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I have received mine as well, remember the 1 for 12 split as to why the number of shares dropped.
did any one else receive their sock exchange? if so let me know and if 17 for one is right. we sure got hosed.
did your preferred shares receive their mandatory exchange on the 7-1 -13? it was 17shares of the common for every preferred share . I thought it was going to be 2800 for common for every preferred share. is that wrong? sure 17 is not right.
Dividend payable to shareholders holding shares 5/14.
DHT Holdings' CEO Discusses Q1 2013 Results - Earnings Call Transcript
DHT Holdings, Inc. (DHT) Q1 2013 Earnings Call April 30, 2013 8:00 AM ET
Eirik Uboe
Thank you. Before we get started with today’s call, I would like to make the following remarks. This conference call is also being broadcast on our website, dhtankers.com and a replay of this conference call will be available on the website. In addition, a Form 6-K evidencing this news release will be filed with the SEC. As a reminder, this conference call contains forward-looking statements that are governed by the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements, which include statements regarding DHT’s prospects, the outlook for tanker markets in general, expectations regarding daily charter hire rates and vessel utilization, forecasts of world economic activity, oil price and oil trading patterns, expectations regarding seasonal fluctuations in tanker demand, anticipated levels of new building and scrapping, and projected drydock schedules, involve risks and uncertainties that are more fully described in our filings made with the SEC. Actual results may differ materially from the expectations reflected in these forward-looking statements. I am today also joined by Svein Moxnes Harfjeld, our CEO and Trygve Munthe, our President.
And with that, I will turn the call over to Svein Moxnes Harfjeld.
Svein Moxnes Harfjeld
Thank you, Eirik. We made several significant achievements during the quarter. Despite challenging markets, we generated $7.4 million from operations. Additionally, we monetized our claim against the OSG estate and thereby further increased our cash positions. But even more significant we had created a clear runway for the company through the re-negotiated RBS loan facility. With no minimum value covenant and no installments through 2015, we will enjoy one of the most competitive cash break-even levels in the industry. This combined with our cash balance positions us well for the challenges and opportunities ahead.
The highlights of the quarter are EBITDA came in at $4.2 million with a net loss for the quarter of $3.1 million equal to $0.20 per share after adjusting for loss on sale of a vessel of $0.6 million. As of March 31, our cash balance was $75.5 million equal to $4.90 per share. We will pay a dividend of $0.02 per common share and $0.25 per preferred share for the quarter payable on May 23 for shareholders of record as of May 14.
When determining the dividend, our Board has taken into account general business conditions and the continued weak tanker markets. In April, we amended our credit agreement with the Royal Bank of Scotland whereby the minimum value covenant has been renewed in its entirety. Furthermore, the installments scheduled to commence in 2016 have been changed from a fixed $9.1 million per quarter to a variable amount equal to free cash flow in the prior quarter capped at $7.5 million per quarter. The next scheduled installment would at the earliest take place in the second quarter of 2016.
In April, we made a prepayment of $25 million and have agreed to increase the margin to 1.75%. The $25 million has been recorded as current portion of long-term debt as of March 31 and DHT Maritime’s financial obligations under the credit agreement will be guaranteed by DHT Holdings.
During the quarter, we filed a claim amounting to $51.8 million against the OSG estate in the U.S. Bankruptcy Court. On February 28, we sold the claim to Citigroup for a purchase price equal to 33.25% of the amount of the claim ultimately allowed by the Bankruptcy Court. We received an initial payment of approximately $6.9 million and will receive a final payment plus interest from Citigroup when the claim is allowed by the Bankruptcy Court. Pending the claim being allowed by the U.S. Bankruptcy Court, we have not yet reflected the sale of the claim in our income statement.
The 1997 built VLCC DHT Regal was sold for $23 million and the vessel was delivered to the buyers on April 29. A loss of $0.6 million in connection with the sale has been recorded in the first quarter. The net proceeds from the sale will be used to reduce the outstanding debt under the RBS credit facility and $22.3 million has been recorded as current portion of long-term debt as of March 31st.
With that, I will hand over to Trygve, who will provide some more color as to what our achievements during the quarter mean for the company.
Trygve Munthe
Thank you, Svein. We now find DHT to be in a pretty good shape for the market we are in. Firstly, as Svein said we have removed the uncertainty around the minimum value situation for the RBS ships. Over the past six quarters, we have paid in a total of $88.1 million to remain in compliance with this covenant. That equates in average of almost $15 million per quarter. Under the restructured loan agreement such payments will no longer be required. So, this loan now has more or less the flavor of the 4.25 year bullet loan at LIBOR plus 1.75%. We consider this a very attractive financing for our company.
Secondly, we now have one of the lowest cash breakeven levels in the industry. We estimate these to be around 13,000 a day for the VLCCs, 11,500 for the Suezmaxes 10,500 for the Afras. This covers OpEx, interest and G&A. We think you will recognize these as quite competitive numbers. Thirdly, as far as CapEx we have a light schedule. We have one drydocking this year, two next year and one in 2015. When it comes to our balance sheet, we would like to highlight net debt equals about 51% of bulker values as for the most recent Clarkson’s weekly report. Net debt is at or just below the current scrap value of the fleet.
And finally, we have about $50 million of unencumbered cash in the company. Through the combination of the low cash breakeven rates and the state of the balance sheet gives DHT significant staying power. If we then switch focus to the upside we would like to point out to the significant operational leverage we have. An increase in average rates of $10,000 per day per ship translates into an annual EBITDA of $28 million per year, which equals about $1.80 per share.
On the finance side, we would like to mention that DHT does have access to traditional bank debt. This gives us the opportunity to pursue growth opportunities in a capital efficient manner. So, in summary, low cash breakeven combined with a decent balance sheet gives us staying power, which in turn provides us downside protection. We have significant upside to our current fleet and its employment profile. With our house now in order and access to credit, we now like to position ourselves for growth and expansion. And with that operator, we would like to open up for questions.
Question-and-Answer Session
Operator
Thank you. (Operator Instructions) Our first question today comes from Jon Chappell of Evercore Partners. Please go ahead.
Jon Chappell - Evercore Partners
Thank you, good afternoon guys.
Trygve Munthe
Good morning.
Jon Chappell - Evercore Partners
Trygve, I appreciate the comments regarding potential growth and everything that you have done regarding the bank facilities, trimming the 1990s tonnage, so when you think about your financial side power for growth kind of two questions. One, what do you think that you are comfortable with from a liquidity perspective and the ability to attain financing for a kind of total purchase price of X. And then also when do you think that DHT makes the move to start to add modern tonnage and what’s the type of age range you’d be focusing on is it kind of the zero to five years, five to 10 years, 10 to 15 or even new builds?
