SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C.
20549
Form 6-K
Report
of Foreign Private Issuer
Pursuant
to Rule 13a-16 or 15d-16
under the Securities Exchange Act of
1934
For
the month of November 2009
Commission
File Number 001-32640
DHT MARITIME,
INC.
(Translation
of registrant’s name into English)
26 New
Street
St.
Helier, Jersey JE23RA
Channel
Islands
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F.
Form 20-F
þ
Form 40-F o
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1):
Yes o No þ
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(7):
Yes o No þ
The press
release issued by DHT Maritime, Inc. on November 24, 2009 related
to its results for the third quarter of 2009 is attached hereto as Exhibit
99.1 and is incorporated herein by reference.
|
Exhibit
|
Description
|
|
| 99.1 |
Press
Release dated November 24,
2009
|
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
| DHT Maritime, Inc. | |||
| (Registrant) | |||
|
Date:
November 24, 2009
|
By:
|
/s/ Eirik Ubøe | |
|
Eirik
Ubøe
|
|||
| Chief Financial Officer | |||
DHT
Maritime, Inc. Reports Third Quarter 2009 Results
ST.
HELIER, JERSEY, CHANNEL ISLANDS, November 24, 2009 – DHT Maritime, Inc.
(NYSE:DHT) today announced results for the period from July 1 to September 30,
2009. Total revenues for this period were $22.7 million and net income was $1.1
million, or $0.02 per share (diluted). Effective January 1, 2009,
DHT no longer accounts for interest rate swaps as
hedges for accounting purposes and as a result, net income for the third quarter
of 2009 includes non-cash financial expense related to interest rate
swaps. Net income adjusted for non-cash financial items related to
interest rate swaps was $3.6 million, or $0.07 per share1. Free cash flow from operations after contractual debt
service, or net income adjusted for non-cash items, was $10.4 million, or $0.21
per share2.
DHT’s
policy of employing its vessels on medium- to long-term charters that provide
stable earnings and cash flow is serving the Company well in the current freight
market, which experienced additional weakness in the third quarter relative to
the second quarter. Nonetheless, the current charter rates obtainable
in the spot market have had, and are expected to continue to have, a negative
impact on the Company’s revenues by decreasing the profit sharing element under
its charter agreements.
The
average remaining term under the current charters is in excess of 4 years, and
all of the Company’s vessels are chartered to wholly-owned subsidiaries of
Overseas Shipholding Group Inc. (“OSG”), which has a credit rating of
BB/Ba2.
At the
end of the third quarter, the Company’s cash balance was $65.4 million. The
Company is within its financial covenants and generates stable, positive cash
flow from the base hire component of its period charters, but continues to
monitor market developments for any impact that negative changes in its vessels’
values may have on the Company’s compliance with its financial
covenants.
|
1)
|
Net
income adjusted for non-cash financial items related to interest rate
swaps represents the sum of net income, amortization of unrealized loss of
interest rate swaps and fair value (gain)/loss on derivative financial
instrument. Please refer to the table on page 9 for a
reconciliation between net income and net income adjusted for non-cash
financial items related to interest rate
swaps.
|
|
2)
|
Free
cash flow from operations after contractual debt service represents the
sum of net income, amortization of unrealized loss of interest rate swaps,
fair value (gain)/loss on derivative financial instrument and depreciation
and amortization. Please refer to the table on page 9 for a
reconciliation between net income and free cash flow from operations after
contractual debt service.
|
To enable
the Company to take advantage of opportunities created by the adverse global
shipping market, and to preserve liquidity for the Company’s financial
commitments, the Board of Directors believes that the Company continue to be
best served by strengthening its balance sheet and has, therefore, decided not
to declare any dividend for the third quarter 2009.
Payment
of dividends remains subject to quarterly reviews and assessment of several
factors, including the Company’s current and projected cash flow, the relative
strength of the shipping markets, new business opportunities and the Company’s
financial commitments.
DHT plans
to host a conference call at 8:30 am ET on November 24, 2009 to present the
results for the quarter. See below for further details.
Total
revenues for the third quarter were $22.7 million, a decline of $8.3 million
compared to the third quarter of 2008. Total revenues for the quarter
consisted of $22.1 million in base charter hire and $0.6 million in additional
hire under the Company’s profit sharing arrangements with OSG3, the charterer of DHT’s
vessels. Of the total revenue derived from base charter hire, $17.2 million
relates to the seven vessels on time charter and $4.9 million relates to the two
vessels on bareboat charter.
With the
base hire rates under the time charter agreements exceeding the charter rates
achievable in the spot market, the Company’s revenue for the third quarter
exceeded the earnings of the vessels on a TCE basis in their respective
commercial pools.
In the
quarter ended September 30, 2009, the VLCCs earned an average TCE of $37,600
equal to the base hire under the time charter agreements, while the average
earnings in the commercial pool were $21,700 per day (compared to $29,700 per
day in the second quarter of 2009 and $113,000 per day in the third quarter of
2008) and the two Aframax tankers which operate in the Aframax International
pool earned an average TCE of $24,900 equal to the base hire under the time
charter agreements while the average earnings in the commercial pool were
$13,400 per day (compared to $21,900 per day in the second quarter of 2009 and
$43,000 per day in the third quarter of 2008). The Aframax tankers
Overseas Ania and Overseas Rebecca, both
operating in the OSG Lightering Service earned $18,900 per day, equal to the
base hire under the time charter agreements while the vessels’earnings in the
lightering service which is the basis for the profit sharing was $29,000 and
$17,500 per day, respectively. The Suezmax tanker Overseas Newcastle earned
$26,300 per day under its bareboat charter and achieved average TCE earnings for
the third quarter of $14,700 per day (compared to $23,300 per day in the second
quarter of 2009 and $55,000 per day in the third quarter of 2008).
|
3)
|
Through
the profit-sharing elements of the time charter agreements for the VLCCs
and the Aframax tankers, DHT earns an additional amount equal to 40% of
the excess of the vessels’ actual net time charter equivalent (“TCE”)
earnings in the commercial pools over the base charter hire rates for the
quarter, calculated on a fleet wide basis and on a four quarter rolling
average. The Overseas
Newcastle has a profit sharing arrangement whereby DHT earns an
additional amount equal to 33% of the vessel’s TCE earnings above $35,000
per day.
|
2
The
revenue days for the third quarter of 2009 were 268 for the VLCCs (compared to
276 revenue days in the third quarter of 2008) and 320 for the Aframaxes
(compared to 351 revenue days in the third quarter of 2008). The Aframax Overseas Ania had 43 off hire
days in the quarter related to the vessel passing the mandatory Special Class
Survey and the charterers’ required Condition Assessment Program (CAP) for
vessels over 15 years of age. The vessel incurred another 19 days
offhire, according to schedule, in the fourth quarter to successfully completing
the survey.
DHT’s
vessel expenses for the quarter, including insurance costs, were $7.1 million
reflecting the new technical management contracts effective January 16,
2009. Depreciation and amortization expenses were $6.8 million and
general and administrative expenses were $1.0 million. Net finance expenses of
$6.8 million include a loss on interest rate swaps of $0.2 million and
amortization of unrealized loss on interest rate swaps of $2.4
million.
Market
Update
The
reduced world-wide demand for oil resulting from the global economic slow down
has severely affected the number of cargoes available and the need for
transportation in the tanker sector. At the same time as there is
substantial net increase in the fleet from deliveries of newbuildings. Combined,
this has created significant negative pressure on freight rates, which, together
with the effect of the difficult credit market on capital available to finance
vessels, has had a severe, adverse affect on vessel values.
A number
of vessels continue to be used for storage as a result of a current oil price
contango. Together with an increase in transportation distances and
the reduced viability of single hull tankers, this has helped to mitigate the
unfavorable demand and supply factors that affect the freight rates and the ship
values, although not sufficiently to offset the increase in the fleet from
newbuilding deliveries and the effect of cuts in OPEC production.
Cancellations
and delays of future deliveries of newbuilding orders resulting from the weak
freight market and the adverse credit conditions, as well as the phase out of
single hull and older vessels affected by the 2010 IMO regulations with its
restrictions on trading of these vessel segments will affect the tonnage supply,
and are expected to bring the net growth in tonnage supply to 3-4% for
2010. On the other hand, at the same time, the growth demand for
transportation is expected to remain flat, and OPEC production growth to remain
limited with the persistent high crude oil inventories.
The
demand for transportation in non-OECD countries, particularly China, which
continue to show a growth in GDP of 8% and has provided price incentives for
refiners to ensure ample supplies of gasoline and fuel is a major driver for
growth in crude oil demand. On a quarter to quarter basis the Chinese import of
crude oil increased 12 %, and 26 % on a year to year basis. China has surpassed
the United States as the largest market for automobiles.
For the
fourth quarter of 2009, the pools in which DHT’s vessels operate, report booking
of pool capacity as of October 23, 2009 at TCE rates averaging $20,000 per day
for the VLCCs with 59% of the fourth quarter revenue days booked, $20,000 per
day for the Suezmax vessels with 39% of the fourth quarter revenue days booked
and $10,000 per day for the Aframax tankers with 37% of the fourth quarter
revenue days booked.
3
In
contrast to the low freight rates obtainable in the spot market, the Company’s
vessels are employed on period charters at pre-contracted rates that assure the
Company of stable earnings for several years to come. The current volatility and
downward pressure on the freight rates will not affect the Company’s revenues
derived from base charter hire, although the current market will affect the
Company’s potential to earn additional hire over and above the base charter
hire.
Vessels’
Charter Arrangements and Vessel Operations
Of the
fleet of nine vessels, seven vessels are time chartered to OSG with the terms
expiring from the second quarter of 2012 to the second quarter of 2013. The two
Suezmax tankers are bareboat chartered to OSG until 2014 and 2018,
respectively.
The
Company expects the base hire component of each of its charters will provide for
stable cash flow during the current volatile and uncertain market, as the
charters provide for fixed monthly base hire payments regardless of prevailing
market rates, so long as the vessels are not-off hire for technical reasons. In
addition, with respect to eight of the nine charters, if market rates exceed the
daily base hire rates set forth in such charters, DHT will have the opportunity
to participate in any such excess under the profit-sharing component of the
applicable charter arrangements.
DHT’s two
Suezmax tankers which are bareboat chartered to OSG have their charter hire
payable 365 days per year and no operating expenses for the account of DHT. The
vessels provide for stable earnings over the period of the charters. One of the
two Suezmax tankers, the Overseas Newcastle, has a
profit-sharing arrangement.
Unlike
the vessels on bareboat charter, vessels on time charter may go off-hire. The
seven vessels on time charter are subject to scheduled periodic dry docking for
the purpose of special surveys and other interim inspections that result in
off-hire. In addition to scheduled off-hire, these vessels may be subject to
unscheduled off-hire for ongoing maintenance purposes. Total off-hire
for running repairs and mandatory inspections amounted to 55 days during the
third quarter of 2009, of which 43 days related to the Overseas Ania and the
vessel’s mandatory Class Special Survey.
Overseas Chris will undergo
her scheduled Class Interim Survey in the first quarter of 2010, postponed from
the third quarter 2009 for commercial reasons. Overseas Regal is scheduled
to also undergo class interim survey in early 2010. It is estimated that each
vessel will be off-hire for approximately 5 to 10 days.
Following
completion of the above surveys, no vessel is expected to undergo any mandatory
Class Survey until 2011.
4
|
FINANCIAL INFORMATION
|
|||||||||||||||
|
SUMMARY CONSOLIDATED
INCOME STATEMENT
($ in thousands except per share amounts)
|
|||||||||||||||
|
|
|||||||||||||||
| 3Q 2009 | 3Q 2008 | 9 months | 9 months | Year | |||||||||||
| July 1 - Sep. | July 1 - Sep. | Jan. 1 - Sep. | Jan. 1 - Sep. | Jan. 1 - Dec. | |||||||||||
| 30, 2009 | 30, 2008 | 30, 2009 | 30, 2008 | 31, 2008 | |||||||||||
| Unaudited | Unaudited | Unaudited | Unaudited | Audited | |||||||||||
| Shipping revenues | 22,678 | 31,007 | 78,694 | 83,732 | 114,603 | ||||||||||
| Vessel expenses | 7,087 | 5,712 | 22,332 | 15,179 | 21,409 | ||||||||||
| Depreciation and amortization | 6,757 | 6,609 | 19,809 | 19,339 | 25,948 | ||||||||||
| General and administrative | 961 | 1,384 | 3,070 | 3,378 | 4,766 | ||||||||||
| Total operating expenses | 14,805 | 13,705 | 45,211 | 37,896 | 52,123 | ||||||||||
| Income from vessel operations | 7,873 | 17,302 | 33,483 | 45,836 | 62,480 | ||||||||||
| Interest income | 54 | 691 | 270 | 1,273 | 1,572 | ||||||||||
| Interest expense | (4,281 | ) | (5,678 | ) | (14,119 | ) | (16,829 | ) | (21,904 | ) | |||||
|
Fair value gain/(loss) on derivative instruments
|
(2,563 | ) | - | (4,229 | ) | - | - | ||||||||
| Other financial | - | - | (2,452 | ) | - | - | |||||||||
| Net income | 1,083 | 12,315 | 12,953 | 30,280 | 42,148 | ||||||||||
| Basic net income per share | 0.02 | 0.31 | 0.28 | 0.87 | 1.17 | ||||||||||
| Diluted net income per share | 0.02 | 0.31 | 0.28 | 0.87 | 1.17 | ||||||||||
| Weighted average number of shares (basic) | 48,675,897 | 39,238,807 | 45,525,032 | 34,982,633 | 36,055,422 | ||||||||||
| Weighted average number of shares (diluted) | 48,978,776 | 39,238,807 | 45,680,749 | 34,982,633 | 36,055,422 | ||||||||||
| CONDENSED STATEMENT OF COMPREHENSIVE INCOME | |||||||||||||||
| Profit for the period | 1,083 | 12,315 | 12,953 | 30,280 | 42,148 | ||||||||||
| Other comprehensive income: | |||||||||||||||
| Cash flow hedges | 2,406 | 806 | 9,649 | (2,191 | ) | (16,200 | ) | ||||||||
| Total comprehensive income for the period | 3,489 | 13,121 | 22,602 | 28,089 | 25,948 | ||||||||||
|
SUMMARY CONSOLIDATED
STATEMENT OF FINANCIAL POSITION
($ in thousands)
|
||||||
| Sep. 30, 2009 | Dec. 31, 2008 | |||||
| Unaudited | Audited | |||||
| ASSETS | ||||||
| Current assets | ||||||
| Cash and cash equivalents | 65,385 | 59,020 | ||||
| Voyage receivables from OSG | 560 | 8,791 | ||||
| Prepaid expenses | 387 | 382 | ||||
| Prepaid technical management fee to OSG | 1,926 | 768 | ||||
| Total current assets | 68,258 | 68,961 | ||||
| Vessels, net of accumulated depreciation | 444,060 | 462,387 | ||||
| Total assets | 512,318 | 531,348 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
| Current liabilities | ||||||
| Accounts payable and accrued expenses | 4,976 | 6,400 | ||||
| Derivative financial instruments | 13,022 | 10,945 | ||||
| Deferred shipping revenues | 7,875 | 7,855 | ||||
| Total current liabilities | 25,873 | 25,200 | ||||
| Long term liabilities | ||||||
| Long term debt | 292,994 | 342,852 | ||||
| Derivative financial instruments | 7,976 | 15,473 | ||||
| Total long term liabilities | 300,970 | 358,325 | ||||
| Shareholders' equity | ||||||
| Preferred stock | 0 | 0 | ||||
| Common stock | 487 | 392 | ||||
| Paid-in additional capital | 239,474 | 200,570 | ||||
| Retained earnings/(deficit) | (37,717 | ) | (26,721 | ) | ||
| Accumulated other comprehensive income/(loss) | (16,769 | ) | (26,418 | ) | ||
| Total stockholders' equity | 185,475 | 147,823 | ||||
| Total liabilities and stockholders' equity | 512,318 | 531,348 | ||||
6
|
SUMMARY CONSOLIDATED STATEMENT
OF CASH FLOWS
($ in thousands)
|
||||||||||||||
|
|
||||||||||||||
| 3Q 2009 | 3Q 2008 | 9 months | 9 months | Year | ||||||||||
| July 1 - Sep. | July 1 - Sep. | Jan. 1 - Sep. | Jan. 1 - Sep. | Jan. 1 - Dec. | ||||||||||
| 30, 2009 | 30, 2008 | 30, 2009 | 30, 2008 | 31, 2008 | ||||||||||
| Unaudited | Unaudited | Unaudited | Unaudited | Audited | ||||||||||
| Cash Flows from Operating Activities: | ||||||||||||||
| Net income | 1,083 | 12,315 | 12,953 | 30,280 | 42,148 | |||||||||
| Depreciation and amortization | 6,804 | 6,657 | 19,951 | 19,481 | 26,137 | |||||||||
| Deferred compensation related to options and restricted stock granted | 154 | 95 | 599 | 315 | 476 | |||||||||
| Amortisation and swap expense | 2,563 | - | 4,229 | - | - | |||||||||
| Changes in operating assets and liabilities: | ||||||||||||||
| Receivables | 3,688 | (2,753 | ) | 8,231 | (6,444 | ) | (7,244 | ) | ||||||
| Prepaid expenses | 572 | 50 | (1,163 | ) | (197 | ) | 525 | |||||||
| Accounts payable, accrued expenses and deferred revenue | 599 | 1,467 | (1,404 | ) | 3,234 | 2,840 | ||||||||
| Net cash provided by operating activities | 15,463 | 17,831 | 43,396 | 46,669 | 64,882 | |||||||||
| Cash flows from Investing Activities: | ||||||||||||||
| Investments in vessels | - | - | (1,482 | ) | (81,185 | ) | (81,185 | ) | ||||||
| Net cash used in investing activities | - | - | (1,482 | ) | (81,185 | ) | (81,185 | ) | ||||||
| Cash flows from Financing Activities | ||||||||||||||
| Issuance of common stock | - | - | 38,400 | 91,462 | 91,426 | |||||||||
| Deferred Offering costs | - | - | - | 134 | 134 | |||||||||
| Issuance of long-term debt, net of acquisition costs | - | - | - | 90,300 | 90,300 | |||||||||
| Cash dividends paid | - | (9,810 | ) | (23,949 | ) | (30,130 | ) | (41,902 | ) | |||||
| Repayment of long-term debt | - | - | (50,000 | ) | - | (75,000 | ) | |||||||
| Net cash provided by / (used in) financing activities | - | (9,810 | ) | (35,549 | ) | 151,766 | 64,958 | |||||||
| Net increase/(decrease) in cash and cash equivalents | 15,463 | 8,021 | 6,365 | 117,250 | 48,655 | |||||||||
| Cash and cash equivalents at beginning of period | 49,922 | 119,594 | 59,020 | 10,365 | 10,365 | |||||||||
| Cash and cash equivalents at end of period | 65,385 | 127,615 | 65,385 | 127,615 | 59,020 | |||||||||
| Interest paid | 4,204 | 5,540 | 14,081 | 15,067 | 20,750 | |||||||||
7
|
SUMMARY CONSOLIDATED STATEMENT
OF CHANGES IN SHAREHOLDERS EQUITY
($ in thousands except shares)
Unaudited
|
|||||||||||||||
| Common Stock | Paid-in | Cash | |||||||||||||
| Shares | Amount | Additional | Retained | Flow | Total | ||||||||||
| Capital | Earnings | Hedges | equity | ||||||||||||
| Balance at January 1, 2008 | 30,030,811 | 300 | 108,760 | (26,967 | ) | (10,218 | ) | 71,875 | |||||||
| Cash dividends declared and paid | (30,130 | ) | (30,130 | ) | |||||||||||
| Issue of Common stock | 9,200,000 | 92 | 91,370 | 91,462 | |||||||||||
| Compensation related to options and restricted stock | 315 | 315 | |||||||||||||
| Issue of restricted stock awards | 7,996 | - | |||||||||||||
| Total comprehensive income | 30,279 | (2,191 | ) | 28,088 | |||||||||||
| Balance at September 30, 2008 | 39,238,807 | 392 | 200,445 | (26,818 | ) | (12,409 | ) | 161,610 | |||||||
| Balance at January 1, 2008 | 30,030,811 | 300 | 108,760 | (26,967 | ) | (10,218 | ) | 71,875 | |||||||
| Cash dividends declared and paid | (41,902 | ) | (41,902 | ) | |||||||||||
| Issue of Common stock | 9,200,000 | 92 | 91,334 | 91,426 | |||||||||||
| Compensation related to options and restricted stock | 476 | 476 | |||||||||||||
| Issue of restricted stock awards | 7,996 | - | |||||||||||||
| Total comprehensive income | 42,148 | (16,200 | ) | 25,948 | |||||||||||
| Balance at December 31, 2008 | 39,238,807 | 392 | 200,570 | (26,721 | ) | (26,418 | ) | 147,823 | |||||||
| Balance at January 1, 2009 | 39,238,807 | 392 | 200,570 | (26,721 | ) | (26,418 | ) | 147,823 | |||||||
| Cash dividends declared and paid | (23,949 | ) | (23,949 | ) | |||||||||||
| Issue of Common stock | 9,408,481 | 95 | 38,305 | 38,400 | |||||||||||
| Compensation related to options and restricted stock | 28,609 | 599 | 599 | ||||||||||||
| Total comprehensive income | 12,953 | 9,649 | 22,602 | ||||||||||||
| Balance at September 30, 2009 | 48,675,897 | 487 | 239,474 | (37,717 | ) | (16,769 | ) | 185,475 | |||||||
8
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE PERIOD ENDED SEPTEMBER 30, 2009
Basis
for preparation
The
condensed financial statements have been prepared in accordance with
International Accounting Standard 34 Interim Financial
Reporting.
Significant
accounting policies
The
condensed financial statements have been prepared under historical cost
convention, except for the revaluation of certain financial instruments. The
accounting policies that have been followed in these condensed financial
statements are the same as presented in the attached International Financial
Reporting Standards (“IFRS”) conversion document.
Reconciliation
between IFRS and U.S. GAAP
Effective
January 1, 2009, DHT changed the basis on which it prepares its financial
statements from U.S. GAAP to IFRS. There are no differences in the
statement of operations and equity between IFRS and U.S. GAAP.
Reconciliation
of non-IFRS financial measures ($ in thousands except shares and per share
amounts)
| 3Q 2009 | 3Q 2008 | 9 months | 9 months | ||||||
| July 1 - Sep. | July 1 - Sep. | Jan. 1 - Sep. | Jan. 1 - Sep. | ||||||
| 30, 2009 | 30, 2008 | 30, 2009 | 30, 2008 | ||||||
| Unaudited | Unaudited | Unaudited | Unaudited | ||||||
| Net Income | 1,083 | 12,315 | 12,953 | 30,280 | |||||
| Amortization of unrealized loss of interest rate swaps | 2,406 | - | 9,649 | - | |||||
| Fair value (gain)/loss on derivative financial instrument | 157 | - | (5,420 | ) | - | ||||
| Net Income adjusted for non-cash financial items | 3,646 | 12,315 | 17,182 | 30,280 | |||||
| Weighted average number of shares (diluted) | 48,978,776 | 39,238,807 | 45,680,749 | 34,982,633 | |||||
| Net Income adjusted for non-cash financial items per share | 0.07 | 0.31 | 0.38 | 0.87 | |||||
| Net Income | 1,083 | 12,315 | 12,953 | 30,280 | |||||
| Amortization of unrealized loss of interest rate swaps | 2,406 | - | 9,649 | - | |||||
| Fair value (gain)/loss on derivative financial instrument | 157 | - | (5,420 | ) | - | ||||
| Depreciation and amortization | 6,757 | 6,609 | 19,809 | 19,339 | |||||
| Free cash flow from operations after contractual debt service | 10,403 | 18,924 | 36,991 | 49,619 | |||||
| Free cash flow from operations after contractual debt service per share | 0.21 | 0.48 | 0.81 | 1.42 | |||||
9
EARNINGS
CONFERENCE CALL INFORMATION
DHT plans
to host a conference call at 8:30 am ET on Tuesday November 24, 2009 to discuss
the results for the third quarter. All shareholders and other interested parties
are invited to call into the conference call, which may be accessed by calling
(866) 730 5768 within the United States and +1-857 350 1592 for
international calls. The passcode is “DHT Maritime”. A live webcast of the
conference call will be available in the Investor Relations section on DHT's
website at http://www.dhtmaritime.com.
An audio
replay of the conference call will be available from 11:30 a.m. ET on November
24, 2009 through December 1, 2009 by calling toll free (888) 286-8010 within the
United States or +1-617-801-6888 for international callers. The passcode for the
replay is 29499253. A webcast of the replay will be available in the Investor
Relations section on DHT's website at http://www.dhtmaritime.com.
Forward
Looking Statements
This
press release contains assumptions, expectations, projections, intentions and
beliefs about future events, in particular regarding 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 are intended as “forward-looking statements.” All
statements in this document that are not statements of historical fact are
forward-looking statements.
The
forward-looking statements included in this press release reflect DHT’s current
views with respect to future events and are subject to certain risks,
uncertainties and assumptions. We caution that assumptions,
expectations, projections, intentions and beliefs about future events may and
often do vary from actual results and the differences can be material. The
reasons for this include the risks, uncertainties and factors described under
the section of our latest annual report on Form 20-F entitled “Risk Factors,” a
copy of which is available on the SEC’s website at www.sec.gov. These
include the risk that DHT may not be able to pay dividends; the highly cyclical
nature of the tanker industry; global demand for oil and oil products; the
number of newbuilding deliveries and the scrapping rate of older vessels; the
risks associated with acquiring additional vessels; changes in trading patterns
for particular commodities significantly impacting overall tonnage requirements;
risks related to terrorist attacks and international hostilities; expectations
about the availability of insurance; our ability to repay our credit facility or
obtain additional financing; our ability to find replacement charters for our
vessels when their current charters expire; compliance costs with environmental
laws and regulations; risks incident to vessel operation, including discharge of
pollutants; and unanticipated changes in laws and regulations.
Should
one or more of these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially from those
described in the forward-looking statements included in this press release. DHT
does not intend, and does not assume any obligation, to update these
forward-looking statements.
| CONTACT: | Eirik Ubøe |
| Phone: +44 1534 639 759 and +47 412 92 712 | |
| E-mail: info@dhtmaritime.com and eu@tankersservices.com |
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