DHT Sees Rise in Profit, Sells Last Suezmax

Image Courtesy; DHT Holdings

Bermuda-based crude oil tanker owner and operator DHT Holdings has sold its 2001-built Suezmax DHT Target to an undisclosed buyer for a price of USD 22.5 million, the company said.

DHT Holdings said that the move was made in support of its fleet renewal program, and that its final Suezmax vessel, which was sold in April, is expected to join its new owner in May 2016.

Since November 2015, the company expanded its fleet with three VLCC newbuildings, while further three new vessels, currently under construction at South Korea’s Hyundai Heavy Industries (HHI), are scheduled to join DHT Holdings by October 2016.

“An impairment charge of USD 8.1 million was recognized on the reclassification of the vessel as asset held for sale in the first quarter 2016,” the company said, adding that the entire net proceeds will be injected into debt repaying.

Including the impairment charge following the sale of the vessel, DHT Holdings’ net income for the first quarter of 2016 stood at USD 31.5 million, compared to a net income of USD 23.2 million, in the same period a year earlier.

Furthermore, the company’s shipping revenues for the quarter were at USD 107.6 million, against USD 95.6 million seen in the corresponding period in 2015. The increase was mainly attributed to a stronger market as well as an increase in the fleet with the delivery of the VLCCs DHT Jaguar in November 2015, DHT Leopard in January 2016 and DHT Lion in March.

DHT Holdings has a fleet of 20 VLCCs, including the three vessels, and two Aframaxes as well as a 50% ownership in Goodwood Ship Management. Of the 19 vessels in operation, six of the VLCCs and the two Aframaxes are on fixed rate time charters and 11 VLCCs have spot market exposure.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jun 2017 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 1 2

DSM17

Donsö Shipping Meet 2017 is an all inclusive exhibition. Meals, electricity, meeting schedule and banquette dinner is included…

read more >

TOC Europe

TOC (The Terminal Operations Conference) has long been considered best in class by container terminal operators and their suppliers…

read more >

Marine Philippines 2017

The 4th edition of PHILIPPINES MARINE 2017, SHIPBUILD PHILIPPINES 2017 and OFFSHORE PHILIPPINES 2017 is the only specialized Shipbuilding…

read more >

Bunkering Week 2017

IBC’s biennial Bunkering Week is back with its successful series of 3 co-located events: 8th Bunkering in Asia, 4th LNG Bunkering and EMTECH: Ship Emissions Technology Conference.

With a proven track record of bringing together top decision makers from various industry sectors, this remains the go to event for ship owners, fuel suppliers, traders and technology solution providers. Get in-depth and detailed market insights from experts who are taking the decisions, assess peer strategies and give shape to your own in this unrivalled gathering of shipping and marine fuel industry leaders.

Key Highlights for 2017:

* 3 Co-located Conferences

* 12+ Hours of Networking Time

* In-depth Review of Shipping Markets by Segment

* Ship Owner Positions on Emissions Compliance Scenarios

* Pricing Differentials and Availability across Different Fuels

* Technology and Analytics in Fuel Management and Emissions MRV

More info

read more >