Svein Moxnes Harfjeld
Thank you, Jonathan. It’s Svein, I will respond to your question. So, I think for the past year or so we have been operating with maybe a larger cash cushion than one otherwise would do. And this has been a reflection of the minimum value and the covenant risk that we had in our RBS facility. As you now know this is going away hence we feel that we have more flexibility surrounding our cash position. That being said, we are ambitious and we certainly want to pursue in expanding and growing the company. This will in some shape of form also entail raising more risk capital for the company. But I think one should assume that that will be done in connection with a clearly defined use of proceeds or a project or several projects as we go forward.
We continue to inspect second half covenants that we are also paying close attention to the developments on new designs for ships. It’s fair to comment that the shipyards have been somewhat slower or in developing the so called eco designs for the larger tanker design as opposed to what has been done in the smaller sector such as product tankers or container ships. So we will certainly look for what we will then perceive to be the best investments for the company. We are not fixed on this being a second-hand or a new ship that we are certainly now slowly opening up to also the benefits of the new designs. As of last year, we were rather skeptical to what have been achieved so far on the larger ships.
Jon Chappell - Evercore Partners
Understood. Regarding the sales acclaimed to Citigroup, first of all, I just want to be clear, I mean you mentioned that you’ve already received initial payments 6.9 million, but then you say later that it has not been posted on the income statement that you haven’t posted or reflected anything including the 6.9 million so far and then what do you think the timing would be for the receipt of the remainder of the payment?
Svein Moxnes Harfjeld
That is correct. We have not recorded anything in the income statement on the sale of the claim. So, the $6.9 million obviously is cash. The borrowed date announced by the Bankruptcy Court is now May 31 for any creditor really to file their claims against this date. We do not know when this date will so engaged with ourselves to approve the claim whether that is three months or nine months or 12 months, we certainly do not know. But I think some of the more experts in this similar market, they would expect things to happen towards the end of the year or early part of next year.
Jon Chappell - Evercore Partners
Okay. And then final question you mentioned the drydock schedule one this year, two 2014, one in 2015, can you tell us which assets, the timing of them, the amount of off-hire time and then the cost?
Svein Moxnes Harfjeld
Well, this year is the DHT Sophie that has already been conducted as she completed her drydock a week ago. For next year, it’s DHT Phoenix which is due in the third quarter and we also have DHT Cathy one of the Aframaxes, which I think is in the second quarter. In 2015 it is the DHT target one of Suezmaxes, that is due, so.
Jon Chappell - Evercore Partners
Okay. And what’s the cost of those roughly?
Svein Moxnes Harfjeld
We have typically not yet guided specific numbers but we more refer to what is in the industry guidance and I think it is fair to say that on the Aframax side we have been referring to approximately $1.5 million to $1.7 million type for a second special survey. On the VLCC front what we will have due next year is the third special survey and the industry numbers are in the kind of $3 million to $4 million range. And then for the Suezmax in ‘15 which is also a third special survey I think industry is referring to that approximately be kind of $2.5 million to $3 million.
Jon Chappell - Evercore Partners
Okay. Well, Given the market outlook the potential $3 million to $4 million outlay and a vessel turning 15 years old, I mean do you plan on undergoing that survey and continuing to operate the ship, do you have comfort that there is a payback period for that or there is a potential, would you think about potentially scrapping or disposing of a ship before it turns 15?
Trygve Munthe
I think it’s a bit too early to dig into that. As Svein said that drydocking isn’t due until the third quarter next year. So we would like to see how the market develops in the meantime before we make that decision.
Jon Chappell - Evercore Partners
Okay. I appreciate all the help. Thanks Svein and Trygve.
Svein Moxnes Harfjeld
Thank you.
Operator
Our next question comes from Herman Hildan of RS Platou Markets. Please go ahead.
Herman Hildan - RS Platou Markets
Thank you very much. Good afternoon, guys.
Svein Moxnes Harfjeld
Good afternoon.
Herman Hildan - RS Platou Markets
Good afternoon. My question on the OpEx side, you have quite a low OpEx this quarter, is that – do you potentially give comment on why it was low?
Eirik Uboe
I think as a bit general comment, the operations in the first quarter were very, very good. So, we are very pleased with the numbers and the numbers for the quarter, however, also includes a one-off positive of about $1 million. So, the nominal number for the quarter is not reflecting a run rate so to speak so.
Herman Hildan - RS Platou Markets
Okay.
Eirik Uboe
But I think it’s fair to add on the other side of that, the OpEx for the two Suezmaxes were a bit higher than what you normally will see, because they took them over from the OSG management.
Herman Hildan - RS Platou Markets
Okay, thank you. And also you mentioned briefly that you have seen some developments on the equal designs for VLCC so larger vessels, could you add some flavor to that in terms of how much fuel savings potentially what’s the odd prices are interesting?
Svein Moxnes Harfjeld
I think as we have stated earlier, last year, we were a bit skeptical, the odds have done very little to develop new designs for VLCCs and engine manufacturers also had not really come forward with any significant developments. During the first quarter of this year, this have changed somewhat and we are in the continual dialogue with certain yards in order to stay on top of it. It’s too early to be explicit on what the savings are, but we are increasing the confidence that there is something real here and from the next – within the next one to three months that we will see new designs with clear benefits.
Herman Hildan - RS Platou Markets
And also on the financing side, you said that there is availability on the debt side, what kind of leverage levels are available and what are you comfortable with or what kind of level would you target whether you buy secondhand or new build?
Svein Moxnes Harfjeld
I think you have seen on the couple of acquisitions that we have made over the past couple of years. We have applied 50% leverage. And of course depending on the employment strategy for a potential addition, we think that’s somewhere around 50% this is the healthy, healthy number, a healthy leverage.
Herman Hildan - RS Platou Markets
So, in combination with that I guess you will have the more spot exposure rather than chartering out the vessels, right?
Eirik Uboe
Yeah, we think at this point in the cycle, you don’t want to commit long-term at these low rates. So, it’s better to do either short-term time charters or stay till the spots and wait for market to recover. And if you do that, you cannot take on too much financial leverage in our opinion.
Svein Moxnes Harfjeld
I think also to add onto that, if we down the road decide to pursue on new buildings and with one what could be economy – new eco designs. In order to retain that benefit, you would also like to keep the ships in the spot market, and as a consequence of that, you do not want to take on too much leverage. So, the same concept really applies for that as well.
