DHT Holdings, Inc. reports second quarter 2014 results

HAMILTON, BERMUDA, August 27, 2014 – DHT Holdings, Inc. (NYSE:DHT) (“DHT” or the “Company”) today announced:

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

Q2 2014 Q1 2014 Q4 2013 Q3 2013 Q2 2013 2013 2012
Net Revenue[1] 14.5 17.9 27.8 11.2 10.3 61.6 86.4
EBITDA1,[2] 1.6 7.6 18.9 3.2 0.9 27.2 43.1
Adjusted Net Income1,[3] (8.1) (0.5) 11.5 (4.1) (7.7) (3.5) 6.0
Adjusted EPS3 (0.12) (0.01) 0.48 (0.26) (0.50) (0.24) 0.39
Interest bearing debt 204.4 205.4 156.4 156.4 156.4 156.4 212.7
Cash 146.2 220.0 126.1 50.0 43.1 126.1 71.3
Dividend[4] 0.02 0.02 0.02 0.02 0.02 0.08 0.52
Fleet (dwt)[5] 4,499,720 4,179,670 2,376,149 1,776,349 1,776,349 1,776,349 2,086,315
Spot exposure[6] 61.3% 44.2 % 41.7% 72.2% 83.1% 69.8% 31%
Unscheduled off hire6 0.29% 1.69% 0.83% 0 0.25% 0.61% 0.19%
Scheduled off hire6 3.3% 4.6% 0 2.4% 2.2% 1.13% 0.88%

Highlights of the quarter:

  • EBITDA for the quarter of $1.6 million and net loss for the quarter of $8.1 million ($0.12 per share). 
  •  Operating expenses reflects an increase in the operating fleet, three vessels undergoing intermediate surveys as well as upstoring and startup cost related to the delivery of DHT Condor, DHT Hawk and DHT Falcon in the first half of 2014.
  • The Company will pay a dividend of $0.02 per common share for the quarter payable on September 17, 2014 for shareholders of record as of September 9, 2014.
  • The Company acquired a VLCC built in 2004 at Daewoo for $49.0 million which was delivered at the end of May 2014.  The Company financed the acquisition with cash on hand. The vessel completed its second special survey in July.
  • During the quarter the Company entered into firm commitments for the debt financing of four of its newbuildings ordered at Hyundai Heavy Industries. The financing equals about 50% of the contract prices with an average margin above Libor of 2.5%. Assuming a Libor of 0.25% the average total debt service (interest and installments) per vessel per day is estimated to about $11,100 in the first year after drawdown. The financing commitments are subject to final documentation. The Company views the debt market as favorable and will pursue raising financing for the remaining two vessels in due course.
  • The Company currently has a fleet of 7 VLCCs, 2 suezmaxes and 2 Aframaxes totaling 2,700,320 dwt in operation and 6 VLCC newbuildings totaling 1,799,400 dwt under construction. 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 Thursday August 28, 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 0412 within the United States, 23500486 within Norway and +44 20 3427 1909 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 September 1, 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 1713091# 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 wholly owned 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] 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 and Q2 2014 include six newbuildings totaling 1,799,400 dwt to be delivered in 2015/2016.

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

DHT Q2 2014 financial report