DHT Holdings, Inc. reports fourth quarter 2012 results

DHT Holdings, Inc. reports fourth quarter 2012 results 
OSLO, NORWAY -- (Marketwire) -- 01/29/13 --  DHT Holdings, Inc.
(NYSE: DHT) ("DHT" or the "Company") today announced: 
Financial and operational highlights: 


 
USD mill. (except per share)
              |  Q4 2012|  Q3 2012|  Q2 2012|  Q1 2012|     2012|     2011|
--------------+---------+---------+---------+---------+---------+---------+
Net Revenue   |     16.9|     18.0|     23.7|     28.3|     86.4|    100.1|
              |         |         |         |         |         |         |
EBITDA*       |      9.8|      7.3|     11.0|     15.0|     43.1|     52.7|
              |         |         |         |         |         |         |
Adjusted Net  |      0.6|    (4.9)|      3.5|      6.9|      6.0|     14.8|
Income**      |         |         |         |         |         |         |
              |         |         |         |         |         |         |
Adjusted EPS**|     0.04|   (0.32)|     0.30|     1.29|     0.39|     2.83|
--------------+---------+---------+---------+---------+---------+---------+
Interest      |    212.7|    216.7|    219.8|    267.4|    212.7|    280.6|
bearing debt  |         |         |         |         |         |         |
              |         |         |         |         |         |         |
Cash          |     71.3|     72.2|     70.9|     29.6|     71.3|     42.6|
              |         |         |         |         |         |         |
Dividend***   |     0.02|     0.02|     0.24|     0.24|     0.52|     3.12|
--------------+---------+---------+---------+---------+---------+---------+
Fleet (dwt)   |2,086,315|2,086,315|2,384,602|2,574,304|2,086,315|2,574,304|
              |         |         |         |         |         |         |
Spot days**** |    46.3%|      41%|      27%|      17%|      31%|      13%|
              |         |         |         |         |         |         |
Unscheduled   |    0.06%|    0.32%|    0.05%|    0.30%|    0.19%|    0.27%|
 off hire**** |         |         |         |         |         |         |
              |         |         |         |         |         |         |
Scheduled off |        0|        0|    2.63%|    0.64%|    0.88%|    1.90%|
hire****      |         |         |         |         |         |         |
--------------+---------+---------+---------+---------+---------+---------+

 
*adjusted  for impairment  charges of  $56 million  in 2011, $92.5
million in Q3 2012 and $8.0 million in Q4 2012. 
**  adjusted for loss on sale of  vessels in Q1 and Q2 2012, non-cash
impairment
charge  in 2011,  Q3  2012 and Q4  2012 and non-cash  swap
related items. EPS is calculated  assuming  all  preferred  shares 
issued  on  May  3, 2012 have been
exchanged  for common stock and
applying  the 12:1 reverse stock split which was effective on July
17, 2012 retrospectively. 
***  per common share.  Historical dividend per  share adjusted for
12:1 reverse
split. 
**** as % of total operating days in period. 
Highlights of the quarter: 
* EBITDA  for the quarter  of $9.8 million  and net income  for the
quarter of     $1.7  million  ($0.11  per  share)  after  adjusting
for non-cash impairment 
charge  of $8  million.  Net  cash
provided  by operating activities for the     quarter was $3.4
million. 
* The  Company will  pay a  dividend of  $0.02 per  common share
and $0.28 per     preferred   share   for   the   quarter  payable  on
 February  19, 2013 for     shareholders  of  record  as  of 
February  11, 2013. When  determining the 
dividend  our Board has
taken into  account general business conditions, the     continued 
weak tanker market  as well as  the chapter 11 filing by Overseas 
Shipholding  Group, Inc. and certain of its affiliates (collectively,
"OSG") 
and subsequent rejection of the Company's two long term
bareboat charters. 
* As  a  result  of  OSG  filing  for  chapter 11, the Company's
two long-term 
bareboat  charters  for  its  two  Suezmax  vessels
have been rejected. The 
vessels  were redelivered to DHT  on
December 23, 2012 and January 15, 2013 
and  they are currently
trading  in the spot market.   DHT will have a claim 
against  the
 OSG  bankruptcy  estate  related  to  the  rejection  of these 
contracts,  which are guaranteed  by Overseas Shipholding  Group,
Inc.. The 
Company  has  not  reflected  such  claim  and the
potential recovery in the     financial statements as of December 31,
2012. 
* DHT  has entered into time  charter contracts for the  VLCCs DHT
Ann and DHT     Chris  and the  Aframax DHT  Cathy in  January 2013. 
The  time charters are     entered into with end-users, have
durations up to one year and have a mix of     fixed rates and market
related earnings.  The DHT Eagle is on a time charter 
until May
2013.  The remaining vessels are operating in the spot market. 
* Following  the  fleet  appraisal  for  the  fourth  quarter, DHT
repaid $4.0 
million  under  the  RBS  credit  facility  in
October.  Following the fleet 
appraisal  conducted  in  early 
January  2013, DHT  repaid  $9.0 million in     January.  The next
scheduled principal installment under the RBS facility is     in Q1
2016. 
* The   Company  is  in  compliance  with  its  loan  facilities 
and had  an     unencumbered  cash  balance  of  $71.3  million  (or 
$4.63 per share) as of     December 31, 2012. The Company has no
scheduled principal installments under 
its   three   credit  
facilities   in  2013 and  2014. Scheduled principal 
installments
 under the DVB and DNB  credit facilities total $4.9 million in    
2015. However,  further decline  in vessel  values may  result in
additional 
prepayments in order to remain in compliance with
minimum value covenants. 
* Due to the likelihood of a potential sale of one of its vessels,
the Company 
adjusted  the  carrying  value  of  its  fleet through
a non-cash impairment 
charge of $8.0 million. 
The full report can be found on the link below. 
EARNINGS CONFERENCE CALL INFORMATION 
DHT will host a conference call at 8:00 a.m. EST on Wednesday January
30, 2013,
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  1 718 354 1359 within  the 
United  States,  23500486 within Norway and +44 20 3364 5381 for 
international  callers.  The  passcode  is  "DHT".  A live
webcast 
of  the  conference  call  will  be available 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
6, 2013.  To  access the  replay, dial  1 347 366
9565 within the United States,
21000498 within  Norway or +44 20 3427
0598 for  international callers and enter
7934109# 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,
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. 
Forward Looking Statements 
This  press release contains  assumptions, expectations, projections,
intentions
and  beliefs about future  events, in particular 
regarding 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
March 19, 2012. 
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. 
DHT Q4 2012 financial report:
http://hugin.info/150897/R/1674010/545036.pdf 
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants
that: (i) the releases contained herein are protected by copyright and 
other applicable laws; and (ii) they are solely responsible for
the content, accuracy and      originality of the information
contained therein. 
Source: DHT Holdings, Inc. via Thomson Reuters ONE [HUG#1674010] 
CONTACT:
Eirik Uboe
CFO
Phone: +44 1534 639 759 and +47 412 92 712
E-mail: eu@dhtankers.com
 
 
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