Exhibit
|
Description
|
|
99.1
|
Press Release dated February 5, 2020
|
DHT Holdings, Inc.
|
||||
(Registrant)
|
||||
Date: February 7, 2020
|
By:
|
/s/ Laila C. Halvorsen
|
||
Name:
|
Laila C. Halvorsen
|
|||
Title:
|
Chief Financial Officer
|
|||
USD mill. (except per share)
|
Q4 2019
|
Q3 2019
|
Q2 2019
|
Q1 2019
|
Q4 2018
|
2019
|
2018
|
Shipping revenue |
191.8 | 104.7 | 106.2 | 132.3 | 138.6 |
535.1 |
375.9 |
Adjusted net revenue1
|
141.7 |
58.9 |
61.2 |
85.8 |
85.2 |
347.6 |
214.8 |
Adjusted EBITDA2
|
116.3 |
36.0 |
38.0 |
64.2 |
61.3 |
254.5 |
123.2 |
Net income/(loss) after tax
|
75.9 |
(9.4) |
(10.5) |
17.7 |
12.0 |
73.7 |
(46.9)3 |
EPS - basic
|
0.52 |
(0.07) |
(0.07) |
0.12 |
0.08 |
0.51 |
(0.33) |
EPS - diluted4
|
0.47 |
(0.07) |
(0.07) |
0.12 |
0.08 |
0.51 | (0.33) |
Dividend5 |
0.32 |
0.05 |
0.02 | 0.08 | 0.05 | 0.47 | 0.11 |
Interest bearing debt
|
851.0 |
945.9 |
904.2 |
918.9 |
967.3 |
851.0 |
967.3 |
Cash |
67.4 |
115.4 |
71.0 |
69.3 |
94.9 |
67.4 |
94.9 |
Operating days6 |
2,484.0 |
2,484.0 |
2,457.0 |
2,430.0 |
2,629.2 |
9,855.0 |
9,810.7 |
Scheduled off hire days |
55.0 | 157.0 | 140.7 | 0.0 | 79.1 | 352.6 | 95.2 |
Unscheduled off hire days |
5.5 | 13.0 | 3.4 | 12.0 | 2.8 | 33.9 | 9.6 |
Revenue days7 |
2,423.5 | 2,314.0 | 2,312.9 | 2,418.0 | 2,547.3 | 9,468.5 | 9,705.9 |
Spot exposure8
|
81.5% |
82.2% |
85.2% |
83.5% |
78.8% |
83.1% |
73.2% |
● |
Adjusted EBITDA for the quarter of $116.3 million. The net income of $75.9 million equates to $0.52 per basic share.
|
● |
In the fourth quarter of 2019 the Company’s VLCCs operating in the spot market achieved $59,200 per day and the Company’s VLCCs on time-charter earned $54,600 per day achieving
combined time charter equivalent earnings for the Company’s VLCCs of $58,500 per day. The result for the Company’s VLCCs operating in the spot market adjusted for the IFRS 15 impact was $63,900 per day for the fourth quarter of
2019.
|
● |
Thus far in the first quarter of 2020, 58% of the available VLCC spot days have been booked at an average rate of $81,600 per day on a discharge to discharge basis.
|
● |
All of the scheduled off hire days in the quarter were related to the scrubber retrofit project. The Company now has 12 vessels with scrubbers, while six vessels have been
postponed due to the strong market conditions. As of December 31, 2019, the Company has paid $47.7 million related to the scrubber retrofit project, with an average of 37.2 days in yard.
|
● |
The Company has to date made 15 bunkerings of HFO for its scrubber fitted vessels with a total saving of $14.6 million compared to if it had bunkered compliant fuel. The average
spread between VLSFO and HFO for the 15 bunkerings is $304 per mt.
|
● |
On October 1, 2019, the Company announced that holders of $26,434,000 in aggregate principal amount of the Company’s 4.5% Convertible Senior Notes due October 1, 2019 exercised
their right to convert their notes into shares of the Company’s common stock. The Company issued 4,389,858 shares and the remaining $6,426,000 in aggregate principal amount was repaid in cash.