Herman Hildan - RS Platou Markets
Yeah. And one final question in terms of growth, I mean, you have a point where you say that $10,000 higher on the day rates is about just short of $2 per share. How do you think about awaiting the potential upside from your current fleet versus issuing equity, how do you see that or how do you think about that in terms of growth?
Svein Moxnes Harfjeld
I think as we said raising additional risk capital for DHT will be done in connection with a clearly defined use of proceeds, i.e., an investment project. And I think those projects could be of different nature and we would be quite clear in communicating that when we come to the market to do that. So, it’s hard to give you just one general set of rules and how we want to go about that. But keep in mind that we are shareholders in this company and we are very mindful of creating value and ensuring that it is done in a fair way for everybody in the company.
Herman Hildan - RS Platou Markets
Well, that’s a very good point. That’s all from me. Thank you.
Svein Moxnes Harfjeld
Thank you.
Operator
(Operator Instructions) We have no further questions.
Svein Moxnes Harfjeld
Okay, thank you everybody for attending our earnings call. And thank you for your continued interest in DHT. Have a good day.
not good
at all
i'll post conference call transcript in a bit
Fins out
DHT Holdings, Inc. reports first quarter 2013 results
HAMILTON, BERMUDA, April 29, 2013 - DHT Holdings, Inc. (NYSE:DHT) ("DHT" or the "Company") today announced:
Financial and operational highlights:
USD mill. (except per share)
Q1 2013
Q4 2012
Q3 2012
Q2 2012
2012
2011
Net Revenue
12.4
16.9
18.0
23.7
86.4
100.1
EBITDA*
4.2
9.8
7.3
11.0
43.1
52.7
Adjusted Net Income**
(3.1)
0.6
(4.9)
3.5
6.0
14.8
Adjusted EPS**
(0.20)
0.04
(0.32)
0.30
0.39
2.83
Interest bearing debt
203.7
212.7
216.7
219.8
212.7
280.6
Cash
75.5
71.3
72.2
70.9
71.3
42.6
Dividend***
0.02
0.02
0.02
0.24
0.52
3.12
Fleet (dwt)
2,086,315
2,086,315
2,086,315
2,384,602
2,086,315
2,574,304
Spot days****
61.6%
46.3%
41%
27%
31%
13%
Unscheduled off hire****
1.32%
0.06%
0.32%
0.05%
0.19%
0.27%
Scheduled off hire****
0
0
0
2.63%
0.88%
1.90%
*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 2012, Q2 2012 and Q1 2013, 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 as of close of business on July 16, 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 $4.2 million and net loss for the quarter of $3.1 million ($0.20 per share) after adjusting for loss on sale of vessel of $0.6 million. As of March 31, 2013 the cash balance was $75.5 equal to $4.90 per share.
The Company will pay a dividend of $0.02 per common share and $0.25 per preferred share for the quarter payable on May 23, 2013 for shareholders of record as of May 14, 2013. When determining the dividend our Board has taken into account general business conditions and the continued weak tanker market.
In April the Company amended its credit agreement with the Royal Bank of Scotland ("RBS") whereby the minimum value covenant has been removed in its entirety. Furthermore, the instalments scheduled to commence in 2016 have been changed from a fixed $9.1 million per quarter to a variable amount equal to free cash flow in the prior quarter - capped at $7.5 million per quarter. The next scheduled instalment would at the earliest take place in Q2 2016. In April the Company has made a prepayment of $25 million and has agreed to increase the margin to 1.75%. The $25 million has been recorded as current portion of long term debt as of March 31, 2013. DHT Maritime's financial obligations under the credit agreement will be guaranteed by DHT Holdings.
During the quarter, the Company filed a claim amounting to $51.8 million against the OSG estate in the U.S. Bankruptcy Court. On February 28, 2013 we sold the claim to Citigroup for a purchase price equal to 33.25% of the amount of the claim ultimately allowed by the Bankruptcy Court. The Company received an initial payment of approximately $6.9 million and will receive a final payment plus interest from Citigroup when the claim is allowed by the Bankruptcy Court. Pending the claim being allowed by the U.S. Bankruptcy Court, the Company has not yet reflected the sale of the claim in its income statement.
The VLCC DHT Regal has been sold for $23 million and the vessel was delivered to the buyers on April 29, 2013. A loss of $0.6 million in connection with the sale has been recorded in the first quarter 2013. The net proceeds from the sale will be used to reduce the outstanding debt under the RBS credit facility and $22.3 million has been recorded as current portion of long term debt as of March 31, 2013.
DHT management commented: "We made several significant achievements during the quarter. Despite challenging markets, the company generated $7.4 from operations. Additionally, the Company monetized its claim against the OSG estate and thereby further increased its cash position. But even more significant, we have created a clear runway for the company through the renegotiated RBS loan facility. With no minimum value covenant and no installments through 2015 we will enjoy one of the most competitive cash break even levels in the industry. This, combined with our cash balance, positions us well for the challenges and opportunities ahead".
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 Tuesday April 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 1 646 254 3366 within the United States, 23500486 within Norway and +44 20 7784 1036 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 May 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 9745863# 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 April 29, 2013.
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.
CONTACT:
Eirik Ubøe, CFO
Phone: +1 441 299-4912 and +47 412 92 712
E-mail: eu@dhtankers.com
Q1 2013 financial statements
That would be nice to see again.
Green again-- still have a long way to go-post split PPS-approx $7
I wonder why the sudden movement? Got to be a reason. There is always a reason, we are just the last to know.
I have not heard anything
Wow! big jump today....rumors of some news coming? I been waiting and watching this play for a while. DHT has potential to rake in some big contracts as the global economy starts to move forward again.
We can always hope but I do not see the catalyst for it to move higher other than the chart.
Toofuzzy
She is primed for lift off!!!!
imo
Upward movement would be good!
US oil imports from Middle East increase
http://www.ft.com/cms/s/0/d792c648-7f46-11e2-89ed-00144feabdc0.html
Is that Irp van Winkle I see dusting himself off, over there ?
That is interesting!
Agreed -not a big deal(resignation).
Wish the PPS would go up--at least a couple $$.
I agree that it doesn't change underlying fundamentals at all.
My understanding is that the appointment was tied to preferred share
offering and major taker's placed member on board as watch dog.
DHT ~ earnings were not too bad
And I really think this director resigning doesn't have anything to do with the fundamentals of DHT, just that he left Anchorage
Ain't no thang....
