DHT Holdings Sells VLCC Oldie

Illustration; Image Courtesy: DHT Holdings

Crude oil tanker company DHT Holdings has entered into an agreement to sell its oldest very large crude carrier (VLCC), the 1999-built DHT Phoenix.

The 307,200 dwt vessel was bought by an undisclosed shipowner for a price of USD 19.1 million, slightly over its market value of USD 18.4 million.

DHT Holdings said that it will deliver the 332-meter-long crude carrier to its new owners during the second quarter of the year, when the ship is expected to retire from the trading fleet.

The company added that the sale is in accordance with its fleet renewal strategy.

The vessel has just completed a one year time charter deal at USD 45,000 per day to an Asian refining company.

DHT Phoenix is debt free and the entire net proceeds will be added to the company’s cash balance. DHT Holdings expects to record a book loss of about USD 3.5 million in the first quarter of 2017 in connection with the sale.

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