|
● |
In November 2019, the Company prepaid the outstanding amounts on DHT Lake and DHT Raven under the Nordea Credit Facility, totaling $22.3 million.
|
● |
As of December 31, 2019, the remaining notional amount of the Company’s interest bearing debt was $866.0 million compared to $990.3 million as of December 31, 2018. This $124.3
million net debt reduction comprised the following:
|
◾ |
$64.2 million in scheduled repayment of long-term debt,
|
◾ |
$57.3 million in voluntary prepayment of long-term debt
|
◾ |
$6.4 million in repayment of convertible bonds
|
◾ |
$26.4 million of the convertible bonds were converted into common stock
|
◾ |
the Company also drew $30 million on the scrubber financing under the Nordea Credit Facility.
|
● |
For the fourth quarter of 2019, the Company will return $47.0 million to shareholders in the form of a cash dividend of $0.32 per share, payable on February 25, 2020 to
shareholders of record as of February 18, 2020.
|
● |
As of December 31, 2019 DHT had a fleet of 27 VLCCs. The total dwt of the fleet is 8,360,850. For more details on the fleet, please refer to the web site: http://dhtankers.com/index.php?name=About_DHT%2FFleet.html.
|
USD in thousands except time charter equivalent per day
|
Q4 2019
|
Q3 2019
|
Q2 2019
|
Q1 2019
|
Q4 2018
|
2019
|
2018
|
Reconciliation of adjusted net revenue
|
|||||||
Shipping revenues
|
191,835
|
104,740
|
106,188
|
132,305
|
138,620
|
535,068
|
375,941
|
Voyage expenses
|
(50,140)
|
(45,847)
|
(45,021)
|
(46,492)
|
(53,389)
|
(187,500)
|
(161,891)
|
Adjusted net revenue
|
141,695
|
58,893
|
61,168
|
85,812
|
85,231
|
347,568
|
214,050
|
Reconciliation of adjusted EBITDA
|
|||||||
Net income/(loss) after tax
|
75,862
|
(9,391)
|
(10,513)
|
17,723
|
11,983
|
73,680
|
(46,927)
|
Income tax expense/(income)
|
20
|
15
|
61
|
36
|
(16)
|
131
|
83
|
Other financial (income)/expenses
|
350
|
661
|
400
|
378
|
579
|
1,790
|
4,943
|
Fair value (gain)/loss on derivative financial instruments
|
(2,990)
|
1,510
|
6,979
|
4,364
|
6,222
|
9,863
|
5,191
|
Interest expense
|
13,016
|
13,807
|
13,961
|
14,548
|
14,784
|
55,332
|
54,211
|
Interest income
|
(357)
|
(113)
|
(444)
|
(163)
|
(120)
|
(1,077)
|
(345)
|
Share of profit from associated companies
|
(267)
|
(158)
|
(162)
|
(265)
|
(217)
|
(852)
|
(858)
|
(Profit)/loss, sale of vessel
|
-
|
-
|
-
|
-
|
(122)
|
-
|
(75)
|
Impairment charges
|
-
|
-
|
-
|
-
|
-
|
-
|
3,500
|
Depreciation and amortization
|
30,663
|
29,656
|
27,713
|
27,552
|
28,251
|
115,584
|
103,476
|
Adjusted EBITDA
|
116,298
|
35,987
|
37,994
|
64,172
|
61,343
|
254,452
|
123,198
|
Reconciliation of adjusted spot time charter
equivalent per day |
|||||||
Spot time charter equivalent per day |
59,200 |
||||||
IFRS 15 impact on spot time charter equivalent per day |
4,700 |
||||||
Adjusted spot time charter equivalent per day |
63,900 |
Note
|
December 31, 2019
|
December 31, 2018
|
|||
ASSETS | |||||
Current assets
|
|||||
Cash and cash equivalents
