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Look at the date the move began... and what you posted on that date.
I think that "news" wasn't all that much of a surprise to anyone here... but, it might have been something other than what some might have expected...
DHT looking great...EXM looking better...good luck, michael
DHT yeh looking pretty good lately
I have no idea why it's come back up do any of you guys?
>>>>DHT chart looks good to me, any yall adding to positions this week? <<<
Someone must be. It had quite the jump today.
Any news?
Toofuzzy
DHT nope havent added and not sure why the sudden move up but enjoying it. Looking for some guidance on the annual call to decide whether or not to buy more
DHT Holdings, Inc. - Overseas Shipholding Group, Inc. files motions to reject charters
~think this sounds awesome that there is not any more expected impairment charges. what do you guys think?
DHT Holdings, Inc. - Overseas Shipholding Group, Inc. files motions to reject charters
ST. HELIER, CHANNEL ISLANDS--(Marketwire - Dec 11, 2012) - DHT Holdings, Inc. - Overseas Shipholding Group, Inc. files motions to reject charters
DHT Holdings, Inc. (NYSE: DHT) ("DHT" or the "Company") announced that Overseas Shipholding Group, Inc. and certain of its subsidiaries (collectively, "OSG") filed rejection motions on December 6, 2012 with the U.S. Bankruptcy Court for the District of Delaware (the "Court"), which motions seek the Court's approval to reject the bareboat charters for the Overseas Newcastle and the Overseas London. Pursuant to these two bareboat charters, the Company had placed the two vessels on bareboat charters to OSG through December 2014 (Overseas Newcastle) and January 2018 (Overseas London). The Company currently expects that the two vessels will be redelivered to its subsidiaries in the coming weeks. As discussed in the Company's third quarter earnings release issued on October 23, 2012, the Company adjusted the carrying value of its fleet through an impairment charge. DHT does not expect any further impairment charge as a result of the redelivery of the two vessels.
The Company will continue to monitor the OSG bankruptcy proceedings.
The issues with osg and the markets in general are market conditions and this company still appears sound to me at least.
Simply said - well said. Thanks
you get 28 cents per preferred share in the divi
or 2 cents per common share in the divi
the preferred is convertible into 17 common shares
so either you can have 1 share getting 28 shares or 17 shares getting 2 cents
34 cents is better than 28 cents
you're divi is lower if you hold the preferred
The only apparent reason not to convert and hold the preferred's is in the event of bankruptcy. I think there is very little chance of that. The preferred's will automatically convert in June.
I take back my previous post.
I didn't think you can cut the dividend on preferred stock!
What the heck is the point of owning [referred stock if they can cut the dividend?
Sorry I got involved with this company.
Very
Toofuzzy
I don't ubderstand
1) Preferred is paid up before common in bankruptcy
2) Dividend is higher on preferred
3) Preferred is convertible in to common when you want.
How is the common better at the present time?
Very
Toofuzzy
The seeking alpha article makes it sound like the common are still better:
DHT Holdings: Afloat After Its Q3 Earnings Release, But For How Long?
It is also true now that each preferred share is at 28 cents or (div. $0.28/17= $0.016) vs. common share at $0.02 cents. I may have digressed from the earning statement, but it is important to note you are better off not continuing to hold the preferred shares as an average investor who bought the backstopped-equity offering.
I haven't gotten any info from TD Ameritrade either. No symbol no pricing.
I do knoe that the dividend was cut on the regular shares so it i now worth holding the P shares
toofuzzy
Exchanged mine long ago, and Schwab charged no fee
I put that question to my broker(online) and haven't gotten an answer yet. It's been a while and am considering changing brokers.
As anyone sold their P-shares yet. Are we allowed to trade them in yet.
I guess the question is...
What should you be thinking about ?
I don't see that there is a short path to gaining clarity on the OSG issues... and thinking about it more doesn't actually help to enable knowing that much more ? Looks like we'll not get much potential for that until February ?
Probably more useful to follow OSG in BK than to "think" more about what DHT's options are ?
I think you are correct that they'd previously moved to limit the risks in their OSG exposure... and it was that effort which likely resulted in the prior reductions in DHT revenues, prior to the filing... but, clearly they'd not had enough time or the benefit of luck in the direction in the markets, to have eliminated that risk... If the shipping markets had bottomed and turned as some expected they would over the last year, then OSG wouldn't be where they are now either... ?
OSG's filing says they have a need to eliminate over-payment on leases they're committed to... ? Much depends on how that issue will be addressed in BK... and on what will be required of OSG in addressing their contract obligations. For OSG, it isn't an issue that's defined by DHT's two boats... but by similar problems in deals that control the majority of the boats they have under contract.
It's "only" two boats for DHT... but, DHT isn't very big, and that is still a pretty big chuck of DHT...
That pretty much leaves it wholly up to the bankruptcy court how OSG and DHT will be settling the difference between the contracts and what the market will bear in the current environment... in the exposure that DHT still has...
Maybe DHT will do some deal with OSG... before the court does one for them ?
Maybe OSG and the boat owners they depend upon for having a business... will find it useful to consider finding a new balance that includes payments made in equity and not just $$$ for leases they've signed ?
I don't and can't know how OSG is going to address their issues in BK... so, for now, I'll wait and see how it shakes out.
The requirement for patience here isn't new...
Bigger picture stuff still matters... as much or more...
Timing still the key factor...
Are we going to be seeing a bottom and a reversal occurring in global trade ? Are we going to be seeing the surplus in hulls being resolved ? How and when ?
Right now, it looks like China is bottoming, and will be picking up... IF things go as they're planning... but, China isn't planning on helping "the global economy" rather than "China's economy"... and that is only more true in shipping... where China will be building new boats while allowing others to rust...
Europe is hopeless as a source of potential economic growth. Not only does Europe "not work"... it's also not looking like it is possible to "fix it"... all of which has been obvious for years, and all of which still doesn't mean that known and purposefully adopted dysfunction is easily worked around.
The U.S. should be growing, again, but have opted instead to accelerate adoption of policies that prevent economic growth from occurring... (and, that's not mostly about tax issues in isolation, but mostly about adopting Euromalaise more generally as a purposeful policy choice... while ignoring that capital doesn't have to stand still and accept being taxed. ) Those who can are switching from using imported (or domestic) oil to domestic gas as a fuel source... because its plentiful and cheap. That long term trend has been slower to develop than is reasonable, and it is unlikely to change.