According to the Knightsbridge 4Q report today The market rate for a VLCC trading on a standard ‘TD3’ voyage between the Arabian Gulf and Japan in the fourth quarter of 2012 was WS 42.8, representing an increase of approximately WS 7 points from the third quarter of 2012 An improving market
DHT Holdings, Inc. Announces Resignation of Director
HAMILTON, BERMUDA, February 5, 2013 - DHT Holdings, Inc. (NYSE:DHT) ("DHT") announced today that Judd Arnold has resigned as a director from its board of directors in connection with his departure from Anchorage Capital Group, L.L.C..
Where did you get information?
DHT Holdings' CEO Discusses Q4 2012 Results - Earnings Call Transcript
DHT Holdings' CEO Discusses Q4 2012 Results - Earnings Call Transcript
DHT Holdings, Inc. (DHT) Q4 2012 Earnings Conference Call January 30, 2013 8:00 AM ET
Operator
Good day, and welcome to the DHT Holdings Q4 Results 2012 Conference Call. Today’s conference is being recorded. At this time, I’d now like to turn the conference over to Mr. Eirik Uboe. Please go ahead, sir.
Eirik Uboe - CFO
Thank you, operator. Thank you and good morning. Again joined by my colleagues, Svein Moxnes Harfjeld, our CEO and Trygve Munthe, our President. Before we get started with today’s call, I’d like to make the following remarks. This conference call is also being broadcast on our website at dhtankers.com, and a replay of this conference call will be available on the website. In addition, our Form 6-K, evidenced in this news release, will be filed with the SEC.
I deleted
And with that all the way, I’d like to turn the call over to Svein Harfjeld.
Svein Moxnes Harfjeld - CEO
Thank you, Eirik. Welcome all. I will now walk you through the highlights of the quarter. EBITDA for the quarter came in at $9.8 million with a net income for the quarter of $1.7 million equal to $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.
We will pay a dividend of $0.02 per common share and $0.28 per preferred share for the quarter payable on February 19th for shareholders of record as of February 11th. When determining the dividend, our Board has taken into account the general business conditions, the continued weak tanker market as well as the Chapter 11 filing by Overseas Shipholding Group, and certain of its affiliates collectively referred to OSG and a subsequent rejection of the two long-term bareboat charters for our two Suezmax vessels.
The vessels were delivered – redelivered to us in December and in January and they’re currently trading in the spot markets. We will have a claim against the OSG bankruptcy estate related to the rejection of these contracts, contracts which are guaranteed by Overseas Shipholding Group, Inc. We have not reflected such claim and the potential recovery in our financial statements as of December 31, 2012. We have entered into time charter contracts for three of our vessels, the VLCCs DHT Ann and DHT Chris and the Aframax DHT Cathy. 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 time charter until May 2013. The remaining vessels in our fleet are operating in the spot markets.
Following the fleet appraisal for the fourth quarter, we repaid $4 million under the RBS credit facility in October. Following the fleet appraisal conducted in early January 2013, we repaid $9 million in January. The next scheduled principal installment under the RBS facility is in the first quarter of 2016. We are in compliance with its loan facilities and had an unencumbered cash balance of $71.3 million equal to $4.63 per share as of December 31, 2012.
We have no scheduled principal installments under our three credit facilities in 2013 and 2014. For 2015, scheduled principal installments under the DVB and DNB credit facilities total $4.9 million. 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 our vessels, we adjusted the carrying value of our fleet through a non-cash impairment charge of $8 million in the quarter.
And with that, we open up for Q&A.
Question-and-Answer Session
Operator
Thank you. (Operator Instructions) Our first question today comes from Jon Chappell of Evercore Partners. Please go ahead, sir.
Jonathan Chappell - Evercore Partners Inc., Research Division
Thank you. Good afternoon guys.
Svein Moxnes Harfjeld - CEO
Good morning.
Jonathan Chappell - Evercore Partners Inc., Research Division
Just looking for a couple of details from some of the new announcements that are relatively new, I guess, in the key points just talked about its fine. First of all, can you give any more detail regarding the exact duration and the rates on the three contracts; the Ann, the Chris and the Cathy?
Svein Moxnes Harfjeld - CEO
These contracts have confidentiality clauses, so we’re not able to provide any more specific information on that, but I think when discussing your analysis mode in detail with our financial director, he’ll be able to provide some more guidance as to how you should build your model. But the duration of this shortlist are between six and twelve months. And as we say there is a mix of market related earnings and fixed earnings. So, we’re quite pleased with this and this of course also provide some working capital also for the Company.
Jonathan Chappell - Evercore Partners Inc., Research Division
By the mix of fixed in market, does that mean that out of the three of them some are completely fixed, some are completely market, does it mean that all of them have a fixed component with a profit sharing component that would give you the market exposure?
Svein Moxnes Harfjeld - CEO
We can tell you that, one is on the fixed rate, one is on a completely floating rate and one is a mix of the two. Is that helpful?
Jonathan Chappell - Evercore Partners Inc., Research Division
Yeah. And then also any commentary on the counter parties, are these with oil majors, other owners, traders?
Svein Moxnes Harfjeld - CEO
It's a combination of oil majors and oil traders. There’s no other ship owner’s. As we have stated in the highlights, it's with end-users, and this is in line with our Company’s ambition and the strategy is to conduct business with the end-users as opposed to leasing out vessels to other operators.
Jonathan Chappell - Evercore Partners Inc., Research Division
Okay. And then you also mentioned the likelihood of a potential sale, can you tell us which vessel that maybe and the timing surrounding that?
Svein Moxnes Harfjeld - CEO
We are testing the market, so to speak on the VLCC DHT Regal which was built in 1997, and we are currently at the midst of doing that, so it remains to be seen whether we could find a buyer with an acceptable price level to us. Our thinking is that in line with our stated ambition of both expanding the Company and also then over time renewing the fleet, this is one piece to that puzzle. So, it remains to be seen whether we will execute on this or not.
Jonathan Chappell - Evercore Partners Inc., Research Division
Okay; and then just one last strategic question with two parts. First of all, how do you see DHT developing from here as part of what you just mentioned your fleet modernization or expansion initiatives, and then as part of that every (indiscernible) teams there’s a repayment to the facility because of the mark down in asset value. So, out of the cash that you have is $71 million in cash, how much would you feel is really to be used as growth capital versus how much would you want to keep on the balance sheet just to kind of protect against further write downs of asset values?
