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Share Name | Share Symbol | Market | Type |
---|---|---|---|
DHT Holdings Inc New | NYSE:DHT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.115 | -0.91% | 12.525 | 12.69 | 12.405 | 12.67 | 824,463 | 20:03:10 |
|
|
|
Exhibit
|
|
Description
|
99.1
|
Press Release dated February 3, 2016
|
DHT Holdings, Inc. | ||||
(Registrant) | ||||
Date: February 5, 2016
|
By:
|
/s/ Eirik Ubøe | ||
Name: Eirik Ubøe | ||||
Title: Chief Financial Officer | ||||
USD mill. (except per share)
|
Q4 2015
|
Q3 2015
|
Q2 2015
|
Q1 2015
|
Q4 2014
|
2015
|
2014
|
Net Revenue1
|
80.0
|
74.7
|
68.1
|
73.5
|
47.3
|
296.3
|
101.5
|
EBITDA
|
59.6
|
54.8
|
49.5
|
51.0
|
25.6
|
214.8
|
40.6
|
Net Income
|
32.42
|
27.5
|
22.2
|
23.2
|
28.53
|
105.42
|
12.93
|
EPS – basic
|
0.352
|
0.30
|
0.24
|
0.25
|
0.31
|
1.132
|
0.18
|
EPS – diluted8
|
0.312
|
0.27
|
0.22
|
0.23
|
0.31
|
1.042
|
0.18
|
Interest bearing debt
|
662.5
|
621.9
|
628.2
|
654.4
|
661.3
|
662.5
|
661.3
|
Cash
|
166.84
|
158.2
|
137.1
|
176.5
|
166.7
|
166.84
|
166.7
|
Dividend5
|
0.21
|
0.18
|
0.15
|
0.15
|
0.05
|
0.69
|
0.11
|
Fleet (dwt)6
|
6,556,637
|
6,709,560
|
6,709,560
|
6,709,560
|
6,709,560
|
6,556,637
|
6,709,560
|
Spot exposure7
|
49.9%
|
44.4%
|
46.3%
|
61.5%
|
61.4%
|
50.5%
|
58.2%
|
Unscheduled off hire7
|
0.17%
|
0.18%
|
0.31%
|
0.13%
|
0.15%
|
0.20%
|
0.55%
|
Scheduled off hire7
|
1.50%
|
0%
|
0.40%
|
0%
|
0%
|
0.50%
|
2.4%
|
· | EBITDA for the quarter of $59.6 million. Net income for the quarter of $32.4 million ($0.35 per basic share). Net income includes a loss of $0.8 million related to the sale of the DHT Trader. |
· | The Company’s VLCCs operating in the spot market achieved time charter equivalent earnings of $62,200 per day in the fourth quarter of 2015. The Company achieved $58,700 per day for its spot VLCC fleet for the full year 2015 excluding profit sharing under time charter. |
· | In accordance with the dividend policy announced on July 22, 2015 the Company will pay a dividend of $0.21 per common share for the quarter payable on February 24, 2016 for shareholders of record as of February 16, 2016. |
· | During the quarter the Company extended at higher rates the time-charters for three of its VLCCs to oil majors. The vessels Samco Europe, Samco Taiga and Samco Redwood have been extended for one, two and two years respectively, at a daily rate of $53,200, $45,000 and $47,300 respectively. In January 2016, the Company entered into a one year time charter for the 1999 built VLCC DHT Phoenix at a rate of $45,000 per day commencing in early March 2016. These extensions and new contract secure 2,165 days of time-charter equivalent earnings at a combined value of about $101 million. |
· | On November 23, 2015 and January 4, 2016 the Company took delivery of the first two of its six VLCC newbuildings from Hyundai Heavy Industries (HHI). The vessels are named DHT Jaguar and DHT Leopard and are trading in the spot market. The remaining four newbuildings will be delivered from March to October 2016. The newbuildings are all fully funded and are expected to contribute significantly to the company's earnings power. |