Seems everyone is rethinking the "benefits" of global trade...
And, every instance of existing conflict continues to grow...
LNG carriers are making money and seeing decades of smooth sailing ahead... but pretty much everyone else has nothing to cheer.
So, I'll wait and see what things look like here in February ?
Downside up,
We were talking about the osg contracts that dht has with them. Is it two contracts total only now? I was looking at their 2011 annual report and it specifically disclosed in the risk factors section their major exposure to osg if they can't get paid on those contracts. However, I believe some of those contracts have expired in 2012 and also, I think OSG may have some cash to go around despite that they are now bankrupt, but that would mean DHT would have to get in line with all the other people looking to get their money...
Given the osg downfall, while I was originally thinking this might cause some shakeout and hopefully a bottom and resolution for DHT, I'm now wondering if they might fall into e whirlpool if they can't get paid on those contracts and can't find ways to put those boats to work if OSG quits operating.
Spot rates look to be up ticking. I was hoping that would bode well for DHT since lately they've had a lot of spot jobs, but this could trump the up tick.
Would love to hear your thoughts,
Sean
UPDATE 2-Weak rates, high costs tip Overseas Shipholding into bankruptcy
UPDATE 2-Weak rates, high costs tip Overseas Shipholding into bankruptcy
By Swetha Gopinath
Nov 14 (Reuters) - Debt-laden Overseas Shipholding Group Inc (OSG), the world's No. 2 independent tanker operator by fleet size, filed for Chapter 11 bankruptcy protection on Wednesday after talks with lenders over a $1.5 billion facility foundered.
Weak rates and high bunker fuel costs have forced many shipping companies to restructure, including Norway-listed Frontline, Italy's Deiulemar Shipping, Indonesia's Berlian Laju Tanker and Sanko Steamship in Japan.
Overseas Shipholding said it had more-than-adequate cash to continue operating as usual and did not require debtor-in-possession financing.
But Wells Fargo Securities shipping analyst Michael Webber said above-market charter-in rates, including those from Capital Product Partners LP, could be at risk.
About 35 percent of Overseas Shipholding's fleet is chartered-in, or leased, from companies including Oslo-based American Shipping Company ASA, Wilbur Ross-backed Diamond S Shipping and DHT Holdings Inc.
These companies have already written down the value of their contracts with the company, or have begun to look for new customers for their vessels. ID:nL3E8LT8M5]
The $4.15 billion in assets listed by Overseas Shipholding makes it the third-biggest U.S. bankruptcy this year, behind Residential Capital LLC, with assets of $15.68 billion, and Eastman Kodak Co, with $6.24 billion, according to Bankruptcydata.com.
ALL AT SEA
Overseas Shipholding warned last month that it may seek bankruptcy protection as well as re-state results for at least three years after it uncovered a tax issue.
The tanker operator has been struggling to plug a funding gap of $300 million ahead of the maturity of a $1.5 billion revolving loan next February and had arranged a replacement facility of $900 million.
Overseas Shipholding, whose market value had dwindled to $34.93 million as of Tuesday, had cash and equivalents of $226.6 million as of June 30, according to Thomson Reuters data.
On Wednesday, the company listed total assets of $4.15 billion and liabilities of $2.67 billion as of June 30.
Overseas Shipholding had said in August that it was in talks with its main banks, including DnB NOR Bank, Swedbank AB, Citibank NA, HSBC Bank Plc and Credit Agricole Corporate and Investment Bank .
The company, which operates about 112 vessels, has reported a loss for 13 straight quarters.
It has said the tax issue arises from the fact that while it is domiciled in the United States, it has substantial international operations. Allen Andreas, a director and member of the audit committee, resigned in September over the issue.
The magnitude of the company's potential tax liability will clearly shape the duration and nature of its restructuring, said a shipping industry analyst who did not wished to be named.
The case is In re: Overseas Shipholding Group Inc, U.S. Bankruptcy Court, District of Delaware, No:12-20000
OSG files bankruptcy
Got to find out what this is gonna do for the DHT contracts...
Overseas Shipholding Group files for bankruptcy
Nov 14 (Reuters) - Debt-laden Overseas Shipholding Group Inc , the world's No. 2 independent tanker operator by fleet size, filed for Chapter 11 bankruptcy protection on Wednesday.
The company, which has been struggling to plug a $300 million shortfall in its $1.5 billion fully drawn revolving credit facility, warned last month that it may have to seek bankruptcy protection.
It had also said at that time that it may have to re-state results for at least three years due to a tax issue.
once the OSG dust settles there will be more clarity
IMO, I wouldn't hold much hope for this one for quite awhile.
probably now the time to load up on shares. i don't really want to extend myself any more on it at the moment even though i feel like while it's low and quiet and nobody talking about it...this is probably the time. who knows really. they are getting to be like a $35mm company if they get too small nobody will care about the stock any more and they will just dilute it to raise new capital / whatever. Good bet that that doesn't happen though...
agreed generally.
however i trade options and i can tell you from experience there is not a good and fast hedge for anything like DHT, the shippers as a basket, anything like that. Look at the board, the open interest is very minor and probably in the hands of a few small chicago MMs and not much else. I dont think there is much of an OTC market for stocks like OSG, DHT, or the dry shipping index. I know DRYS didn't even have much of an options flow in its heyday in 2008.
I think it's just 1% or less of their portfolio. So it's a matter of bps.
With DHT in particular...
It's worth noting that after recent events, the outstanding isn't all that large...
That won't necessarily control valuation or price, or alter the direction of the trade in an ugly market... but, it matters.
Always necessary for investors, not so much with traders, to know who the management and other investors are, what their interest is, whether they're "steady hands" who will behave like investors over the long term, and continue to support the company over time, or if they'll be acting more like pinkie traders, or, some of each, and in what proportion... with what issues in timing acting as their drivers.
Synching your buying and selling decisions to the chart... in the short term... is about buying and selling. The chart isn't a reason to alter the primary focus in your approach to considering an investment... unless the fundamentals have changed, dramatically, in ways that were not expected.
