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Item 1
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Management’s Discussion and Analysis of Financial Condition and Results of Operations for the year ended December 31, 2010
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4
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Item 2 |
Controls and Procedures
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15 |
Item 3
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DHT Holdings, Inc. Consolidated Financial Statements as of December 31, 2010 and December 31, 2009 and for the Years Ended December 31, 2010, December 31, 2009 and December 31, 2008
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16
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Reports of Independent Registered Public Accounting Firm
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16
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Consolidated Statement of Financial Position as of December 31, 2010 and 2009
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19
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Consolidated Income Statement for the years ended December 31, 2010, 2009 and 2008
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20
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Consolidated Statement of Changes in Stockholders’ Equity for the years ended December 31, 2010, 2009 and 2008
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21
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Consolidated Statement of Cash Flows for the years ended December 31, 2010, 2009 and 2008
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22
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Notes to Consolidated Financial Statements
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23
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future payments of dividends and the availability of cash for payment of dividends;
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future operating or financial results, including with respect to the amount of basic hire and additional hire that we may receive;
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statements about future, pending or recent acquisitions, business strategy, areas of possible expansion and expected capital spending or operating expenses;
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statements about tanker industry trends, including charter rates and vessel values and factors affecting vessel supply and demand;
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expectations about the availability of vessels to purchase, the time which it may take to construct new vessels or vessels’ useful lives;
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expectations about the availability of insurance on commercially reasonable terms;
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DHT Maritime’s and its subsidiaries’ ability to repay the secured credit facility;
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our ability to obtain additional financing and to obtain replacement charters for our vessels;
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assumptions regarding interest rates;
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changes in production of or demand for oil and petroleum products, either globally or in particular regions;
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greater than anticipated levels of Newbuilding orders or less than anticipated rates of scrapping of older vessels;
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changes in trading patterns for particular commodities significantly impacting overall tonnage requirements;
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changes in the rate of growth of the world and various regional economies;
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risks incident to vessel operation, including discharge of pollutants; and
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unanticipated changes in laws and regulations.
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Item 1:
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Management’s Discussion and Analysis of Financial Condition and Results of Operations for the year ended December 31, 2010
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●
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the basic charter rate that we are paid under our charters;
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the amount of additional hire that we receive under our charter arrangements;
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with respect to our Initial Vessels, the number of off hire days during which we will not be entitled, under our charter arrangements, to receive either the basic charter rate or additional hire;
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the required capital expenditures related to our vessels;
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the amount of vessel operating expenses;
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our insurance premiums and vessel taxes;
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our vessels’ depreciation and potential impairment charges;
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our general and administrative and other expenses;
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our interest expense including any interest swaps we may enter;
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the revenues and vessel operating expenses associated with the DHT Phoenix and any future vessel acquisitions; and
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general market conditions when existing charters expire.
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Operating period
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Total payment
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Per share
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Record date
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Payment date
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||||||||||
Jan. 1-March 31, 2008
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$9.8 million
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$0.25 |
May 30, 2008
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June 11, 2008
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||||||||||
April 1-June 30, 2008
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$9.8 million
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$0.25 |
Sept. 15, 2008
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Sept. 24, 2008
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||||||||||
July 1-Sept. 30 2008
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$11.8 million
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$0.30 |
Dec. 2, 2008
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Dec. 11, 2008
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||||||||||
Oct. 1-Dec. 31, 2008
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$11.8 million
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$0.30 |
Feb. 26, 2009
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March 5, 2009
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Jan. 1-March 31, 2009
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$12.2 million
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$0.25 |
June 3, 2009
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June 16, 2009
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||||||||||
April 1-June 30, 2009
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— | — | — | — | ||||||||||
July 1-Sept. 30, 2009
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— | — | — | — | ||||||||||
