DHT Holdings, Inc. third quarter 2015 results
November 03 2015 - 4:24PM
DHT Holdings, Inc. (NYSE:DHT) ("DHT" or the "Company") today
announced:
Financial and operational highlights: USD mill. (except
per share)
|
Q3 2015 |
Q2 2015 |
Q1 2015 |
Q4 2014 |
Q3 2014 |
2014 |
2013 |
Net
Revenue[1] |
74.7 |
68.1 |
73.5 |
47.3 |
21.8 |
101.5 |
61.6 |
EBITDA |
54.8 |
49.5 |
51.0 |
25.6 |
5.8 |
40.6 |
27.2 |
Net
Income |
27.5 |
22.2 |
23.2 |
28.5[2] |
(7.1) |
12.92 |
(4.1) |
EPS
- basic[3] |
0.30 |
0.24 |
0.25 |
0.31 |
(0.10) |
0.18 |
(0.24) |
EPS - diluted |
0.27 |
0.22 |
0.23 |
0.31 |
(0.10) |
0.18 |
(0.24) |
Interest bearing debt |
621.9 |
628.2 |
654.4 |
661.3 |
640.7 |
661.3 |
156.4 |
Cash |
158.2 |
137.1 |
176.5 |
166.7 |
134.4 |
166.7 |
126.1 |
Dividend[4] |
0.18 |
0.15 |
0.15 |
0.05 |
0.02 |
0.11 |
0.08 |
Fleet (dwt)[5] |
6,709,560 |
6,709,560 |
6,709,560 |
6,709,560 |
6,709,560 |
6,709,560 |
1,776,349 |
Spot exposure[6] |
44.4% |
46.3% |
61.5% |
61.4% |
61.0% |
58.2% |
69.8% |
Unscheduled off hire6 |
0.18% |
0.72% |
0.13% |
0.15% |
0.53% |
0.55% |
0.61% |
Scheduled off hire6 |
0% |
0% |
0% |
0% |
3.7% |
2.4% |
1.13% |
Highlights of the quarter:
- EBITDA for the quarter of $54.8 million. Net income for the
quarter of $27.5 million ($0.30 per basic share).
- The Company's VLCCs operating in the spot market achieved time
charter equivalent earnings of $59,600 per day in the third quarter
of 2015.
- In accordance with the dividend policy announced on July 22,
2015 the Company will pay a dividend of $0.18 per common share for
the quarter payable on November 25, 2015 for shareholders of record
as of November 17, 2015.
- 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.
- DHT has a fleet of 20 VLCCs (including six VLCCs under
construction at HHI to be delivered fairly evenly spread between
November 2015 and October 2016), two Suezmaxes and two Aframaxes as
well as a 50% ownership in Goodwood Ship Management. Of the 18
vessels currently in operation, nine are on fixed rate time
charters and nine 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 INFORMATION
DHT will host a conference call at 8:00 a.m. EST on Wednesday
November 4, 2015 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 3366 within the United States, 21006916 within
Norway and +44 20 3140 8286 for international callers. The passcode
is "DHT". A live webcast of the conference call 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 November 11, 2015. 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
5576649# 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. 2013 Net Revenue includes $15.4
million in payment from Citigroup related to final settlement of
sale of OSG claim.
[2] Includes reversal of prior impairment charges totaling $31.9
million.
[3] Basic EPS is calculated assuming all preferred shares issued
on November 29, 2013 had been exchanged for common stock.
[4] Per common share.
[5] Q1-Q2 2015, Q1-Q4 2014 and 2014 include six newbuildings
totaling 1,799,400 dwt to be delivered in 2015/2016.
[6] As % of total operating days in period.
DHT Q3 2015 Financial Report
http://hugin.info/150897/R/1963802/716641.pdf
HUG#1963802
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