You see that reflected in investors, versus traders, synching buying and selling decisions to other factors... to insiders buying and selling, or to changing analysis of the big picture in metrics in the company's markets, performance, or something else other than metrics in the stock chart.
Having that focus makes it easier to either ignore other investors behavior, or to expect it and tend to do seek a benefit from doing the opposite of what the emotion of the moment appears to require.
Holding period has to be part of that consideration, too, with risk over time a factor... in addressing your own expectations for the investment, and those in what you expect others will do...
Investors in DHT will be more focused on the value resulting from the company succeeding in surviving, on the benefits surviving enables acquiring at the market bottom, and the rewards that accrue only after the market turns around and reaches the opposite extreme as that in pessimism as you see at market bottoms. "Buy low sell high" depends on the FOCUS, and the timing issues... in holding period... tied to the method you're using.
Chart traders might try to buy the lower bolly and sell the upper... buy the bottom in the pinch and sell the reversal in the inverse pinch, or whatever.
Investors will try to buy at or near the bottom in the MARKET as seen in fundamental terms... buying based on big picture Grahm and Dodd or Peter Lynch type fundamentals, and sell based on seeing their expected milestones being met... or when the reasons for holding the investment fundamentally change.
And, some will try to do a bit of both... trading as well as they can only in things they truly want to own... while working at "buying low" as well as they can... or using trading to grow a holding, over time... expecting growing a holding by trading the right things well will pair trading and investing in optimal fashion.
That's probably what everyone wants to do...
But, it's hard... and different people have different constraints...
Warren Buffett... will tend to not "trade his way into a growing position" in a small company.... simply because... he's way too big to do it. On his first installment... he'd own the whole company...
None of that really helps prevent you from recriminations and kicking yourself for buying too much too soon... when the market either "turns against your trade" or "presents you with a better opportunity"... depending on how you look at it.
I think the "big boys" tend not to be hurt much by those sorts of shifts in the markets, in NYSE issues, at least, as much as the little guys might be... as the big guys will tend to be well insulated with insurance bought to hedge against the risks... also making their timing in taking a position less critical.
If your not trading options against the holding to hedge the risks... you're left either with being way more nimble in trading, or using "being right" paired with a lot of patience, and a bit of dollar cost averaging applied in timing your taking of increments in positions, to provide some bit of downside protection.
Seeking Alpha: DHT Holdings: Afloat After Its Q3 Earnings Release, But For How Long?
Underlined and italicized by me
DHT Holdings: Afloat After Its Q3 Earnings Release, But For How Long?
DHT Holdings, Inc. (DHT) just released its third quarter earnings, with EBITDA for the quarter at $7.3 million and net loss for the quarter at $4.2 million ($0.27 per share) after adjusting for a non-cash impairment charge of $92.5 million. The company will pay a dividend of $0.02 per common share and $0.28 per preferred share. Rather disappointing, but und erstandable considering the current market conditions.
The first portion of this article is related to DHT's third quarter earnings release, while the end portion constitutes my takeaway from the third quarter earnings call. Further down in the article, you can find a discussion on impairment charges. Click here for the full results.
Earnings per share was calculated assuming that all preferred shares issued 3 May 2012 have been exchanged for common stock - which has not happened because the mandatory conversion to common shares is not required until June 2013. Each shareholder was to receive 17 shares for each preferred share. Under the second quarter preferred dividend (div. $3.40/17=$0.20) to common stock (div. $0.24)) you would have come out ahead by converting.
It is also true now that each preferred share is at 28 cents or (div. $0.28/17= $0.016) vs. common share at $0.02 cents. I may have digressed from the earning statement, but it is important to note you are better off not continuing to hold the preferred shares as an average investor who bought the backstopped-equity offering.
The decline in revenues in 2012 is attributed due to two vessels being sold during the second quarter and increased spot exposure as vessels have come off charters. One vessel was redelivered from Overseas Shipholding Group, Inc. (OSG) during the quarter and two more vessels are expected to be redelivered during the next six months.
The remaining charters to OSG will be determined in the future based on current events. However, two Suezmax vessels are on long-term bareboat charters to OSG until December 2014 and January 2018, respectively. It will be interesting to see what happens with OSG and these Charters.As of September, five of the companies' nine vessels, where on charter and the long-term boat charters are to OSG, which is a key part of DHT's revenues.
Concerning vessels on charter from OSG and Frontline, DHT Holdings reported in its earnings statement that the charter hires is paid monthly in advance. There was an amendment to the original charter hire to be paid in arrears. This resulted in an accounts receivable from Frontline in the amount of $1.7 million still due as of 30 September 2012. The overall increase in accounts receivable is credited with more vessels being in the spot-market. Therefore, this assumes that OSG does not have any outstanding debts owed to DHT. However, the future of the charters OSG holds is still in question.
DHT is in compliance with its loans and says it has a balance of $72.2 million as of September 30, 2012. It has no scheduled principal installments under its three credit facilities in 2013 and 2014. Currently, it has scheduled principal installments totaling $12.0 million in 2015. However, a further decline in vessel values may result in additional prepayments in order to remain in compliance with minimum value covenants.With a weak tanker market, this will probably come to fruition.
Following fleet appraisal for the third quarter, DHT repaid $3.1 million under the RBS credit facility. Following the fleet appraisal for the fourth quarter conducted in early October, DHT repaid $4.0 million. The next scheduled principal installment under the RBS facility is in Q4 2015.
DHT Holdings has changed the way it depreciates its vessels from 25 years to 20 years. I am not an accountant, but I would assume this gets it a much larger depreciation rate, and thus a tax advantage to offset losses. DHT's depreciation and the estimated future earning are used to assess the "value in use" of its fleet. This is a way of assessing future earning to see if it needs to adjust on the carrying or current value of the vessels against what may really be the fair market value, since the tanker industry is so cyclical and subject to market conditions.
At times, DHT takes charges against the above adjustment - called "impairment charge" - which it took this quarter for $92.5 million. You can look at the third quarter earnings release notes page for more detail on how they figure this. Again, the recent announcement by OSG regarding its solvency, and the continued weak tanker markets, led the company to adjust the carrying value of its fleet through the non-cash impairment charge.