Oct. 1-Dec. 31, 2009
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— | — | — | — | ||||||||||
Jan. 1-March 31, 2010
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$4.9 million
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$0.10 |
May 31, 2010
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June 8, 2010
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April 1-June 30, 2010
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$4.9 million
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$0.10 |
Sept. 9, 2010
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Sept. 17, 2010
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July 1-Sept. 30, 2010
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$4.9 million
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$0.10 |
Nov. 11, 2010
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Nov. 22, 2010
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2011
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2012
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2013
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2014
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2015
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Thereafter
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Total
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(Dollars in thousands)
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Long-term debt (1)
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$ | 6,459 | $ | 10,772 | $ | 30,183 | $ | 38,602 | $ | 38,213 | $ | 164,916 | $ | 289,144 | ||||||||||||||
DHT Phoenix
Commitment (2)
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$ | 49,500 | — | — | — | — | — | — |
(1)
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Amounts shown include contractual interest obligations on $266,000 of debt outstanding under the secured credit facility. The interest obligations have been determined using a LIBOR of 0.30% per annum plus margin with regards to $201,000 based on the interest that was effective on this portion of the loan as of December 31, 2010 and an interest rate of 5.95% per annum with regards to $65,000 based on the five year interest rate swap arrangement that was effective as of December 4, 2007. The interest on the balance outstanding is payable quarterly and the principal is payable with quarterly installments as follows: one installment of $259 on July 18, 2012, two quarterly installments of $4,037 from October 18, 2012 to January 18, 2013, one installment of $4,416 on April 18, 2013, sixteen quarterly installments of $9,075 from July 18, 2013 to April 18, 2017 and a final payment of $108,050 on July 18, 2017.
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(2)
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On December 8, 2010, we entered into an agreement to acquire a 1999 built VLCC for $55,000 to be named DHT Phoenix which is expected to be delivered in the first quarter of 2011. We have paid a deposit of $5,500 related to this acquisition and we expect to finance the remainder of the purchase price with approximately $22,000 in cash and $27,500 from borrowings from one or more commercial banks to be determined.
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a first priority mortgage on each of the vessels that DHT Maritime or any of its subsidiaries have agreed to purchase and any additional vessels that DHT Maritime or any of its subsidiaries acquire;
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an assignment of charter hire guarantees and earnings from, and insurances on, each of the vessels that DHT Maritime or any of its subsidiaries have agreed to purchase and any additional vessels that DHT Maritime or any of its subsidiaries acquire;
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a pledge of the balances in certain bank accounts which DHT Maritime and its subsidiaries have agreed to keep with RBS; and
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an unconditional and irrevocable guarantee by each of DHT Maritime’s vessel-owning subsidiaries.
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incurring additional indebtedness without the prior consent of the lenders;
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permitting liens on assets;
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merging or consolidating with other entities or transferring all or substantially all of their assets to another person;
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paying dividends if the charter-free market value of the vessels that secure their obligations under the secured credit facility is less than 135% of their borrowings under the secured credit facility plus the actual or notional cost of terminating any interest rates swaps that they enter, if there is a continuing default under the secured credit facility or if the payment of the dividend would result in a default or breach of a loan covenant;
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changing the technical manager of vessels owned by DHT Maritime and its subsidiaries without the prior consent of the lenders;
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making certain loans, advances or investments; entering into certain material transactions with affiliated parties;
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entering into certain types of charters, including bareboat charters and time charters or consecutive voyage charters of greater than 13 months (excluding our charters with OSG’s subsidiaries);
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de-activating any of the vessels or allowing work to be done on any vessel in an aggregate amount greater than $2,000 without first obtaining a lien waiver;
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making non-ordinary course acquisitions or entering into a new line of business or establishing a place of business in the United States or any of its territories; and
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selling or otherwise disposing of a vessel or other assets or assigning or transferring any rights or obligations under our charters and our ship management agreements.
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non-payment of amounts due under the secured credit facility;
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breach of the covenants;
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misrepresentation;
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cross-defaults to other indebtedness in excess of $2,000;
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materially adverse judgments or orders;
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event of insolvency or bankruptcy;
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acceleration of any material amounts that DHT Maritime or any of its subsidiaries is obligated to pay;
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breach of a time charter or a charter hire guaranty in connection with any of the vessels;
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default under any collateral documentation or any swap transaction;
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cessation of operations;
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unlawfulness or repudiation;
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if, in the reasonable determination of the lender, it becomes impossible or unlawful for DHT Maritime or any of its subsidiaries to comply with their obligations under the loan documents; and
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if any event occurs that, in the reasonable opinion of the lender, has a material adverse effect on DHT Maritime and its subsidiaries’ operations, assets or business, taken as a whole.