|
$
|
67,356
|
94,944
|
||
Accounts receivable and accrued revenues
|
107,848
|
60,196
|
|||
Capitalized voyage expenses
|
4,151
|
1,633
|
|||
Prepaid expenses
|
4,846
|
4,338
|
|||
Bunkers, lube oils and consumables
|
34,085
|
32,212
|
|||
Total current assets
|
$
|
218,286
|
193,323
|
||
Non-current assets
|
|||||
Vessels and time charter contracts
|
5
|
$
|
1,589,444
|
1,665,810
|
|
Advances for vessel upgrades
|
5
|
11,652
|
-
|
||
Other property, plant and equipment
|
2
|
3,065
|
335
|
||
Investment in associated company
|
4,772
|
4,388
|
|||
Total non-current assets
|
$
|
1,608,932
|
1,670,533
|
||
TOTAL ASSETS
|
$
|
1,827,218
|
1,863,856
|
||
LIABILITIES AND EQUITY | |||||
Current liabilities
|
|||||
Accounts payable and accrued expenses
|
$
|
23,998
|
28,634
|
||
Derivative financial liabilities
|
4
|
4,320
|
1,250
|
||
Current portion long-term debt
|
4
|
100,385
|
93,815
|
||
Other current liabilities |
2 | 605 |
- |
||
Deferred shipping revenues
|
|
930
|
-
|
||
Total current liabilities
|
$
|
130,239
|
123,699
|
||
Non-current liabilities
|
|||||
Long-term debt
|
4
|
$
|
750,586
|
873,460
|
|
Derivative financial liabilities
|
4
|
11,279
|
4,486
|
||
Other non-current liabilities
|
2
|
2,664
|
542
|
||
Total non-current liabilities
|
$
|
764,530
|
878,489
|
||
TOTAL LIABILITIES
|
$
|
894,768
|
1,002,188
|
||
Equity
|
|||||
Stock
|
6
|
$
|
1,468
|
1,427
|
|
Additional paid-in capital
|
6
|
1,169,537
|
1,145,107
|
||
Treasury shares
|
7
|
-
|
(1,364)
|
||
Accumulated deficit
|
(240,165)
|
(285,383)
|
|||
Translation differences
|
73
|
32
|
|||
Other reserves
|
1,531
|
1,848
|
|||
Non-controlling interest
|
5
|
-
|
|||
Total equity
|
$
|
932,449
|
861,668
|
||
TOTAL LIABILITIES AND EQUITY
|
$
|
1,827,218
|
1,863,856
|
Q4 2019
|
Q4 2018
|
12 months 2019
|
12 months 2018
|
||||
Note
|
Oct. 1 - Dec. 31,
2019
|
Oct. 1 - Dec. 31,
2018
|
Jan. 1 - Dec. 31,
2019
|
Jan. 1 - Dec. 31,
2018
|
|||
Shipping revenues
|
|
$
|
191,835 |
138,620 |
$ |
535,068 |
375,941 |
Operating expenses
|
|||||||
Voyage expenses
|
|
(50,140) |
(53,389) |
(187,500) |
(161,891) |
||
Vessel operating expenses
|
(21,874) |
(21,219) |
(78,327) |
(75,800) |
|||
Depreciation and amortization
|
5
|
(30,663) |
(28,251) |
(115,584) |
(103,476) |
||
Impairment charges
|
5
|
- |
- |
- |
(3,500) |
||
Profit/(loss), sale of vessel
|
|
- |
122 |
- |
75 |
||
General and administrative expense
|
(3,523) |
(2,669) |
(14,789) |
(15,052) |
|||
Total operating expenses
|
$
|
(106,200) |
(105,406) |
$ |
(396,201) |
(359,644) |
|
Operating income/(loss)
|
$
|
85,635 |
33,214 |
$ |
138,867 |
16,297 |
|
Share of profit from associated companies
|
267 |
217 |
852 |
858 |
|||
Interest income
|
357 |
120 |
1,077 |
345 |
|||
Interest expense
|
(13,016) |
(14,784) |
(55,332) |
(54,211) |
|||
Fair value gain/(loss) on derivative financial instruments
|
2,990 |
(6,222) |
(9,863) |
(5,191) |
|||
Other financial income/(expenses)
|
(350) |
(579) |
(1,790) |
(4,943) |
|||
