DHT Holdings, Inc. Second Quarter 2018 Results
August 07 2018 - 4:04PM
HAMILTON, BERMUDA, August 7,
2018 - DHT Holdings, Inc. (NYSE:DHT) ("DHT" or the "Company") today
announced:
FINANCIAL AND OPERATIONAL HIGHLIGHTS:
USD mill. (except per share) |
Q2 2018 |
Q1 2018 |
Q4 2017 |
Q3 2017 |
Q2 2017 |
2017 |
2016 |
Adjusted Net Revenue1 |
34.4 |
46.2 |
56.6 |
54.8 |
59.6 |
241.8 |
290.7 |
Adjusted EBITDA2 |
12.7 |
24.0 |
33.5 |
31.4 |
36.7 |
152.1 |
209.4 |
Net Income/(Loss) |
(28.2) |
(9.2) |
(7.5) 3 |
(5.1) |
4.8 |
6.63 |
9.33 |
EPS - basic |
(0.20) |
(0.06) |
(0.05) |
(0.04) |
0.04 |
0.05 |
0.10 |
EPS - diluted4 |
(0.20) |
(0.06) |
(0.05) |
(0.04) |
0.04 |
0.05 |
0.10 |
Interest Bearing Debt |
856.0 |
764.4 |
786.2 |
826.0 |
841.1 |
786.2 |
701.5 |
Cash |
76.9 |
69.8 |
77.3 |
86.5 |
104.0 |
77.3 |
109.35 |
Dividend6 |
0.02 |
0.02 |
0.02 |
0.02 |
0.02 |
0.14 |
0.58 |
Spot Exposure7 |
70.4% |
70.7% |
73.6% |
67.9% |
63.5% |
66.4% |
57.8% |
Unscheduled off hire7 |
0.0% |
0.1% |
0.1% |
0.3% |
0.2% |
0.2% |
1.8% |
Scheduled off hire7 |
0.0% |
0.7% |
0.3% |
2.7% |
2.8% |
2.0% |
1.7% |
QUARTERLY HIGHLIGHTS:
- Adjusted EBITDA for the quarter of $12.7 million. Net loss for
the quarter of $28.2 million or loss of $0.20 per basic share. The
net result was affected by a non-cash finance expense of $4.3
million (or $0.03 per basic share) related to the $484 million
refinancing.
- The Company's VLCCs achieved time charter equivalent earnings
of $14,700 per day in the second quarter of 2018 of which the
Company's VLCCs on time-charter earned $22,000 per day and the
Company's VLCCs operating in the spot market achieved $11,900 per
day (after adoption of IFRS 15 as of January 1, 2018).
- Thus far in the third quarter of 2018, 60% of the available
VLCC spot days have been booked at an average rate of $21,100 per
day.
- For the second quarter of 2018, the Company will return $2.9
million to shareholders in the form of a cash dividend of $0.02 per
share, payable on August 31, 2018 for shareholders of record as of
August 24, 2018.
- In April, the Company entered into a $484 million secured
credit facility agreement with all nine of its existing
relationship banks for the refinancing of 13 of the Company's
VLCCs. Also, the Company entered into an agreement with ABN Amro to
increase the revolving credit facility from $43.4 million to $57.3
million. The revolving credit is currently undrawn.
SUBSEQUENT EVENTS HIGHLIGHTS:
- On July 27, 2018 the Company took delivery of the first of its
two VLCC newbuildings from HHI. The vessel is named DHT Bronco. The
second newbuilding from HHI is expected to be delivered in
September 2018.
- In July, the Company entered into agreements to install exhaust
gas cleaning systems, also known as scrubbers, on twelve of its
VLCCs. The Company has entered into agreement with Alfa Laval to
supply the systems and has also secured shipyard capacity to
install all systems within 2019. These twelve systems will come in
addition to the two systems being installed on the newbuildings DHT
Bronco, delivered in July 2018, and DHT Mustang set for delivery
from Hyundai Heavy Industries ("HHI") in Q3 2018. The Company has
received proposals to finance the majority of the project with debt
and is confident to conclude this in the near future.
- In August, the Company entered into 5-year interest rate swaps
with Nordea totaling $168.8 million with an average fixed rate of
3.01% - as compared to current 3m Libor of about 2.34%. $168.8
million equals 22% of total outstanding bank mortgage debt.
- As of August 7, 2018 DHT has a fleet of 27 VLCCs, 26 in the
water and one under construction scheduled for delivery in Q3 2018,
as well as two Aframaxes. The total dwt of the fleet is 8,590,740.
Seven 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.2 Shipping Revenues net of voyage expenses, vessel
operating expenses and general and administrative expenses.3Q4 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. 4Diluted shares include the dilutive
effect of the convertible senior notes and restricted shares
granted to management and members of the board of directors.5The
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. 6Per
common share.7As % 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 8:00 a.m. EDT/14:00 CEST on Wednesday
August 8, 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
1 929 477 0324 within the United States, 23 50 02 96
within Norway and +44 330 336 9411 for international
callers. The passcode is "DHT" or "9279966".
The webcast which will include a slide presentation will be
available on the following
link:https://edge.media-server.com/m6/p/5hbucz6q 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, 2018. To access the
replay, dial 1 719 457 0820 within the United States, 23
50 00 77 within Norway or +44 207 660 0134 for
international callers and enter "9279966" 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 April 24, 2018. 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: Laila C. Halvorsen, CFO Phone: +1 441 299 4981 and
+47 984 39 935 E-mail: lch@dhtankers.com
- DHT Q2 2018 financial report.pdf
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