DHT Holdings, Inc. fourth quarter 2015 results
February 03 2016 - 4:23PM
DHT Holdings, Inc. (NYSE:DHT) ("DHT" or the "Company") today
announced:
Financial and operational highlights:
USD mill. (except per share) |
Q4 2015 |
Q3 2015 |
Q2 2015 |
Q1 2015 |
Q4 2014 |
2015 |
2014 |
Net Revenue[1] |
80.0 |
74.7 |
68.1 |
73.5 |
47.3 |
296.3 |
101.5 |
EBITDA |
59.6 |
54.8 |
49.5 |
51.0 |
25.6 |
214.8 |
40.6 |
Net Income |
32.4[2] |
27.5 |
22.2 |
23.2 |
28.5[3] |
105.42 |
12.93 |
EPS - basic |
0.352 |
0.30 |
0.24 |
0.25 |
0.31 |
1.132 |
0.18 |
EPS - diluted8 |
0.312 |
0.27 |
0.22 |
0.23 |
0.31 |
1.042 |
0.18 |
Interest bearing debt |
662.5 |
621.9 |
628.2 |
654.4 |
661.3 |
662.5 |
661.3 |
Cash |
166.8[4] |
158.2 |
137.1 |
176.5 |
166.7 |
166.84 |
166.7 |
Dividend[5] |
0.21 |
0.18 |
0.15 |
0.15 |
0.05 |
0.21 |
0.11 |
Fleet (dwt)[6] |
6,556,637 |
6,709,560 |
6,709,560 |
6,709,560 |
6,709,560 |
6,556,637 |
6,709,560 |
Spot exposure[7] |
49.9% |
44.4% |
46.3% |
61.5% |
61.4% |
50.5% |
58.2% |
Unscheduled off hire7 |
0.17% |
0.18% |
0.31% |
0.13% |
0.15% |
0.20% |
0.55% |
Scheduled off hire7 |
1.50% |
0% |
0.40% |
0% |
0% |
0.50% |
2.4% |
Highlights of the quarter:
- EBITDA for the quarter of $59.6 million. Net income for the
quarter of $32.4 million ($0.35 per basic share). Net income
includes a loss of $0.8 million related to the sale of the DHT
Trader.
- The Company's VLCCs operating in the spot market achieved time
charter equivalent earnings of $62,200 per day in the fourth
quarter of 2015. The Company achieved $58,700 per day for its spot
VLCC fleet for the full year 2015 excluding profit sharing under
time charter.
- In accordance with the dividend policy announced on July 22,
2015 the Company will pay a dividend of $0.21 per common share for
the quarter payable on February 24, 2016 for shareholders of record
as of February 16, 2016.
- During the quarter the Company extended at higher rates the
time-charters for three of its VLCCs to oil majors. The vessels
Samco Europe, Samco Taiga and Samco Redwood have been extended for
one, two and two years respectively, at a daily rate of $53,200,
$45,000 and $47,300 respectively. In January 2016, the Company
entered into a one year time charter for the 1999 built VLCC DHT
Phoenix at a rate of $45,000 per day commencing in early March
2016. These extensions and new contract secure 2,165 days of
time-charter equivalent earnings at a combined value of about $101
million.
- On November 23, 2015 and January 4, 2016 the Company took
delivery of the first two of its six VLCC newbuildings from Hyundai
Heavy Industries (HHI). The vessels are named DHT Jaguar and DHT
Leopard and are trading in the spot market. The remaining four
newbuildings will be delivered from March to October 2016. The
newbuildings are all fully funded and are expected to contribute
significantly to the company's earnings power.
- In December 2015 the Company sold the DHT Trader, a 2000 built
Suezmax for $26.5 million. The entire net proceeds were applied to
repay debt under the RBS facility and is in support of the
company's announced capital allocation policy. The company booked a
loss of $0.8 million in the quarter in connection with the sale.
The sale is in support of the company's fleet renewal and occurred
in a period during which the company took delivery of two VLCC
newbuildings.