· | In December 2015 the Company sold the DHT Trader, a 2000 built Suezmax for $26.5 million. The entire net proceeds were applied to repay debt under the RBS facility and is in support of the company's announced capital allocation policy. The company booked a loss of $0.8 million in the quarter in connection with the sale. The sale is in support of the company's fleet renewal and occurred in a period during which the company took delivery of two VLCC newbuildings. |
· | As of December 31, 2015, the Company’s cash balance was $166.8 million. The cash balance includes $50 million relating to the financing for DHT Leopard which was drawn on the Nordea/DNB credit facility on December 29, 2015 in advance of the delivery of the DHT Leopard on January 4, 2016. |
· | As part of the Company’s capital allocation policy announced on July 22, 2015, the Company prepaid $26.8 million of bank debt in October 2015. The $26.8 million consists of $22.9 million remaining outstanding under the DHT Eagle credit facility that had final maturity in May 2016 as well as $3.9 million under the RBS credit facility. |
· | After the end of Q4 2015, the company prepaid the credit facility for DHT Hawk and DHT Falcon in its entirety, $42.0 million, as well as a $4.9 million prepayment on the RBS credit facility. In connection with these prepayments the Company will record a non-cash finance expense of $0.9 million in the first quarter of 2016 related to unamortized upfront fees. |
· | On February 2, 2016, the Company repurchased $3.0 million of its convertible senior notes due 2019 in the open market at a price of 99% of par. |
· | DHT's board of directors has approved the repurchase of up to $50 million of DHT securities. DHT's board of directors and management team believe that DHT’ securities - its common stock and convertible senior notes - currently represent an attractive investment opportunity, and repurchasing such securities will likely constitute a part of the company's capital allocation strategy during 2016. The repurchase program authorizes DHT to purchase its securities through open market purchases, negotiated transactions or other means in accordance with applicable securities laws. The repurchase program has been authorized through February 2017 and may be suspended or discontinued at any time. Any shares of DHT common stock acquired by DHT will be available for reissuance. DHT had approximately 93.2 million shares of common stock outstanding as of February 2, 2016. DHT intends to fund its capital allocation policy (including any repurchase of securities) with future cash flow. |
