HAMILTON, BERMUDA, August 6, 2019 – DHT Holdings, Inc. (NYSE:DHT) (“DHT” or the “Company”) today announced:
FINANCIAL AND OPERATIONAL HIGHLIGHTS:
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USD mill. (except per share) |
Q2 2019 |
Q1 2019 |
Q4 2018 |
Q3 2018 |
Q2 2018 |
2018 |
2017 |
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Adjusted Net Revenue1 |
61.2 |
85.8 |
85.2 |
48.2 |
34.4 |
214.8 |
241.8 |
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Adjusted EBITDA2 |
38.0 |
64.2 |
61.3 |
25.1 |
12.7 |
123.2 |
152.1 |
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Net Income/(Loss) |
(10.5) |
17.7 |
12.0 |
(21.5) 3 |
(28.2) |
(46.9)3 |
6.63 |
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EPS – basic |
(0.07) |
0.12 |
0.08 |
(0.15) |
(0.20) |
(0.33) |
0.05 |
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EPS – diluted4 |
(0.07) |
0.12 |
0.08 |
(0.15) |
(0.20) |
(0.33) |
0.05 |
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Dividend5 |
0.02 |
0.08 |
0.05 |
0.02 |
0.02 |
0.11 |
0.14 |
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Interest Bearing Debt |
904.2 |
918.9 |
967.3 |
935.1 |
856.0 |
967.3 |
786.2 |
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Cash |
71.0 |
69.3 |
94.9 |
86.6 |
76.9 |
94.9 |
77.3 |
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Operating days6 |
2,457.0 |
2,430.0 |
2,629.2 |
2,549.8 |
2,373.2 |
9,810.7 |
9,287.9 |
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Scheduled off hire days |
140.7 |
0.0 |
79.1 |
0.0 |
0.0 |
95.2 |
188.5 |
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Unscheduled off hire days |
3.4 |
12.0 |
2.8 |
2.7 |
1.2 |
9.6 |
18.9 |
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Revenue days7 |
2,312.9 |
2.418.0 |
2,547.3 |
2,547.1 |
2,372.0 |
9,705.9 |
9,080.5 |
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Spot Exposure8 |
85.2% |
83.5% |
78.8% |
72.0% |
70.4% |
73.2% |
66.4% |
QUARTERLY HIGHLIGHTS:
- Adjusted EBITDA for the quarter of $38.0 million. Net loss for the quarter of $10.5 million or loss of $0.07 per basic share. Adjusted for a non-cash change in fair value related to interest rate derivatives of $7.0 million, net loss would be $3.5 million, equivalent to loss of $0.02 per basic share.
- The Company’s VLCCs achieved time charter equivalent earnings of $26,400 per day in the second quarter of 2019 of which the Company’s VLCCs on time-charter earned $27,500 per day and the Company’s VLCCs operating in the spot market achieved $26,200 per day.
- Thus far in the third quarter of 2019, 65% of the available VLCC spot days have been booked at an average rate of $21,100 per day.
- The Company was fitting scrubbers on four ships during the quarter, of which one was done in connection with its third special survey and drydock. Out of the scheduled off hire days in the quarter, 131 days were related to the scrubber project.
- For the second quarter of 2019, the Company will return $2.8 million to shareholders in the form of a cash dividend of $0.02 per share, payable on August 29, 2019 to shareholders of record as of August 22, 2019.
- As of August 6, 2019 DHT has a fleet of 27 VLCCs. The total dwt of the fleet is 8,360,850. For more details on the fleet, please refer to our web site: http://dhtankers.com/index.php?name=About_DHT%2FFleet.html.
The full report can be found on the link below
Footnotes:
1 Shipping Revenues net of voyage expenses.
2 Shipping Revenues net of voyage expenses, vessel operating expenses and general and administrative expenses.
3Q3 2018 includes a non-cash impairment charge of $3.5 million related to the sale of DHT Cathy and DHT Sophie, 2018 includes impairment charge of $3.5 million related to the sale of DHT Cathy and DHT Sophie and 2017 includes impairment charges of $8.5 million and net loss of $3.5 million related to sale of vessels.
4Diluted shares include the dilutive effect of the convertible senior notes and restricted shares granted to management and members of the board of directors.
5Per common share.
6Operating days are the aggregate number of calendar days in the period in which our vessels are owned by us or chartered by us.
7Reveue days are the aggregate number of calendar days in the period in which our vessels are owned by us or chartered by us less days on which a vessel is off-hire.
8 As % of total operating days in period.
EARNINGS CONFERENCE CALL AND WEBCAST INFORMATION
The company will host a conference call and webcast which will include a slide presentation at 8:00 a.m. EST/14:00 CET on Wednesday August 7, 2019 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 1 631 510 7495 within the United States, 23 96 02 64 within Norway and +44 (0) 207 192 8000 for international callers. The passcode is “DHT” or “3517249”.
The webcast which will include a slide presentation will be available on the following link:
https://edge.media-server.com/mmc/p/6gfz5wgo and can also be accessed 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 August 14, 2019.
To access the replay, dial 1 917 677 7532 within the United States, 21 03 42 35 within Norway or +44 (0) 333 300 9785 for international callers and enter “3517249” 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 segment. We operate through our integrated management companies in Monaco, Singapore and Oslo, Norway. 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 dividends (including our dividend plans, timing and the amount and growth of any dividends), 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 28, 2019.
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:
Laila C. Halvorsen, CFO
Phone: +1 441 295 1422 and +47 984 39 935
E-mail: lch@dhtankers.com
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