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Bermuda-based crude oil tanker owner and operator DHT Holdings reported annual net income of USD 12.9 million for 2014, compared to a loss of USD 4.1 million in 2013.

DHT says the company returned to profit due to a strong fourth quarter results and an increase in the fleet including the addition of seven vessels through the Samco acquisition from September 17, as well as a stronger market.

Net cash provided by operating activities in 2014 was USD 30.6 million compared to USD 23.1 million in 2013. DHT attributes the increase to higher net income in the 2014 period and changes in working capital.

Net cash used by investing activities in 2014 was USD 551.3 million mainly related to the acquisition of Samco of USD 256.3 million, the purchase of three VLCCs totaling USD 148 million, pre-delivery installments of USD 133.9 million related to VLCC newbuildings ordered and capital expenses related to drydockings totaling USD 8.9 million.

Subsequent to the acquisition of Samco, DHT now has a fleet of 20 VLCCs (including six VLCCs under construction at Hyundai Heavy Industries), two Suezmaxes and two Aframaxes as well as a 50% ownership in Goodwood Ship Management.