· | The Company has revised the capital allocation policy announced on July 22, 2015 as follows: DHT intends to return at least 60% of its ordinary net income (adjusted for extraordinary items) to shareholders as quarterly cash dividends. Further, DHT intends to allocate surplus cash flow, after paying such quarterly cash dividends, to delever its balance sheet, to repurchase its own securities, or for general corporate purposes. The extent and allocation will depend on market conditions and other corporate considerations. DHT will apply its updated capital allocation policy starting with the first quarter of 2016. |
· | DHT has a fleet of 20 VLCCs (including four VLCCs under construction at HHI to be delivered fairly evenly spread between March and October 2016), one Suezmax and two Aframaxes as well as a 50% ownership in Goodwood Ship Management. Of the 19 vessels in operation, six of the VLCCs, the Suezmax and the two Aframaxes are on fixed rate time charters and 10 VLCCs have spot market exposure. For more details on the fleet, please refer to our web site: http://dhtankers.com/index.php?name=About_DHT%2FFleet.html. |
Q4 2015
|
Q3 2015
|
Q2 2015
|
Q1 2015
|
Q4 2014
|
2015
|
2014
|
||||||||||||||||||||||
Reconciliation of Net Revenue and EBITDA
|
||||||||||||||||||||||||||||
Shipping revenues
|
94,647
|
91,962
|
82,870
|
95,635
|
72,853
|
365,114
|
150,789
|
|||||||||||||||||||||
Voyage expenses
|
(14,678
|
)
|
(17,224
|
)
|
(14,787
|
)
|
(22,175
|
)
|
(25,570
|
)
|
(68,864
|
)
|
(49,333
|
)
|
||||||||||||||
Net Revenue
|
79,969
|
74,738
|
68,082
|
73,460
|
47,283
|
296,250
|
101,455
|
|||||||||||||||||||||
Vessel operating expenses
|
(15,351
|
)
|
(15,386
|
)
|
(14,038
|
)
|
(15,020
|
)
|
(14,712
|
)
|
(59,795
|
)
|
(42,761
|
)
|
||||||||||||||
General and administrative expenses
|
(5,065
|
)
|
(4,569
|
)
|
(4,538
|
)
|
(7,435
|
)
|
(6,968
|
)
|
(21,607
|
)
|
(18,062
|
)
|
||||||||||||||
EBITDA
|
59,554
|
54,783
|
49,507
|
51,005
|
25,603
|
214,848
|
40,632
|
ASSETS
|
Note
|
December 31, 2015
|
December 31, 2014
|
|||||||||
Current assets
|
||||||||||||
Cash and cash equivalents
|
$
|
166,775
|
166,684
|
|||||||||
Accounts receivable and accrued revenues
|
9
|
40,093
|
28,708
|
|||||||||
Prepaid expenses
|
2,540
|
972
|
||||||||||
Bunkers, lube oils and consumables
|
8,844
|
15,906
|
||||||||||
Total current assets
|
$
|
218,251
|
212,271
|
|||||||||
Non-current assets
|
||||||||||||
Vessels and time charter contracts
|
6
|
$
|
986,597
|
988,168
|
||||||||
Advances for vessels under construction
|
6
|
215,401
|
174,496
|
|||||||||
Other property, plant and equipment
|
579
|
463
|
||||||||||
Investment in associated company
|
2,976
|
2,697
|
||||||||||
Total non-current assets
|
$
|
1,205,553
|
1,165,825
|
|||||||||
Total assets
|
$
|
1,423,805
|
1,378,095
|
|||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||||||
Current liabilities
|
||||||||||||
Accounts payable and accrued expenses
|
$
|
13,935
|
29,999
|
|||||||||
Derivative financial liabilities
|
3,058
|
3,518
|
||||||||||
Current portion long term debt
|
5
|
32,267
|
31,961
|
|||||||||
Deferred shipping revenues
|
3,575
|
2,428
|
||||||||||
Total current liabilities
|
$
|
52,835
|
67,906
|
|||||||||
Non-current liabilities
|
