DHT Holdings back to profitability in fourth quarter

DHT

DHT Holdings 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:

  • Adjusted EBITDA for the quarter of $61.3 million. Net income for the quarter of $12.0 million or $0.08 per basic share. Adjusted for a non-cash change in fair value related to interest rate derivatives of $6.2 million, the result would be $0.13 per basic share.
  • The Company’s VLCCs achieved time charter equivalent earnings of $34,900 per day in the fourth quarter of 2018 of which the Company’s VLCCs on time-charter earned $35,000 per day and the Company’s VLCCs operating in the spot market achieved $34,800 per day.
  • Thus far in the first quarter of 2019, 67% of the available VLCC spot days have been booked at an average rate of $37,200 per day.
  • For the fourth quarter of 2018, the Company will return $12.1 million to shareholders equal to 67% of net income adjusted for a non-cash change in fair value related to interest rate derivatives of $6.2 million. The return of capital is comprised of $5.0 million in the form of share buyback (1,228,440 shares at an average price of $4.07 per share) and $7.1 million in the form of a cash dividend. The cash dividend of $0.05 per share is payable on February 26, 2019 to shareholders of record as of February 19, 2019.
  • On October 8, 2018, the Company took delivery of DHT Mustang, the last of its two VLCC newbuildings from HHI. A total of $51.4 million of debt was drawn in connection with the delivery.
  • In October 2018, the Company agreed on main terms to sell DHT Cathy and DHT Sophie for $24.3 million enbloc. The vessels were delivered to the buyer in December 2018. We recorded an impairment of $3.5 million in the third quarter in connection with the sale. Outstanding debt of $8.7 million was repaid in December 2018.

 

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