DHT Holdings, Inc. reports first quarter 2014 results
April 29 2014 - 4:20PM
DHT Holdings, Inc. (NYSE:DHT) ("DHT" or the "Company") today
announced:
Financial and operational highlights: USD mill.
(except per share)
|
Q1 2014 |
Q4 2013 |
Q3 2013 |
Q2 2013 |
Q1 2013 |
2013 |
2012 |
Net
Revenue[1] |
17.9 |
27.8 |
11.2 |
10.3 |
12.4 |
61.6 |
86.4 |
EBITDA1,[2] |
7.6 |
18.9 |
3.2 |
0.9 |
4.2 |
27.2 |
43.1 |
Adjusted Net Income1,[3] |
(0.5) |
11.5 |
(4.1) |
(7.7) |
(3.1) |
(3.5) |
6.0 |
Adjusted EPS3 |
(0.01) |
0.48 |
(0.26) |
(0.50) |
(0.20) |
(0.24) |
0.39 |
Interest bearing debt |
205.4 |
156.4 |
156.4 |
156.4 |
203.7 |
156.4 |
212.7 |
Cash |
220.0 |
126.1 |
50.0 |
43.1 |
75.5 |
126.1 |
71.3 |
Dividend[4] |
0.02 |
0.02 |
0.02 |
0.02 |
0.02 |
0.08 |
0.52 |
Fleet (dwt)[5] |
4,179,670 |
2,376,149 |
1,776,349 |
1,776,349 |
2,086,315 |
1,776,349 |
2,086,315 |
Spot exposure[6] |
44.2 % |
41.7% |
72.2% |
83.1% |
80.8% |
69.8% |
31% |
Unscheduled off hire6 |
1.69% |
0.83% |
0 |
0.25% |
1.32% |
0.61% |
0.19% |
Scheduled off hire6 |
4.6% |
0 |
2.4% |
2.2% |
0 |
1.13% |
0.88% |
Highlights of the quarter:
- EBITDA for the quarter of $7.6 million and net loss for the
quarter of $0.5 million ($0.01 per share).
- The Company will pay a dividend of $0.02 per common share for
the quarter payable on May 22, 2014 for shareholders of record as
of May 14, 2014.
- During the first quarter the Company entered into agreements
with Hyundai Heavy Industries ("HHI") for the construction of four
VLCCs including the declaration of an option entered into in 2013.
As a result, the Company's orderbook consists of six VLCCs at an
average contract price of $95.5 million each, including $2.3
million per vessel for certain additions and upgrades to the
standard specification. The vessels are scheduled for
delivery in November 2015 and January, April, July, September and
October 2016.
- The Company currently has a fleet of 6 VLCCs, 2 suezmaxes and 2
Aframaxes totaling 2,380,270 dwt in operation and 6 VLCC
newbuildings totaling 1,799,400 dwt under construction. For more
details on the fleet, please refer to our web site:
http://dhtankers.com/index.php?name=About_DHT%2FFleet.html
- On February 5, 2014 the Company completed a registered direct
offering of 30,300,000 shares generating net proceeds of
approximately $215.9 million.
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
April 30, 2014, 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 1357 within the United States, 23500486 within
Norway and +44 20 3140 8286 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 May 6, 2014. 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
5915552# 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 wholly owned
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 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 3, 2014.
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 Ubøe, CFO Phone: +1 441 299
4912 and +47 412 92 712 E-mail: eu@dhtankers.com [1]Net of voyage
expenses. Q4 2013 and 2013 includes $15.4 million in payment from
Citigroup related to final settlement of sale of OSG claim. [2]
adjusted for impairment charges of $100.5 million in 2012. [3]
adjusted for loss on sale of vessels in 2012, 2013, Q1 2013 and Q2
2013, non-cash impairment charge in 2012 and non-cash swap related
items. EPS is calculated assuming all preferred shares issued on
November 29, 2013 and 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. [4] per
common share. Historical dividend per share adjusted for 12:1
reverse split. [5] Q1 2014 includes six newbuildings totaling
1,799,400 dwt to be delivered in 2015/2016. [6] as % of total
operating days in period.
Q1 2014 financial report
http://hugin.info/150897/R/1781053/609147.pdf
HUG#1781053
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