||||||||||||
Long term debt
|
5
|
$
|
630,201
|
629,320
|
||||||||
Derivative financial liabilities
|
2,876
|
6,019
|
||||||||||
Total non-current liabilities
|
$
|
633,077
|
635,339
|
|||||||||
Total liabilities
|
$
|
685,912
|
703,245
|
|||||||||
Stockholders' equity
|
||||||||||||
Stock
|
7.8
|
$
|
929
|
925
|
||||||||
Additional paid-in capital
|
7.8
|
878,236
|
873,522
|
|||||||||
Accumulated deficit
|
(147,945
|
)
|
(204,011
|
)
|
||||||||
Translation differences
|
(232
|
)
|
(296
|
)
|
||||||||
Other reserves
|
6,904
|
4,712
|
||||||||||
Total stockholders equity
|
$
|
737,893
|
674,851
|
|||||||||
Total liabilities and stockholders' equity
|
$
|
1,423,805
|
1,378,095
|
Q4 2015
|
Q4 2014
|
12 months 2015
|
12 months 2014
|
|||||||||||||||||
Note
|
Oct. 1 - Dec. 31, 2015
|
Oct. 1 - Dec. 31, 2014
|
Jan. 1 - Dec. 31, 2015
|
Jan. 1 - Dec. 31, 2014
|
||||||||||||||||
Shipping revenues
|
$
|
94,647
|
72,853
|
$
|
365,114
|
150,789
|
||||||||||||||
Operating expenses
|
||||||||||||||||||||
Voyage expenses
|
(14,678
|
)
|
(25,570
|
)
|
(68,864
|
)
|
(49,333
|
)
|
||||||||||||
Vessel operating expenses
|
(15,351
|
)
|
(14,712
|
)
|
(59,795
|
)
|
(42,761
|
)
|
||||||||||||
Depreciation and amortization
|
6
|
(20,099
|
)
|
(19,078
|
)
|
(78,698
|
)
|
(45,124
|
)
|
|||||||||||
Reversal of impairment charges
|
6
|
-
|
31,900
|
-
|
31,900
|
|||||||||||||||
Profit /( loss), sale of vessel
|
6
|
(807
|
)
|
-
|
(807
|
)
|
-
|
|||||||||||||
General and administrative expense
|
(5,065
|
)
|
(6,968
|
)
|
(21,607
|
)
|
(18,062
|
)
|
||||||||||||
Total operating expenses
|
$
|
(55,999
|
)
|
(34,427
|
)
|
$
|
(229,771
|
)
|
(123,381
|
)
|
||||||||||
Operating income
|
$
|
38,648
|
38,426
|
$
|
135,343
|
27,408
|
||||||||||||||
Share of profit from associated companies
|
162
|
76
|
467
|
86
|
||||||||||||||||
Interest income
|
31
|
67
|
141
|
409
|
||||||||||||||||
Interest expense
|
(8,021
|
)
|
(9,346
|
)
|
(33,637
|
)
|
(14,286
|
)
|
||||||||||||
Fair value gain/(loss) on derivative financial instruments
|
2,151
|
507
|
3,603
|
507
|
||||||||||||||||
Other financial income/(expenses)
|
(530
|
)
|
(1,139
|
)
|
(487
|
)
|
(1,150
|
)
|
||||||||||||
Profit/(loss) before tax
|
$
|
32,442
|
28,591
|
$
|
105,430
|
12,973
|
||||||||||||||
Income tax expense
|
(15
|
)
|
(115
|
)
|
(128
|
)
|
(86
|
)
|
||||||||||||
Net income/(loss) after tax
|
$
|
32,428
|
28,475
|
$
|
105,302
|
12,887
|
||||||||||||||
Attributable to the owners of parent
|
$
|
32,428
|
28,475
|
$
|
105,302
|
12,887
|
||||||||||||||
Basic net income/(loss) per share
|
0.35
|
0.31
|
1.13
|
0.18
|
||||||||||||||||
Diluted net income/(loss) per share
|
0.31
|
0.31
|
1.04
|
0.18
|
||||||||||||||||
Weighted average number of shares (basic)
|
92,859,613
|
92,510,086
|
92,793,154
|
73,147,668
|
||||||||||||||||
Weighted average number of shares (diluted)
|
112,788,727
|
92,558,248
|
112,098,221
|
73,210,337
|
||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
|
||||||||||||||||||||
Profit for the period
|
$
|
32,428
|
28,475