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Item 2:
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Controls and Procedures
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A. | Disclosure Controls and Procedures |
B. | Management’s Annual Report on Internal Control over Reporting |
C. | Attestation Report of the Registered Public Accounting Firm |
D. | Changes in Internal Control over Reporting |
Item 3:
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DHT Holdings, Inc. Consolidated Financial Statements as of December 31, 2010 and December 31, 2009 and for the Years Ended December 31, 2010, December 31, 2009 and December 31, 2008
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(Dollars in thousands)
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Note
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2010
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2009
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|||||||||
ASSETS
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||||||||||||
Current assets
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||||||||||||
Cash and cash equivalents
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8,9 | 58,569 | 72,664 | |||||||||
Accrued charter hire
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464 | - | ||||||||||
Prepaid expenses
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2,713 | 3,287 | ||||||||||
Total current assets
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61,746 | 75,951 | ||||||||||
Vessels
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6 | 412,744 | 441,036 | |||||||||
Other assets
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21 | - | ||||||||||
Other long term receivables
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844 | 984 | ||||||||||
Deposit for vessel acquisition
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6,16 | 5,500 | - | |||||||||
Total assets
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480,855 | 517,971 | ||||||||||
LIABILITIES AND STOCKHOLDER’S EQUITY
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||||||||||||
Current liabilities
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||||||||||||
Accounts payable and accrued expenses
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7 | 4,449 | 6,250 | |||||||||
Derivative financial instruments
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8 | 3,065 | 11,779 | |||||||||
Deferred shipping revenues
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4 | 8,088 | 7,898 | |||||||||
Total current liabilities
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15,602 | 25,927 | ||||||||||
Non-current liabilities
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||||||||||||
Long term debt
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8,9 | 265,231 | 293,041 | |||||||||
Derivative financial instruments
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8 | 3,224 | 6,646 | |||||||||
Other long term liabilities
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457 | 433 | ||||||||||
Total non-current liabilities
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268,912 | 300,120 | ||||||||||
Stockholders’ equity
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Common stock
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10 | 487 | 487 | |||||||||
Paid-in additional capital
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240,537 | 239,624 | ||||||||||
Retained earnings/(deficit)
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(42,188 | ) | (33,824 | ) | ||||||||
Other components of equity
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(2,495 | ) | (14,363 | ) | ||||||||
Total stockholders’ equity
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196,341 | 191,924 | ||||||||||
Total liabilities and stockholders’ equity
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480,855 | 517,971 |
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Year ended
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Year ended
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Year ended | |||||||||||||||
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December 31
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December 31
|
December 31 | ||||||||||||||
(Dollars in thousands, except share and per share amounts)
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Note
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2010
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2009
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2008 | ||||||||||||||
Shipping revenues
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3,4 | $ | 89,681 | $ | 102,576 | $ | 114,603 | |||||||||||
Operating expenses
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Vessel expenses
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30,221 | 30,034 | 21,409 | |||||||||||||||
Depreciation and amortization
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6 | 28,392 | 26,762 | 25,948 | ||||||||||||||
