Bay Street News

DHT Holdings, Inc. Fourth Quarter 2018 Results

   
HAMILTON, BERMUDA, February 6, 2019 – DHT Holdings, Inc. (NYSE:DHT) (“DHT” or the “Company”) today announced:

FINANCIAL AND OPERATIONAL HIGHLIGHTS:

USD mill. (except per share) Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 2018 2017
Adjusted Net Revenue1 85.2 48.2 34.4 46.2 56.6 214.8 241.8
Adjusted EBITDA2 61.3 25.1 12.7 24.0 33.5 123.2 152.1
Net Income/(Loss) 12.0 (21.5)3 (28.2) (9.2) (7.5) 3 (46.9)3 6.63
EPS – basic 0.08 (0.15) (0.20) (0.06) (0.05) (0.33) 0.05
EPS – diluted4 0.08 (0.15) (0.20) (0.06) (0.05) (0.33) 0.05
Interest Bearing Debt 967.3 935.1 856.0 764.4 786.2 967.3 786.2
Cash 94.9 86.6 76.9 69.8 77.3 94.9 77.3
Dividend5 0.05 0.02 0.02 0.02 0.02 0.11 0.14
Spot Exposure6 78.8% 72.0% 70.4% 70.7% 73.6% 73.2% 66.4%
Unscheduled off hire6 0.1% 0.1% 0.0% 0.1% 0.1% 0.1% 0.2%
Scheduled off hire6 3.0% 0.0% 0.0% 0.7% 0.3% 1.0% 2.0%

QUARTERLY HIGHLIGHTS:

             

SUBSEQUENT EVENTS HIGHLIGHTS:

The full report can be found on the link below

Footnotes:
1Shipping Revenues net of voyage expenses.
2 Shipping Revenues net of voyage expenses, vessel operating expenses and general and administrative expenses.
3Q3 2018 includes a non-cash impairment charge of $3.5 million related to the sale of DHT Cathy and DHT Sophie, Q4 2017 includes 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. 2018 includes impairment charge of $3.5 million related to the sale of DHT Cathy and DHT Sophie and 2017 includes impairment charges of $8.5 million and net loss of $3.5 million related to sale of vessels.
4Diluted shares include the dilutive effect of the convertible senior notes and restricted shares granted to management and members of the board of directors.
5Per common share.
6As % of total operating days in period.

EARNINGS CONFERENCE CALL AND WEBCAST INFORMATION
The company will host a conference call and webcast which will include a slide presentation at 8:00 a.m. EST/14:00 CET on Thursday February 7, 2019 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 1 917 720 0181 within the United States, 21 03 32 01 within Norway and +44 (0) 207 192 8501 for international callers. The passcode is “DHT” or “6097691”.

The webcast which will include a slide presentation will be available on the following link:
https://edge.media-server.com/m6/p/v9s9vnkx and can also be accessed 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 13, 2019.
To access the replay, dial 1 917 677 7532 within the United States, 21 03 42 35 within Norway or +44 (0) 333 300 9785 for international callers and enter “6097691” 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 segment. We operate through our integrated management companies in Singapore and Oslo, Norway. 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.  For further information: www.dhtankers.com.

FORWARD LOOKING STATEMENTS

This press release contains certain forward-looking statements and information relating to the Company that are based on beliefs of the Company’s management as well as assumptions, expectations, projections, intentions and beliefs about future events, in particular regarding dividends (including our dividend plans, timing and the amount and growth of any dividends), 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 April 24, 2018.

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.

CONTACT:
Laila C. Halvorsen, CFO
Phone: +1 441 299 4981 and +47 984 39 935
E-mail: lch@dhtankers.com

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