|
$
|
105,302
|
12,887
|
||||||||||||||
Other comprehensive income:
|
||||||||||||||||||||
Items that will not be reclassified to income statement:
|
||||||||||||||||||||
Remeasurement of defined benefit obligation (loss)
|
(41
|
)
|
(204
|
)
|
(41
|
)
|
(204
|
)
|
||||||||||||
Total
|
$
|
(41
|
)
|
(204
|
)
|
$
|
(41
|
)
|
(204
|
)
|
||||||||||
Items that may be reclassified to income statement:
|
||||||||||||||||||||
Exchange gain (loss) on translation of foreign currency
|
||||||||||||||||||||
denominated associate and subsidiary
|
112
|
(220
|
)
|
64
|
(296
|
)
|
||||||||||||||
Total
|
$
|
112
|
(220
|
)
|
$
|
64
|
(296
|
)
|
||||||||||||
Other comprehensive income
|
$
|
71
|
(424
|
)
|
$
|
23
|
(500
|
)
|
||||||||||||
Total comprehensive income for the period
|
$
|
32,499
|
28,051
|
$
|
105,325
|
12,387
|
||||||||||||||
Attributable to the owners of parent
|
$
|
32,499
|
28,051
|
$
|
105,325
|
12,387
|
Q4 2015
|
Q4 2014
|
12 months 2015
|
12 months 2014
|
|||||||||||||||||
Note
|
Oct. 1 - Dec. 31, 2015
|
Oct. 1 - Dec. 31, 2014
|
Jan. 1 - Dec. 31, 2015
|
Jan. 1 - Dec. 31, 2014
|
||||||||||||||||
Cash flows from operating activities:
|
||||||||||||||||||||
Net income / (loss)
|
32,428
|
28,475
|
105,302
|
12,887
|
||||||||||||||||
Items included in net income not affecting cash flows:
|
||||||||||||||||||||
Depreciation
|
6
|
20,099
|
19,078
|
78,698
|
45,124
|
|||||||||||||||
Reversal of impairment charges
|
6
|
-
|
(31,900
|
)
|
-
|
(31,900
|
)
|
|||||||||||||
Amortization of debt issuance costs
|
1,673
|
1,271
|
7,521
|
1,875
|
||||||||||||||||
(Profit) / loss, sale of vessel
|
6
|
807
|
-
|
807
|
-
|
|||||||||||||||
Fair value (gain) / loss on derivative financial instruments
|
(2,151
|
)
|
(216
|
)
|
(3,603
|
)
|
(507
|
)
|
||||||||||||
Compensation related to options and restricted stock
|
1,567
|
1,027
|
6,911
|
1,597
|
||||||||||||||||
Share of profit in associated companies
|
(162
|
)
|
(76
|
)
|
(467
|
)
|
(86
|
)
|
||||||||||||
Unrealized currency translation lossess / (gains)
|
14
|
76
|
97
|
-
|
||||||||||||||||
Changes in operating assets and liabilities:
|
||||||||||||||||||||
Accounts receivable and accrued revenues
|
9
|
(4,265
|
)
|
(2,329
|
)
|
(11,385
|
)
|
1,536
|
||||||||||||
Prepaid expenses
|
147
|
1,792
|
(1,568
|
)
|
(742
|
)
|
||||||||||||||
Accounts payable and accrued expenses
|
3,829
|
(1,119
|
)
|
(16,560
|
)
|
7,577
|
||||||||||||||
Deferred shipping revenues
|
385
|
-
|
1,147
|
-
|
||||||||||||||||
Prepaid charter hire
|
-
|
(1,668
|
)
|
-
|
156
|
|||||||||||||||
Bunkers, lube oils and consumables
|
(1,063
|
)
|
3,146
|
7,062
|
(6,895
|
)
|
||||||||||||||
Net cash provided by operating activities
|
53,306
|
17,557
|
173,964
|
30,622
|
||||||||||||||||
Cash flows from investing activities:
|
||||||||||||||||||||
Investment in vessels
|
(1,801
|
)
|
(882
|
)
|
(1,987
|
)
|
(157,387
|
)
|
||||||||||||
Investment in vessels under construction
|
(91,715
|
)
|
(769
|
)
|
(142,560
|
)
|
(137,401
|
)
|
||||||||||||
Sale of vessels
