DHT Holdings, Inc. Fourth Quarter 2017 Results
HAMILTON, BERMUDA, February 6, 2018 - DHT Holdings, Inc. (NYSE:DHT) ("DHT" or the "Company") today announced:
FINANCIAL AND OPERATIONAL HIGHLIGHTS:
|USD mill. (except per share)||Q4 2017||Q3 2017||Q2 2017||Q1 2017||Q4 2016||2017||2016|
|Adjusted Net Revenue1||56.6||54.8||59.6||70.7||67.0||241.8||290.7|
|EPS - basic||(0.05)||(0.04)||0.04||0.15||0.19||0.05||0.10|
|EPS - diluted3||(0.05)||(0.04)||0.04||0.15||0.18||0.05||0.10|
|Interest Bearing Debt||786.2||826.0||841.1||674.6||701.5||786.2||701.5|
|Unscheduled off hire6||0.1%||0.3%||0.2%||0.2%||5.5%||0.2%||1.8%|
|Scheduled off hire6||0.3%||2.7%||2.8%||2.4%||0.9%||2.0%||1.7%|
- Adjusted EBITDA for the quarter of $33.5 million. Net loss for the quarter of $7.5 million or loss of $0.05 per basic share. After adjusting for a non-cash impairment charge of $1.1 million and a net loss of $3.3 million related to the sale of DHT Eagle and DHT Utah, the Company had a net loss for the quarter of $3.2 million or loss of $0.02 per basic share.
- Adjusted EBITDA for full year 2017 of $152.1 million. Net income for the year of $6.6 million or $0.05 per basic share. After adjusting for a non-cash impairment charge of $8.5 million and a net loss of $3.5 million related to the sale of vessels, the Company had net income for the year of $18.7 million or $0.15 per basic share.
- The Company's VLCCs achieved time charter equivalent earnings of $23,200 per day in the fourth quarter of 2017 of which the Company's VLCCs on time-charter earned $35,800 per day and the Company's VLCCs operating in the spot market achieved $19,600 per day. For the twelve months of 2017 the Company's VLCCs achieved time charter equivalent earnings of $27,500 per day of which the Company's VLCCs on time-charter earned $36,800 per day and the Company's VLCCs operating in the spot market achieved $23,800 per day.
- So far in the first quarter of 2018, 60% of the available VLCC spot days have been booked at an average rate of $20,000 per day.
- For the fourth 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 February 28, 2018 for shareholders of record as of February 20, 2018.
- In November 2017, we agreed to the sale of our three oldest VLCCs; DHT Utah and DHT Utik, both built 2001 and DHT Eagle built 2002 to one buyer for a total price of $66.5 million. The DHT Utah and DHT Eagle were delivered to the buyer during the fourth quarter 2017 and the DHT Utik was delivered to the buyer in January 2018. Subsequent to the sale of the three vessels, the average age of the VLCC fleet is 6.3 years.
- During the fourth quarter of 2017 the Company entered into a one year time-charter for the DHT Lotus and the DHT Edelweiss. Both time charters have base rates at levels in line with DHT's cash break even levels plus profit sharing structures. The two contracts take DHT's number of VLCCs on time charters for 2018 to six.
- DHT has a fleet of 27 VLCCs, 23 in the water and four under construction scheduled for delivery in 2018, as well as two Aframaxes. The total dwt of the fleet is 8,590,740. Five of the VLCCs and one of the Aframaxes are on 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
1Shipping Revenues net of voyage expenses.
2Q4 2017 includes a non-cash impairment charge of $1.1 million and a net loss of $3.3 million related to the sale of DHT Eagle and DHT Utah. Q1 2017 includes a non-cash impairment charge of $7.5 million related to the sale of DHT Ann and DHT Phoenix. 2017 includes impairment charges of $8.5 million and net loss of $3.5 million related to sale of vessels. 2016 includes total impairment charges of $84.7 million.
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.
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 9:00 a.m. EST/15:00 CET on Tuesday February 6, 2018 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 1 323 794 2149 within the United States, 23500296 within Norway and +44 330 336 9411 for international callers. The passcode is "DHT" or "7312918".
The webcast which will include a slide presentation will be available on the following link:
https://edge.media-server.com/m6/p/um6v4omq 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 February 13, 2018. To access the replay, dial 1 719 457 0820 within the United States, 80019672 within Norway or +44 207 660 0134 for international callers and enter "7312918" 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 Q4 2017 financial report