Profit/(loss) before tax
|
$
|
75,882 |
11,967 |
$ |
73,812 |
(46,845) |
|
Income tax expense
|
(20) |
16 |
(131) |
(83) |
|||
Net income/(loss) after tax
|
$
|
75,862 |
11,983 |
$ |
73,680 |
(46,927) |
|
Attributible to non-controlling interest |
5 |
- |
2 |
- |
|||
Attributable to the owners of parent
|
$
|
75,856 |
11,983 |
$ |
73,679 |
(46,927) |
|
Basic net income/(loss) per share
|
0.52 |
0.08 |
0.51 |
(0.33) |
|||
Diluted net income/(loss) per share
|
0.47 | 0.08 | 0.51 | (0.33) | |||
Weighted average number of shares (basic)
|
146,669,533 |
143,499,880 |
143,437,164 |
143,429,610 |
|||
Weighted average number of shares (diluted)
|
167,766,809 |
143,512,660 |
168,159,876 |
143,434,921 |
Q4 2019
|
Q4 2018
|
12 months 2019
|
12 months 2018
|
|||||
Note
|
Oct. 1 - Dec. 31,
2019
|
Oct. 1 - Dec. 31,
2018
|
Jan. 1 - Dec. 31,
2019
|
Jan. 1 - Dec. 31,
2018
|
||||
Net income/(loss) after tax for the period
|
$
|
75,862
|
11,983
|
$
|
73,680
|
(46,927)
|
||
Other comprehensive income:
|
||||||||
Items that will not be reclassified to income statement:
|
||||||||
Remeasurement of defined benefit obligation (loss)
|
224
|
(148)
|
224
|
(148)
|
||||
Total |
$
|
224
|
(148)
|
$
|
224
|
(148)
|
||
Items that may be reclassified to income statement:
|
||||||||
Exchange gain/(loss) on translation of foreign currency
lease asset/liability
|
(1) | - |
(3) | - |
||||
Exchange gain/(loss) on translation of foreign currency
denominated associate
|
88
|
10
|
44
|
(53)
|
||||
Total
|
$
|
87
|
10
|
$
|
42
|
(53)
|
||
Other comprehensive income/(loss)
|
$
|
311
|
(138)
|
$
|
265
|
(201)
|
||
Total comprehensive income/(loss) for the period
|
$
|
76,172
|
11,845
|
$
|
73,946
|
(47,128)
|
||
Attributable to the non-controlling interest |
$ |
5 | - |
$ | 2 | - |
||
Attributable to the owners of parent
|
$
|
76,167
|
11,845
|
$
|
73,944
|
(47,128)
|
Q4 2019
|
Q4 2018
|
12 months 2019
|
12 months 2018
|
||||||
Note
|
Oct. 1 - Dec. 31,
2019
|
Oct. 1 - Dec. 31,
2018
|
Jan. 1 - Dec. 31,
2019
|
Jan. 1 - Dec. 31,
2018
|
|||||
CASH FLOW FROM OPERATING ACTIVITIES
|
|||||||||
Net income / (loss) after tax
|
$ |
75,862 |
11,983 |
73,680 |
(46,927) |
||||
Items included in net income not affecting cash flows
|
29,790 |
36,478 |
134,929 |
128,980 |
|||||
Depreciation
|
5 |
30,663 |
28,251 |
115,584 |
103,476 |
||||
Impairment charges
|
5 |
- |
- |
- |
3,500 |
||||
Amortization of debt issuance costs
|
1,930 |
2,010 |
8,003 |
11,559 |
|||||
(Profit) / loss, sale of vessel
|
- |
(122) |
- |
(75) |
|||||
Fair value (gain) / loss on derivative financial instruments
|
4 |
(2,990) |
6,222 |
9,863 |
5,191 |
||||
Compensation related to options and restricted stock
|
454 |
334 |
2,331 |
2,599 |
|||||
(Gain) / loss purchase of convertible bond
|
6 |
- |
- |
- |
3,589 |
||||
Share of profit in associated companies
|
(267) |
(217) |
(852) |
(858) |
|||||
Income adjusted for non-cash items
|
$ |
105,651 |
48,461 |
208,610 |
82,052 |
||||
Changes in operating assets and liabilities