General and administrative
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11,12 | 7,869 | 4,588 | 4,766 | ||||||||||||||
Total operating expenses
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66,482 | 61,384 | 52,123 | |||||||||||||||
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Income from vessel operations
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23,199 | 41,192 | 62,480 | |||||||||||||||
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Interest income
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131 | 298 | 1,572 | |||||||||||||||
Interest expense
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8 | (13,478 | ) | (18,130 | ) | (21,904) | ||||||||||||
Fair value gain/(loss) on derivative financial instruments
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8 | 268 | (4,062 | ) | - | |||||||||||||
Other financial expense
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8 | (3,710 | ) | (2,452 | ) | - | ||||||||||||
Profit before tax | 6,410 | 16,846 |
42,148
|
|||||||||||||||
Income tax expense | 14 | 33 | - | - | ||||||||||||||
Net income / Profit for the year
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$ | 6,377 | $ | 16,846 | $ | 42,148 | ||||||||||||
Attributable to the owners of parent
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$ | 6,377 | $ | 16,846 | $ | 42,148 | ||||||||||||
Basic net income per share
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$ | 0.13 | $ | 0.36 | $ | 1.17 | ||||||||||||
Diluted net income per share
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$ | 0.13 | $ | 0.36 | $ | 1.17 | ||||||||||||
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Weighted average number of shares (basic)
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5 | 48,776,270 | 46,321,404 | 36,055,422 | ||||||||||||||
Weighted average number of shares (diluted)
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5 | 48,779,606 | 46,321,404 | 36,055,422 |
Profit for the year
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$ | 6,377 | $ | 16,846 | $ | 42,148 | ||||||||||||
Other comprehensive income:
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||||||||||||||||||
Reclassification adjustment from previous cash flow hedges
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8 | 11,868 | 12,055 | (16,200) | ||||||||||||||
Total comprehensive income for the period
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18,245 | 28,901 | 25,948 | |||||||||||||||
Attributable to owners of the parent | $ | 18,245 | $ | 28,901 | $ | 25,948 |
(Dollars in thousands)
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Common Stock
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Paid-in Additional
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Retained
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Cash Flow
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Total
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||||||||||||||||||||||||
Note |
Shares
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Amount
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Capital
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Earnings
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Hedges
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equity
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|||||||||||||||||||||||
Balance at January 1, 2008
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30,030,811 | $ | 300 | $ | 108,760 | $ | (26,967 | ) | $ | (10,218 | ) | $ | 71,875 | ||||||||||||||||
Total comprehensive income
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42,148 | (16,200 | ) | 25,948 | |||||||||||||||||||||||||
Cash dividends declared and paid
|
(41,902 | ) | (41,902 | ) | |||||||||||||||||||||||||
Issue of Common stock
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9,200,000 | 92 | 91,334 | 91,426 | |||||||||||||||||||||||||
Compensation related to options and stock
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11 | 7,996 | 476 | 476 | |||||||||||||||||||||||||
Balance at December 31, 2008
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39,238,807 | $ | 392 | $ | 200,570 | $ | (26,721 | ) | $ | (26,418 | ) | $ | 147,823 | ||||||||||||||||
(Dollars in thousands)
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Common Stock
|
Paid-in Additional
|
Retained
|
Cash Flow
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Total
|
||||||||||||||||||||||||
Note |
Shares
|
Amount
|
Capital
|
Earnings
|
Hedges
|
equity
|
|||||||||||||||||||||||
Balance at January 1, 2009
|
39,238,807 | $ | 392 | $ | 200,570 | $ | (26,721 | ) | $ | (26,418 | ) | $ | 147,823 | ||||||||||||||||
Total comprehensive income
|
16,846 | 12,055 | 28,901 | ||||||||||||||||||||||||||
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 stock
|
11 | 28,609 | 749 | 749 | |||||||||||||||||||||||||
Issue of restricted stock awards
|
- | ||||||||||||||||||||||||||||
Balance at December 31, 2009
|