Svein Moxnes Harfjeld - CEO
We have stated overlong that we have an ambition to expand to the downturn, and I guess, we are quite far into the downturn and as such one is potentially a (indiscernible) also to a turnaround. So, we're certainly monitoring the market in general. We feel that with the balance sheet and the cash at hand in the Company that at some point the Company will be in position to execute on the expansion, but that is certainly and also this enlisted with additional capital in the Company in some shape or form. So, although we are not specifically stating how that will be, we also feel in this respect that we have great support from our lending banks in having access to debt capital in order to execute on future fleet expansions. And when it comes to the cash in the Company, we are operating – running the Company currently with a larger amount of cash than one would naturally do with a fleet of nine vessels, and this is the reflection of the risk that you addressed that we have – that we are making prepayments in line with a minimum value covenants in the RBS facility in particular.
Jonathan Chappell - Evercore Partners Inc., Research Division
Okay. Thanks for your help, Svein.
Operator
Our next question comes from Herman Hildan of RS Platou. Please go ahead.
Herman Hildan - RS Platou Markets AS, Research Division
Good afternoon gentlemen. A quick question on that; could you just let us know what the book value of the vessel is after the write down?
Svein Moxnes Harfjeld - CEO
We are not communicating in our quarterly consolidated numbers specific book values on vessels, so there is typically in our [20-F] some more deliberations on carrying values in general.
Herman Hildan - RS Platou Markets AS, Research Division
Okay, thank you. Also on the OSG claim; could you say something about the size of the claim?
Svein Moxnes Harfjeld - CEO
We are yet to find the claim, and the size of the claim is work in progress so to speak, but that is just something we expect to be able to identify during this quarter. And once the claim has been filed then of course it would be communicated the size of that claim.
Herman Hildan - RS Platou Markets AS, Research Division
Okay. So it's not possible to give in any sort of range?
Svein Moxnes Harfjeld - CEO
As we said we have not filed the claim yet, and this is a formal process and it's important that we get through that gate so to speak before communicating the claim to the market.
Herman Hildan - RS Platou Markets AS, Research Division
Okay, thank you. And kind of in terms of priority are you ranked equal to the unsecured bonds in that claim or is that to -- or let’s just say in terms of priority for your claim?
Svein Moxnes Harfjeld - CEO
I think the key point here is that these two (indiscernible) were guaranteed by Overseas Ship Holding Group Inc. which is the same entity that has the bond obligations attached.
Herman Hildan - RS Platou Markets AS, Research Division
Okay. So, I guess, like there is a good indication to use the bonds to price I’d call it the mark-to-market value of that claim?
Svein Moxnes Harfjeld - CEO
That’s correct, yeah.
Herman Hildan - RS Platou Markets AS, Research Division
Yeah. Okay, that’s all from me. Thank you.
Operator
(Operator Instructions) We have no further questions.
Svein Moxnes Harfjeld - CEO
Okay. Thank you all for attending the call and following DHT. We appreciate your continuous support. Have a good day.
Could someone post the transcript of the earnings CC?
How do you think the market is going to react to this news.
DHT Holdings, Inc. reports fourth quarter 2012 results
ST. HELIER, CHANNEL ISLANDS, January 29, 2013 - 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 Income**
0.6
(4.9)
3.5
6.9
6.0
14.8
Adjusted EPS**
0.04
(0.32)
0.30
1.29
0.39
2.83
Interest bearing debt
212.7
216.7
219.8
267.4
212.7
280.6
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 off hire****
0.06%
0.32%
0.05%
0.30%
0.19%
0.27%
Scheduled off hire****
0
0
2.63%
0.64%
0.88%
1.90%
*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.
January 30, 2013
DHT TO ANNOUNCE FOURTH QUARTER 2012 RESULTS ON JANUARY 30, 2013
ST. HELIER, JERSEY, CHANNEL ISLANDS, January 25, 2013 - DHT Holdings, Inc. (NYSE: DHT) will release its fourth quarter 2012 earnings after market close on Tuesday January 29, 2013 and will host a conference call at 8:00 a.m. EST 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 operating a fleet of five VLCCs, two Suezmaxes and two Aframaxes. For further information: www.dhtankers.com.
Contact: DHT Holdings, Inc.
Eirik Ubøe, +47 23115091 and +47 412 92 712
info@dhtankers.com and eu@dhtankers.com
DHT link: http://www.dhtholdings.com/
Financial filings should be out VERY SOON
Next couple days.
I can't find it anywhere
>>>I guess I missed that passage and can't find a copy of the prospectus you are referring to. would you post the whole paragraph here?<<<
I am working 60 hrs of week right now so don't have time to find it on line to cut and paste, and I don't want to just type it out. If you can find it on line I gave you the page #. I got it out of the paper copy they sent me.
Toofuzzy
>>>>I think the issue in error is one of $'s and %'s versus share price... while ignoring that there was a reverse. He quoted an average preferred share price of just under $0.70 ? But, look at a chart... and you don't see any evidence at all of any shares that were ever priced at anything near $0.70 ? I think his numbers aren't adjusted either for the reverse or the subsequent impact of announced changes in the divvie. <<<<<
The info I posted is based on the ORIGINAL prefered shares which equal 200 pre split and 17 post split shares. A while back i went thru the math as to what that would be compared to if you converted the shares.
I think if there is greater demand for tankers that the oil price will be thru the roof. Either that or a lot of tankers will have to be taken out of service with out replacements being built.
Toofuzzy
I think the issue in error is one of $'s and %'s versus share price... while ignoring that there was a reverse. He quoted an average preferred share price of just under $0.70 ? But, look at a chart... and you don't see any evidence at all of any shares that were ever priced at anything near $0.70 ? I think his numbers aren't adjusted either for the reverse or the subsequent impact of announced changes in the divvie.
The opportunity to buy below the offering price... not shocking given the emergence of the OSG risks that they noted in the Oct 24 conf call you posted... and I think prior to blessing the offering as an OK deal, I'd noted it might also be useful to consider not putting more than half your intended investment into the deal ? Anything below $4 obviously looking like a good deal now.
Given where they are now... more given the combination of the OSG filing and the relatively anemic bounce in the economy and in shipping that we've seen up until recently... those who did put cash into the offering should be just as glad to have the opportunity to average down and not have the cash they put into the company being paid back out in divvies to those who didn't participate ?
The market seems to be considering DHT as less risky, these days, perhaps in part due to their efforts in conservation of cash.
I still see it as a best bet "survivor" of the current downturn. China has started shipping a lot more iron ore... some of which is due to seasonal factors... some of which is planned growth and evidence of a bottoming in the wake of tightening that's long past. China's plans for new hulls unlikely to be able to be matched with the pace of demand growth tied to a resumption of accelerated growth in China. Still probably need to see the U.S. grow demand faster than inflation plus growth in domestic production before you'll see day rates rising with any authority behind them.