While DHT has $72 million on its books and no scheduled principle installments until 2015, it has had to continue prepayments as it experiences a decline in vessel values. DHT even stated it expects to have to continue to make these payments. I personally do not consider $72.2 million as a lot of "unencumbered cash", especially with the outlook for future earnings.
During its earning call, DHT went over the earning release with no additional statements. It then took questions from the callers. My most significant takeaway is that OSG is current on all charter payments and DHT has not discussed any new terms with OSG with regards to its future contracts. While the dividend cut was larger than expected, it was done in order to preserve capital and allow for future growth. I do not see any larger dividends in the future until the market conditions change.
No target dates have been set for expansion, but DHT wants to keep its options open and look towards a more modern vessel to acquire. DHT admits it does not have much clarity on future cash flows and nothing will happen with the current capital until the OSG issues are resolved. DHT feels it has enough cushion in its cash on hand if the contract on New Capital and London vessels with OSG ends due to Chapter 11 filings.
DHT went from 25 years for depreciation of its vessels to 20 years as an accounting measure and economical life expectancy of its vessels in the current market as stated in the earning release. If the markets recover and the vessels remain significant to the fleet, DHT may return to the 25-year depreciation accounting measures. The tanker market has not seen much scrapping of vessels, which translates to an excess amount of tankers on the current market. DHT does not expect an early rebound this year and expects a continued tough market and cyclical summer drops to impact conditions as well as economic issues in China.
There were not a lot of calls during the earning conference and DHT did not go into specifics; it has not been in negotiations with OSG and stated it has not discussed any current contracts for revision with OSG. I believe DHT is waiting to see what is going to happen before it can react both in terms of fiscal measures and in terms of arrangements with its vessels.
An audio replay of the conference call will be available through October 31, 2012 (to access the replay, dial 1 347 366 9565 within the United States or +44 203 427 0598 for international callers and enter 8144064# as the passcode). You may also access the call from the DHT Holdings website here.
Currently, I am still holding onto my shares of DHT, but I would not recommend purchasing shares at this time. If you are holding for the dividend yield then you must figure DHT will keep its payout ratio low until conditions change. Currently, if you had a quarterly dividend of $0.02 then the yield for the year would be (div $0.02 x 4 quarters /price) or 1.6%. A big difference for the risk involved compared with the dividend prior to this quarter. The OSG issue needs to be resolved and the market conditions must change for the tanker industry. Investors need to do their own homework and determine if it is best to continue to hold, sell or even take the risk and buy.
excellently insightful thx
i totally agree
lot of volume past two days and the stock doji's today. with a low volume POS like this that can be a grain of salt technically. but it's something.
it's unpopular now and the whole sector is. probably the very best time to pick up shares though as i'm sure shipping isn't going away as an industry, and like you point out DHT will survive until it comes around if they keep enough cash on hand, which they're doing so far.
makes it hard to trade if you're not inclined to commit capital for ??? amount of time. not so hard if you just buy and dont look. wait 2 years small chance it's gone better chance it's trading back over $12.
i will play it that way i think. and keep the chat going with you on this board! very insightful
How do you play it ?
Well, not differently than anything else...
Fundamental analysis is useful in determining relative value and long range timing in trends... not at all useful in determining specific prices at which the market is likely to trade, in the short term to mid term, given the market events that impact traders emotions.
Technical analysis, not at all useful in determining fundamental or relative value... but, when you're buying and selling, it's the price function that matters, not the value of the thing you're buying and selling...
So, use fundamental analysis to find things that are or will be worth owning... for the long term... but use technical analysis to focus on buying and selling decisions.
Shipping stocks are volatile. They're not immune to the directional signals in larger markets... but, amplify them... even when there aren't issue specific concerns...
I think DHT is well positioned to be a survivor...
I don't think that can or should insulate them from the larger trends in the market or short term price impacts when things aren't working out as they'd hoped they might.
I'll be looking to buy DHT at the lows... using charts to try to figure out when to buy it...
For now, I see DHT forming a pinch on the daily chart... and that's probably what I'll look at most, for now...
And, as far as watching pinches on charts go, it's still pretty early in the formation stages... so, I'll be patient, for now.
Not really.
The OSG issue is a muddle and will remain that for a while.
The primary new impact is the imposition of expanded uncertainty.
DHT already running 41% day rates... and they're still operating profitably, on an operating basis, even if at a low level, with that ? Not sure what sort of impact should be expected, from changes made in contracts that you don't know much about ?
No way to know yet what impact OSG's travail will have on DHT's bottom line... relative to what they'd have experienced with a more natural progression in attrition in the contracts they're holding. It's a bit of a timing wrinkle being imposed by the changes at OSG... but, it's still a bigger issue that the market sucks than it is that having the market sucking is being destructive of OSG... and of DHT's stability in the result.
OSG is the channel through which that problem in the market is being made to have impact on DHT... but, it's the problem in the market that's the bigger issue, not the specific mode by which the problem is being transmitted to DHT and expressed...
FWIW, I think the board did the right thing by throttling back on the divvie, now, given the outlook has become increasingly uncertain, at a time when many had expected we'd be seeing improvement in the market. It's a good thing they've enabled themselves in having the degree of flexibility they do have, and its not a good thing that they're being forced to exercise it.
They're still better off, and well ahead of competitors, IMO, in having positioned DHT to be a survivor... but, the potential future benefits of being a survivor are being pushed out on the calendar, along with everything else...
In relation to the impact on trading, I don't think the market tends to value "survivability" or relative position versus competitors all that much... mostly because its difficult to measure... so, perhaps more price impact in trading should be expected to result from the change in dividend policy than from the changes in anything else... given the percentage in that number is a fairly reliable bit of market data contained in a single number, that does seem to have weight... independent of the "survivability" issues or relative position in the market.
you forsee potential losses in next 2-3 quarters from the boats coming back from OSG???
how do you play it? I'm long. Guess I'm just gonna hold and wait a while. Part of me says to pick up shares once a month or so and just quietly accumulate for a 1-3 year play but idk, who knows where the bottom is, the stock is RS'd already and management, while they are good, doesn't own any stock so what do they care.
They'd previously sold two boats...
