DHT benefits from increased income

May 10 2019

DHT Holdings has reported a rise in net income to $17.7 mill for the first quarter of this year, compared to $12 mill in 4Q18.

Adjusted EBITDA for the quarter was $64.2 mill, compared to $61.3 mill in 4Q18 and adjusted net revenue was $85.8 mill, compared to $85.2 mill in the previous quarter.

Adjusted for a non-cash change in fair value related to interest rate derivatives of $4.4 mill, DHT’s net income would be $22.1 mill. 

DHT’s VLCCs achieved TCE earnings of $35,500 per day in 1Q19 of which the VLCCs on timecharter earned $33,900 per day and the VLCCs operating in the spot market achieved $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 $29,800 per day.

In March, 2019, DHT prepaid $35 mill under the Nordea Credit Facility. The prepayment was made under the revolving credit facility tranche and may be re-borrowed.

As of 8th May, 2019 DHT had a fleet of 27 VLCCs.

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