If Japan succeeds in shrugging off malaise with a more aggressive and purposeful approach to easing... that could be enough to push the global economy back into something more like rough balance with the ability to sustain a faster pace in growth.
Global economic risks are increasing, still... generally... but, if Japan succeeds, at a point in time when Europe has determined to quit undermining others efforts... and nobody does anything inordinately stupid... you could see rates doing what they tend to do when things turn on a dime. If better coordinated easing results in "currency wars" instead of increased $ flowing into new investment and consumer demand growth ? Thus far we've not seen enough proof of inflation risk to have it alter market behavior.
When the bond bubble pops... where will all that money go to find a "safe" haven ? Well considered and properly diversified risks are probably a lot more safe for investors now than are "safe haven" investments in sovereign debt ?
I guess I missed that passage and can't find a copy of the prospectus you are referring to. would you post the whole paragraph here?
>>>>An $0.02 divy on the commons is only about 1.8% annual yield and the yield on the preferred's is even lower. I don't know where you get 8%??? <<<<
Prospectus dated Oct 3 2011 Page S-45 second paragraph To be paid after February 1 2013 $11.20 / preferred share.
toofuzzy
I would bet that the 4Q divy will be the same as the 3Q. An $0.02 divy on the commons is only about 1.8% annual yield and the yield on the preferred's is even lower. I don't know where you get 8%???
3Q
DHT Holdings (DHT) Q3 2012 Earnings Call October 24, 2012 8:00 AM ET
Operator
Good day, and welcome to the DHT Holdings Q3 Results 2012 Conference Call. Today's conference is being recorded. At this time, I'd now like to turn the conference over to Mr. Eirik Uboe. Please go ahead, sir.
Eirik Uboe - Chief Financial Officer and Principal Accounting Officer
Thank you. Thank you, and good morning. And before we get started with today's call, I'd like to make the following remarks. This conference call is also being broadcast on our website at dhtankers.com, and a replay of this conference call will be available on the website. In addition, our Form 6-K, evidenced in this news release, will be filed with the SEC.
As a reminder, this conference call contains forward-looking statements that are governed by the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which include statements regarding DHT's prospects; the outlook for tanker market in general; expectations regarding daily charter hire rate and vessel utilization; forecasts of world economic activity; oil prices and oil trading patterns; expectations regarding seasonal fluctuations in tanker demand; anticipated levels of new building and scrapping; and projected dry dock schedules, involve risks and uncertainties that are more fully described in our filings made with the SEC. Actual results may differ materially from expectations reflected in these forward-looking statements.
And with that, I'll turn the call over to Svein Moxnes Harfjeld, Chief Executive Officer of DHT Holdings.
Svein Moxnes Harfjeld - Chief Executive Officer
Thank you, Eirik, and welcome to our third quarter 2012 call. Thank you for attending. While I walk you through the highlights of the quarter, and following that we will open up for questions.
The EBITDA for the quarter came in at $7.3 million, resulting in a net loss for the quarter of $4.2 million after adjusting for a non-cash impairment charge of $92.5 million. Net cash provided by operating activities for the quarter was $8.5 million. We will pay a dividend of $0.02 per common share and $0.28 per preferred share for the quarter payable on November 12 for shareholders of record as of November 6.
When determining the dividends, our Board has taken into account the 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, we adjusted the carrying value of our fleet to a non-cash impairment charge of $92.5 million.
The decline in revenues during 2012 is primarily due to 2 vessels being sold during the second quarter and increased spot market exposure as vessels have come off charters. We are in compliance with our loan facilities and had an unencumbered cash balance of $72.2 million as of September 30.
We have no scheduled principal installments under our 3 credit facilities in 2013 and 2014. Scheduled principal installments totaled $12 million in 2015. However, further decline in vessel values may result in additional prepayments in order to remain in compliance with minimum value covenants.
One vessel was redelivered from time charter with OSG during the quarter, and 2 more vessels are expected to be redelivered from OSG during the next 6 months. Following these redeliveries, the remaining charters with OSG will be 2 Suezmax vessels, which are on long-term bareboat charters to December 2014 and January 2018, respectively.
Following the fleet appraisal for the third quarter, we repaid $3.1 million under the RBS credit facility. Following the fleet appraisal for the fourth quarter conducted in early October, we repaid $4 million in October. The next scheduled principal installment under the RBS facility is in the fourth quarter of 2015.
The VLCC Venture Spirit, which was chartered in, was redelivered to its owners in September. The vessel traded in the spot market during the quarter. At our 2012 Annual General Meeting of Shareholders, the shareholders voted to authorize a 12-for-1 reverse stock split of our common stock par value at $0.01 per share. The reverse stock split became effective after the close of business on July 16, 2012.
And with that, we open up for questions.
Question-and-Answer Session
Operator
[Operator Instructions] We will take our first question today from Jon Chappell from Evercore Partners.
Jonathan B. Chappell - Evercore Partners Inc., Research Division
Pretty timely announcement, I guess, given what OSG put out on Monday morning, and you guys are out a little bit less than 24 hours later and making some big changes. So number one, were you already in conversations with OSG? Had you anticipated what was happening there? And then, how did you get to the math surrounding the magnitude of the write-down? Is that just assuming that the contracts are no longer generating cash anymore? I mean, how did the $92.5 million come about?
Svein Moxnes Harfjeld - Chief Executive Officer
Just on your first question, we are not privy to any other information with respect to OSG than what the market has been informed about. So let's be clear on that. I think, in general, on the impairment, the non-cash impairment charge, it is largely driven by IFRS accounting rules and thereby, considering the general market environment. And the one key in this analysis is to reduce the expected life of the vessels under depreciation line from 25 to 20 years. And then, as I mentioned, it's really then adjusting also for a potential loss of the bareboat revenues in particular with -- for the 2 Suezmax vessels.
Jonathan B. Chappell - Evercore Partners Inc., Research Division
Is OSG current on all the charters as it stands today?
Svein Moxnes Harfjeld - Chief Executive Officer
Yes, they are.
Jonathan B. Chappell - Evercore Partners Inc., Research Division
Okay, and what -- I mean -- 2 of the contracts expire in January and April. So I would think that they would continue to honor those given their short duration, but the bareboats are obviously somewhat at risk. What will your plans be for the Suezmax vessels if OSG were to try to renegotiate? Would you accept a much lower rate from them? Would you look to put it out to a third party and kind of reassess the employment of those vessels?
