HAMILTON, BERMUDA, November 10, 2014 - DHT Holdings, Inc. (NYSE:DHT) ("DHT" or the "Company") today announced:
Financial and operational highlights:
USD mill. (except per share)
| Q3 2014 | Q2 2014 | Q1 2014 | Q4 2013 | Q3 2013 | 2013 | 2012 | |
| Net Revenue[1] | 21.8 | 14.5 | 17.9 | 27.8 | 11.2 | 61.6 | 86.4 |
| EBITDA1,[2] | 5.8 | 1.6 | 7.6 | 18.9 | 3.2 | 27.2 | 43.1 |
| Adjusted Net Income1,[3] | (7.1) | (8.1) | (0.5) | 11.5 | (4.1) | (3.5) | 6.0 |
| Adjusted EPS3 | (0.10) | (0.12) | (0.01) | 0.48 | (0.26) | (0.20) | 0.50 |
| Interest bearing debt | 640.7 | 204.4 | 205.4 | 156.4 | 156.4 | 156.4 | 212.7 |
| Cash | 134.4 | 146.2 | 220.0 | 126.1 | 50.0 | 126.1 | 71.3 |
| Dividend[4] | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.08 | 0.52 |
| Fleet (dwt)[5] | 6,709,560 | 4,499,720 | 4,179,670 | 2,376,149 | 1,776,349 | 1,776,349 | 2,086,315 |
| Spot exposure[6] | 61.0% | 61.3% | 44.2 % | 41.7% | 72.2% | 69.8% | 31% |
| Unscheduled off hire6 | 0.53% | 0.29% | 1.69% | 0.83% | 0 | 0.61% | 0.19% |
| Scheduled off hire6 | 3.7% | 3.3% | 4.6% | 0 | 2.4% | 1.13% | 0.88% |
Highlights of the quarter:
- On September 16, 2014, DHT completed the acquisition of Samco Shipholding Pte. Ltd. ("Samco") and Samco has been included in DHT's consolidated accounts from September 17, 2014.
- EBITDA for the quarter of $5.8 million and net loss for the quarter of $7.1 million ($0.10 per share).
- Subsequent to the acquisition of Samco, DHT now has a fleet of 20 VLCCs (including six VLCCs under construction at Hyundai Heavy Industries), two Suezmaxes and two Aframaxes as well as a 50% ownership in Goodwood Ship Management. For more details on the fleet, please refer to our web site: http://dhtankers.com/index.php?name=About_DHT%2FFleet.html.
- In connection with the acquisition of Samco, DHT issued 23.1 million shares of common stock at a price of $6.50 per share and $150 million principal amount of convertible senior notes due 2019 with a fixed rate of 4.5% per annum and convertible into common stock of DHT at a conversion price of $8.125 per share.
- The Company will pay a dividend of $0.02 per common share for the quarter payable on November 26, 2014 for shareholders of record as of November 20, 2014.
- The Company has entered into a firm commitment totaling $302 million for the refinancing of about $274.8 million related to three of Samco's four credit facilities and the 50% debt financing of the DHT Condor. In connection with this financing which is expected to be completed in the fourth quarter of 2014, we will incur certain financial costs.
The full report can be found on the link below
EARNINGS CONFERENCE CALL INFORMATION
DHT will host a conference call at 8:30 a.m. EST on Tuesday November 11, 2014, 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 1 718 971 5738 within the United States, 23500486 within Norway and +44 20 71362056 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 18, 2014. 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 7959890# 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 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 3, 2014.
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. Q4 2013 and 2013 includes $15.4 million in payment from Citigroup related to final settlement of sale of OSG claim.
[2] Adjusted for impairment charges of $100.5 million in 2012.
[3] Adjusted for loss on sale of vessels in 2012, 2013 and Q2 2013, non-cash impairment charge in 2012 and non-cash swap related items. EPS is calculated assuming all preferred shares issued on November 29, 2013 and May 3, 2012 had been exchanged for common stock and applying the 12:1 reverse stock split which was effective as of close of business on July 16, 2012 retrospectively.
[4] Per common share. Historical dividend per share adjusted for 12:1 reverse split.
[5] Q1, Q2 and Q3 2014 include six newbuildings totaling 1,799,400 dwt to be delivered in 2015/2016.
[6] As % of total operating days in period.
