DHT Holdings, Inc. Third Quarter 2017 Results
November 13 2017 - 4:36PM
HAMILTON, BERMUDA, November 13, 2017 - DHT Holdings, Inc.
(NYSE:DHT) ("DHT" or the "Company") today announced:
FINANCIAL AND OPERATIONAL HIGHLIGHTS:
|
USD mill. (except per share) |
Q3 2017 |
Q2 2017 |
Q1 2017 |
Q4 2016 |
Q3 2016 |
2016 |
2015 |
|
Adjusted Net Revenue1 |
54.8 |
59.6 |
70.7 |
67.0 |
50.3 |
290.7 |
296.3 |
|
Adjusted EBITDA |
31.4 |
36.7 |
50.6 |
46.7 |
29.5 |
209.4 |
214.8 |
|
Net Income/(Loss) |
(5.1) |
4.8 |
14.32 |
17.8 |
(75.7)2 |
9.32 |
105.42 |
|
EPS - basic |
(0.04) |
0.04 |
0.15 |
0.19 |
(0.81) |
0.10 |
1.13 |
|
EPS - diluted3 |
(0.04) |
0.04 |
0.15 |
0.18 |
(0.81) |
0.10 |
1.04 |
|
Interest Bearing Debt |
826.0 |
841.1 |
674.6 |
701.5 |
684.9 |
701.5 |
662.5 |
|
Cash |
86.5 |
104.0 |
72.2 |
109.34 |
71.5 |
109.34 |
166.84 |
|
Dividend5 |
0.02 |
0.02 |
0.08 |
0.08 |
0.02 |
0.58 |
0.69 |
|
Spot Exposure6 |
67.9% |
63.5% |
58.1% |
57.3% |
59.9% |
57.8% |
50.5% |
|
Unscheduled off hire6 |
0.3% |
0.2% |
0.2% |
5.5% |
0.8% |
1.8% |
0.2% |
|
Scheduled off hire6 |
2.7% |
2.8% |
2.4% |
0.9% |
5.1% |
1.7% |
0.5% |
HIGHLIGHTS OF THE QUARTER:
- Adjusted EBITDA for the quarter of $31.4 million. Net loss for
the quarter of $5.1 million or loss of $0.04 per basic share.
- The Company's VLCCs achieved time charter equivalent earnings
of $22,500 per day in the third quarter of 2017 of which the
Company's VLCCs on time-charter earned $35,600 per day and the
Company's VLCCs operating in the spot market achieved $17,500 per
day. For the first nine months of 2017 the Company's VLCCs achieved
time charter equivalent earnings of $29,100 per day of which the
Company's VLCCs on time-charter earned $37,100 per day and the
Company's VLCCs operating in the spot market achieved $25,600 per
day.
- For the third quarter of 2017, the Company will return $2.8
million to shareholders in the form of a cash dividend of $0.02 per
share, payable on December 6, 2017 for shareholders of record as of
November 28, 2017.
- During the quarter the Company extended time-charters for three
of its VLCCs to oil majors. The vessels DHT Amazon, DHT Europe and
BW Peony have been extended for one year commencing during the
October 2017 to January 2018 period. The time-charters have
been extended with fixed base rates that are above DHT's cash break
even levels. Additional earnings are based on market index
above these fixed base rates and divided into two tranches with the
first fully paid to DHT and the second shared 50/50 between the
customer and DHT.
- DHT has a fleet of 30 VLCCs, 26 in the water and four under
construction scheduled for delivery in 2018, as well as two
Aframaxes. The total dwt of the fleet is 9,502,995. The
average age of the VLCC fleet is 7.1 years. Seven 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
Footnotes:1Net of voyage expenses.2Q1 2017
includes an impairment charge of $7.5 million related to the sale
of DHT Ann and DHT Phoenix. Q3 2016 includes an impairment charge
of $76.6 million. 2016 includes total impairment charges of $84.7
million. 2015 includes a loss of $0.8 million related to the sale
of the DHT Trader.3Diluted shares include the dilutive effect of
the convertible senior notes and restricted shares granted to
management and members of the board of directors.4The cash balance
as of December 31, 2016 includes $48.7 million relating to the
financing for DHT Tiger which was drawn in 2016 in advance of the
delivery of the DHT Tiger on January 16, 2017. The cash balance as
of December 31, 2015 includes $50.0 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, 2016.5Per
common share.6As % of total operating days in period.
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 CET on Tuesday November
14, 2017 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 1359 within the United States, 23500486 within
Norway and +44 203 427 1917 for international callers.
The passcode is "DHT" or "5865866".
The webcast which will include a slide presentation will be
available on the following
link:https://edge.media-server.com/m6/p/yqs4ceq7 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 November 20, 2017. To access the
replay, dial 1 888 203 1112 within the United States,
80019672 within Norway or +44 808 101 1153 for
international callers and enter 5865866 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 23, 2017. 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 Uboe, CFO Phone: +1 441 299 4912 and +47 412
92 712 E-mail: eu@dhtankers.com
Attachments:
http://www.globenewswire.com/NewsRoom/AttachmentNg/9dccd9e2-956d-4bf7-b9f0-183d7493a0bd
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