Stock Monitor: Frontline Post Earnings Reporting

LONDON, UK / ACCESSWIRE / March 06, 2018 / Active-Investors.com has just released a free earnings report on DHT Holdings, Inc. (NYSE: DHT) ("DHT"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=DHT. The Company reported its fourth quarter fiscal 2017 and full fiscal year 2017 operating and financial results on February 07, 2018. The independent oil tanker Company exceeded revenue expectations. Register today and get access to over 1000 Free Research Reports by joining our site below:

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Active-Investors.com is currently working on the research report for Frontline Ltd (NYSE: FRO), which also belongs to the Services sector as the Company DHT Holdings. Do not miss out and become a member today for free to access this upcoming report at:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, DHT Holdings most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

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Earnings Highlights and Summary

DHT's shipping revenues jumped 9% to $92.2 million in Q4 2017 compared to $84.9 million in Q4 2016. The rise in revenues was attributed to an increase in the Company's fleet, partly offset by lower tanker rates. DHT recorded adjusted net revenues of $56.6 million in Q4 2017, which were ahead of analysts' estimates of $54.6 million.

For FY17, DHT reported shipping revenues of $355.1 million compared to $356.0 million in FY16. The decline was due to lower tanker rates.

DHT's voyage expenses were $35.6 million in Q4 2017 compared to $17.9 million in Q4 2016. The increase was mainly due to more vessels in the spot market in the reported quarter. The Company's vessel operating expenses were $21.5 million for the reported quarter compared to $16.0 million in the year ago same period.

For Q4 2017, DHT reported a net loss of $7.5 million, or $0.05 loss per diluted share, which was in-line with market estimates for a loss of $0.05 per share, compared to a net income of $17.8 million, or $0.18 per diluted share, in Q4 2016. After adjusting for a non-cash impairment charge of $1.1 million and a net loss of $3.3 million related to the sale of DHT Eagle and DHT Utah, the Company had a net loss of $3.2 million, or $0.02 loss per share, for the reported quarter.

DHT had a net income of $6.6 million, or $0.05 per diluted share, in FY17, inclusive of non-cash impairment charges of $8.5 million and losses of $3.5 million related to the sale of vessels. For FY16, the Company had a net income of $9.3 million, or $0.10 per diluted share, inclusive of non-cash impairment charges of $84.7 million. On an adjusted basis, DHT reported a net income of $18.7 million, or $0.15 per share.

Operating Results

During Q4 2017, DHT's very large crude carriers (VLCCs) achieved time charter equivalent (TCE) earnings of $23,200 per day, of which the Company's VLCCs on time-charter earned $35,800 per day and its VLCCs operating in the spot market achieved $19,600 per day.

For FY17, DHT's VLCCs achieved TCE earnings of $27,500 per day, of which the Company's VLCCs on time-charter earned $36,800 per day and its VLCCs operating in the spot market achieved $23,800 per day.

Transaction Updates

In November 2017, DHT agreed to the sale of its three oldest VLCCs; DHT Utah and DHT Utik, both built in 2001, and DHT Eagle, built in 2002, to one buyer for a total price of $66.5 million. The DHT Utah and the DHT Eagle were delivered to the buyer during Q4 2017, while the DHT Utik was delivered to the buyer in January 2018. Subsequent to the sale of the three vessels, the average age of the Company's VLCC fleet was 6.3 years.

During Q4 2017, DHT entered into a one-year time-charter for the DHT Lotus and the DHT Edelweiss. Both time charters have base rates at levels in-line with DHT's cash break-even levels plus profit sharing structures.

Fleet Details

DHT has a fleet of 27 VLCCs, 23 in water and 4 under construction scheduled for delivery in 2018, as well as two Aframaxes. The total deadweight tonnage (dwt) of the fleet is 8,590,740.

Cash Matters

DHT's net cash provided by operating activities was $7.4 million in Q4 2017 compared to $28.9 million in Q4 2016. The decrease was mainly due to a net loss of $7.5 million in the reported quarter, and an increase in working capital of $18.0 million in Q4 2017 compared to an increase in working capital of $11.9 million in Q4 2016.

As of December 31, 2017, DHT's cash balance was $77.3 million compared to $109.3 million as of December 31, 2016.

Stock Performance Snapshot

March 05, 2018 - At Monday's closing bell, DHT Holdings' stock dropped 1.09%, ending the trading session at $3.63.

Volume traded for the day: 360.13 thousand shares.

Stock performance for the year-to-date ? up 1.11%

After yesterday's close, DHT Holdings' market cap was at $515.53 million.

Price to Earnings (P/E) ratio was at 45.38.

The stock has a dividend yield of 2.20%.

The stock is part of the Services sector, categorized under the Shipping industry. This sector was up 0.9% at the end of the session.

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