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Disclaimer
This presentation 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, in particular regarding dividends (including our dividend plans, timing and the amount and growth of any dividends), daily charter rates, vessel utilization, the future number of newbuilding deliveries, oil prices and seasonal fluctuations in vessel supply and demand. 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 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 presentation 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 19, 2015.
The Company undertakes no obligation to publicly update or revise any forward-looking statements contained in this presentation, 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 presentation might not occur, and the Company's actual results could differ materially from those anticipated in these forward-looking statements.
June 20, 2016
Forward Looking Statements
2
DHT in a nutshell
June 20, 2016 3
Dedicated crude oil tanker company
• 20 ships in the water: 17 VLCCs and 2 Aframaxes
• 3 VLCC newbuildings for delivery in 2016
• Average age of 7.2 years (including newbuildings)
• Fully integrated shipowning company
• 16 shore-side employees
• Registered in the Marshall Islands
DHT strives for excellence across the board:
• Quality ships built at quality yards
• Technical management and seafarers
• On-shore organization
• Vigilant operations
• Customer service
• Robust and prudent capital structure
Publicly listed in New York
Listed on New York Stock Exchange under ticker DHT
Market Cap: ≈$500m
3-month average daily trading volume: 2.2m shares
Quarterly cash dividends
Open shareholder structure
June 20, 2016 4 Source: NYSE
Fully funded embedded growth
5
18% increase in VLCC fleet
over the next 4 months
June 20, 2016
17
20
0
5
10
15
20
25
Existing VLCCfleet
DHT Panther DHT Puma DHT Tiger Fully deliveredfleet
# o
f V
LCC
s
DHT VLCC fleet
Jul-16
Aug-16
Oct-16
Jul-16
Aug-16
Oct-16
Q1 Highlights
Took delivery of two newbuilds; • DHT Leopard (January 2016)
• DHT Lion (March 2016)
Entered into agreement to sell the 2001-built Suezmax DHT Target for $22.5m • Estimated delivery to buyers in May
Prepaid $46.9m of mortgage debt
Securities repurchase program • $4.0m of convertible senior note at 99%
of par Of which $1.0m in April
$2.0m of common stock (359,831 shares at an average price of $5.64 per share)
June 20, 2016 6
P&L Highlights
Q1 2016 USD Thousands, except per share amounts
Revenues on TC basis $ 90,249
Vessel operating expenses $ (14,288)
Impairment charge vessel held for sale $ (8,100)
G&A $ (6,470)
EBITDA $ 61,391
Net Income $ 31,531
EPS 0.34
June 20, 2016 7
Q1 2016 – Excluding Impairment USD Thousands, except per share amounts
Revenues on TC basis $ 90,249
Vessel operating expenses $ (14,288)
Impairment charge vessel held for sale $ -
G&A $ (6,470)
EBITDA $ 69,491
Net Income $ 39,631
EPS 0.43
DHT paid a cash dividend of $0.25 per share on May 25, 2016 to shareholders of record as of May 16, 2016.
• Dividend was based on 60% of Net Income excluding impairment of asset held for sale
VLCC Earnings 2015-2016 YTD
June 20, 2016 8
USD/day Q1’15 Q2’15 Q3’15 Q4’15 FY’15 Q1’16
Spot Earnings $ 60,400 $ 52,300 $ 59,600 $ 62,200 $ 58,600 $ 62,600
TC Earnings $ 35,500 $ 38,500 $ 38,800 $ 43,700 $ 39,100 $ 44,800
Total $ 50,300 $ 46,300 $ 50,700 $ 54,500 $ 50,400 $ 56,900
Profit sharing from time-charter not included in spot earnings for 2015. If it had been included, the average VLCC spot TCE for 2015 would have been $60,000/day.
Managing the cycles Counter cyclical investment philosophy
RECOVERY
PHASE
HIGH MARKET PHASE
TROUGH / INVESTMENT
PHASE
• Aggressive growth
• Spot
• Nominal dividends
• Selective growth
• Spot Term
• Increased dividends
• Delevering
• Divestment of older tonnage
• Time charters
• Formula based dividends
• Delevering
Sale & Purchase: Chartering: Capital allocation:
June 20, 2016 9
Executing on our strategy
Q3 2013
Q4 2013
Q1 2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015
Q2 2015
Q3 2015
Q4 2015
Q1 2016 Q2 2016
S&P Acquired 16 VLCC’s Sold 2000-
built Suezmax Sold 2001-
built Suezmax
Chartering
Secured time
charters for 5 vessels
Extended and repriced time charter for 1
vessel
Extended and repriced time charters for 3
vessels
Secured time charter for 1
vessel
Extended and repriced time charter for 1
vessel
Capital allocation
Dividends $0.02 $0.02 $0.02 $0.02 $0.02 $0.05 $0.15 $0.15 $0.18 $0.21 $0.25
Debt prepayment
Prepaid $20.0m of bank debt
Prepaid $38.0m of bank debt
Prepaid $46.9m of bank debt
Securities repurchases
Repurchased $3.0m of CB. Repurchased
$2.0m of common stock
Repurchased $1.0m of CB
June 20, 2016 10
Updated Capital Allocation Policy 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.
