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Marketwired
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DHT Holdings, Inc. Business Update

June 25, 2020 | About:


HAMILTON, BERMUDA, June 25, 2020 – DHT Holdings, Inc. (:DHT) (“DHT” or the “Company”) today provides the following business update:

Time Charters

  • DHT Scandinavia has been significantly delayed discharging cargo on her current voyage and has thereby failed to deliver in time for her 12-month time-charter previously announced. Consequently, the time-charter is cancelled.
  • DHT Stallion has entered into a two-year time-charter agreement with an option to extend with an oil major at $41,800 per day. The ship is expected to deliver during July 2020.
  • DHT then has ten of its ships on time-charters. Four of the ships have profit sharing structures on top of base rates, whilst the other six have fixed rates. The average of the fixed elements in these ten time-charters, i.e. of the four base rates and the six fixed rates, is $50,673 per day.

Capital Allocation

  • In the current quarter, the company has made a voluntary prepayment of all regular instalments for 2021, amounting to $25.8 million, under the Nordea Loan Facility.
  • Further, the Company has agreed to voluntary prepay all the 2021 installments, $33.4 million, under the ABN Facility on June 30, 2020.

Cash Break Even

  • The Company estimates that the spot ships will need to earn $2,800 per day for the second half of 2020 for the company to cover all its expected cash costs for the period: OPEX, G&A, interest, debt amortization and maintenance capex.
  • Similarly, the spot ships are estimated to need to earn $11,400 per day in 2021 in order to cover all expected cash costs for 2021.

Spot chartering update

  • As of today, the company has covered 97% of its 2Q 2020 spot days at an average rate of $90,100 per day on a discharge-to-discharge basis.
  • As of today, the company has covered 18% of its 3Q 2020 spot days at an average rate of $61,800 per day on a discharge-to-discharge basis.

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 segment. We operate through our integrated management companies in Monaco, Singapore and Oslo, Norway. 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 to accommodate staying power through the business cycles, a combination of market exposure and fixed income contracts for our fleet, a counter cyclical philosophy with respect to investments, employment of our fleet and capital allocation and a transparent corporate structure maintaining a high level of integrity and good governance. For further information: www.dhtankers.com.


Forward Looking Statements

This press release 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. 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 DHT’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 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 March 25, 2020.

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:
Laila C. Halvorsen, CFO
Phone: +1 441 295 1422 and +47 984 39 935
E-mail: [email protected]

Wilhelm Flinder, Manager – Investor Relations & Business Analysis
Phone: +1 441 295 1422 and +47 936 11 350
E-mail: [email protected]

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