Dht Holdings, Inc. · NYSE:DHT
Dht — Investor Presentation (November 2016)
17 slides from Dht's investor presentation, Nov 3, 2016
Slide 1: Company Presentation
Company Presentation November 3, 2016
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 • 21 ships in the water: 19 VLCCs and 2 Aframaxes • 1 VLCC newbuilding for delivery in Q4 2016 • Average age of 7.5 years • Fully integrated shipowning company • 16 shore-side employees • Registered in the Marshall Islands DHT strives for exce
Slide 4: Publicly listed in New York
Publicly listed in New York Listed on New York Stock Exchange under ticker DHT 3-month average daily trading volume: 2.4m shares Defined capital allocation policy Open shareholder structure Source: NYSE November 3, 2016 4
Slide 5: Q3 Highlights
Q3 Highlights Sold the DHT Chris, a 2001 built VLCC for $23.7 million and the vessel is expected to be delivered to the buyers during the next two months. Refinancing of RBS credit facility at competitive terms • Financing of 4 mature vessels, 2 VLCC’s and 2 Aframaxes. • Totaling $40.0m, due in
Slide 6: P&L Q3 2016
P&L Q3 2016 USD Thousands, except per share amounts Revenues on TCE basis $ 50,294 Vessel operating expenses $ 16,500 Impairment charge $ 76,600 G&A $ 4,274 Adj. EBITDA $ 29,520 Net Income $ (75,697) EPS $ (0,81) Declared a dividend of $0.02 per share for the third quarter 2016 November 3, 2016 6
Slide 7: Balance Sheet
Balance Sheet USD Thousand 30.09.2016 Cash $ 71,542 Other Current Assets $ 37,847 Interest bearing debt to total assets Vessels $ 1,240,757 • Book values: 49.7% • Marked to market: 53.9% Asset held for sale $ 23,216 Other Assets $ 3,991 Total Assets $ 1,377,354 Current portion of long term debt $
Slide 8: VLCC Earnings
VLCC Earnings USD/day 2015 Q1’16 Q2’16 Q3’16 YTD’16 Spot Earnings $ 58,700 $ 62,600 $ 53,300 $ 20,300 $ 45,400 TC Earnings $ 39,200 $ 44,800 $ 46,700 $ 46,700 $ 46,100 Average $ 50,500 $ 56,900 $ 51,000 $ 29,700 $ 45,700 November 3, 2016 8
Slide 9: 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 dividends • Increased • Formul
Slide 10: Executing On Our Strategy
Executing On Our Strategy Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q3 Q1 2016 Q2 2016 2013 2013 2014 2014 2014 2014 2015 2015 2015 2015 2016 Sold Sold Sold 2001- 2000- 2001- S&P Acquired 16 VLCC’s built built built Suezmax Suezmax VLCC Extended Extended Secured and and Extended and time repriced repriced Secur
Slide 11: Capital Allocation
Capital Allocation Capital Allocation Policy DHT intends to return at least 60% of its ordinary net income (adjusted for non-recurring items) to shareholders in the form of quarterly cash dividends and/or through buybacks of its own securities. Further, DHT intends to allocate surplus cash flow, aft
Slide 12: Fleet Overview
Fleet Overview Vessel Built Yard DWT Class P&I Club Flag Employment Ownership Technical manager VLCC DHT Phoenix 1999 Daewoo 307 151 LR Skuld HK TC 100 % Goodwood DHT Ann 2001 Hyundai 309 327 LR Gard HK Spot 100 % Goodwood DHT Chris 2001 Hyundai 309 285 LR Skuld MI Spot 100 % Goodwood DHT Eagle 2002
Slide 13: Fleet Employment
Fleet Employment 2016 2017 2018 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 DHT Phoenix VLCC DHT Ann VLCC DHT Chris VLCC DHT Eagle VLCC DHT Condor VLCC DHT Falcon VLCC Samco Scandinavia VLCC DHT Hawk VLCC Samco China VLCC DHT Europe VLCC DHT Amazon VLCC DHT Redwood VLCC DHT Sundarbans VLCC DHT Taiga VLCC DHT Jaguar
Slide 14: Cash Break-even 2017
Cash Break-even 2017 USDm $450 Estimated cash costs of approx. $179 million $400 If VLCC spot: $350 $ 60,000 If VLCC spot earnings: $60,000/day • Estimated cash flow: $228m $300 If VLCC spot: $ 42,500 If VLCC spot earnings: $42,500/day $250 • Estimated cash flow: $129m $200 If VLCC spot earn
Slide 15: Key Customers
Key Customers November 3, 2016 15
Slide 16: Key Lending Banks
Key Lending Banks November 3, 2016 16
Slide 17: Summary
Summary DHT has become a significant shipowner in the large tanker market with 20 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 companies in the world Nov