DHT Shrinks Quarterly Loss

Image Courtesy: DHT Holdings

Crude oil tanker company DHT Holdings has managed to narrow its net loss in the third quarter of 2017 to USD 5 million, compared to a net loss of USD 75.7 million.

Shipping revenues for the three-month period ended September 30 reached USD 84.3 million, against shipping revenues of USD 64.8 million reported in the third quarter of 2016, mainly driven by an increase in the fleet partly offset by lower tanker rates.

The company’s very large crude carriers (VLCCs) achieved time charter equivalent earnings of USD 22,500 per day in the third quarter of 2017 of which the VLCCs on time-charter earned USD 35,600 per day and the VLCCs operating in the spot market achieved USD 17,500 per day.

During the quarter the company extended time-charters for three of its VLCCs to oil majors. The vessels DHT Amazon, DHT Europe and BW Peony have been extended for one year commencing during the October 2017 to January 2018 period. The time-charters have been extended with fixed base rates that are above DHT’s cash break even levels.

For the first nine months of 2017, the company’s net income stood at USD 14.1 million, compared to a net loss of USD 8.5 million witnessed in the same period a year earlier.

DHT Holdings’ shipping revenues were USD 262.8 million for the nine-month period of 2017, down from USD 271.1 million of shipping revenues seen in the same period of 2016.

For the first nine months of 2017 the company’s VLCCs achieved time charter equivalent earnings of USD 29,100 per day of which the company’s VLCCs on time-charter earned USD 37,100 per day and the VLCCs operating in the spot market achieved USD 25,600 per day.

DHT has a fleet of 30 VLCCs, 26 in the water and four under construction scheduled for delivery in 2018, as well as two Aframaxes.

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