DHT Holdings, Inc. announced that on April 29, 2013 the Board approved a dividend of $0.02 per common share and $0.25 per preferred share related to the first quarter 2013 to be paid on May 23, 2013 for shareholders of record as of May 14, 2013.

DHT Holdings, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the period, the company reported shipping revenues of $19,243,000 against $28,299,000 a year ago. Operating loss was $2,781,000 against operating income of $8,033,000 a year ago. Loss before tax was $3,732,000 against profit before tax of $6,251,000 a year ago. Net loss after tax attributable to the owners of parent was $3,732,000 against net profit after tax attributable to the owners of parent of $6,251,000 a year ago. Adjusted diluted net loss per share was $0.24 against adjusted diluted net income per share of $1.16 per share a year ago. Net cash provided by operating activities was $14,267,000 against $3,613,000 a year ago. The company reported net revenues (after subtracting voyage expenses) for the first quarter of 2013 of $12.4 million, compared to revenues of $28.3 million in the first quarter of 2012. The decline is due to a fleet reduction from 12 to 9 vessels and vessels coming off fixed rate charters. EBITDA for the quarter was $4.2 million and net loss for the quarter was $3.1 million ($0.20 per share) after adjusting for loss on sale of vessel of $0.6 million. In April the company amended its credit agreement with the Royal Bank of Scotland whereby the minimum value covenant has been removed in its entirety. Furthermore, the installments scheduled to commence in 2016 have been changed from a fixed $9.1 million per quarter to a variable amount equal to free cash flow in the prior quarter – capped at $7.5 million per quarter. The next scheduled installment would at the earliest take place in second quarter of 2016. In April the company has made a prepayment of $25 million and has agreed to increase the margin to 1.75%. The $25 million has been recorded as current portion of long term debt as of March 31, 2013. DHT Maritime's financial obligations under the credit agreement will be guaranteed by DHT Holdings.

DHT Holdings, Inc., Q1 2013 Earnings Call, Apr 30, 2013