DHT Holdings, Inc. Announces Financing of VLCC Newbuildings
March 01 2017 - 07:15AM
HAMILTON, BERMUDA, March 1, 2017 - DHT Holdings, Inc. (NYSE:DHT)
("DHT") announced that it has secured bank financing for the two
318,000 dwt VLCCs newbuildings scheduled to be delivered in July
and September 2018 from Hyundai Heavy Industries. The
financing will cover about 50% of the contract price with the
remainder being financed by cash at hand. As such, DHT
does not intend to issue any stock to finance the two
newbuildings. The financing has a 5 year tenor and its
20 year repayment profile is in support of DHT's low cash
break-even levels. DHT estimates that the average cash
break-even for each vessel to cover OPEX, interest and debt
repayment to be about $16,800 per day. The bank financing has
a margin of 250bps above LIBOR and 50% of the financing is
structured as a revolving credit facility.
About DHT Holdings, Inc.
DHT is an independent crude oil tanker company operating a fleet
of crude oil tankers in the VLCC and Aframax segments. We operate
through our wholly owned management companies in Oslo, Norway and
Singapore. 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.
CONTACTS: Eirik Uboe CFO Phone: +47 41292712 E-mail:
eu@dhtankers.com
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