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.

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