DHT Holdings, Inc. (DHT) reported on January 23rd the fourth quarter 2011 financial results and declared quarterly dividend of $0.03/share.
- Steady operations with EBITDA of $13.1 million, net income of $4.2 million and EPS of $0.07. The company will pay a dividend of $0.03 per share for the quarter payable on February 15, 2012 for shareholders of record as of February 7, 2012.
- Cash at quarter-end was $42.6 million, after total debt repayments of $19.2 million during the quarter.
- The Company prepaid $18 million on its credit facility with Royal Bank of Scotland during the fourth quarter and will prepay an additional $12 million during the first quarter of 2012 to stay in compliance with the loan to value covenant. Following these prepayments, the next scheduled installment under this credit facility will be in the third quarter of 2014.
- Amendment to the time charter of DHT Eagle with Frontline, whereby monthly charter hire shall be $26,000 per day for the remaining period of the charter commencing January 1, 2012. The difference between the original charter hire and the amendment, being $6,500 per day, shall be paid in arrears with one lump sum payment in December 2012 and a second lump sum payment at the end of the charter period. Following the amendment, the nominal revenue and charter period remains unchanged.
- Three vessels will be redelivered from time charters. VLCC DHT Regal is expected redelivered from its charterer in March 2012 and will then enter the Tankers International Pool. The Aframaxes Overseas Ania and Overseas Rebecca are expected redelivered from their charterer in March with the company is considering various alternatives including disposal.
- The company’s contract cover for 2012 is 70% with contracted revenues alone exceeding budgeted cash cost, including debt installments, for the year.
Also, company declared a cash dividend of $0.03 per share for the fourth quarter payable on February 15, 2012 for shareholders of record as of February 7, 2012.
DHT shares finished trading session at $0.81 on 5.8fold 10day average volume.
Note: DHT Holdings received notice from the NYSE that the Company is no longer in compliance with the NYSE’s continued listing standards (DHT’s common stock was less than $1.00/share over a consecutive 30 trading-day period) and company has a six-month cure period following receipt of the NYSE notice to bring its share price and average share price above $1.00.
The Company has notified the NYSE that it intends to cure this non-compliance.
DHT Maritime, Inc. (formerly Double Hull Tankers, Inc.), (NYSE: DHT), commenced operations in October 2005. The Company acquired seven double hull crude oil tankers that originally were chartered to OSG for periods ranging from five to six and one-half years with options to extend the charters for an additional five to eight years depending on vessel. In December 2007 and January 2008, DHT took delivery of two Suezmax tankers that entered into seven and ten year charters to OSG.
In March, 2010, DHT Maritime, Inc. completed a series of transactions that resulted in DHT Holdings, Inc., a newly formed corporation organized in the Marshall Islands, becoming the publicly held parent company of DHT Maritime, Inc. As a result of the transactions, each shareholder of DHT Maritime, Inc. holds one share of DHT Holdings, Inc. common stock for each share of DHT Maritime, Inc. common stock held by such shareholder immediately prior to the series of transactions.
In September 2010, DHT changed senior management with the Norwegian shipping partners Svein Moxnes Harfjeld and Trygve P. Munthe joining the company. The company subsequently set out a strategic change from having been a leasing company to become an operational ship owning company. The strategic change included building an efficient and competent organization in DHT’s management company in Norway and set the company on a path for prudent growth.
In March 2011 DHT took delivery of the VLCC DHT Phoenix and in May 2011, the company took delivery of the VLCCs DHT Eagle and Venture Spirit.