Dht Holdings, Inc. · NYSE:DHT
Dht — Q4 2016 Earnings Presentation
14 slides from Dht's earnings presentation, Feb 28, 2017
Slide 1: Frontline Q4 2016 Results
i FRONTLINE Q4 2016 Results World leader in the international seaborne transportation of crude oil
Slide 2: Forward Looking Statements
Fourth Quarter 2016, Forward Looking Statements MATTERS D1SQLSSEDINTH1S DOCLMENT MY CONSTITUTE FORWARD: LOOKINGSTATEMENTS. THE FRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 PROVIDES SEFE HARBOR PROTECTIONS FOR FORWARO-LOOKINGSTATENENTS IN ORDER TO ENCOURAGE COMPANIES TO PROVIDE PROSPECTIVE INFORM
Slide 3: Company Highlights
Fourth Quarter 2016 Company Highlights + Achieved net income in the fourth quarter of $34.5 million, or $0.22 per share, adjusted for certain non-cash items + Achieved net income of $188.9 million, or $1.20 per share, adjusted for certain non-cash items for the year ended December 31, 2016 + Termina
Slide 4: Financial Review: Q4 2016 Financial Highlights
Financial Review Q4 2016 Financial Highlights 16 en) -Ses| a 22 3 2 3h : Za ssa j 8 6 & sl | 8 eet | oon os 5 a orn ja A 8 8 ‘Impairment loss vessels and cap leases E77) 9 Bs = 62 Baris ree een, j = & ener Jo 2. = J) 2 ers af 5 Aa] | = ening per sare on) ops 00900075 Id ca ferecieeies ed oz on om as
Slide 5: Financial Review: Income Statement
Financial Review Income Statement (ee) ean onemealltion nd ale of nerbuldingcontetsand vessels (2670) (2683) Voyage expences and commision same sst6t Contingent renalincame (76) (362) Shpoperaingerpenses soot u9sis vreeapenses i608, crate st lesson vere and vszale under capital esee 509 sie for ncol
Slide 6: Financial Review: Cash Breakeven Rates and Opex
Financial Review Cash Breakeven Rates and Opex $/day $22 300 20000 $17 300 $15500 15000 10000 |, $8300 E z $7600 $6 900 5000 ° vuce Suezmax ure Cash BE estimate 2017 m OpexAs 2016 i FRONTLINE ce instalments, nterestloae,apen/eydeck, and St expences
Slide 7: Financial Review: Balance Sheet
Financial Review Balance Sheet 2016 2016 2015 Dec 31 Sep 30 Dec 31 cash 202 a 265 Restricted cash 1 3 04 Other Current assets 11 160 208 Long term assets: NewPuildings 308 24 256 Vessels 204 2075, 1924 Goodwill 2s 25 2s Other long termassets 35 6 04 Total assets 2566 2523, 2 Current liabilities 183
Slide 8: Update on Proposal to DHT Holdings Inc.
Fourth Quarter 2016 Update on Proposal to DHT Holdings Inc. ‘Transaction rationale DHT response to Frontline proposal + Frontline expected the combined company to be the largest publicly traded + The Board of Directors of DHT has declined both proposals tanker company on NYSE *+ DHT shareholders wer
Slide 9: Q4 Performance and Q1 Guidance
Fourth Quarter 2016 Q4 Performance and Q1 Guidance Qt 2017 Guidance - Daily TCE rates (uS0/Doy) 50.000 45.000 ‘Suezmax Ln2/Aframax 416 spot $ 32,200 416 spot $ 21,700 416 spot $ 18,800 (21 Guide 74% covered $ 38,000 (21 Guide 74% covered $23,000 (21 Guide 60% covered $ 19,000 (a) Examatad cas cont b
Slide 10: Time Charter Coverage Secures Cash Flow
Fourth Quarter 2016 Time Charter Coverage Secures Cash Flow Time charter cover secures cash flows and STime Charter Covetzue lowers cash breakeven of spot trading vessels further + For 2016 the average cover was 29% + Byend 2017 the cover is 18% $3900, " ‘uy rce . $10,300, ‘50000 000 40000 000 8 30.
Slide 11: Market Review & Outlook
Market Review & Outlook Current Market Seasonal upswing in Q4 vice 7 120000 r _ + Stronger market attributable to seasonality aoe + Pace of newbuildings slowed down towards the end #9000 of the year, but high rate of deliveries in January put g Sm > pressure on rates “ * Vessel deliveries will conti
Slide 12: Market Review & Outlook: Crude Tanker Orderbook
Market Review & Outlook Crude Tanker Orderbook Peak period of newbuilding deliveries * The pace of new vessels entering putting pressure on rates, with 28 VLCCs and 26 Suezmaxtankersdueto be delivered during the first quarter of 2017 £ = + Middle East rates in particular being affected Bos 32 Sea ST
Slide 13: Summary
Fourth Quarter 2016 Summary mm) Competitive and efficient operation mmm) Positive long term view mm) Opportunistic approach m=) Unique position ==) Commercial scale and low cost i FRONTLINE a
Slide 14: Q&A
Fourth Quarter 2016 Q&A i FRONTLINE 12