DHT Holdings, Inc. second quarter 2016 results
August 09 2016 - 4:50PM
DHT Holdings, Inc. (NYSE:DHT) ("DHT" or the "Company") today
announced:
Financial and operational highlights:
USD mill. (except per share) |
Q2 2016 |
Q1 2016 |
Q4 2015 |
Q3 2015 |
Q2 2015 |
2015 |
2014 |
Adjusted Net Revenue1 |
83.2 |
90.2 |
80.0 |
74.7 |
68.1 |
296.3 |
101.5 |
EBITDA |
63.7 |
61.4 |
59.6 |
54.8 |
49.5 |
214.8 |
40.6 |
Net Income |
35.6 |
31.52 |
32.4[2] |
27.5 |
22.2 |
105.42 |
12.9 |
EPS - basic |
0.38 |
0.34 |
0.35 |
0.30 |
0.24 |
1.13 |
0.18 |
EPS - diluted7 |
0.34 |
0.30 |
0.31 |
0.27 |
0.22 |
1.04 |
0.18 |
Interest bearing debt |
613.1 |
654.4 |
662.5 |
621.9 |
628.2 |
662.5 |
661.3 |
Cash |
65.0 |
77.5 |
166.8[3] |
158.2 |
137.1 |
166.83 |
166.7 |
Dividend4 |
0.23 |
0.25 |
0.21 |
0.18 |
0.15 |
0.69 |
0.11 |
Fleet (dwt)5 |
6,392,011 |
6,556,637 |
6,556,637 |
6,709,560 |
6,709,560 |
6,556,637 |
6,709,560 |
Spot exposure6 |
56.6% |
57.2% |
49.9% |
44.4% |
46.3% |
50.5% |
58.2% |
Unscheduled off hire6 |
0.29% |
0.27% |
0.17% |
0.18% |
0.31% |
0.20% |
0.55% |
Scheduled off hire6 |
1.70% |
0.00% |
1.50% |
0.00% |
0.40% |
0.50% |
2.4% |
Highlights of the quarter:
- EBITDA for the quarter of $63.7 million and net income of $35.6
million ($0.38 per basic share).
- The Company's VLCCs operating in the spot market achieved time
charter equivalent earnings of $53,340 per day in the second
quarter of 2016.
- The Company will pay a dividend of $0.23 per common share for
the quarter payable on August 31, 2016 for shareholders of record
as of August 24, 2016 which equates to 60% of net income.
- During the quarter the company extended the time charter for
the DHT Amazon to an oil major from mid-June 2016 until mid-October
2017 at a rate of $44,100 per day.
- In Q2 2016 the Company sold the DHT Target, a 2001 built
Suezmax for $22.5 million and the vessel was 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 four
VLCC newbuildings have been delivered since November 2015 and two
further VLCC newbuildings will be delivered by October 2016.
- During the quarter the Company prepaid $16.1 million of bank
debt and repurchased $1.0 million of its convertible senior notes
due 2019 in the open market at a price of 99% of par. Over
the past twelve months, the Company has prepaid a total of $121.0
million of bank debt and repurchased a total of $4.0 million under
the convertible senior notes.
- On August 5, 2016 the Company took delivery of the fourth of
its six VLCC newbuildings from Hyundai Heavy Industries
(HHI). The vessel is named the DHT Panther and is trading in
the spot market. A total of $43.5 million of debt was drawn
in connection with the delivery. The remaining two newbuildings
will be delivered in August and October 2016 and are expected to
contribute meaningfully to the company's earnings power. The
newbuildings are fully financed. Hence no new equity will be issued
in connection with this fleet expansion.
- DHT has a fleet of 20 VLCCs (including two under construction)
and two Aframaxes. Of the 20 vessels in operation, six of the VLCCs
and the two Aframaxes are on fixed rate 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.
EARNINGS CONFERENCE CALL AND WEBCAST INFORMATION The
company will host a conference call and webcast which will include
a slide presentation at 8:00 a.m. EDT/14:00 CEST on Wednesday
August 10, 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
1 212 444 0412 within the United States, 23500486 within
Norway and +44 20 3427 1906 for international callers. The passcode
is "DHT" or "486962".
The webcast which will include a slide presentation will be
available on the following link:
http://edge.media-server.com/m/p/xwhywsgk 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 August 16, 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 486962# 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 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 and Q2 2016 include 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 Q1 - 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 Q2 2016 financial report
http://hugin.info/150897/R/2034055/757478.pdf
HUG#2034055
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