They sold those they'd determined had the least potential future market value, I assume... and, they did that during a bit of a reprieve in the market that some had thought might be a bottom, so, that was well timed. They could probably buy similar hulls now for a lot less than they sold those hulls for not that long ago... but, there'd not really be a point in that yet, if you didn't have them leased before buying them... or can't be sure "the bottom" in the market has been put in, with a near term bounce in the offing...
I noted they did lease in one boat which they've managed to keep busy enough to make that decision pay...
They explained the reduced revenue as tied to having fewer hulls, in part, and to having 41% on day rates vs long term contract.
I don't see anything saying they've sold more hulls since then, and don't expect to see that. They've just taken an almost 50% write down on the fleet, now, to adjust carrying cost to the market value. That's a "paper" reduction in value that causes the big loss in the current Q... but, how real it is will remain uncertain as long as the market malaise continues... or until they do dispose of boats at prices below what they owe on them.
It's a pretty typical management trick to use the occasion of having to report bad news to dispose of all the bad news that you can, as long as you're having to make the noise anyway...
The worst of it for DHT is that leaves them saying the entire fleet is worth maybe another $50 million, while they still owe $200 million... and have $70 million in cash...
So, the timing issues are key, still... with a bottom in the market clearly not in yet...
That's a bit of ugliness in tankers that's a necessary part of sharing in the upside, too... as, when the market does change, there can be upside in asset values that is as dramatic as the downside that we're seeing have impact now... only, that probably wouldn't happen that quickly after taking these big write-downs...
At the bottom of the market, if it's like prior market bottoms in shipping, you'll see people giving boats away, if they can... and you'll see the traffic in boats moving to the scrap yards busier than the traffic in boats that are carrying anything... Well, ok, that's a bit of an exaggeration, but, not too much of one...
And, when you see that situation, and then there is evidence of a turnaround coming in the economy ? You can buy boats basically for free... and then turn them into future revenue generators that will be making money at a pace like DHT's boats were just a year or two ago ?
Shipping is volatile... and being highly leveraged makes the shippers far more volatile than shipping is.
That has always made it a double edge sword.
Currently, that sword is swinging in the direction it is with enough inertia that it's going to cut a lot of shipping companies low. And, that makes it well worth the effort in following shipping closely, through the ongoing global recession, while trying to pick out the likely survivors from among the crowd of the damned and the doomed... looking to be well positioned when the inertia is spent, and cost of swinging that blade starts swinging back the other way... cutting into the customers instead of the carriers.
And, when that happens... that's why shipping has made a lot of fortunes...
I like DHT because they are well managed, and that means they've appeared more well situated than most are to be able to survive the shakeout...
A part of that was their "luck of the draw" in "timing"... that had them contracted at good prices through what looked to be the worst of the market...
Now, of course, those contracts aren't looking like they'll perhaps not be carrying DHT through the worst the way they looked like they might...
And, realizing that risk makes cutting the divvie make perfect sense...
DHT still making money, now, minus the extraordinary event in the write down...
However, it is still too soon to say what will shake out in relation to the OSG obligations...
Maybe DHT can buy back their contracts on those leases, and bring the contracts, the boats, and the customers using them now back to DHT along with the boats ? Maybe even do a deal like that without using cash to get it done ?
Otherwise, can they use the cash, and time the markets, to have the cash in hand provide enough of a return, in the time available, that it can fund future obligations on the debt... as well as the divvie obligations ?
That's why I think you need to see smart management take smart risks... when primary markets aren't delivering the opportunities you'd hoped for in the time you expected they might...
CC was before the opening of the market, they'll probably publish a transcript in a few days, no this is going to be in purgatory at least untill Q4 comes out
must have been bad? the stock looked fine and was trading fine but then got hammered just down...ANNOYING
well that move is more like what i expected after reading the earnings last night.
frustrating...I just bought it for 5.70 last week and it's already a dollar lower.
really good insight
thanks for that.
i thought the increase in eyes on brent crude over WTI would help the tanker market over there, but you seem to think it's a non issue and i'm starting to think you're right.
nice to know they have cash on hand. that one line "When determining the dividend our Board has taken into account general business conditions, the continued weak tanker market and the recent 8-K filing by OSG." makes it sound to me like they're being as conservative as possible, holding cash on hand for the moment to maintain liquidity, and i'll accept that as a decent answer. but still doesn't make it an exciting prospect to be a holder for the next 6 or so months.
Re your #msg-80827287 I think that's exactly it: they want to sit on this cash for liquidity concerns. It's a perfect understandable concern and I am not worried that they will find a way to earn some interest on that pile of cash. I am more interested in them making money by getting some market share in the tanker market and waiting for the (in my eyes) long term inevitable turnaround.
Like you said though a lot of it will depend on the OSG shakeout. Good news is doesn't seem at all like DHT will go by the wayside with. From the little I've read on OSG, they have massive debts, which is precisely what DHT has stayed majorly out of as you point out.
-they did not sell any boats as i understand it, do you agree? they just wrote down the value based on OSG and others valuations. I can live with that. You agree?
-Could you elaborate more on managements indifference?
I think that there is something totally wrong with the divy amounts as published. The company has previously communicated that it will pay $.02 per common based on the previous (pre-RS) sharecount and pay this through 2012 or $.24 post RS as they did last quarter. There was also clear language in the offering that the preferreds would receive a discounted divy.
I understand...I am just praying for a cup and handle situation to get the stock price back to a few years ago...high stock price with high divy...I can see holding for a long time then...Lord please
I don't know that they'd do much good for us by trying to convert DHT into a REIT... but, I do generally agree with the concept... that being smart and aggressive in how they manage the pile of cash over the next two or three years, could have it pay off very handsomely for DHT investors.
Some will find it counter-intuitive to think that you should or could balance the risks you have to face in your primary market better by taking MORE risk elsewhere, rather than less.
I think there needs to be tight control on risk in terms of TIME... as you can't tie up $ you know you'll need on a certain date in things that might prevent you from having it then... but, that still leaves a lot of potential for smart money management to do a whole lot more that's useful than to sit on a pile of cash waiting for inflation to reduce its future value faster than interest paid grows it.
Hopefully, they'll manage to avoid the growing risks in the bond bubble, and in the financial system, generally tied to that... or investing in wildcat oil wells... along with big management fees, or rogue trader issues, MF GLobal type risks, etc.
