DHT Holdings, Inc. fourth quarter and full year 2014 results

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

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

  Q4 2014 Q3 2014 Q2 2014 Q1 2014 Q4 2013 2014 2013
Net Revenue[1] 47.3 21.8 14.5 17.9 27.8 101.5 61.6
EBITDA 25.6 5.8 1.6 7.6 18.9 40.6 27.2
Net Income1 28.5 (7.1) (8.1) (0.5) 11.5 12.9 (4.1)
EPS[2] 0.31 (0.10) (0.12) (0.01) 0.48 0.18 (0.24)
Interest bearing debt 661.3 640.7 204.4 205.4 156.4 661.3 156.4
Cash 166.7 134.4 146.2 220.0 126.1 166.7 126.1
Dividend[3] 0.05 0.02 0.02 0.02 0.02 0.11 0.08
Fleet (dwt)[4] 6,709,560 6,709,560 4,499,720 4,179,670 1,776,349 6,709,560 1,776,349
Spot exposure[5] 61.4% 61.0% 61.3% 44.2 % 41.7% 58.2% 69.8%
Unscheduled off hire5 0.15% 0.53% 0.29% 1.69% 0.83% 0.55% 0.61%
Scheduled off hire5 0% 3.7% 3.3% 4.6% 0 2.4% 1.13%

Highlights of the quarter:

  • EBITDA for the quarter of $25.6 million. Net income for the quarter of $28.5 million ($0.31 per share) including reversal of prior impairment charges of $31.9 million.
  • The Company will pay a dividend of $0.05 per common share for the quarter payable on February 19, 2015 for shareholders of record as of February 10, 2015.
  • In December the Company completed the refinancing of three of Samco’s four credit facilities and the 50% debt financing of the DHT Condor. 
  • 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: 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. EST on Thursday January 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 1 646 254 3371 within the United States, 23500485 within Norway and +44 20 3427 1930 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 February 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 8510023# 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.

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] EPS is calculated assuming all preferred shares issued on November 29, 2013 had been exchanged for common stock.

[3] Per common share.

[4] Q1-Q4 2014 and 2014 include six newbuildings totaling 1,799,400 dwt to be delivered in 2015/2016.

[5] As % of total operating days in period.

DHT Q4 2014 Financial Report