|
26,500
|
-
|
26,500
|
-
|
||||||||||||||||
Investment in subsidiary, net cash
|
4
|
-
|
-
|
-
|
(256,332
|
)
|
||||||||||||||
Investment in associated company
|
4
|
120
|
107
|
120
|
107
|
|||||||||||||||
Investment in property, plant and equipment
|
(9
|
)
|
(35
|
)
|
(419
|
)
|
(333
|
)
|
||||||||||||
Net cash used in investing activities
|
(66,905
|
)
|
(1,578
|
)
|
(118,345
|
)
|
(551,347
|
)
|
||||||||||||
Cash flows from financing activities
|
||||||||||||||||||||
Issuance of stock
|
7,8
|
-
|
(254
|
)
|
-
|
360,340
|
||||||||||||||
Cash dividends paid
|
8
|
(16,713
|
)
|
(1,850
|
)
|
(49,194
|
)
|
(6,012
|
)
|
|||||||||||
Issuance of long term debt
|
5
|
99,400
|
295,631
|
99,400
|
342,992
|
|||||||||||||||
Issuance of convertible bonds
|
7
|
-
|
633
|
-
|
145,862
|
|||||||||||||||
Repayment of long-term debt
|
5
|
(60,486
|
)
|
(277,842
|
)
|
(105,734
|
)
|
(281,838
|
)
|
|||||||||||
Net cash provided by/(used) in financing activities
|
22,201
|
16,317
|
(55,528
|
)
|
561,344
|
|||||||||||||||
Net increase/(decrease) in cash and cash equivalents
|
8,602
|
32,296
|
91
|
40,619
|
||||||||||||||||
Cash and cash equivalents at beginning of period
|
158,172
|
134,388
|
166,684
|
126,065
|
||||||||||||||||
Cash and cash equivalents at end of period
|
166,775
|
166,684
|
166,775
|
166,684
|
||||||||||||||||
Specification of items included in operating activities:
|
||||||||||||||||||||
Interest paid
|
4,661
|
6,370
|
26,505
|
9,907
|
||||||||||||||||
Interest received
|
31
|
104
|
140
|
446
|
Common Stock
|
Preferred Stock
|
|||||||||||||||||||||||||||||||||||||||
Paid-in
|
Paid-in
|
|||||||||||||||||||||||||||||||||||||||
Additional
|
Additional
|
Retained
|
Translation
|
Other
|
Total
|
|||||||||||||||||||||||||||||||||||
Note
|
Shares
|
Amount
|
Capital
|
Shares
|
Amount
|
Capital
|
Earnings
|
Differences
|
Reserves
|
Equity
|
||||||||||||||||||||||||||||||
Balance at January 1, 2014
|
29,040,975
|
$
|
290
|
$
|
447,393
|
97,579
|
$
|
1
|
$
|
44,634
|
$
|
(210,683
|
)
|
$ |
$
|
3,118
|
$
|
284,753
|
||||||||||||||||||||||
Net income/(loss) after tax
|
12,887
|
12,887
|
||||||||||||||||||||||||||||||||||||||
Other comprehensive income
|
(204
|
)
|
(296
|
)
|
(500
|
)
|
||||||||||||||||||||||||||||||||||
Total comprehensive income
|
12,683
|
(296
|
)
|
12,387
|
||||||||||||||||||||||||||||||||||||
Cash dividends declared and paid
|
(6,012
|
)
|
(6,012
|
)
|
||||||||||||||||||||||||||||||||||||
Issue of stock
|
53,376,923
|
534
|
359,806
|
-
|
360,340
|
|||||||||||||||||||||||||||||||||||
Exchange of preferred stock
|
9,757,900
|
98
|
44,537
|
(97,579
|
)
|
(1
|
)
|
(44,634
|
)
|
-
|
||||||||||||||||||||||||||||||
Convertible bonds
|
21,787
|
21,787
|
||||||||||||||||||||||||||||||||||||||
Compensation related to options and restricted stock
|
334,288
|
3
|
1,594
|
1,597
|
||||||||||||||||||||||||||||||||||||
Balance at December 31, 2014
|
92,510,086
|
$
|
925
|
$
|
873,522
|
-
|
$
|
-
|
$
|
-
|
$
|
(204,011
|
)
|
$
|
(296
|
)
|
$
|
4,712
|
$
|
674,851
|