Svein Moxnes Harfjeld - Chief Executive Officer
We are prepared to take over management of these vessels. We are not engaged in any discussions with OSG for potential renegotiations or other solutions. And so, I think, in general, the markets are quite weak, and we would consider really all options for what would be the best resolution for the company and whether that is spot through pool participation or entertaining alternative time charters. But again, as we speak, the charters are still in place. OSG has not filed and not requested any renegotiations on these structures, and they are current on their payments to us.
Eirik Uboe - Chief Financial Officer and Principal Accounting Officer
But of course, as a contingency, we're prepared for all eventualities, and we will react swiftly.
Jonathan B. Chappell - Evercore Partners Inc., Research Division
Right. Just a question about the magnitude of the dividend cut. If we just assume that the contracts with OSG were to go away and you had to recharter those vessels at market levels, by my estimate, it's a little over 20% hit to the 2013 EBITDA. Yet, the magnitude of the dividend cut was far higher than that. Was this -- is this kind of more than just the OSG issue? Is this potentially a transition of DHT's strategy from one of yield to one of growth? I mean, I understand that the market wasn't giving any credit for $0.24. The yield was ridiculous, but is this now the time where you maybe look to retain cash and maybe transition a little bit more to a growth strategy?
Svein Moxnes Harfjeld - Chief Executive Officer
I think on a general note and as we have stated in the release, our Board has taken into account the general business conditions and the continued weak tanker market. But I think also, adding to that, as we have stated all long, the company, DHT, we have growth ambitions, and we certainly hope to expand the company during the downturn when the right opportunities will arise. And we feel that the company are in position to capture those.
Jonathan B. Chappell - Evercore Partners Inc., Research Division
Okay. Last question just for Eirik. The D&A run rate, obviously, you cut the lifespan of the vessels from 25 to 20, so the $10.6 million in the third quarter, is that the run rate to be used going forward?
Eirik Uboe - Chief Financial Officer and Principal Accounting Officer
John, I think it's actually not -- Q3 was a special quarter because we have to assume that their life was to reduce orders from July 1. But of course, at the end of the quarter, we did the impairment charge and wrote down the book values. So going forward, we have estimated the run rate depreciation to be about $7.5 million.
Operator
We will take our next question today from Herman Hildan from RS Platou Markets.
Herman Hildan - RS Platou Markets AS, Research Division
I think you briefly touched upon many of my questions. I'm just wondering in terms of what time do you feel like it would be interesting to expand your fleet? Is that more a timing issue or price issue? And if it's a price issue, what kind of levels would you find it interesting to acquire assets, and what kind of assets would you like to acquire?
Svein Moxnes Harfjeld - Chief Executive Officer
I think we are not communicating a specific time or price target on our ambition to expand. so we are very much following the general market. And we feel we have an attractive deal flow and are looking to a number of opportunities. So -- but there are a number of things that we would like to see in place, so to speak that -- in order to make a move. I think ideally, we would like to maybe contemplate ships in the B2C sector and also more -- somewhat more modern ships than what we have. And -- but it's too early to say really what that specific growth opportunity will be whether it's a single ship or whether it's a fleet and so forth. So...
Eirik Uboe - Chief Financial Officer and Principal Accounting Officer
And with so much unclarity about our future cash flow due to the OSG situation, we are going to play it very cautiously in the near future. So I don't think you should expect any acquisitions from our side until we see a little more clarity on the OSG situation.
Operator
We will take our next question today from Brian Shearer from Deutsche Bank.
Brian Shearer
Just a quick follow-up on OSG. If OSG were to file for protection under Chapter 11 of the Bankruptcy Code, do you -- and they then sought to project the charters on the Newcastle and the London. Do you have -- can you give us any color in terms of how that would sort of unfold for DHT?
Eirik Uboe - Chief Financial Officer and Principal Accounting Officer
I think it's important to note that our balance sheet has, by design, been built for sort of all eventualities. So I think you'll recognize DHT with a sort of a moderate leverage, a pretty significant cash cushion and again, as we have said many times, very low cash breakeven levels. So we have planned conservatively. So I think the company would be able to deal with that eventuality although we, of course, hope that OSG will stand by its obligations to us. But I think, at this point, it's a little premature to speculate in exactly what we would do if OSG files.
Operator
We will take our next question today from Matthew Ryder from Crédit Suisse.
Matthew Ryder
I just have a quick question about the bank facility, kind of your anticipation of the use of cash kind of run rate or -- over the next 2 years maybe to kind of have to cure those -- continue to cure those covenants based on how the valuations have been going for you guys?
Eirik Uboe - Chief Financial Officer and Principal Accounting Officer
Your line broke up. Matthew, your question wasn't all clear. Could you please repeat the question?
Matthew Ryder
I'm sorry. I'm sorry. Yes. I'm just -- I'm asking about the bank facility covenants, the value to loan covenants. You seem to continue to need to use a little bit of cash here and there every quarter to cure those covenants. I guess, just based on how valuation have been going for tankers in general, what do you kind of see the run rate use of cash going forward, kind of, are they on an annual or quarterly basis to continue to pay those to meet those covenants, as well as kind of the decision between just outright selling the vessel and [indiscernible] cash to pay it down permanently, how do you, kind of, weigh those things with the use of cash? I know the installments are 2015 and beyond. I'm just curious about the interim use of the cash.
Eirik Uboe - Chief Financial Officer and Principal Accounting Officer
Actually, as you know, we have 3 loan facilities, and the largest one is with RBS. And that is the one where we've had to make prepayments on the past several quarters. And the covenant in question is value to loan of 120% based on shipbroker value assessments. And we collect these assessments once a quarter, and it's really pretty simple math. If you see a 10% growth in values, then there's a 10% prepayment requirement. And the outstanding balance of that loan today is $168 million. So it really depends on your view on values going forward. On the other 2 facilities, we have more headroom based on the restructuring we did with these banks in the beginning of the year.
Matthew Ryder
Got it. Okay. So let's shift. You guys haven't really pro forma or anticipated any kind of what that might be over the next year or 2, totally dependent on where rates go and you haven't really earmarked any cash reserve for any of that stuff?
Eirik Uboe - Chief Financial Officer and Principal Accounting Officer
As you see, we're running with a pretty significant cash balance today. And of course, we think that's a good way to do it given the uncertainty and the pretty low freight market we're in.
Operator
We will take our next question today from Petros Kalligas from Delos Investment Management.
