HAMILTON, BERMUDA, January 22, 2014 – DHT Holdings, Inc. (NYSE:DHT) (“DHT” or the “Company”) today announced:
Financial and operational highlights:
USD mill. (except per share)
| Q4 2013 | Q3 2013 | Q2 2013 | Q1 2013 | 2013 | 2012 | |
|
Net Revenue[1]
|
27.8 | 11.2 | 10.3 | 12.4 | 61.6 | 86.4 |
|
EBITDA1,[2]
|
18.9 | 3.2 | 0.9 | 4.2 | 27.2 | 43.1 |
|
Adjusted Net Income1,[3]
|
11.5 | (4.1) | (7.7) | (3.1) | (3.5) | 6.0 |
| Adjusted EPS3 | 0.48 | (0.26) | (0.50) | (0.20) | (0.24) | 0.39 |
| Interest bearing debt | 156.4 | 156.4 | 156.4 | 203.7 | 156.4 | 212.7 |
| Cash | 126.1 | 50.0 | 43.1 | 75.5 | 126.1 | 71.3 |
|
Dividend[4]
|
0.02 | 0.02 | 0.02 | 0.02 | 0.08 | 0.52 |
| Fleet (dwt) | 1,776,349 | 1,776,349 | 1,776,349 | 2,086,315 | 1,776,349 | 2,086,315 |
|
Spot exposure[5]
|
41.7% | 72.2% | 83.1% | 80.8% | 69.8% | 31% |
| Unscheduled off hire5 | 0.83% | 0 | 0.25% | 1.32% | 0.61% | 0.19% |
| Scheduled off hire5 | 0 | 2.4% | 2.2% | 0 | 1.13% | 0.88% |
Highlights of the quarter:
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EBITDA for the quarter of $18.9 million and net income for the quarter of $11.5 million ($0.48 per share) including $15.4 million in revenue related final settlement of sale of OSG claim.
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The Company will pay a dividend of $0.02 per common share for the quarter payable on February 13, 2014 for shareholders of record as of February 6, 2014.
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In line with the Company’s communicated strategy, DHT has agreed to acquire two VLCCs built in 2006 and 2007 for a total of $99.0 million. The vessels will be delivered during February 2014. The Company will fund the acquisition through a combination of conventional mortgage financing and an acquisition facility. DHT considers this an attractive addition to its fleet and will continue to pursue investment opportunities and grow the Company.
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On November 29, 2013 the Company completed a private placement of shares generating net proceeds of $106.7 million.
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During the fourth quarter the Company entered into agreements with Hyundai Heavy Industries (“HHI”) for the construction of two VLCCs with a contract price of $92.7 million each, including certain additions and upgrades to the standard specification. In January 2014 the Company entered into an agreement for a third VLCC at HHI at identical contractual terms. Subsequently, the Company’s orderbook consist of three VLCCs that are scheduled for delivery in April, July and September 2016. In December the Company paid 20% pre-delivery installments on two of vessels totaling $37.1 million and in January 2014 the Company paid $18.6 million on the third vessel.
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In November 2013 DHT agreed a final claim amount of $46.0 million with OSG related to the claim of $51.8 million filed with the Bankruptcy Court (the “Court”) in March 2013. The amount was approved by the Court in December. In February 2013 DHT sold the claim to Citigroup for a purchase price equal to 33.25% of the amount of the claim ultimately allowed and DHT received an initial payment of approximately $6.9 million in the first quarter of 2013. The final payment of $8.5 million was received in January 2014. The full amount of $15.4 million received related to the sale of the claim has been recorded as shipping revenue in the fourth quarter of 2013.
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In November DHT agreed to a final claim amount of $1.5 million with OSG related to six further claims in the amount of $3.4 million filed with the Court in May 2013. These claims have not been assigned to a third party and, as the amount, timing and form of any recovery is not known, DHT has not reflected this amount in its financial statements.
The full report can be found on the link below.
EARNINGS CONFERENCE CALL INFORMATION
DHT will host a conference call at 8:00 a.m. EST on Thursday January 23, 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 1 212 444 0896 within the United States, 23162771 within Norway and +44 20 3427 1906 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 January 30, 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 9653638# 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, Aframax and Suezmax segments. We operate out of Oslo, Norway, through our wholly owned management company. 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 clean 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 April 29, 2013.
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
[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, Q1 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] as % of total operating days in period.