But, if all they did was earn 2% on $70 million... with only 8 million shares out, that's $0.175 a share per year ? LOL!!! To fund the $0.02 per Q divvie they need only half that ?
I don't know what skills they have, or what risks they're likely to take...
At some point, there may be trading opportunities in boats based on buying them for less than they cost, and selling them for what they're worth in a rising market... rather than selling the ones you have for less than you paid for them... and less than you owe on them... in a declining market.
If they make bad choices or have bad timing... traders and investors lose money, whatever they're trading or investing in.
And, if they're smart about what they pick and time it well, they can make something more than 2% per year...
Thanks Downside for the reply... I guess I am just venting. Just very frustrating. I am hoping that I don't lose my entire investment!!! BTW... People in Cali are buying homes for cash and rents are going up. Hopefully DHT management is reading this....maybe they can buy some houses....
"they should be leasing new tankers to increase revenue"...
Just like you should be leasing up all those vacant houses in your neighborhood... to rent them out to others and get all that fat rental income ?
But... they're vacant... because there are no tenants now ?
I think DHT management have the right focus...
Since Q1 they've paid down debt by $50 million, and increased cash on hand by $42 million ?
That's no mean feat...
I still don't think that will likely to insulate DHT from what's likely in the market, tomorrow... if the market decides that DHT should trade like OSG has been...
So, I guess we'll see...
I expect there will be a bottom in the market, at some point, that would make it make sense to buy boats (and houses) for cash... in order to generate revenue from renting them out to others...
I don't think we're there yet... and, we won't be until there's a larger (and growing) demand for the use than there is surplus left in (the shrinking) supply.
It might be possible, soon, to make some better predictions about when we might see that bottom occur in shipping...
Thump, thump and thump... adjusted divvie, adjusted value, and adjusted revenue....
* The Company will pay a dividend of $0.02 per common share and $0.28 per preferred share for the quarter payable on November 12, 2012 for shareholders of record as of November 6, 2012. When determining the dividend our Board has taken into account general business conditions, the continued weak tanker market and the recent 8-K filing by OSG.
* Following the recent announcement by OSG regarding its solvency and due to the continued weak tanker markets, the Company adjusted the carrying value of its fleet through a non-cash impairment charge of $92.5 million.
* The decline in revenues during 2012 is primarily due two vessels being sold during the second quarter and increased spot exposure as vessels have come off charters.
A couple things there worth noting, still...
An slight advantage accruing to preferred shares versus common in the divvie... but, a $0.02 payout still not going to provide much of a reason or incentive to hold commons.
News re OSG ? Those are the sorts of shifts in the tanker markets that are what you should expect to see occurring as a result of the ongoing market issues. I pointed out a long time ago that we weren't at the bottom of the market, yet, but that DHT appeared to be well managed and better positioned than others to survive past and thrive after the bottom. That was almost a year ago...
And, there have been some changes occurring, in that time...
Not as good for DHT to have it be DHT's parent feeling the pinch, as it would be if it were everyone else but ? Things probably won't begin to improve much in day rates until we see hulls being retired at an accelerated pace, which will be required to eliminate the surplus in hulls. You won't tend to see hulls being retired as fast as they should be while all the company's are still holding on by their fingernails. When you see lots more of their fingernails failing, or see them just letting go and dropping off the cliff... that's good... if you're well positioned to be one of the survivors.
The market issues still aren't going to shake out, soon...
The reasons are... the U.S. continues to expand domestic oil production at a pace faster than demand growth. In the economic climate we have, that guts global demand for hulls. China's demand is growing, but, China isn't a free market player, rather than a mercantilist... so, they're planning on building new hulls to meet their own future needs, rather than planning on using existing hulls owned by others.
That might not work, still, if the oil suppliers take an interest in the purposeful imposition of that shift occurring in the maritime distribution network... and decide they should have more of a say in whose hulls are going to be used when they sell product, as you'd expect would occur when "the rules" are being changed from a more free market scheme to more of a mercantilist scheme. Owning a boat doesn't give you control over the access to supply... having control over the supply... does mean you can control which boats get loaded.
Otherwise, until there's a convincing change in market tone in Europe and the U.S., with that still somewhat more dependent on the U.S. experiencing demand growth that exceeds the accelerating pace of growth in domestic supply, the economic malaise that continues will continue to mean there is a large surplus of hulls.
Nigeria is a good example. Their exports to the U.S. have been halved as demand for foreign oil is supplanted by growth in domestic supply... and, shipping that oil to Europe, instead, isn't as tanker intensive...
I'm still not optimistic that the economy will be improving that much anytime soon. I think the economy in the U.S. is doing less well than the official numbers being reported suggest... and without a shift in policy, things are likely to continue to get worse rather than better... and perhaps dramatically so.
The team in charge doesn't recognize the problem, and doesn't want to, so they're not going to be fixing it...
For DHT, in the short term, it will be interesting to see if they're nibble enough to dodge the full brunt of the impact on them that would be a proportional share of that OSG will be feeling...
I can't answer that, right now, not knowing how the leased hulls are being used, who the end customers are, and how having OSG in BK might alter OSG's contract relationships, both with those customers, and with DHT as a supplier...
If OSG isn't going to be filing before February ? That's a long time to twist in the wind...
DHT doesn't have payments due until 2015 ? They've got more cash in hand now than will be required then by a factor of 4...
Given the ugly market in used boats, they've just taken a massive write-off in the value of the existing fleet... generating the big paper loss, even though things still looked OK on an operating basis. OK, is relative, still, with Q3 EBITA half what it was in Q1... but, they'd be making a bit of money, still, even with the larger participation in the spot market...
A lot will probably depend on what Q4 looks like... and, then, on how the "shake out" proceeds to reduce hull count in 2013... and how long that process takes will have far more impact on DHT than will changes in the rest of the economy. Oil demand doesn't change by that much, over time... so, it is more the supply and demand for hulls than the supply and demand for oil that matter.
These results are more than disappointing...management floats an inside offering to get cash, then after it closes, announces a 12:1 reverse split, now they lower the dividend to $.02. This is shameful. What did they do with all the cash other than pay future debt...they should be leasing new tankers to increase revenue...I am pissed to say the least...thoughts???
what you think Uranium? #msg-80820529 #msg-80820664
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DHT Holdings, Inc.
http://www.dhtholdings.com/
COMPANY OVERVIEW
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.
