DHT Reports Loss Despite Revenue Growth

Bermuda-incorporated crude oil tanker company DHT Holdings ended the third quarter of this year with a net loss despite posting higher shipping revenues.

However, when compared to the same quarter last year, DHT narrowed its net loss from USD 21.5 million to USD 9.4 million in Q3 2019.

For the first nine months of this year, the company’s net loss was USD 2.2 million, against a loss of USD 58.9 million reported in the first three quarters of 2018.

Shipping revenues rose to USD 104.7 million in the third quarter of 2019 from USD 90.2 million seen in the corresponding three-month period a year earlier. As explained, the increase was driven by higher taker rates.

During the third quarter ended September 30, 2019, DHT’s very large crude carriers (VLCCs) achieved time charter equivalent earnings of USD 25,500 per day of which the company’s VLCCs on time-charter earned USD 33,700 per day and the VLCCs operating in the spot market USD 24,300 per day.

DHT added that revenues were affected by the decrease in total revenue days. The change was a result of scheduled off shire in connection with the company’s scrubber retrofit project. By the quarter end, eight of the company’s sixteen scrubber retrofits were completed while two ships were still at the yard at the quarter-end, DHT said.

On September 26, 2019, the company drew down USD 35 million under the revolving credit facility tranche of the Nordea Credit Facility in order to prepare for the company’s 4.5% Convertible Senior Notes due 2019 coming to maturity October 1, 2019. As 80% of the notes were converted, the USD 35 million has subsequently been repaid.

As of September 30, 2019, DHT had a fleet of 27 crude oil tankers with a total deadweight being 8.4 million.