48,675,897 | $ | 487 | $ | 239,624 | $ | (33,824 | ) | $ | (14,363 | ) | $ | 191,924 | ||||||||||||||||
(Dollars in thousands)
|
Common Stock
|
Paid-in Additional
|
Retained
|
Cash Flow
|
Total
|
||||||||||||||||||||||||
Note |
Shares
|
Amount
|
Capital
|
Earnings
|
Hedges
|
equity
|
|||||||||||||||||||||||
Balance at January 1, 2010
|
48,675,897 | $ | 487 | $ | 239,624 | $ | (33,824 | ) | $ | (14,363 | ) | $ | 191,924 | ||||||||||||||||
Total comprehensive income
|
6,377 | 11,868 | 18,245 | ||||||||||||||||||||||||||
Cash dividends declared and paid
|
(14,741 | ) | (14,741 | ) | |||||||||||||||||||||||||
Issue of Common stock
|
- | ||||||||||||||||||||||||||||
Compensation related to options and stock
|
11 | 86,358 | 913 | 913 | |||||||||||||||||||||||||
Issue of restricted stock awards
|
159,706 | - | |||||||||||||||||||||||||||
Balance at December 31, 2010
|
48,921,961 | $ | 487 | $ | 240,537 | $ | (42,188 | ) | $ | (2,495 | ) | $ | 196,341 |
Year ended
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Year ended
|
Year ended | ||||||||||||||||
December 31
|
December 31
|
December 31 | ||||||||||||||||
(Dollars in thousands)
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Note
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2010
|
2009
|
2008 | ||||||||||||||
Cash Flows from Operating Activities:
|
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Net income
|
$ | 6,377 | $ | 16,846 | $ | 42,148 | ||||||||||||
Items included in net income not affecting cash flows:
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||||||||||||||||||
Depreciation and amortization
|
6 | 28,391 | 26,762 | 25,948 | ||||||||||||||
Amortization related to interest and swap expense
|
8 | (78 | ) | 4,251 | 189 | |||||||||||||
Deferred compensation related to options and restricted stock
|
11 | 913 | 749 | 476 | ||||||||||||||
Changes in operating assets and liabilities:
|
||||||||||||||||||
Receivables
|
8 | - | 8,791 | (7,244 | ) | |||||||||||||
Prepaid expenses
|
250 | (3,121 | ) | 525 | ||||||||||||||
Accounts payable, accrued expenses and deferred revenue
|
7 | (1,587 | ) | 326 | 2,840 | |||||||||||||
Net cash provided by operating activities
|
34,266 | 54,604 | 64,882 | |||||||||||||||
Cash flows from Investing Activities:
|
||||||||||||||||||
Decrease/(Increase) in vessel acquisition deposit
|
6,16 | (5,500 | ) | - | - | |||||||||||||
Investment in vessels
|
6 | (99 | ) | (5,411 | ) | (81,185 | ) | |||||||||||
Investment in fixtures and fittings
|
6 | (21 | ) | - | - | |||||||||||||
Net cash used in investing activities
|
(5,620 | ) | (5,411 | ) | (81,185 | ) | ||||||||||||
Cash flows from Financing Activities
|
||||||||||||||||||
Issuance of common stock
|
10 | - | 38,400 | 91,426 | ||||||||||||||
Issuance of long-term debt, net of acquisition costs | 90,300 | |||||||||||||||||
Cash dividends paid
|
10 | (14,741 | ) | (23,949 | ) | (41,902 | ) | |||||||||||
Deferred offering costs | 134 | |||||||||||||||||
Repayment of long-term debt
|
8,9 | (28,000 | ) | (50,000 | ) | (75,000 | ) | |||||||||||
Net cash provided by/ (used in) financing activities
|
(42,741 | ) | (35,549 | ) | 64,958 | |||||||||||||
Net increase/(decrease) in cash and cash equivalents
|
(14,095 | ) | 13,644 | 48,655 | ||||||||||||||
Cash and cash equivalents at beginning of period
|
72,664 | 59,020 | 10,365 | |||||||||||||||
Cash and cash equivalents at end of period
|
8,9 | $ | 58,569 | $ | 72,664 | $ | 59,020 | |||||||||||
Specification of items included in operating activities: | ||||||||||||||||||
Interest paid
|
15,348 | 18,303 | 20,750 | |||||||||||||||
Interest received
|
137 | 303 | 1,565 |
a)
|
Other financial liabilities
|
b)
|
Derivatives
|
●
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Depreciation: As described above, the Company reviews estimated useful lifes and residual values each year. Estimates may change due to technological development, competition and environmental and legal requirements. In addition residual value may vary due to changes in market prices on scrap.
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Drydock period: the vessels are required by their respective classification societies to go through a dry dock at regular intervals. In general, vessels below the age of 15 years are docked every 5 years and vessels older than 15 years are docked every 2 1/2 years.
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Impairment testing of Vessels: Impairment occurs when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs to sell and its value in use. The value in use calculation is based on a discounted cash flow model. The recoverable amount is highly sensitive to the assumptions made for the discount rate used to discount future cash flows as well as the underlying assumptions for estimated future net cash flows.
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●
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Stock based compensation: Expenditures related to stock based compensation is sensitive to assumptions used in calculation of fair value.
