DHT Holdings, Inc. Fourth Quarter 2017 Results
February 06 2018 - 5:08AM
HAMILTON, BERMUDA, February 6, 2018 - DHT
Holdings, Inc. (NYSE:DHT) ("DHT" or the "Company") today
announced:
FINANCIAL AND OPERATIONAL HIGHLIGHTS:
USD mill. (except per share) |
Q4 2017 |
Q3 2017 |
Q2 2017 |
Q1 2017 |
Q4 2016 |
2017 |
2016 |
Adjusted Net Revenue1 |
56.6 |
54.8 |
59.6 |
70.7 |
67.0 |
241.8 |
290.7 |
Adjusted EBITDA |
33.5 |
31.4 |
36.7 |
50.6 |
46.7 |
152.1 |
209.4 |
Net Income/(Loss) |
(7.5)2 |
(5.1) |
4.8 |
14.32 |
17.8 |
6.62 |
9.32 |
EPS - basic |
(0.05) |
(0.04) |
0.04 |
0.15 |
0.19 |
0.05 |
0.10 |
EPS - diluted3 |
(0.05) |
(0.04) |
0.04 |
0.15 |
0.18 |
0.05 |
0.10 |
Interest Bearing Debt |
786.2 |
826.0 |
841.1 |
674.6 |
701.5 |
786.2 |
701.5 |
Cash |
77.3 |
86.5 |
104.0 |
72.2 |
109.34 |
77.3 |
109.34 |
Dividend5 |
0.02 |
0.02 |
0.02 |
0.08 |
0.08 |
0.14 |
0.58 |
Spot Exposure6 |
73.6% |
67.9% |
63.5% |
58.1% |
57.3% |
66.4% |
57.8% |
Unscheduled off hire6 |
0.1% |
0.3% |
0.2% |
0.2% |
5.5% |
0.2% |
1.8% |
Scheduled off hire6 |
0.3% |
2.7% |
2.8% |
2.4% |
0.9% |
2.0% |
1.7% |
HIGHLIGHTS:
- Adjusted EBITDA for the quarter of $33.5 million. Net loss for
the quarter of $7.5 million or loss of $0.05 per basic share. After
adjusting for a non-cash impairment charge of $1.1 million and a
net loss of $3.3 million related to the sale of DHT Eagle and DHT
Utah, the Company had a net loss for the quarter of $3.2 million or
loss of $0.02 per basic share.
- Adjusted EBITDA for full year 2017 of $152.1 million. Net
income for the year of $6.6 million or $0.05 per basic share. After
adjusting for a non-cash impairment charge of $8.5 million and a
net loss of $3.5 million related to the sale of vessels, the
Company had net income for the year of $18.7 million or $0.15 per
basic share.
- The Company's VLCCs achieved time charter equivalent earnings
of $23,200 per day in the fourth quarter of 2017 of which the
Company's VLCCs on time-charter earned $35,800 per day and the
Company's VLCCs operating in the spot market achieved $19,600 per
day. For the twelve months of 2017 the Company's VLCCs achieved
time charter equivalent earnings of $27,500 per day of which the
Company's VLCCs on time-charter earned $36,800 per day and the
Company's VLCCs operating in the spot market achieved $23,800 per
day.
- So far in the first quarter of 2018, 60% of the available VLCC
spot days have been booked at an average rate of $20,000 per
day.
- For the fourth 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 February 28, 2018 for shareholders of record as
of February 20, 2018.
- In November 2017, we agreed to the sale of our three oldest
VLCCs; DHT Utah and DHT Utik, both built 2001 and DHT Eagle built
2002 to one buyer for a total price of $66.5 million. The DHT Utah
and DHT Eagle were delivered to the buyer during the fourth quarter
2017 and the DHT Utik was delivered to the buyer in January
2018. Subsequent to the sale of the three vessels, the
average age of the VLCC fleet is 6.3 years.
- During the fourth quarter of 2017 the Company entered into a
one year time-charter for the DHT Lotus and the DHT Edelweiss. Both
time charters have base rates at levels in line with DHT's cash
break even levels plus profit sharing structures. The two contracts
take DHT's number of VLCCs on time charters for 2018 to
six.
- DHT has a fleet of 27 VLCCs, 23 in the water and four under
construction scheduled for delivery in 2018, as well as two
Aframaxes. The total dwt of the fleet is 8,590,740. Five of
the VLCCs and one of the Aframaxes are on 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:1Shipping Revenues net of voyage
expenses.2Q4 2017 includes a non-cash impairment charge of $1.1
million and a net loss of $3.3 million related to the sale of DHT
Eagle and DHT Utah. Q1 2017 includes a non-cash impairment charge
of $7.5 million related to the sale of DHT Ann and DHT Phoenix.
2017 includes impairment charges of $8.5 million and net loss
of $3.5 million related to sale of vessels. 2016 includes total
impairment charges of $84.7 million. 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. 5Per common share.6As % of total operating days in
period.
EARNINGS CONFERENCE CALL AND WEBCAST INFORMATIONThe
company will host a conference call and webcast which will include
a slide presentation at 9:00 a.m. EST/15:00 CET on Tuesday February
6, 2018 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
1 323 794 2149 within the United States, 23500296 within
Norway and +44 330 336 9411 for international callers.
The passcode is "DHT" or "7312918".
The webcast which will include a slide presentation will be
available on the following
link:https://edge.media-server.com/m6/p/um6v4omq 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 February 13, 2018. To access the
replay, dial 1 719 457 0820 within the United States,
80019672 within Norway or +44 207 660 0134 for
international callers and enter "7312918" 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:
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