DHT Holdings 2Q 2016 Results
OREANDA-NEWS. DHT Holdings, Inc. today announced:
Financial and operational highlights:
|USD mill. (except per share)||Q2 2016||Q1 2016||Q4 2015||Q3 2015||Q2 2015||2015||2014|
|Adjusted Net Revenue1||83.2||90.2||80.0||74.7||68.1||296.3||101.5|
|EPS - basic||0.38||0.34||0.35||0.30||0.24||1.13||0.18|
|EPS - diluted7||0.34||0.30||0.31||0.27||0.22||1.04||0.18|
|Interest bearing debt||613.1||654.4||662.5||621.9||628.2||662.5||661.3|
|Unscheduled off hire6||0.29%||0.27%||0.17%||0.18%||0.31%||0.20%||0.55%|
|Scheduled off hire6||1.70%||0.00%||1.50%||0.00%||0.40%||0.50%||2.4%|
Highlights of the quarter:
- EBITDA for the quarter of $63.7 million and net income of $35.6 million ($0.38 per basic share).
- The Company's VLCCs operating in the spot market achieved time charter equivalent earnings of $53,340 per day in the second quarter of 2016.
- The Company will pay a dividend of $0.23 per common share for the quarter payable on August 31, 2016 for shareholders of record as of August 24, 2016 which equates to 60% of net income.
- During the quarter the company extended the time charter for the DHT Amazon to an oil major from mid-June 2016 until mid-October 2017 at a rate of $44,100 per day.
- In Q2 2016 the Company sold the DHT Target, a 2001 built Suezmax for $22.5 million and the vessel was delivered to the buyers in May 2016. The sale is in support of the company's fleet renewal program and took place during a period in which four VLCC newbuildings have been delivered since November 2015 and two further VLCC newbuildings will be delivered by October 2016.
- During the quarter the Company prepaid $16.1 million of bank debt and repurchased $1.0 million of its convertible senior notes due 2019 in the open market at a price of 99% of par. Over the past twelve months, the Company has prepaid a total of $121.0 million of bank debt and repurchased a total of $4.0 million under the convertible senior notes.
- On August 5, 2016 the Company took delivery of the fourth of its six VLCC newbuildings from Hyundai Heavy Industries (HHI). The vessel is named the DHT Panther and is trading in the spot market. A total of $43.5 million of debt was drawn in connection with the delivery. The remaining two newbuildings will be delivered in August and October 2016 and are expected to contribute meaningfully to the company's earnings power. The newbuildings are fully financed. Hence no new equity will be issued in connection with this fleet expansion.
- DHT has a fleet of 20 VLCCs (including two under construction) and two Aframaxes. Of the 20 vessels in operation, six of the VLCCs and the two Aframaxes are on fixed rate time charters.
DHT is an independent crude oil tanker company. Our fleet trades internationally and consists of crude oil tankers in the VLCC and Aframax segments. We operate through our integrated 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.