MANAGEMENT
vein Moxnes Harfjeld Chief Executive Officer | |
Mr. Harfjeld joined DHT as Chief Executive Officer on September 1, 2010. Mr. Harfjeld has over 20 years of experience in the shipping industry. He was most recently with the BW Group, where he held senior management positions including Group Executive Director, CEO of BW Offshore, Director of Bergesen dy and Director of World-Wide Shipping. Previously he held senior positions at Andhika Maritime, Coeclerici and Mitsui O.S.K. Mr. Harfjeld is a citizen of Norway. |
Trygve P. Munthe President | |
Mr. Munthe joined DHT as President on September 1, 2010. Mr. Munthe has over 20 years of experience in the shipping industry. He most recently served as Director with the Norwegian shipowner Arne Blystad. He was previously CEO of Western Bulk, President of Skaugen Petrotrans and CFO of I.M. Skaugen. Mr. Munthe is a citizen of Norway. |
Eirik Ubøe Chief Financial Officer | |
Mr. Uboe joined DHT in 2005 as Chief Financial Officer. Mr. Ubøe has been involved in international accounting and finance for more than 20 years including as finance director of the Schibsted Group and a vice president in the corporate finance and ship finance departments of various predecessors to JPMorgan Chase. Mr. Ubøe holds an MBA from the University of Michigan's Ross School of Business and a Bachelor in Business Administration from the University of Oregon. Mr. Ubøe is a citizen of Norway. |
BOARD OF DIRECTORS
Erik A. Lind Class II Director and Chairman | |
Mr. Erik A. Lind has been Chief Executive of Tufton Oceanic and Managing Director of Tufton Oceanic Ltd. since 2004. Tufton Oceanic is a Fund Management firm for the Maritime, Energy related and the wider global transportation and infrastructure sectors. Mr. Lind has more than 30 years experience in corporate banking, global shipping and specialized and structured asset financing. From 1995 to 2001, Mr. Lind served as Executive Vice President and a member of the Executive Management Committee at IM Skaugen ASA, a Norwegian public shipping and logistics company engaged in the transportation of petrochemical gases, LPG and organic chemicals as well as crude oil lightering. Mr. Lind has also held senior and executive positions with Manufacturers Hanover Trust Company, Oslobanken and GATX Capital. He has been actively involved in corporate recapitalization, financial restructurings, investments, acquisitions and joint venture investments. In addition to his board of directors positions within the Tufton Oceanic group of companies, Mr. Lind currently serves on the advisory board of A.M. Nomikos, a Greek ship-owning company, and on the boards of directors of Alislami Oceanic Shipping Company I and II, investment companies based in the Jebel Ali Free Zone and Cayman Islands, respectively, KFH Oceanic Portfolio Company, a ship investment company based in the Cayman Islands, Frilin AS, a Norwegian private investment company, and Christiania Capital Partners, a private financial advisory and consulting firm based in Norway. Mr. Lind is a resident of the United Kingdom and a citizen of Norway. |
Robert N. Cowen Class I Director | |
Mr. Robert N. Cowen has over 25 years of senior level executive experience in the shipping industry. Since February of 2010, he has served as a Managing Director of Lincoln Vale LLC, an alternative investment management firm with a focus on investing in dry bulk shipping. He is also active as a consultant to investors in tankers and dry bulk shipping. From February 2007 to December 2007 he served as Chief Executive Officer of OceanFreight, Inc., a dry bulk shipping start-up company that went public in April of that year. From October 2005 to December 2006, Mr. Cowen was a partner in the New York office of the Washington, D.C.-based Venable LLP law firm where he focused on maritime related legal issues. Prior to that, Mr. Cowen worked for 25 years at Overseas Shipholding Group, Inc. where he served as Chief Operating Officer from 1999 until 2005, and as a Director (from 1989 to 2005) and Senior Vice President (from 1993 until 2005). Mr. Cowen holds an A.B. degree from Cornell University and a J.D. degree from the Cornell Law School.
|
Einar Michael Steimler Class I Director | |
Mr. Einar Michael Steimler serves as chairman of Tanker (UK) Agencies, the commercial agent to Tankers International, managers of the world's largest VLCC pool. He was instrumental in the formation of Tanker (UK) Agencies in 2000 and served as its CEO until end 2007. Since 1998, Mr. Steimler has served as a Director of Euronav. From 1999 to 2003, he also served as a Director of EXMAR, a CMB Group company. During his long shipping career, he has been involved in both sale and purchase and chartering brokerage in the tanker, gas and chemical sectors and was a founder of Stemoco, a successful ship brokerage firm that was sold in 1994. He graduated from the Norwegian School of Business Management in 1973 with a degree in Economics. Mr. Steimler is a resident of the United Kingdom and a citizen of Norway |
Randee Day Class II Director | |
