DHT Holdings, Inc. first quarter 2015 results

HAMILTON, BERMUDA, April 28, 2015 – DHT Holdings, Inc. (NYSE:DHT) (“DHT” or the “Company”) today announced:

Financial and operational highlights:
USD mill. (except per share)

  Q1 2015 Q4 2014 Q3 2014 Q2 2014 Q1 2014 2014 2013
Net Revenue[1] 73.5 47.3 21.8 14.5 17.9 101.5 61.6
EBITDA 51.0 25.6 5.8 1.6 7.6 40.6 27.2
Net Income1 23.2 28.5[2] (7.1) (8.1) (0.5) 12.9 (4.1)
EPS[3] 0.25 0.31 (0.10) (0.12) (0.01) 0.18 (0.24)
Interest bearing debt 654.4 661.3 640.7 204.4 205.4 661.3 156.4
Cash 176.5 166.7 134.4 146.2 220.0 166.7 126.1
Dividend[4] 0.15 0.05 0.02 0.02 0.02 0.11 0.08
Fleet (dwt)[5] 6,709,560 6,709,560 6,709,560 4,499,720 4,179,670 6,709,560 1,776,349
Spot exposure[6] 61.5% 61.4% 61.0% 61.3% 44.2 % 58.2% 69.8%
Unscheduled off hire5 0.13% 0.15% 0.53% 0.29% 1.69% 0.55% 0.61%
Scheduled off hire5 0% 0% 3.7% 3.3% 4.6% 2.4% 1.13%

Highlights of the quarter:

  • EBITDA for the quarter of $51.0 million. Net income for the quarter of $23.2 million ($0.25 per basic share).
  • The Company’s VLCCs operating in the spot market achieved time charter equivalent earnings of $60,300 per day in the first quarter of 2015.
  • The Company will pay a dividend of $0.15 per common share for the quarter payable on May 22, 2015 for shareholders of record as of May 13, 2015.
  • In April the Company entered into firm commitments, subject to final documentation, for the debt financing of the last two of its six newbuildings ordered at Hyundai Heavy Industries (“HHI”). The financing equals about 50% of the contract prices with an average margin above Libor of about 2.2%. 

  • A total of $290.4 million, in financing, equal to about 50% of the contract prices, has now been secured for the six newbuildings with an average margin above Libor of 2.4%. The six newbuildings are now fully funded with previously raised equity and the committed debt financing.

  • In April the Company entered into firm commitment, subject to final documentation, for the refinancing of the Samco Scandinavia with a margin above Libor of 2.1875%.  

  • During the first quarter the Company entered into the following time charters: The VLCC DHT Chris (built 2001) has been chartered to a major commodity house for a period of about 10 months from February 2015 at a rate of $45,000 per day. The two Aframax vessels, the DHT Sophie (built 2003) and the DHT Cathy (built 2004), have been chartered to an oil major for a period of 24 months from April/May 2015 at a rate of $22,500 per day. The Suezmax DHT Target (built 2001) has been chartered to an oil major for a period of 12 months from March 2015 at a rate of $30,000 per day.

  • DHT has a fleet of 20 VLCCs (including six VLCCs under construction at HHI), 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: https://www.dhtankers.com/index.php?name=About_DHT%2FFleet.html.

The full report can be found on the link below

DHT will host a conference call at 8:00 a.m. EDT on Wednesday April 29, 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 1 718-971-5738 within the United States, 23500486 within Norway and +44 20 7136 6283 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 https://www.dhtankers.com.

An audio replay of the conference call will be available through May 5, 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 2508307# 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 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.

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 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 Q1 2015 Fiancial Report