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DHT Holdings, Inc. Message Board

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  • rationalthought11 rationalthought11 Apr 25, 2012 9:05 AM Flag


    Not predicting bankruptcy for DHT until some time after 2014 if ever-- Refi kicked that can down the road. No debt payments until 2014. As for cash flow positive--we'll see. Rates are still under pressure and operators will run at negative cash flow as long as the loss from operating is less than the cost of laying up a ship. Their entire fleet comes off charter over the next yr at rates of about 30k a day, as I recall, and will be leased in a mkt estimated to be 17k a day for 2012

    As for it being a good bet- I'll go so far as to say, it isn't the worst bet you could make. But IMO divvy will be cut as soon as their lawyers tell them it's OK to do so.

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    • I hear you.

      But I will swear off all my vices (including being annoying on IMBs) if they cut the divie: These guys are FCF positive to rates of about $15,700 (includes operating expenses of $13,000 per day plus 10M per year of maintenance capex)...

      Avg. VLCC spot on Arabian Gulf to Far East route YTD is north of $28,000.

      Last year comp is $22,000.

      '10 comp is $55,000...

      Long way to go to '10... But. Well ahead of last year.

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