Fleet Employment
June 20, 2016 11
2016 2017 2018
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
DHT Phoenix VLCC
DHT Ann VLCC
DHT Chris VLCC
DHT Eagle VLCC
DHT Condor VLCC
DHT Falcon VLCC
Samco Scandinavia VLCC
DHT Hawk VLCC
Samco China VLCC
Samco Europe VLCC
DHT Amazon VLCC
Samco Redwood VLCC
Samco Sundarbans VLCC
Samco Taiga VLCC
DHT Jaguar VLCC
DHT Leopard VLCC
DHT Lion VLCC
DHT Panther VLCC
DHT Puma VLCC
DHT Tiger VLCC
DHT Sophie Aframax
DHT Cathy Aframax
% spot 58 % 60 % 63 % 68 % 80 % 82 % 86 % 92 % 95 % 95 % 95 %
% TC 42 % 40 % 37 % 32 % 20 % 18 % 14 % 8 % 5 % 5 % 5 %
Spot TC Index
Fixed Income
June 20, 2016 12
2016 2017
% of Days Fixed
Fixed Income Average TC
rate % of Days
Fixed Fixed Income
Average TC rate
VLCC 32% $ 89.1m $ 44,500 20% $ 59.1m $ 44,400
Suezmax 100% $ 3.1m $ 30,000
Aframax 100% $ 15.9m $ 22,500 29% $ 4.6m $ 22,500
Total 38% $ 108.1m 20% $ 63.7m
Fixed TC Fixed TC
$-
$50
$100
$150
$200
$250
$300
$350
$400
$450
Cash costs Cash break-even cost
Required ratesfor spot ships
Cash generationcapacity
USDm Estimated cash break-even H2 2016
Maintenance CAPEX
Cash G&A
Debt repayment
Interest
OPEX
V: $ 21,600
A: $ 13,000
V: $ 14,900
If VLCC spot: $ 30,000
If VLCC spot: $ 60,000
If VLCC spot: $ 42,500
Fixed TC Fixed TC
$-
$50
$100
$150
$200
$250
$300
$350
$400
$450
Cash costs Cash break-even cost
Required ratesfor spot ships
Cash generationcapacity
USDm Estimated cash break-even 2017
Maintenance CAPEX
Cash G&A
Debt repayment
Interest
OPEX
V: $ 22,600
A: $ 13,600
V: $ 18,200
A: $ 10,900
If VLCC spot: $ 30,000
If VLCC spot: $ 60,000
If VLCC spot: $ 42,500
DHT Cash Break-Even
June 20, 2016 13 “Cash sweep” on the 4 RBS ships not included.
Estimated cash costs of approx. $173 million
If VLCC spot earnings: $60,000/day Estimated cash flow: $252m
If VLCC spot earnings: $42,500/day Estimated cash flow: $147m
If VLCC spot earnings: $30,000/day Estimated cash flow: $71m
Estimated cash costs of approx. $89 million
If VLCC spot earnings: $60,000/day Estimated cash flow: $101m
If VLCC spot earnings: $42,500/day Estimated cash flow: $62m
If VLCC spot earnings: $30,000/day Estimated cash flow: $34m
G&A
June 20, 2016 14
DHT 2017 cash G&A per ship per day ≈ $1,550 • Whereof commercial department cost ≈ $450 per ship per day
• Pool A: $700 per ship per day*
• Pool B: $770 per ship per day*
• Pool C: $1,100 per ship per day* *Based on DHT in-house research
DHT VLCC average spot earnings per day Q1’15-Q1’16 (+ Q2’16 Guidance) compared to peers;
$48 000
$50 000
$52 000
$54 000
$56 000
$58 000
$60 000
$62 000
DHT Peer 1 Peer 2 Peer 3
USD/day VLCC Spot Earnings
Short term volatility…
June 20, 2016 15 Source: Clarksons
$-
$20 000
$40 000
$60 000
$80 000
$100 000
$120 000
Q115 Q215 Q315 Q415 Q116 Q216
USD/day Clarksons VLCC Spot Earnings
…influencing DHT share price…
June 20, 2016 16 Source: Clarksons
$4,0
$5,0
$6,0
$7,0
$8,0
$9,0
$10,0
$-
$20 000
$40 000
$60 000
$80 000
$100 000
$120 000
Q115 Q215 Q315 Q415 Q116 Q216
USD/share USD/day Clarksons VLCC Spot Earnings DHT Share Price
…whilst actual, quarterly spot earnings have been remarkably steady
June 20, 2016 17 Source: Clarksons
$4,0
$5,0
$6,0
$7,0
$8,0
$9,0
$10,0
$-
$20 000
$40 000
$60 000
$80 000
$100 000
$120 000
Q115 Q215 Q315 Q415 Q116 Q216
USD/share USD/day Clarksons VLCC Spot Earnings DHT VLCC Spot Earnings DHT Share Price
DHT EPS vs. share price
June 20, 2016 18
* Adjusted EPS
$0,20
$0,25
$0,30
$0,35
$0,40
$0,45
$5,0
$5,5
$6,0
$6,5
$7,0
$7,5
$8,0
$8,5
$9,0
$9,5
Q115 Q215 Q315 Q415 Q116*
USD/share USD/share DHT Share Price (LHS) DHT EPS*
Key Customers
19 June 20, 2016
Key Lending Banks
20 June 20, 2016
Summary
DHT has become a significant shipowner in the large tanker market with 20 VLCCs and 2 Aframaxes
We strive to be among the best in class – both hardware and software
We don’t aim to be the biggest, but we shall strive to become one of the most respected tanker companies in the world
June 20, 2016 21
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