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DHT Holdings, Inc. first quarter 2016 results

HAMILTON, BERMUDA, May 2, 2016 (GLOBE NEWSWIRE) -- DHT Holdings, Inc. (DHT) ("DHT" or the "Company") today announced:

Financial and operational highlights:

USD mill. (except per share) Q1 2016 Q4 2015 Q3 2015 Q2 2015 Q1 2015 2015 2014
Net Revenue[1] 90.2 80.0 74.7 68.1 73.5 296.3 101.5
EBITDA 61.4 59.6 54.8 49.5 51.0 214.8 40.6
Net Income 31.52 32.4[2] 27.5 22.2 23.2 105.42 12.9
EPS - basic 0.34 0.35 0.30 0.24 0.25 1.13 0.18
EPS - diluted7 0.30 0.31 0.27 0.22 0.23 1.04 0.18
Interest bearing debt 654.4 662.5 621.9 628.2 654.4 662.5 661.3
Cash 77.5 166.8[3] 158.2 137.1 176.5 166.83 166.7
Dividend[4] 0.25 0.21 0.18 0.15 0.15 0.69 0.11
Fleet (dwt)[5] 6,556,637 6,556,637 6,709,560 6,709,560 6,709,560 6,556,637 6,709,560
Spot exposure[6] 57.2% 49.9% 44.4% 46.3% 61.5% 50.5% 58.2%
Unscheduled off hire6 0.27% 0.17% 0.18% 0.31% 0.13% 0.20% 0.55%
Scheduled off hire6 0.00% 1.50% 0.00% 0.40% 0.00% 0.50% 2.4%


Highlights of the quarter:

  • EBITDA for the quarter of $61.4 million and net income of $31.5 million ($0.34 per basic share) including an impairment charge of $8.1 million (equal to $0.09 per basic share) related to the sale of the 2001 built Suezmax, the DHT Target.
  • The Company's VLCCs operating in the spot market achieved time charter equivalent earnings of $62,600 per day in the first quarter of 2016.
  • The Company will pay a dividend of $0.25 per common share for the quarter payable on May 25, 2016 for shareholders of record as of May 16, 2016 which equates to 60% of net income excluding the impairment charge of $8.1 million.
  • On January 4, 2016 and March 15, 2016, respectively the Company took delivery of the second and third of its six VLCC newbuildings from Hyundai Heavy Industries (HHI). The vessels are named DHT Leopard and DHT Lion and are trading in the spot market. The remaining three newbuildings will be delivered from July to October 2016. The newbuildings are all fully funded and are expected to contribute significantly to the company's earnings power.
  • In Q1 2016, the company prepaid the credit facility for DHT Hawk and DHT Falcon in its entirety, $42.0 million, as well as a $4.9 million prepayment on the RBS credit facility. In connection with these prepayments the Company recorded a non-cash finance expense of $0.9 million related to unamortized upfront fees.
  • During the quarter, the Company repurchased $3.0 million of its convertible senior notes due 2019 in the open market at a price of 99% of par and 359,831 shares of DHT common stock in the open market at an average price of $5.64 per share. In April 2016, the Company repurchased a further $1.0 million of its...

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