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IFRS 3 (revised), ‘Business combinations’, and consequential amendments to IAS 27, ‘Consolidated and separate financial statements’, IAS 28, ‘Investments in associates’, and IAS 31, ‘Interests in joint ventures’, are effective prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after 1 July 2009. The adoption of the standard did not have any effect on the financial statements.
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IAS 27 (revised) requires the effects of all transactions with non-controlling interests to be recorded in equity if there is no change in control and these transactions will no longer result in goodwill or gains and losses. The standard also specifies the accounting when control is lost. Any remaining interest in the entity is re-measured to fair value, and a gain or loss is recognized in profit or loss. IAS 27 (revised) has had no impact on the current period.
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IFRIC 17, ‘Distribution of non-cash assets to owners’ (effective on or after 1 July 2009).
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IFRIC 18, ‘Transfers of assets from customers’, effective for transfer of assets received on or after 1 July 2009.
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IFRIC 9, ‘Reassessment of embedded derivatives and IAS 39, Financial instruments: Recognition and measurement’, effective 1 July 2009.
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IFRIC 16, ‘Hedges of a net investment in a foreign operation’ effective 1 July 2009.
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IAS 1 (amendment), ‘Presentation of financial statements’.
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IAS 36 (amendment), ‘Impairment of assets’, effective 1 January 2010.
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IFRS 2 (amendments), ‘Group cash-settled share-based payment transactions’, effective from 1 January 2010.
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IFRS 5 (amendment), ‘Non-current assets held for sale and discontinued operations’.
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IFRS 9, ‘Financial instruments’, issued in November 2009. This standard is the first step in the process to replace IAS 39, ‘Financial instruments: recognition and measurement’. IFRS 9 introduces new requirements for classifying and measuring financial assets and is likely to affect the group’s accounting for its financial assets. The standard is not applicable until 1 January 2013 but is available for early adoption. The Company has not yet assessed the impact of IFRS 9’s.
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●
|
Revised IAS 24 (revised), ‘Related party disclosures’, issued in November 2009. It supersedes IAS 24, ‘Related party disclosures’, issued in 2003. IAS 24 (revised) is mandatory for periods beginning on or after 1 January 2011. It is not expected to have any impact on the group’s financial statements.
|
|
●
|
Classification of rights issues’ (amendment to IAS 32), issued in October 2009. The amendment applies to annual periods beginning on or after 1 February 2010. Earlier application is permitted. The amendment addresses the accounting for rights issues that are denominated in a currency other than the functional currency of the issuer. Provided certain conditions are met, such rights issues are now classified as equity regardless of the currency in which the exercise price is denominated. Previously, these issues had to be accounted for as derivative liabilities. The amendment applies retrospectively in accordance with IAS 8 ‘Accounting policies, changes in accounting estimates and errors’. It is not expected to have any impact on the group’s financial statements.
|
|
●
|
IFRIC 19, ‘Extinguishing financial liabilities with equity instruments’, effective 1 July 2010. It is not expected to have any impact on the group’s financial statements.
|
|
●
|
Prepayments of a minimum funding requirement’ (amendments to IFRIC 14). The amendments correct an unintended consequence of IFRIC 14, ‘IAS 19 – The limit on a defined benefit asset, minimum funding requirements and their interaction’. It is not expected to have any impact on the group’s financial statements.