|
(55,792) |
(20,142) |
(52,653) |
(28,067) |
|||||
Accounts receivable and accrued revenues
|
8 |
(52,872) |
(19,199) |
(47,651) |
(25,421) |
||||
Capitalized voyage expenses
|
(1,658) |
(219) |
(2,518) |
255 |
|||||
Prepaid expenses
|
(1,470) |
3,500 |
(508) |
(1,141) |
|||||
Accounts payable and accrued expenses
|
5,767 |
216 |
(1,137) |
8,267 |
|||||
Deferred shipping revenues
|
930 |
(2) |
930 |
- |
|||||
Bunkers, lube oils and consumables
|
(6,489) |
(4,418) |
(1,874) |
(9,994) |
|||||
Pension liability
|
(1) |
(20) |
105 |
(34) |
|||||
Net cash provided by operating activities
|
$ |
49,859 |
28,319 |
155,956 |
53,985 |
||||
CASH FLOW FROM INVESTING ACTIVITIES
|
|||||||||
Investment in vessels
|
(20,493) |
(10,131) |
(53,803) |
(11,845) |
|||||
Investment in vessels under construction
|
- |
(57,800) |
- |
(223,033) |
|||||
Sale of vessels
|
- |
25,678 |
- |
46,393 |
|||||
Investment in associated company |
513 |
409 |
513 |
409 |
|||||
Investment in property, plant and equipment
|
(31) |
(4) |
(79) |
(88) |
|||||
Net cash used in investing activities
|
$ |
(20,011) |
(41,848) |
(53,369) |
(188,165) |
||||
CASH FLOW FROM FINANCING ACTIVITIES
|
|||||||||
Cash dividends paid
|
7 |
(7,340) |
(2,872) |
(28,685) |
(11,487) |
||||
Repayment of lease liability |
(129) |
- |
(370) |
- |
|||||
Issuance of long-term debt
|
4 |
10,000 |
54,953 |
64,990 |
577,685 |
||||
Purchase of treasury shares
|
7 |
- |
(5,026) |
(3,248) |
(5,026) |
||||
Issuance of convertible bonds
|
6 |
- |
(401) |
(7) |
38,945 |
||||
Scheduled repayment of long-term debt
|
4 |
(16,694) |
(16,051) |
(64,175) |
(53,002) |
||||
Prepayment of long-term debt |
4 | (57,254) |
- |
(92,254) |
- |
||||
Repayment of long-term debt refinancing
|
4 |
- |
- |
- |
(377,935) |
||||
Repayment of long-term debt, sale of vessels |
4 |
- |
(8,685) |
- |
(17,348) |
||||
Repayment of convertible bonds
|
6 |
(6,426) |
- |
(6,426) |
- |
||||
Net cash (used in)/provided by financing activities
|
$ |
(77,844) |
21,917 |
(130,176) |
151,832 |
||||
Net (decrease)/increase in cash and cash equivalents
|
(47,995) |
8,388 |
(27,588) |
17,652 |
|||||
Cash and cash equivalents at beginning of period
|
115,352 |
86,556 |
94,944 |
77,292 |
|||||
Cash and cash equivalents at end of period
|
$ |
67,356 |
94,944 |
67,356 |
94,944 |
||||
Specification of items included in operating activities:
|
|||||||||
Interest paid
|
11,082 |
10,794 |
49,233 |
40,040 |
|||||
Interest received
|
357 |
120 |
1,077 |
345 |
Note
|
Shares
|
Stock
|
Paid-in
Additional
Capital
|
Treasury
Shares
|
Retained
Earnings
|
Translation
Differences
|
Other
Reserves |
Non-
Controlling
Interest
|
Total
Equity |
|||||||||
Balance at January 1, 2018, as previously reported
|
142,417,407 |
$ |
1,424 |
$ |
1,140,794 |
$ |
- |
$ | (222,087) |
$ |
85 |
$ |
5,676 |
$ |
- |
$ | 925,892 |
|
Impact of change in accounting policy |
(4,734) | (4,734) | ||||||||||||||||
Adjusted balance at
January 1, 2018 |
