DHT Holdings, Inc. reports second quarter results with profitable operations and strengthened balance sheet
ST. HELIER, CHANNEL ISLANDS, July 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:
• During the quarter we had three VLCCs in the Tankers International Pool ("TI Pool"), two for the full quarter and one from May. The vessels generated an average time charter equivalent earnings ("TCE") of $25,000 per day. The other vessels were either on time- and bareboat charters during the quarter.
• The equity offering backstopped by Anchorage Capital Group, L.L.C. and concurrent private placement closed on May 2, 2012 generating net proceeds of approximately $76.2 million.
• 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.
• DHT prepaid $13.6 million under the credit facilities with DVB and DNB combined, equal to all scheduled installments through 2014.
• Following the fleet appraisal for the second quarter, DHT repaid $18 million under the RBS credit facility. Further, and following the fleet appraisal for the third quarter conducted in early July, DHT repaid $3.1 million in July. The next scheduled installment under the RBS facility is in Q3 2015.
• The VLCC DHT Regal completed its third special survey and dry-dock and entered the TI Pool during the quarter.
• The Aframaxes Overseas Rebecca and Overseas Ania were redelivered under their time charters and subsequently sold during the quarter. DHT incurred a loss of $1.4 million on the sale of the two vessels in the second quarter. A loss of $0.9 million related to the Overseas Rebecca was recorded in the first quarter 2012. The proceeds from the sales were used to further reduce the outstanding debt under the RBS credit facility.
• The Aframax DHT Sophie was redelivered under its time charter in June 2012. The vessel is trading in the spot market with the intention to enter into a pool during the second half of 2012.
The full report can be found in www.dhtmaritime.com
About DHT Holdings, Inc.
DHT is an independent crude oil tanker company operating a fleet of six VLCCs, two Suezmaxes and two Aframaxes. Four of the vessels are on time charters, two are on long-term bareboat charters, four are operating in pools and/or the spot market. For further information: www.dhtankers.com.
DHT Holdings, Inc. press release