|
Vessel
|
Expiry after Extension *
|
Maximum Remaining Extension term
|
||
Overseas Ann
|
April 16, 2013
|
7 years
|
||
Overseas Chris
|
October 16, 2012
|
7 years
|
||
Overseas Regal
|
April 16, 2012
|
5 years
|
||
Overseas Cathy
|
January 16, 2013
|
7 years
|
||
Overseas Sophie
|
July 16, 2012
|
7 years
|
||
Overseas Rebecca
|
April 16, 2012
|
3.5 years
|
||
Overseas Ania
|
April 16, 2012
|
3.5 years
|
Charter year
ending
|
Overseas Ann,
Overseas Chris,
Overseas Regal
|
Overseas Cathy,
Overseas Sophie
|
Overseas Rebecca,
Overseas Ania
|
|||
Oct. 17, 2009
|
$37,600/day
|
$24,900/day
|
$18,900/day
|
|||
Oct. 17, 2010
|
$37,800/day
|
$25,100/day
|
$19,100/day
|
|||
Oct. 17, 2011
|
$38,100/day
|
$25,400/day
|
$19,400/day
|
|||
Oct. 17, 2012
|
$38,500/day
|
$25,700/day
|
$19,700/day
|
|||
Oct. 17, 2013
|
$38,800/day
|
$26,000/day
|
-
|
Vessel
|
Expiry
|
Charter rate
|
||
Overseas Newcastle (1)
|
Dec 4, 2014
|
$26,300/day until Dec 4,
2010, $25,300 thereafter
|
||
Overseas London (2)
|
Jan 28, 2018
|
$26,600/day
|
(Dollars in thousands)
|
||||||
Year
|
Amount
|
Revenue days
|
||||
2011
|
$ | 88,168 | 3,177 | |||
2012
|
57,781 | 2,133 | ||||
2013
|
22,988 | 851 | ||||
2014
|
18,268 | 703 | ||||
2015
|
9,720 | 365 | ||||
Thereafter
|
20,212 | 759 | ||||
Net charter payments:
|
$ | 217,137 | 7,988 |
(Dollars in thousands)
|
2010
|
2009
|
2008 | |||||||||
Net Income for the period used for the EPS calculations
|
$ | 6,377 | $ | 16,846 | $ | 42,148 | ||||||
Basic earnings per share:
|
||||||||||||
Weighted average shares outstanding, basic
|
48,776,270 | 46,321,404 | 36,055,422 | |||||||||
Diluted earnings per share:
|
||||||||||||
Weighted average shares outstanding, basic
|
48,776,270 | 46,321,404 | 36,055,422 | |||||||||
Dilutive equity award*
|
3,336 | - | - | |||||||||
Weighted average shares outstanding, dilutive
|
48,779,606 | 46,321,404 | 36,055,422 |
Company
|
Vessel name
|
Dwt
|
Flag State
|
Year Built
|
|||
Chris Tanker Corporation
|
Overseas Chris
|
309,285
|
Marshall Islands
|
2001
|
|||
Ann Tanker Corporation
|
Overseas Ann
|
309,327
|
Marshall Islands
|
2001
|
|||
Regal Unity Tanker Corporation
|
Overseas Regal
|
309,966
|
Marshall Islands
|
1997
|
|||
Newcastle Tanker Corporation
|
Overseas Newcastle
|
164,626
|
Marshall Islands
|
2001
|
|||
London Tanker Corporation
|
Overseas London
|
152,923
|
Marshall Islands
|
2000
|
|||
Cathy Tanker Corporation
|
Overseas Cathy
|
111,928
|
Marshall Islands
|
2004
|
|||
Sophie Tanker Corporation
|
Overseas Sophie
|
112,045
|
Marshall Islands
|
2003
|
|||
Ania Aframax Corporation
|
Overseas Ania
|
94,848
|
Marshall Islands
|
1994
|
|||
Rebecca Tanker Corporation
|
Overseas Rebecca
|
94,873
|
Marshall Islands
|
1994
|
Cost of Vessels
|
Depreciation and impairment
|
||||||
At January 1, 2008
|
$ |
435,667
|
At January 1, 2008
|
37,662
|
|||
Additions | 90,330 | Depreciation expense | 25,948 | ||||
Disposals | - | Impairment | - | ||||
At December 31, 2008 | 525,997 | At December 31, 2008 | 63,610 | ||||
Additions
|
5,411
|
Depreciation expense
|
26,762
|
||||
Disposals
|
-
|
Impairment
|
-
|
||||
At December 31, 2009
|
531,408
|
At December 31, 2009
|
90,372
|
||||
Additions
|
99
|
Depreciation expense
|
28,392
|
||||
Disposals
|
-
|
Impairment
|
-
|
||||
At December 31, 2010
|
531,507
|
At December 31, 2010
|