142,417,407 | 1,424 | 1,140,794 | - | (226,821) | 85 |
5,676 | - | 921,158 | |||||||||
Net income/(loss) after tax
|
(46,927) |
(46,927) |
||||||||||||||||
Other comprehensive income
|
(148) |
(53) |
(201) |
|||||||||||||||
Total comprehensive income
|
(47,075) | (53) | (47,128) |
|||||||||||||||
Cash dividends declared and paid
|
(11,487) |
(11,487) |
||||||||||||||||
Purchase of treasury shares
|
(5,026) | (5,026) |
||||||||||||||||
Retirement of treasury shares |
(892,497) |
(9) |
(3,654) | 3,662 | (0) | |||||||||||||
Issuance of convertible bonds |
3,165 | 3,165 | ||||||||||||||||
Purchase of convertible bonds
|
(1,613) |
(1,613) |
||||||||||||||||
Compensation related to options and restricted stock
|
1,175,136 |
12 |
6,414 |
(3,827) |
2,599 |
|||||||||||||
Balance at December 31, 2018
|
142,700,046 |
$ |
1,427 |
$ |
1,145,107 |
$ |
(1,364) |
$ | (285,383) |
$ |
32 |
$ |
1,848 |
$ |
- |
$ | 861,668 |
|
Balance at January 1, 2019
|
142,700,046 |
$ |
1,427 |
$ |
1,145,107 |
$ |
(1,364) |
$ | (285,383) |
$ |
32 |
$ |
1,848 |
$ |
- | $ | 861,668 |
|
Net income/(loss) after tax
|
73,679 |
2 | 73,680 |
|||||||||||||||
Other comprehensive income
|
224 | 42 |
265 |
|||||||||||||||
Total comprehensive income
|
73,903 | 42 |
2 |
73,946 |
||||||||||||||
Cash dividends declared and paid
|
(28,685) |
(28,685) |
||||||||||||||||
Purchase of treasury shares
|
(3,248) |
(3,248) |
||||||||||||||||
Adjustment related to non-controlling
interest |
3 | 3 |
||||||||||||||||
Retirement of treasury shares |
(1,061,241) |
(11) | (4,602) | 4,612 | - |
|||||||||||||
Conversion of convertible bonds |
4,390,025 |
44 |
26,391 |
26,435 | ||||||||||||||
Compensation related to options and restricted stock
|
790,571 |
8 |
2,640 |
(317) |
2,331 |
|||||||||||||
Balance at December 31, 2019
|
146,819,401 |
$ |
1,468 |
$ |
1,169,537 |
$ |
- |
$ | (240,165) |
$ |
73 |
$ |
1,531 |
$ |
5 |
$ |
932,449 |
o |
IFRS 16 Leases
|
o |
Amendments to IFRS 9 Prepayment Features with Negative Compensation
|
o |
Amendments to IAS 28 Long-term Interests in Associates and Joint Ventures
|
o |
Annual Improvements to IFRS Standards 2015-2017 Cycle, Amendments to IFRS 3 Business Combinations, IFRS 11Joint Arrangements, IAS 12 Income Taxes and IAS 23 Borrowing Costs
|
o |
Amendments to IAS 19 Employee Benefits, Plan Amendments, Curtailments or Settlements
|
o |
IFRS 10 Consolidated Financial Statements and IAS 28 (amendments), Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
|
o |
IFRIC 23 Uncertainty over Income Tax Treatments
|
Amounts recognized in the consolidated statement of financial position |
|
$ in thousands
|
December 31, 2019
|
Lease liability (Other non-current liabilities)
|
2,241
|
Lease liability (Other current liabilities)
|
605
|
Right-of-use asset (Other property, plant and equipment)
|
2,808
|
|
Margin
|
Q1 |
Q2-Q4
|
|
|
|
|
$ in thousands
|
above Libor
|
2020 |
2020
|
2021
|
2022
|
Thereafter
|
Total
|
ABN Amro Credit Facility
|
2.40%
|
8,344 | 25,033 |
33,378 |
33,378 |
336,128 |