Petros Kalligas
I've got 2 or 3 questions. The first question relates to the decline in the useful life of your vessels, I mean, as you mentioned, from 25 to 20 years. What -- could you explain the rationale behind this? Secondly, regarding your receivables, obviously, that -- much of that I understand has to do with the payment in areas of Frontline, how confident are you that these payments will be made? And are there any sort of provisions to ensure prepayment on -- payment on these? And finally, regarding the RBS credit facility, you mentioned that after fleet appraisal, about $4 million was classified as the current portion of debt. Could you -- was that due to some kind of -- to a reduction in drop repayment, or was there something else?
Eirik Uboe - Chief Financial Officer and Principal Accounting Officer
On the first question on the economic life of the vessels, I think it's important to note that there's nothing technically that suggests that these vessels can only last 20 years. To the contrary, they have been built for certainly a 25-year life span. But under IFRS accounting, we will see you're supposed to examine your value and use assumptions on a regular basis. And it becomes more of an issue of how long you think the vessels will be trading in current trade -- current market environment. And we deemed that in the very low freight markets we're in today, we will see vessels being retired at a younger age on the average than during a high market. So we have taken it down from 25 to 20. That's an assumption now, but it could be a scenario where when the market recovers, that we will back it up to 25 again. And this is -- it's quite frankly dictated by the accounting standards.
Svein Moxnes Harfjeld - Chief Executive Officer
As to your second question on accounts receivables, the 2 lump sums due in December and April, May under the Frontline charter represent just north of 10% of the accounts receivable in total. And so, the majority of the accounts receivable are really working capital and, predominantly, bunkers for the vessels operating in the spot markets. And it has gone up because we've had ships being redelivered to us. When we have them on period charter, you get paid in advance. When you trade them spot, you get paid in arrears and you have to prepay a lot of expenses before you collect your revenue. As to your last question on the prepayment in the RBS facility, that is a consequence of the broker valuations made on the -- in that particular fleet at the beginning of the fourth quarter. And then, the asset values have a marginal drop from the third to the fourth quarter, and the prepayment was then required at $4 million. That prepayment was made -- has already been made.
Operator
[Operator Instructions] We will take our next question today from Jeff Rudner from UBS.
Jeffrey Rudner
Obviously, a difficult quarter, and just one really broad-based question. Being that you're in a better position than I would have think most of us on the call here to ascertain what the outlook for the market is over the next 6 to 12 months and going forward, can you give us any kind of feeling, any kind of assessment as to what you see for the next 6 to 12 months, and when you do see some kind of recovery in the freighter market?
Svein Moxnes Harfjeld - Chief Executive Officer
We expect continued tough freight markets in the foreseeable future. I think just on the -- some of the short-term aspects, over the summer, you had a significant drop in import of crude in China, and they've been growing their stocks. At the same time, they've also been through refining and maintenance season. So they've been running at -- in the high 5 million barrels a day import level during the first half of this year, and that drops down to kind of 4.3 million, 4.4 million barrels per day during the third quarter. That is now slowly climbing back up again, and we believe that they are currently -- that's close to 5 million. So assuming that the Chinese will continue to increase the import back to what was the run rate earlier, that could of course help the winter market on the margin. But we are not expecting any significant recovery in the near future and are really planning for a continued tough freight markets.
Eirik Uboe - Chief Financial Officer and Principal Accounting Officer
And on the supply side, we're -- we continued see new builds being delivered into this market, and we haven't seen much scrapping yet. But I think it's important to note that the first double-hull large tankers were delivered in '93 and '94. So we're hopeful that scrapping will pick up next year once these vessels are starting to phase there for special service and dry-docking cost and so forth. That would typically be the time when you have to make the tough decision whether to invest rather in your old assets or to retire them. But on the demand side, it's been soft as Svein said, and we don't see any sort of immediate rebound on that side.
Operator
[Operator Instructions] We'll take our next question today from Carras Holmstead from Stone Lion Capital.
Carras Holmstead
And I joined a little late, so this might already have been asked. But regarding the impairment charge, has a claim at all been filed with the counterparty?
Svein Moxnes Harfjeld - Chief Executive Officer
Just to be clear, our counterparty has not filed for Chapter 11. They have said that, that is one of the options that they are contemplating. So as such, these charters are still in place, and the counterparty is current on their payments to us. But the filing itself raised questions about the probability of those charters staying in place for their intended tenures. So hence, we decided to take that into consideration when evaluating the fleet -- or the carrying value of the fleet.
Carras Holmstead
Okay. And just where, if I can, does that -- the contractor -- who is the actual counterparty? Is it the parent company or is it is a subsidiary? Where that claim would be if it did arise?
Svein Moxnes Harfjeld - Chief Executive Officer
The counterparties are to a subsidiary, obviously. But these charters are guaranteed by, obviously, the main company.
Carras Holmstead
The parent company?
Svein Moxnes Harfjeld - Chief Executive Officer
That's correct, yes.
Operator
[Operator Instructions] As there are no further questions in the queue, that will now conclude today's question-and-answer session. And now -- I would now like to turn the call back to your host today for any additional or closing remarks.
Svein Moxnes Harfjeld - Chief Executive Officer
Well, thank you very much, all, for attending our conference call and continuing to take an interest in DHT. It's appreciated. Have a good day. Bye-bye.
Operator
That will conclude today's conference call. Thank you for your participation. Ladies and gentlemen, you may now disconnect.
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THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.
What about the 8% dividend after FEB 1 ?
Toofuzzy
Exactly! There is no good reason to hold the preferred's. And, remember the preferred's were only issued because there was not sufficient authorized common shares when the deal was done.
What the heck is the point of owning a preferred unless the dividend is fixed and garanteed and gets paid before the regular stock dividend?
Toofuzzy
The diviend was "guaranteed" through 4Q-2102. This is the upcoming divy. There is no guarantee of a dividend beyond that, let alone an increase
I know they pay less now (though no sure how much) but per what I posted I think the dividend is "supposed" to bump up.
Anyone have an e-mail address for investor relations?
Toofuzzy
no
i don't think so
like uranium said, preferred is less than common, they want you to convert
The yield on the preferred's is less than the commons which currently yield 1.8% or $0.02 per share. Auto conversion is in June but you can convert anytime
Off the top of my head I think it's around June of this year. P.S.
I also liked the way you broke down the math thanks.
Am I correct that after February 1 each original preferred share will yield 8% of the original $140 or $11.20 / share. (from page S-45 of OCT 3 2011 prospectus )
That each preferred share will be converted to 17 common shares eventually.
$11.20 / 17 = $.6588 / common share
$.6588 / $4.45 (current stock price) = 14.8% yield till forced to convert.
any comments?
When can we be forced to convert?
Toofuzzy
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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 |
CHARTS
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