||||||||||||||||||||
Common Stock
|
Preferred Stock
|
|||||||||||||||||||||||||||||||||||||||
Paid-in
|
Paid-in
|
|||||||||||||||||||||||||||||||||||||||
Additional
|
Additional
|
Retained
|
Translation
|
Other
|
Total
|
|||||||||||||||||||||||||||||||||||
Note
|
Shares
|
Amount
|
Capital
|
Shares
|
Amount
|
Capital
|
Earnings
|
Differences
|
Reserves
|
Equity
|
||||||||||||||||||||||||||||||
Balance at January 1, 2015
|
92,510,086
|
$
|
925
|
$
|
873,522
|
-
|
$
|
-
|
$
|
-
|
$
|
(204,011
|
)
|
$
|
(296
|
)
|
$
|
4,712
|
$
|
674,851
|
||||||||||||||||||||
Net income/(loss) after tax
|
105,302
|
105,302
|
||||||||||||||||||||||||||||||||||||||
Other comprehensive income
|
(41
|
)
|
64
|
23
|
||||||||||||||||||||||||||||||||||||
Total comprehensive income
|
105,260
|
64
|
105,325
|
|||||||||||||||||||||||||||||||||||||
Cash dividends declared and paid
|
(49,194
|
)
|
(49,194
|
)
|
||||||||||||||||||||||||||||||||||||
Compensation related to options and restricted stock
|
399,850
|
4
|
4,714
|
2,192
|
6,911
|
|||||||||||||||||||||||||||||||||||
Balance at December 31, 2015
|
92,909,936
|
$
|
929
|
$
|
878,236
|
-
|
$
|
-
|
$
|
-
|
$
|
(147,945
|
)
|
$
|
(232
|
)
|
$
|
6,904
|
$
|
737,893
|
Amendment to IAS 19
|
Defined Benefit Plans: Employee Contributions
|
Annual Improvements to IFRSs
|
2010 – 2012 Cycle
|
Annual Improvements to IFRSs
|
2011 – 2013 Cycle
|
Initial consideration paid in cash
|
317,005
|
|||
Less: cash and cash equivalent balances aquired
|
(60,673
|
)
|
||
Final consideration paid in cash
|
7,562
|
|||
Net cash outflow as per June 30, 2015
|
263,894
|
|||
Total consideration
|
324,567
|
|||
Additional cash consideration
|
-
|
Q1
|
Q2-Q4
|
Margin
|
||||||
2016
|
2016
|
2017
|
2018
|
2019
|
Thereafter
|
Total
|
above Libor
|
|
RBS Credit Facility*
|
-
|
-
|
80.5
|
-
|
-
|
80.5
|
1.75%
|
|
DNB - Hawk/Falcon
|
1.0
|
3.0
|
4.0
|
4.0
|
30.0
|
-
|
42.0
|
2.50%
|
Nordea/DNB/DVB syndicate
|
5.1
|
15.3
|
20.4
|
20.4
|
240.7
|
-
|
281.6
|
2.50%
|
Credit Agricole - Samco Scandinavia
|
1.1
|
3.4
|
4.6
|
4.6
|
4.6
|
18.2
|
36.5
|
2.19%
|
Danish Ship Finance - DHT Jaguar
|
-
|
2.6
|
2.6
|
2.6
|
2.6
|
39.0
|
49.4
|
2.25%
|
Nordea/DNB - DHT Leopard**
|
0.6
|
1.9
|
2.5
|
2.5
|
2.5
|
40.0
|
50.0
|
2.25%
|
Convertible Note
|
150.0
|
-
|
150.0
|
|||||
Total
|
7.9
|
26.2
|
114.6
|
34.1
|
97.2
|
689.9
|
||
Unamortized upfront fees bank loans
|
(6.7)
|
|||||||
Difference amortized cost/notional amount convertible note
|
(20.8)
|
|||||||
Total interest bearing debt
|
662.5
|
· | value adjusted* tangible net worth of $150 million |
· | value adjusted* tangible net worth shall be at least 25% of value adjusted total assets |
· | unencumbered consolidated cash of at least the higher of (i) $20 million and (ii) 6% of our gross interest bearing debt |
· | value adjusted* tangible net worth of $200 million |
· | value adjusted* tangible net worth shall be at least 25% of value adjusted total assets |
· | unencumbered consolidated cash of at least the higher of (i) $20 million and (ii) 6% of our gross interest bearing debt |
