DHT Reports Profit in First Quarter

Crude oil tanker company DHT Holdings delivered a net income of USD 17.7 million in Q1 2019, rebounding from a USD 9.2 million net loss it suffered in the same period a year earlier.

Shipping revenues increased to USD 132.3 million in the first quarter of 2019 from USD 79.9 million seen in the corresponding three-month period last year.

As explained, the change was due to higher tanker rates in addition to an increase in the company’s fleet.

DHT Holdings’ VLCCs achieved time charter equivalent (TCE) earnings of USD 35,800 per day in the first quarter of 2019 of which the company’s VLCCs on time-charter earned USD 33,900 per day and VLCCs operating in the spot market achieved USD 35,800 per day.

Thus far in the second quarter of 2019, 61% of the available VLCC spot days have been booked at an average rate of USD 29,800 per day, DHT informed.

In March 2019, the company prepaid USD 35 million under the Nordea credit facility. The prepayment was made under the revolving credit facility tranche and may be re-borrowed.

As of May 8, 2019, DHT has a fleet of 27 VLCCs with a total deadweight tonnage of 8,360,850.