DHT Holdings, Inc. first quarter 2015 results
April 28 2015 - 4:53PM
DHT Holdings, Inc. (NYSE:DHT) ("DHT" or the "Company") today
announced:
Financial and operational highlights: USD mill. (except
per share)
|
Q1 2015 |
Q4 2014 |
Q3 2014 |
Q2 2014 |
Q1 2014 |
2014 |
2013 |
Net
Revenue[1] |
73.5 |
47.3 |
21.8 |
14.5 |
17.9 |
101.5 |
61.6 |
EBITDA |
51.0 |
25.6 |
5.8 |
1.6 |
7.6 |
40.6 |
27.2 |
Net
Income1 |
23.2 |
28.5[2] |
(7.1) |
(8.1) |
(0.5) |
12.9 |
(4.1) |
EPS[3] |
0.25 |
0.31 |
(0.10) |
(0.12) |
(0.01) |
0.18 |
(0.24) |
Interest bearing debt |
654.4 |
661.3 |
640.7 |
204.4 |
205.4 |
661.3 |
156.4 |
Cash |
176.5 |
166.7 |
134.4 |
146.2 |
220.0 |
166.7 |
126.1 |
Dividend[4] |
0.15 |
0.05 |
0.02 |
0.02 |
0.02 |
0.11 |
0.08 |
Fleet (dwt)[5] |
6,709,560 |
6,709,560 |
6,709,560 |
4,499,720 |
4,179,670 |
6,709,560 |
1,776,349 |
Spot exposure[6] |
61.5% |
61.4% |
61.0% |
61.3% |
44.2 % |
58.2% |
69.8% |
Unscheduled off hire5 |
0.13% |
0.15% |
0.53% |
0.29% |
1.69% |
0.55% |
0.61% |
Scheduled off hire5 |
0% |
0% |
3.7% |
3.3% |
4.6% |
2.4% |
1.13% |
Highlights of the quarter:
- EBITDA for the quarter of $51.0 million. Net income for the
quarter of $23.2 million ($0.25 per basic share).
- The Company's VLCCs operating in the spot market achieved time
charter equivalent earnings of $60,300 per day in the first quarter
of 2015.
- The Company will pay a dividend of $0.15 per common share for
the quarter payable on May 22, 2015 for shareholders of record as
of May 13, 2015.
- In April the Company entered into firm commitments, subject to
final documentation, for the debt financing of the last two of its
six newbuildings ordered at Hyundai Heavy Industries ("HHI"). The
financing equals about 50% of the contract prices with an average
margin above Libor of about 2.2%.
- A total of $290.4 million, in financing, equal to about 50% of
the contract prices, has now been secured for the six newbuildings
with an average margin above Libor of 2.4%. The six newbuildings
are now fully funded with previously raised equity and the
committed debt financing.
- In April the Company entered into firm commitment, subject to
final documentation, for the refinancing of the Samco Scandinavia
with a margin above Libor of 2.1875%.
- During the first quarter the Company entered into the following
time charters: The VLCC DHT Chris (built 2001) has been chartered
to a major commodity house for a period of about 10 months from
February 2015 at a rate of $45,000 per day. The two Aframax
vessels, the DHT Sophie (built 2003) and the DHT Cathy (built
2004), have been chartered to an oil major for a period of 24
months from April/May 2015 at a rate of $22,500 per day. The
Suezmax DHT Target (built 2001) has been chartered to an oil major
for a period of 12 months from March 2015 at a rate of $30,000 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, nine are on fixed rate time charters and
nine 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 April 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 1 718-971-5738 within the
United States, 23500486 within Norway and +44 20 7136 6283 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 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 2508307#
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 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.
CONTACT: Eirik Ubøe, CFO Phone: +1 441 299
4912 and +47 412 92 712 E-mail: eu@dhtankers.com
[1]Net of voyage expenses. 2013 Net Revenue includes $15.4
million in payment from Citigroup related to final settlement of
sale of OSG claim.
[2] Includes reversal of prior impairment charges totaling $31.9
million.
[3] Basic EPS is calculated assuming all preferred shares issued
on November 29, 2013 had been exchanged for common stock.
[4] Per common share.
[5] Q1 2015, Q1-Q4 2014 and 2014 include six newbuildings
totaling 1,799,400 dwt to be delivered in 2015/2016.
[6] As % of total operating days in period.
DHT Q1 2015 Fiancial Report
http://hugin.info/150897/R/1916074/684984.pdf
HUG#1916074
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