- As of December 31, 2015, the Company's cash balance was $166.8
million. The cash balance includes $50 million relating to the
financing for DHT Leopard which was drawn on the Nordea/DNB credit
facility on December 29, 2015 in advance of the delivery of the DHT
Leopard on January 4, 2016.
- As part of the Company's capital allocation policy announced on
July 22, 2015, the Company prepaid $26.8 million of bank debt in
October 2015. The $26.8 million consists of $22.9 million
remaining outstanding under the DHT Eagle credit facility that had
final maturity in May 2016 as well as $3.9 million under the RBS
credit facility.
- After the end of Q4 2015, the company prepaid the credit
facility for DHT Hawk and DHT Falcon in its entirety, $42.0
million, as well as a $4.9 million prepayment on the RBS credit
facility. In connection with these prepayments the Company will
record a non-cash finance expense of $0.9 million in the first
quarter of 2016 related to unamortized upfront fees.
- On February 2, 2016, the Company repurchased $3.0 million of
its convertible senior notes due 2019 in the open market at a price
of 99% of par.
- DHT's board of directors has approved the repurchase of up to
$50 million of DHT securities. DHT's board of directors and
management team believe that DHT' securities - its common stock and
convertible senior notes - currently represent an attractive
investment opportunity, and repurchasing such securities will
likely constitute a part of the company's capital allocation
strategy during 2016. The repurchase program authorizes DHT to
purchase its securities through open market purchases, negotiated
transactions or other means in accordance with applicable
securities laws. The repurchase program has been authorized through
February 2017 and may be suspended or discontinued at any time.
Any shares of DHT common stock acquired by DHT will be
available for reissuance. DHT had approximately 93.2 million shares
of common stock outstanding as of February 2, 2016. DHT
intends to fund its capital allocation policy (including any
repurchase of securities) with future cash flow.
- The Company has revised the capital allocation policy announced
on July 22, 2015 as follows: DHT intends to return at least 60% of
its ordinary net income (adjusted for extraordinary items) to
shareholders as quarterly cash dividends. Further, DHT
intends to allocate surplus cash flow, after paying such quarterly
cash dividends, to delever its balance sheet, to repurchase its own
securities, or for general corporate purposes. The extent and
allocation will depend on market conditions and other corporate
considerations. DHT will apply its updated capital allocation
policy starting with the first quarter of 2016.
- DHT has a fleet of 20 VLCCs (including four VLCCs under
construction at HHI to be delivered fairly evenly spread between
March and October 2016), one Suezmax and two Aframaxes as well as a
50% ownership in Goodwood Ship Management. Of the 19 vessels in
operation, six of the VLCCs, the Suezmax and the two Aframaxes are
on fixed rate time charters and 10 VLCCs 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 AND WEBCAST INFORMATION DHT will
host a conference call and webcast which will include a slide
presentation at 8:00 a.m. EST on Thursday February 4, 2016 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 1 646 254 3388 within
the United States, 23162729 within Norway and +44 20 3140 8286 for
international callers. The passcode is "DHT". The webcast of
the conference call including a slide presentation 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 February 10, 2016. 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
1738140# 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 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 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.
2 Q4 2015 and 2015 includes a loss of $0.8 million related to
the sale of the DHT Trader .
[3] Includes reversal of prior impairment charges totaling $31.9
million.
[4] The cash balance as of December 31, 2015 includes $50
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.
[5] Per common share.
[6] Q4 2015 and 2015 include five newbuildings totaling
1,499,500 dwt to be delivered in 2016. 2014 and Q4 2014 - Q3
2015 include six newbuildings totaling 1,799,400 dwt to be
delivered in 2015/2016.
[7] As % of total operating days in period. 8 Diluted shares
include the dilutive effect of the convertible senior notes and
restricted shares granted to management and members of the board of
directors.
DHT Q4 2015 Financial Report
http://hugin.info/150897/R/1983464/726909.pdf
HUG#1983464
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