· | value adjusted* tangible net worth of $200 million |
· | value adjusted* tangible net worth shall be at least 25% of value adjusted total assets |
· | unencumbered consolidated cash of at least the higher of (i) $20 million and (ii) 6% of our gross interest bearing debt. |
· | value adjusted* tangible net worth of $150 million |
· | value adjusted* tangible net worth shall be at least 25% of value adjusted total assets |
· | unencumbered consolidated cash of at least the higher of (i) $20 million and (ii) 6% of our gross interest bearing debt |
· | value adjusted* tangible net worth of $200 million |
· | value adjusted* tangible net worth shall be at least 25% of value adjusted total assets |
· | unencumbered consolidated cash of at least the higher of (i) $20 million and (ii) 6% of our gross interest bearing debt |
Cost of Vessels
|
Depreciation, impairment and amortization*
|
||||||||
At January 1, 2015
|
$
|
1,303,915
|
At January 1, 2015
|
$
|
315,748
|
||||
Additions
|
103,742
|
Depreciation and amortization expense
|
78,446
|
||||||
Retirement **
|
(66,077
|
)
|
Retirement
|
(39,209
|
)
|
||||
At December 31, 2015
|
$
|
1,341,581
|
At December 31, 2015
|
$
|
354,984
|
||||
Carrying Amount
|
|||||||||
At January 1, 2015
|
$
|
988,168
|
|||||||
At December 31, 2015
|
$
|
986,597
|
Cost of vessels under construction
|
||||
At January 1, 2015
|
$
|
174,496
|
||
Additions
|
143,056
|
|||
Transferred to vessels
|
(102,151
|
)
|
||
At December 31, 2015
|
$
|
215,401
|
||
Carrying Amount
|
||||
At January 1, 2015
|
$
|
174,496
|
||
At December 31, 2015
|
$
|
215,401
|
Vessels under construction (USD million)
|
Dec. 31, 2015
|
Jan. 1, 2015
|
||||||
Not later than one year
|
266.2
|
135.9
|
||||||
Later than one year and not later than three years
|
0.0
|
266.2
|
||||||
Later than three years and not later than five years
|
0.0
|
0.0
|
||||||
Total
|
266.2
|
402.1
|
Common stock
|
Preferred stock
|
||
Issued at Dec. 31, 2015
|
92,909,936
|
-
|
|
Shares to be issued assuming conversion of
|
|||
convertible notes*
|
24,449,566
|
||
Numbers of shares authorized for issue
|
|||
at Dec. 31, 2015
|
150,000,000
|
1,000,000
|
|
Par value
|
$ 0.01
|
$ 0.01
|
Dividend payment:
|
|||
Dividend payment as of Dec. 31, 2015:
|
|||
Payment date:
|
Total payment
|
Per common share
|
|
November 25, 2015
|
$ 16.7 million
|
$0.18
|
|
August 20, 2015
|
$ 13.9 million
|
$0.15
|
|
May 22, 2015
|
$ 13.9 million
|
$0.15
|
|
February 19, 2015
|
$ 4.6 million
|
$0.05
|
|
Total payment as of Dec. 31, 2015:
|
$ 49.2 million
|
$0.53
|
|
Dividend payment as of December 31, 2014:
|
|||
Payment date:
|
Total payment
|
Per common share
|
|
November 26, 2014
|
$ 1.9 million
|
$0.02
|
|
September 17, 2014
|
$ 1.4 million
|
$0.02
|
|
May 22, 2014
|
$ 1.4 million
|
$0.02
|
|
February 13, 2014
|
$ 1.4 million
|
$0.02
|
|
Total payment as of December 31, 2014:
|
$ 6.0 million
|
$0.08
|
1 Year DHT Chart |
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