Dht Holdings, Inc. · NYSE:DHT
Dht — Q1 2017 Earnings Presentation
17 slides from Dht's earnings presentation, May 9, 2017
Slide 1: Company Presentation
Company Presentation May 9, 2017
Slide 2: Disclaimer
Disclaimer Forward Looking Statements This presentation contains certain forward-looking statements and information relating to the Company that are based on beliefs of the Company's management as well as assumptions, expectations, projections, intentions and beliefs about future events, in particul
Slide 3: DHT in a nutshell
DHT in a nutshell Dedicated crude oil tanker company • Total 30 VLCCs and 2 Aframaxes pending deliveries of recent acquisitions and sales • Average age of 6.9 years • Fully integrated shipowning company • 18 shore-side employees • Registered in the Marshall Islands DHT strives for excellence acr
Slide 4: Q1 2017 Highlights
Q1 2017 Highlights Fleet renewal Top 5 Independent VLCC Owners • Took delivery of DHT Tiger 40 • Contracted two VLCCs of 318,000 dwt at Hyundai for delivery in Q3 2018 35 30 Fleet retirement 25 • DHT Chris (2001 built VLCC) 20 • DHT Phoenix (1999 built VLCC) • DHT Ann (2001 built VLCC) 15 • All
Slide 5: Quarterly Highlights Cont'd.
Quarterly Highlights Cont’d. Secured $82.5 million financing for its two newbuildings at Hyundai • DNB and Nordea • Margin of 250 bps over LIBOR • 5-year tenor • 20-year repayment profile • Required rate of $16,800 per day to cover amortization, interest and OPEX Secured $300 million financing t
Slide 6: P&L Highlights
P&L Highlights Q1 2017 USD Thousands, except per share amounts Revenues on TCE basis $ 70,712 Vessel operating expenses $ (13,873) Impairment charge $ (7,487) G&A $ (6,280) EBITDA $ 50,559 Net Income $ 14,346 EPS $ 0.15 May 9, 2017 6
Slide 7: P&L Highlights
P&L Highlights Q1 2017 Q1 2017 – Excluding impairments USD Thousands, except per share amounts USD Thousands, except per share amounts Revenues on TCE basis $ 70,712 Revenues on TCE basis $ 70,712 Vessel operating expenses $ (13,873) Vessel operating expenses $ (13,873) Impairment charge $ (7,487) I
Slide 8: Capital Allocation
Capital Allocation Executing clearly-stated strategy of investing in our fleet, keeping leverage down and returning significant capital to shareholders Paying cash dividend for the 29th consecutive quarter For the first quarter, the Company will return $15.1 million to shareholders, equating t
Slide 9: Robust Balance Sheet
Robust Balance Sheet USD Thousand 31.03.2017 Interest bearing debt to total assets Cash $ 72,182 • Book values: 48.4% Other Current Assets $ 50,978 • Marked to market: 54.6% Vessels $ 1,222,291 RCF with availability of $48.7 million Asset held for sale $ 43,134 Other Assets $ 4,354 Debt repaym
Slide 10: VLCC Earnings
VLCC Earnings USD/day Q1’16 Q2’16 Q3’16 Q4’16 FY 2016 Q1’17 Spot Earnings $ 62,600 $ 53,300 $ 20,300 $ 34,300 $ 42,600 $ 40,900 TC Earnings $ 44,800 $ 46,700 $ 46,700 $ 41,400 $ 44,800 $ 38,800 Average $ 56,900 $ 51,000 $ 29,700 $ 37,100 $ 43,400 $ 40,100 As per May 5, we have booked 58% of our VLCC
Slide 11: Managing the cycles
Managing the cycles Counter cyclical investment philosophy TROUGH / INVESTMENT RECOVERY HIGH MARKET PHASE PHASE PHASE Sale & Purchase: • Aggressive growth • Selective • Divestment of older growth tonnage Chartering: • Spot • Spot Term • Time charters Capital • Nominal • Increased • Formula based al
Slide 12: Executing On Our Strategy
Executing On Our Strategy Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 USD/day 120,000 Contracted 2 VLCC’s. Sold 1999-built Sold 2000- Sold 2001- Sold 2001- and 2001-built S&P Acquired 16 VLCC’s built built built VLCC VLCC. 1
Slide 13: Fleet Overview
Fleet Overview Vessel Built Yard DWT Class P&I Club Flag Employment Ownership Technical manager BWTS* Comment VLCC DHT Tiger 2017 Hyundai 299,900 ABS Gard HK Spot 100 % Goodwood Yes DHT Puma 2016 Hyundai 299,900 ABS Skuld HK Spot 100 % Goodwood Yes DHT Panther 2016 Hyundai 299,900 ABS Skuld HK Spot
Slide 14: Estimated Cash Breakeven
Estimated Cash Breakeven $18,100 for 2H 2017 and $20,400 for 2018 2H 2017 FY 2018 USDm USDm $250 $500 $450 $200 $400 $350 $150 $300 $250 $100 $200 VLCC: $18,100 $150 VLCC: $ 20,600 VLCC: $ 20,400 VLCC: $21,700 Aframax: $10,900 $50 $100 Aframax: $ 12,400 Aframax: $ 12,200 Aframax: $13,000 Fixed TC $5
Slide 15: Key Customers
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Slide 16: Key Lending Banks
Key Lending Banks May 9, 2017 16
Slide 17: Summary
Summary DHT has become a significant shipowner in the large tanker market with a fleet of soon to be 30 VLCCs and 2 Aframaxes We strive to be among the best in class – both hardware and software We don’t aim to be the biggest, but we shall strive to become one of the most respected tanker comp