118,764
|
||||
Carrying amount
|
|||||||
At December 31, 2008 | $ | 462,387 | |||||
At December 31, 2009
|
441,036 | ||||||
At December 31, 2010
|
412,744 |
(Dollars in thousands)
|
2010
|
2009
|
||||
Accrued interest
|
$ |
1,207
|
$ |
3,382
|
||
Insurance
|
-
|
120
|
||||
Accounts payable
|
123
|
280
|
||||
Other
|
3,119
|
2,468
|
||||
Total
|
$ |
4,449
|
$ |
6,250
|
Carrying amount
|
|||||
Financial assets
|
2010
|
2009
|
|||
Trade and other receivables
|
$ |
-
|
$ |
-
|
|
Cash and short term deposits*
|
58,569
|
72,664
|
|||
Total
|
$ |
58,569
|
$ |
72,664
|
Derivative financial instruments, current
|
$ |
3,065
|
$ |
11,779
|
|
Derivative financial instruments, non-current | 3,224 | 6,646 | |||
Long term debt
|
265,230
|
293,041
|
|||
Total Non-Current financial liabilities
|
$ |
268,454
|
$ |
299,687
|
Notional amount
|
Fair value
|
||||||||
Expires
|
2010
|
2009
|
2010
|
2009
|
|||||
Swap pays 5.6%, receive floating
|
Oct. 18, 2010
|
$ -
|
$ 194,000
|
$ -
|
$ (8,540)
|
||||
Swap pays 5.95%, receive floating
|
Jan. 18, 2013
|
65,000
|
100,000
|
(6,289)
|
(9,885)
|
||||
Carrying amount
|
$ (6,289)
|
$ (18,425)
|
|
Carrying amount
|
||||||||
Interest
|
Remaining notional
|
2010
|
2009
|
||||||
Tranche 1 LIBOR + 0.70 % | $ |
186,000
|
$ |
185,462
|
$ |
193,367
|
|||
Tranche 2 LIBOR + 0.85 % |
80,000
|
79,768
|
99,674
|
||||||
Total carrying amount
|
$ |
266,000
|
$ |
265,230
|
$ |
293,041
|
●
|
2010: If interest rates had been 50 basis points higher/lower and all other variables were held constant, the Company’s:
|
|
o
|
profit for the year ended 31 December 2010 would decrease/increase by $608.
|
o
|
other equity reserves would not be effected.
|
●
|
2009: If interest rates had been 50 basis points higher/lower and all other variables were held constant, the Company’s:
|
|
o
|
profit for the year ended 31 December 2009 would decrease/increase by $857.
|
o
|
other equity reserves would not be effected.
|
●
|
2008: Under the condition of hedge accounting, if interest rates had been 50 basis points higher/lower and all other variables were held constant, the Company's:
|
|
o
|
profit for the year ended 31 December 2008 would have been unchanged provided that the hedge is 100% effective.
|
o
|
other equity reserves would decrease/increase by $4,181.
|
(Dollars in thousands)
|
2010
|
2009
|
||||
Cash and cash equivalents
|
$ |
58,569
|
$ |
72,664
|
||
Voyage receivables
|
-
|
-
|
||||
Maximum credit exposure
|
$ |
58,569
|
$ |
72,664
|
Year ended December 31, 2010 | |||||||||||||||||
(Dollars in thousands)
|
Less than
3 months |
3 to 12
months |
1 to 5
years |
More than
5 years |
Total
|
||||||||||||
Interest bearing loans*
|
$ |
703
|
$ |
2,085
|
$ |
113,164
|
$ |
164,916
|
$ |
280,868
|
|||||||
Interest rate swaps
|
925
|
2,745
|
4,606
|
-
|
8,276
|
||||||||||||
|
$ |
1,628
|
$ |
4,831
|
$ |
117,770
|
$ |
164,916
|
$ |
289,144
|
|||||||
Year ended December 31, 2009 | |||||||||||||||||
(Dollars in thousands)
|
|
|
|
|
|||||||||||||
|
Less than
3 months |
3 to 12
months |
1 to 5
years |
More than
5 years |
Total
|
||||||||||||
Interest bearing loans*
|
$ |
739
|
$ |
2,218
|
$ |
143,626
|
$ |
164,790
|
$ |
311,373
|
|||||||
Interest rate swaps
|
4,619
|
13,705
|
12,851
|
-
|
31,175
|
||||||||||||
|
$ |
5,358
|
$ |
15,923
|
$ |
156,477
|
$ |
164,790
|
$ |
342,548
|