DHT Holdings, Inc. first quarter 2016 results
May 02 2016 - 4:29PM
DHT Holdings, Inc. (NYSE:DHT) ("DHT" or the "Company") today
announced:
Financial and operational highlights:
USD mill. (except per share) |
Q1 2016 |
Q4 2015 |
Q3 2015 |
Q2 2015 |
Q1 2015 |
2015 |
2014 |
Net Revenue[1] |
90.2 |
80.0 |
74.7 |
68.1 |
73.5 |
296.3 |
101.5 |
EBITDA |
61.4 |
59.6 |
54.8 |
49.5 |
51.0 |
214.8 |
40.6 |
Net Income |
31.52 |
32.4[2] |
27.5 |
22.2 |
23.2 |
105.42 |
12.9 |
EPS - basic |
0.34 |
0.35 |
0.30 |
0.24 |
0.25 |
1.13 |
0.18 |
EPS - diluted7 |
0.30 |
0.31 |
0.27 |
0.22 |
0.23 |
1.04 |
0.18 |
Interest bearing debt |
654.4 |
662.5 |
621.9 |
628.2 |
654.4 |
662.5 |
661.3 |
Cash |
77.5 |
166.8[3] |
158.2 |
137.1 |
176.5 |
166.83 |
166.7 |
Dividend[4] |
0.25 |
0.21 |
0.18 |
0.15 |
0.15 |
0.69 |
0.11 |
Fleet (dwt)[5] |
6,556,637 |
6,556,637 |
6,709,560 |
6,709,560 |
6,709,560 |
6,556,637 |
6,709,560 |
Spot exposure[6] |
57.2% |
49.9% |
44.4% |
46.3% |
61.5% |
50.5% |
58.2% |
Unscheduled off hire6 |
0.27% |
0.17% |
0.18% |
0.31% |
0.13% |
0.20% |
0.55% |
Scheduled off hire6 |
0.00% |
1.50% |
0.00% |
0.40% |
0.00% |
0.50% |
2.4% |
Highlights of the quarter:
- EBITDA for the quarter of $61.4 million and net income of $31.5
million ($0.34 per basic share) including an impairment charge of
$8.1 million (equal to $0.09 per basic share) related to the sale
of the 2001 built Suezmax, the DHT Target.
- The Company's VLCCs operating in the spot market achieved time
charter equivalent earnings of $62,600 per day in the first quarter
of 2016.
- The Company will pay a dividend of $0.25 per common share for
the quarter payable on May 25, 2016 for shareholders of record as
of May 16, 2016 which equates to 60% of net income excluding the
impairment charge of $8.1 million.
- On January 4, 2016 and March 15, 2016, respectively the Company
took delivery of the second and third of its six VLCC newbuildings
from Hyundai Heavy Industries (HHI). The vessels are named DHT
Leopard and DHT Lion and are trading in the spot market. The
remaining three newbuildings will be delivered from July to October
2016. The newbuildings are all fully funded and are expected to
contribute significantly to the company's earnings power.
- In Q1 2016, 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 recorded a non-cash finance
expense of $0.9 million related to unamortized upfront fees.
- During the quarter, the Company repurchased $3.0 million of its
convertible senior notes due 2019 in the open market at a price of
99% of par and 359,831 shares of DHT common stock in the open
market at an average price of $5.64 per share. In April 2016, the
Company repurchased a further $1.0 million of its convertible
senior notes due 2019 in the open market at a price of 99% of
par.
- In April 2016 the Company agreed to sell the DHT Target, a 2001
built Suezmax for $22.5 million and the vessel will be delivered to
the buyers in May 2016. The sale is in support of the
company's fleet renewal program and took place during a period in
which three VLCC newbuildings have been delivered since November
2015 and three further VLCC newbuildings will be delivered by
October 2016. An impairment charge of $8.1 million was recognized
on the reclassification of the vessel as asset held for sale in the
first quarter 2016. The entire net proceeds will be applied to
repay debt under the RBS facility being in support of the Company's
capital allocation policy and $22.3 million has been recorded as
current portion of long term debt as of March 31, 2016.
- DHT has a fleet of 20 VLCCs (including three VLCCs under
construction at HHI to be delivered from July to October 2016) and
two Aframaxes as well as a 50% ownership in Goodwood Ship
Management. Of the 19 vessels in operation, six of the VLCCs and
the two Aframaxes are on fixed rate time charters and 11 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. EDT/14:00 CEST on Tuesday May 3,
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
1 718 354 1152 within the United States, 23162771 within
Norway and +44 20 7136 2051 for international callers. The passcode
is "DHT" or "4727682".
The webcast which will include a slide presentation will be
available on the following link:
http://edge.media-server.com/m/p/biohnsrq 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 May 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
4727682# 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 21, 2016. 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 Q1 2016 includes an impairment charge of $8.1 million related
to the sale of the DHT Target and Q4 2015 and 2015 includes a loss
of $0.8 million related to the sale of the DHT Trader .
[3] 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.
[4] Per common share.
[5] Q1 2016 includes three newbuildings totaling 899,700 dwt to
be delivered in 2016. 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.
[6] As % of total operating days in period. 7 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 Q1 2016 Financial Report
http://hugin.info/150897/R/2009041/743356.pdf
HUG#2009041
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