This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

DHT Holdings Management Discusses Q2 2012 Results - Earnings Call Transcript

DHT Regal completed its third special survey and dry dock on time and on budget and entered the TI Pool during the quarter. The Aframaxes Overseas Rebecca and Overseas Ania were both redelivered under that time charters, and subsequently, sold during the quarter. We incurred a books loss in -- a book loss in the quarter of $1.4 million on the sale of the 2 vessels in the second quarter.

A loss of $900,000 related to the Overseas Rebecca was recorded in the first quarter of 2012. The proceeds from the sales were used to further reduce the outstanding debt under the RBS credit facility.

The Aframax DHT Sophie was redelivered under its time charter in June 2012. The vessel is currently trading in the stock market with the intention to enter into a pool during the second half of 2012.

With that, I hand over to Trygve, who will highlight how we are positioned for these continued tough times. Trygve?

Trygve Preben Munthe

Thank you, Svein. This is certainly difficult times in the tanker markets. As we all know, we're suffering from oversupply with way too many new buildings coming into the market. When we combine this with a generally soft world economy, we believe the tanker market recovery is some time away. We believe DHT is well-positioned for this market environment.

As you've have heard us say numerous times, we have no scheduled installments until the first quarter of '15 and no debt maturities until 2016 and '17. Further, we enjoy extraordinarily low interest rates on a large portion of our loans. As a matter fact, our current weighted average interest cost is only 3.16%, and that's all in. This comes out to about $6.9 million per year or about $2,100 per day per shift. Importantly, once our last interest rate swaps comes to an end in January next year, the interest rate drops to 1.6% all in, and the annual interest cost to $3.5 million, which equates to a meager $1,100 per day per shift. Of course, all else being equal.

Read the rest of this transcript for free on

3 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,813.39 +1.20 0.01%
S&P 500 2,088.87 -0.27 -0.01%
NASDAQ 5,116.1430 +13.3350 0.26%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs