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DHT Holdings, Inc. reports developments for an independent crude oil tanker company with an international fleet of VLCC vessels. Company news commonly covers quarterly results, time charter equivalent earnings, spot-market exposure, fixed time-charter contracts, and the operating mix that drives voyage and charter revenue.
DHT updates also cover fleet renewal, vessel deliveries and sales, charter agreements with energy customers, cash dividends, debt prepayments, share repurchases, annual reporting, and board governance. The company operates through management companies in Monaco, Norway, Singapore, and India.
DHT Holdings, Inc. (NYSE: DHT) announced its intention to redeem all outstanding 4.5% Convertible Senior Notes due 2021 on August 21, 2020. This redemption will occur at 100% of the principal amount plus accrued interest. Holders may convert their notes into common stock at a rate of 187.0208 shares per $1,000 principal until August 20, 2020. Detailed terms are provided in the notice sent to note holders. The company emphasizes this announcement is not an offer to buy or sell securities.
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DHT Holdings announced significant updates on June 25, 2020. The time-charter for DHT Scandinavia has been cancelled due to delays, while DHT Stallion secured a two-year charter at $41,800 per day. The average base rate across ten charters stands at $50,673 per day. The company pre-paid $59.2 million in loan installments and estimates that its spot ships need to earn $2,800 per day for H2 2020 and $11,400 for 2021 to cover cash costs. Currently, DHT has covered 97% of 2Q 2020 spot days at an average rate of $90,100.
DHT Holdings, Inc. held its 2020 Annual Meeting of Shareholders virtually on June 18, 2020. During the meeting, shareholders elected Jeremy Kramer as Class I Director for a three-year term and ratified Deloitte AS as the independent registered public accounting firm for the fiscal year ending December 31, 2020. DHT operates as an independent crude oil tanker company with a fleet focusing on the VLCC segment and maintains a commitment to high operational standards and prudent capital management.
DHT Holdings, Inc. announced an adjustment to the conversion price of its 4.5% Convertible Senior Notes due 2021, effective May 18, 2020. The conversion price has been revised from $5.6468 per share to $5.3470 per share following the declaration of a cash dividend of $0.35 per share, to be paid on May 26, 2020. Shareholders of record as of May 19, 2020, will receive the dividend. This adjustment results in approximately 187.0208 shares of common stock per $1,000 principal amount of Notes. Further details are available on DHT's website.
DHT Holdings reported its quarterly results for Q1 2020, highlighting operational insights pertinent to investors. The company, focused on crude oil transportation, operates a fleet of VLCC tankers and maintains management bases in Monaco, Singapore, and Oslo. Their strategic focus includes robust cash break-even levels and a transparent corporate structure. The full financial report is accessible through their official site. The press release also contains forward-looking statements regarding dividends, oil prices, and market demand that investors must approach with caution.