DHT Holdings Ends 4th Quarter in Loss

Crude oil tanker company DHT Holdings reported a net loss of USD 7.5 million in the fourth quarter of 2017, against a net income of USD 17.8 million seen a year earlier.

Shipping revenues for the quarter were at USD 92.2 million compared to USD 84.9 million reported in the same three-month period in 2016. The change was due to an increase in the fleet partly offset by lower tanker rates.

For the full year, the company’s net income reached USD 6.6 million. Inclusive of non-cash impairment charges of USD 84.7 million, the company had a net income for 2016 of USD 9.3 million. The difference between the two periods reflects lower freight rates and the impairment charges partly offset by a larger fleet.

DHT Holdings’ shipping revenues for 2017 decreased to USD 355.1 million from USD 356 million in 2016, mainly due to lower tanker rates.

The company’s very large crude carriers achieved time charter equivalent earnings of USD 23,200 per day in the fourth quarter of 2017, of which those on time-charter earned USD 35,800 per day and the VLCCs operating in the spot market achieved USD 19,600 per day.

For the twelve months of 2017 the VLCCs achieved TCE earnings of USD 27,500 per day. The VLCCs on time-charter earned USD 36,800 per day, while the ones operating in the spot market achieved USD 23,800 per day.

So far in the first quarter of 2018, 60% of the available VLCC spot days have been booked at an average rate of USD 20,000 per day.

During the quarter, the company agreed to sell its three oldest VLCCs, namely DHT Utah and DHT Utik, both built 2001 and DHT Eagle built 2002 for a total price of USD 66.5 million. Following the sale of the three ships, the average age of the VLCC fleet is 6.3 years.

DHT has a fleet of 27 VLCCs, 23 in the water and four under construction scheduled for delivery in 2018, as well as two Aframaxes.

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