DHT Holdings, Inc. Reports Third Quarter Results
ST. HELIER, CHANNEL ISLANDS, October 23, 2012
DHT Holdings, Inc. (NYSE:DHT) ("DHT" or the "Company") today announced:
Financial and operational highlights:
USD mill. (except per share)
Highlights of the quarter:
• The Company will pay a dividend of $0.02 per common share and $0.28 per preferred share for the quarter payable on November 12, 2012 for shareholders of record as of November 6, 2012. When determining the dividend our Board has taken into account general business conditions, the continued weak tanker market and the recent 8-K filing by OSG.
• Following the recent announcement by OSG regarding its solvency and due to the continued weak tanker markets, the Company adjusted the carrying value of its fleet through a non-cash impairment charge of $92.5 million.
• The decline in revenues during 2012 is primarily due two vessels being sold during the second quarter and increased spot exposure as vessels have come off charters.
• The Company is in compliance with its loan facilities and had an unencumbered cash balance of $72.2 million as of September 30, 2012. The Company has no scheduled principal installments under its three credit facilities in 2013 and 2014. Scheduled principal installments total $12.0 million in 2015. However, further decline in vessel values may result in additional prepayments in order to remain in compliance with minimum value covenants.
• One vessel was redelivered from time charter with OSG during the quarter and two more vessels are expected to be redelivered from OSG during the next six months. Following these redeliveries, the remaining charters to OSG will be two Suezmax vessels which are on long-term bareboat charters to December 2014 and January 2018, respectively.
• Following the fleet appraisal for the third quarter, DHT repaid $3.1 million under the RBS credit facility. Following the fleet appraisal for the fourth quarter conducted in early October, DHT repaid $4.0 million in October. The next scheduled principal installment under the RBS facility is in Q4 2015.
• The VLCC Venture Spirit, which was chartered in, was redelivered to its owner in September. The vessel traded in the spot market during the quarter.
• At the Company's 2012 annual general meeting of shareholders, the shareholders voted to authorize a 12-for-1 reverse stock split of DHT's common stock, par value $0.01 per share. The reverse stock split became effective after the close of business on July 16, 2012.
Full report at: www.dhtmaritime.com
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.
DHT Holdings, Inc. press release