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Headquartered in Bermuda and managed from Norway, DHT owned 29 crude carriers with a total capacity of 8.6m dwt as of end-August—including 26 VLCCs.
DHT was originally formed and listed on the NYSE in 2005. Most of its vessels are managed by Goodwood Ship Management, a Singapore-based ship management firm of which it owns 50%.
DHT posted second-quarter losses amid distressed earning levels for VLCCs in the period.
The company recorded a net loss of $28.2m in April-June, largely in line with the street consensus. By comparison, it posted a net profit of $4.8m during the year-ago period.
While shipping revenues fell to $67.2m from $86.3m, DHT reported only a 9.1% year-on-year gain in operating expenses to $79.4m.
The company’s VLCC fleet achieved average daily earnings of $14,700 per vessel in the second quarter, as those in spot trading earned $11,900 per day and those on time charters earned $22,000 per day.
Those earnings were much lower than the VLCC fleet’s average daily earnings of $27,700 during the same period of 2017, when those in spot trading recorded $23,500 per day and those on time charters achieved $37,000.
However, DHT said in a quarterly report that it had booked 60% of the available VLCC spot days in the third quarter at an average rate of $21,100 per day as of early August.
DHT has declared a cash dividend of $0.02 per share for the second quarter, the same as the previous quarter.
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