|USD mill. (except per share)||Q3 2016||Q2 2016||Q1 2016||Q4 2015||Q3 2015||2015||2014|
|Adjusted Net Revenue ||50.3||83.2||90.2||80.0||74.7||296.3||101.5|
|Net Income/(loss)||(75.7) 2||35.6||31.5 2||32.4 ||27.5||105.4 2||12.9|
|EPS - basic||(0.81)||0.38||0.34||0.35||0.30||1.13||0.18|
|EPS - diluted 7||(0.81)||0.34||0.30||0.31||0.27||1.04||0.18|
|Interest bearing debt||684.9||613.1||654.4||662.5||621.9||662.5||661.3|
|Cash||71.5||65.0||77.5||166.8 ||158.2||166.8 3||166.7|
|Fleet (dwt) ||6,392,011||6,392,011||6,556,637||6,556,637||6,709,560||6,556,637||6,709,560|
|Spot exposure ||59.9%||56.6%||57.2%||49.9%||44.4%||50.5%||58.2%|
|Unscheduled off hire 6||0.84%||0.29%||0.27%||0.17%||0.18%||0.20%||0.55%|
|Scheduled off hire 6||5.06%||1.70%||0.00%||1.50%||0.00%||0.50%||2.4%|
- Adjusted EBITDA and adjusted net income for the quarter of $29.5 million and $0.9 million, respectively, after adjusting for a non-cash impairment charge of $76.6 million. Net loss for the quarter of $75.7 million (loss of $0.81 per basic share) reflecting a non-cash impairment charge of $76.6 million.
- The Company's VLCCs achieved time charter equivalent earnings of $29,700 per day in the third quarter of 2016 of which the Company's VLCCs on time charter achieved $46,700 per day and the Company's VLCCs operating in the spot market achieved $20,300 per day.
- The Company will pay a dividend of $0.02 per common share for the quarter payable on November 23, 2016 for shareholders of record as of November 16, 2016.
- In October 2016 the Company agreed to sell the DHT Chris, a 2001 built VLCC for $23.7 million. The sale is in support of the company's fleet renewal program. About $11.9 million of the net proceeds will be applied to repay debt and has been recorded as current portion of long term debt as of September 30, 2016.
- On August 5, 2016 and August 31, 2016, respectively the Company took delivery of two of the last three of its six VLCC newbuildings from Hyundai Heavy Industries (HHI). The vessels are named DHT Panther and DHT Puma, respectively and are trading in the spot market. A total of $87.0 million of debt was drawn in connection with the two vessels.
- During the quarter the Company refinanced the RBS credit facility totaling $40.0 million which had final maturity in July 2017. The new financing for the DHT Ann (2001 VLCC), DHT Chris (2001 VLCC), DHT Cathy (2004 Aframax) and DHT Sophie (2003 Aframax) totals $40.0 million, bear interest at a rate equal to Libor + 2.75% and is repayable in quarterly installments of $2.1 million commencing in December 2016 with a final payment of $17.3 million in August 2019. The refinancing is structured as a separate tranche of the DHT Leopard financing entered into in December 2015. Subsequent to the sale of DHT Chris, the credit facility is repayable in quarterly installments of $1.3 million with a final payment of $13.6 million in August 2019.
- In October 2016, the Company entered into a firm commitment for a five year revolving credit facility with ABN Amro totaling $50.0 million to be used for general corporate purposes including security repurchases and acquisition of ships. The financing bears interest at a rate equal to Libor + 2.50%.
- The Company has revised the capital allocation policy as follows: 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, after dividends and/or security buybacks, to acquire ships 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 fourth quarter of 2016.
- DHT currently has a fleet of 20 VLCCs and two Aframaxes. Of the 21 vessels currently in operation, six of the VLCCs and the two Aframaxes are on fixed rate time charters. For more details on the fleet, please refer to our web site: http://dhtankers.com/index.php?name=About_DHT%2FFleet.html .