436,261 |
Credit Agricole Credit Facility
|
2.19%
|
1,649 | 4,948 |
6,597 |
6,597 |
36,328 |
56,120 |
Danish Ship Finance Credit Facility
|
2.25%
|
39,000 |
39,000 |
||||
Nordea Credit Facility*
|
2.40%
|
4,200 | 19,350 |
25,800 |
25,800 |
134,478 |
209,628 |
ABN Amro Revolving Credit Facility**
|
2.50%
|
||||||
Convertible Senior Notes
|
125,000 |
125,000 |
|||||
Total
|
14,194 | 88,331 |
190,775 |
65,775 |
506,934 |
866,009 |
|
Unamortized upfront fees bank loans
|
(6,606) |
||||||
Difference amortized cost/notional amount convertible note
|
(8,432) |
||||||
Total interest bearing debt
|
850,972 |
● |
Value adjusted* tangible net worth of $300 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) $30 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 $300 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) $30 million and (ii) 6% of our gross interest bearing debt
|
● |
Value adjusted* tangible net worth of $300 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) $30 million and (ii) 6% of our gross interest bearing debt
|
● |
Value adjusted* tangible net worth of $300 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) $30 million and (ii) 6% of our gross interest bearing debt |
Cost of Vessels
|
|
$ in thousands
|
|
At January 1, 2019
|
2,071,456 |
Additions**
|
(1,139)
|
Transferred from vessels upgrades
|
39,795
|
Retirement ***
|
(3,116)
|
At December 31, 2019
|
2,106,997
|
Depreciation, impairment and amortization*
|
|
$ in thousands
|
|
At January 1, 2019
|
405,646
|
Depreciation and amortization
|
115,022
|
Impairment charges
|
-
|
Retirement ***
|
(3,116)
|
At December 31, 2019
|
517,553
|
Carrying Amount | |
$ in thousands | |
At January 1, 2019 | 1,665,810 |
At December 31, 2019 | 1,589,444 |
Cost of vessel upgrades
|
|
$ in thousands
|
|
At January 1, 2019
|
- |
Additions
|
51,446 |
Transferred to vessels
|
(39,795) |
At December 31, 2019
|
11,652 |
|
|
Carrying Amount
|
|
$ in thousands
|
|
At January 1, 2019
|
-
|
At December 31, 2019
|
11,652
|
|
Common stock
|
Preferred stock
|
Issued at December 31, 2019
|
146,819,401
|
-
|
Shares to be issued assuming conversion of
convertible notes due 2021*
|
31,141,489 |
|
Numbers of shares authorized for issue
at December 31, 2019
|
250,000,000 | 1,000,000 |
Par value
|
$ 0.01
|
$ 0.01
|
Payment date
|
Total Payment
|
Per common share
|
||
November 14, 2019
|
$
|
7.3 million
|
$
|
0.05
|
August 29, 2019
|
$
|
2.8 million
|
$
|
0.02
|
May 28, 2019 |
$ |
11.4 million |
$ |
0.08 |
February 26, 2019
|
$
|
7.1 million
|
$
|
0.05
|
Total payment as per December 31, 2019
|
$
|
28.7 million
|
$
|
0.20
|
Dividend payment as of December 31, 2018:
|
||||
Payment date
|
Total Payment
|
Per common share
|
||
November 23, 2018
|
$
|
2.9 million
|
$
|
0.02
|
August 31, 2018
|
$
|
2.9 million
|
$
|
0.02
|
May 30, 2018
|
$
|
2.9 million
|
$
|
0.02
|
February 28, 2018
|
$
|
2.9 million
|
$
|
0.02
|
Total payment as per December 31, 2018
|
$
|
11.5 million
|
$
|
0.08
|