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4-Traders Homepage  >  Equities  >  Nyse  >  DHT Holdings Inc    DHT   MHY2065G1219

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DHT Holdings Inc : DHT Holdings, Inc. reports fourth quarter 2012 results

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01/29/2013 | 11:59pm CEST

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

Q4 2012 Q3 2012 Q2 2012 Q1 2012 2012 2011
Net Revenue 16.9 18.0 23.7 28.3 86.4 100.1
EBITDA* 9.8 7.3 11.0 15.0 43.1 52.7
Adjusted Net Income** 0.6 (4.9) 3.5 6.9 6.0 14.8
Adjusted EPS** 0.04 (0.32) 0.30 1.29 0.39 2.83
Interest bearing debt 212.7 216.7 219.8 267.4 212.7 280.6
Cash 71.3 72.2 70.9 29.6 71.3 42.6
Dividend*** 0.02 0.02 0.24 0.24 0.52 3.12
Fleet (dwt) 2,086,315 2,086,315 2,384,602 2,574,304 2,086,315 2,574,304
Spot days**** 46.3% 41% 27% 17% 31% 13%
Unscheduled off hire**** 0.06% 0.32% 0.05% 0.30% 0.19% 0.27%
Scheduled off hire**** 0 0 2.63% 0.64% 0.88% 1.90%

*adjusted for impairment charges of $56 million in 2011, $92.5 million in Q3 2012 and $8.0 million in Q4 2012.
** adjusted for loss on sale of vessels in Q1 and Q2 2012, non-cash impairment charge in 2011,  Q3 2012 and Q4 2012 and non-cash swap related items. EPS is calculated assuming all preferred shares issued on May 3, 2012 have been exchanged for common stock and applying the 12:1 reverse stock split which was effective on July 17, 2012 retrospectively.
*** per common share. Historical dividend per share adjusted for 12:1 reverse split.
**** as % of total operating days in period.

Highlights of the quarter:

  • EBITDA for the quarter of $9.8 million and net income for the quarter of $1.7 million ($0.11 per share) after adjusting for non-cash impairment charge of $8 million.  Net cash provided by operating activities for the quarter was $3.4 million. 

  • The Company will pay a dividend of $0.02 per common share and $0.28 per preferred share for the quarter payable on February 19, 2013 for shareholders of record as of February 11, 2013. When determining the dividend our Board has taken into account general business conditions, the continued weak tanker market as well as the chapter 11 filing by Overseas Shipholding Group, Inc. and certain of its affiliates (collectively, "OSG") and subsequent rejection of the Company's two long term bareboat charters. 

  • As a result of OSG filing for chapter 11, the Company's two long-term bareboat charters for its two Suezmax vessels have been rejected.  The vessels were redelivered to DHT on December 23, 2012 and January 15, 2013 and they are currently trading in the spot market.  DHT will have a claim against the OSG bankruptcy estate related to the rejection of these contracts, which are guaranteed by Overseas Shipholding Group, Inc..  The Company has not reflected such claim and the potential recovery in the financial statements as of December 31, 2012. 

  • DHT has entered into time charter contracts for the VLCCs DHT Ann and DHT Chris and the Aframax DHT Cathy in January 2013.  The time charters are entered into with end-users, have durations up to one year and have a mix of fixed rates and market related earnings.  The DHT Eagle is on a time charter until May 2013.  The remaining vessels are operating in the spot market. 

  • Following the fleet appraisal for the fourth quarter, DHT repaid $4.0 million under the RBS credit facility in October.  Following the fleet appraisal conducted in early January 2013, DHT repaid $9.0 million in January. The next scheduled principal installment under the RBS facility is in Q1 2016. 

  • The Company is in compliance with its loan facilities and had an unencumbered cash balance of $71.3 million (or $4.63 per share) as of December 31, 2012. The Company has no scheduled principal installments under its three credit facilities in 2013 and 2014. Scheduled principal installments under the DVB and DNB credit facilities total $4.9 million in 2015. However, further decline in vessel values may result in additional prepayments in order to remain in compliance with minimum value covenants. 

  • Due to the likelihood of a potential sale of one of its vessels, the Company adjusted the carrying value of its fleet through a non-cash impairment charge of $8.0 million. 

The full report can be found on the link below.


DHT will host a conference call at 8:00 a.m. EST on Wednesday January 30, 2013, 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 1 718 354 1359 within the United States, 23500486 within Norway and +44 20 3364 5381 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 http://www.dhtankers.com.

An audio replay of the conference call will be available through February 6, 2013.  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 7934109# 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 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, 2012.

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: +44 1534 639 759 and +47 412 92 712
E-mail: [email protected]

DHT Q4 2012 financial report

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Sales 2018 221 M
EBIT 2018 3,35 M
Net income 2018 -16,3 M
Debt 2018 866 M
Yield 2018 1,90%
P/E ratio 2018 -
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Average target price 5,05 $
Spread / Average Target 33%
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Svein Moxnes Harfjeld Co-Chief Executive Officer
Trygve P. Munthe Co-Chief Executive Officer
Erik Andreas Lind Chairman
J. Stephen Eglin Director-Chartering & Operations
Eirik Ubøe Chief Financial Officer
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