Ms. Randee Day has been a President and Chief Executive of Day & Partners, Inc., a financial advisory and consulting firm focused on the maritime, energy and cruise industries with a diversified client base consisting of shipping companies, commercial banks and government agencies, since September 2010 and from 1985 to 2004. From April 2010 to September 2010, Ms Day served as Chief Executive Officer of DHT Holdings, Inc. From 2004 to March 2010, Ms. Day was a Managing Director and head of Maritime Investment Banking at Seabury Transportation Holdings LLC, a New York based advisory and investment bank specializing in the transportation industry. Ms. Day has more than 25 years of specialized international financial experience in the marine and energy sectors. From 1979 to 1985, Ms. Day served as the head of J.P. Morgan's Marine Transportation and Finance department in New York, where she was responsible for managing a loan portfolio and overseeing relationships with the bank's shipping clients in the Western Hemisphere and the Far East. She also served in the London offices of J.P. Morgan, Continental Illinois National Bank & Trust and Bank of America. Since 2001, Ms. Day has served as a Director and Chairperson of the audit committee of TBS International plc. |
Rolf Wikborg Class III Director | |
Mr. Rolf A. Wikborg is Managing Director of AMA Norway A/S and a director of AMA Capital Partners in New York, a maritime merchant banking group involved in mergers and acquisitions, restructurings and financial engineering in the shipping, offshore and cruise sector. Mr. Wikborg has extensive experience arranging operating and financial leases for operators in the maritime field and recently has been active arranging mergers and acquisitions. Prior to founding the AMA group in New York in 1987, Mr. Wikborg was a Managing Director at Fearnleys, Mexico, for two years after having worked in the Project Department of Fearnleys, an Oslo based ship-broker. Mr. Wikborg holds a Bachelor of Science in Management Sciences from the University of Manchester, England. Mr. Wikborg is an officer in the Royal Norwegian Navy and is a citizen and resident of Norway. |
Fleet
Vessel | Vessel Type | Charter Expiry | Commercial Pool | Trade | Built | DWT | Class | Flag | Hull Type |
DHT EAGLE | VLCC | May 2013 | CRUDE | 2002 | 309,064 | DNV | Marshall Islands | Double Hull | |
DHT PHOENIX | VLCC | Tankers International | CRUDE | 1999 | 307,000 | Lloyd's Register | Marshall Islands | Double Hull | |
DHT ANN | VLCC | April 2013 | Tankers International | CRUDE | 2001 | 309,327 | Lloyd's Register | Marshall Islands | Double Hull |
DHT CHRIS | VLCC | October 2012 | Tankers International | CRUDE | 2001 | 309,285 | Lloyd's Register | Marshall Islands | Double Hull |
DHT REGAL | VLCC | April 2012 | Tankers International | CRUDE | 1997 | 309,966 | ABS | Marshall Islands | Double Hull |
VENTURE SPIRIT | VLCC | Tankers International | CRUDE | 2003 | 298,287 | BV | Hong Kong | Double Hull | |
OVERSEAS NEWCASTLE | SUEZMAX | December 2014 | CRUDE | 2001 | 164,626 | ABS | Marshall Islands | Double Hull | |
OVERSEAS LONDON | SUEZMAX | January 2018 | CRUDE | 2000 | 152,923 | DNV | Marshall Islands | Double Hull | |
OVERSEAS CATHY | AFRAMAX | January 2013 | Aframax International | CRUDE | 2004 | 112,028 | ABS | Marshall Islands | Double Hull |
OVERSEAS SOPHIE | AFRAMAX | July 2012 | Aframax International | CRUDE | 2003 | 112,045 | ABS | Marshall Islands | Double Hull |
OVERSEAS ANIA | AFRAMAX | April 2012 | Aframax International | CRUDE | 1994 | 94,848 | ABS | Marshall Islands | Double Hull |
OVERSEAS REBECCA | AFRAMAX | April 2012 | Aframax International | CRUDE | 1994 | 94,873 | ABS | Marshall Islands | Double Hull |
2011 News Releases
Financial Reports
Dividend Information
Period | Record date | Payable date | Total Distribution | Ordinary Dividend | Non-dividend Distribution |
Q3 2011 | Nov 8 2011 | Nov 16 2011 | $0.03 | ||
Q2 2011 | Jul 18 2011 | Aug 4 2011 | $0.10 | ||
Q1 2011 | Apr 18 2011 | May 9 2011 | $0.10 | ||
Q4 2010 | Feb 4 2011 | Feb 11 2011 | $0.10 | ||
Q3 2010 | Nov 11 2010 | Nov 22 2010 | $0.10 | $0.10 | |
Q2 2010 | Sep 9 2010 | Sep 17 2010 | $0.10 | $0.10 | |
Q1 2010 | May 31 2010 | Jun 8 2010 | $0.10 | $0.10 | |
Q4 2009 | |||||
Q3 2009 | |||||
Q2 2009 | |||||
Q1 2009 | Jun 3 2009 | Jun 16 2009 | $0.25 | $0.0548 | $0.1952 |
Q4 2008 | Feb 26 2009 | Mar 05 2009 | $0.30 | $0.0657 | $0.2343 |
Q3 2008 | Dec 2 2008 | Dec 11 2008 | $0.30 | $0.2037 | $0.0963 |
Q2 2008 | Sep 15 2008 | Sep 24 2008 | $0.25 | $0.1697 | $0.0803 |
Q1 2008 | May 30 2008 | June 11 2008 | $0.25 | $0.1697 | $0.0803 |
Q4 2007 | Feb 26 2008 | Mar 11 2008 | $0.35 | $0.2376 | $0.1124 |
Q3 2007 | Dec 03 2007 | Dec 12 2007 | $0.37 | $0.0943 | $0.2757 |
Q2 2007 | Sep 12 2007 | Sep 21 2007 | $0.39 | $0.0994 | $0.2906 |
Q1 2007 | May 29 2007 | Jun 12 2007 | $0.38 | $0.0969 | $0.2831 |
Q4 2006 | Feb 22 2007 | Mar 06 2007 | $0.44 | $0.1112 | $0.3278 |
Q3 2006 | Nov 27 2006 | Dec 06 2006 | $0.42 | $0.1642 | $0.2558 |
Q2 2006 | Aug 18 2006 | Sep 04 2006 | $0.36 | $0.1407 | $0.2193 |
Q1 2006 | Jun 01 2006 | Jun 16 2006 | $0.53 | $0.2072 | $0.3228 |
Q4 2005 | Mar 10 2006 | Mar 24 2006 | $0.43 | $0.3757 | $0.0543 |
SEC Filings
Filing Date | Form | Description | Filing Group | Downloads | ||
Nov 03 2011 | 6-K | Report of foreign issuer rules 13a-16 and 15d-16 of the Securities Exchange Act | Current Reports | |||
Oct 13 2011 | EFFECT | EFFECT | Other | |||
Oct 03 2011 | F-3/A | Amendment to a previously filed F-3 | Registration Statements | |||
Sep 02 2011 | F-3 | Registration statement for certain foreign private issuers offered for certain transactions | Registration Statements | |||
Aug 05 2011 | CB/A | CB/A | Other | |||
Jul 29 2011 | CB/A | CB/A | Other | |||
Jul 21 2011 | CB/A | CB/A | Other | |||
Jul 14 2011 | CB/A | CB/A | Other | |||
Jul 14 2011 | 6-K | Report of foreign issuer rules 13a-16 and 15d-16 of the Securities Exchange Act | Current Reports | |||
Jul 06 2011 | F-X | F-X | Other |
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