Shipping revenues for 2Q16 were $98.7 mill, compared to $82.9 mill in 2Q15.
The rise was due an increase in the fleet with the delivery of three VLCCs, offset by the sale of two Suezmaxes, as well as timecharter extension at higher rates.
Net income for 2Q16 was $35.6 mill, compared to $22.2 mill in 2Q15. Net cash provided by operating activities for the period was $46.4 mill, compared to $41.2 mill for 2Q15.
This increase was mainly due to an increase in the fleet offset by a larger rise in accounts receivables and accrued revenues in 2Q16.
As of 30th June, 2016, DHT had paid all pre-delivery instalments totalling $141.4 mill for the three newbuildings not yet delivered. The Company has secured bank debt financing for these newbuildings amounting to about 50% of the contract prices.
The cash balance was $65 mill at the end of June, compared to $166.8 mill as of 31st December, 2015.
The company’s VLCCs operating in the spot market achieved TCE of $53,340 per day in the period during which, the company extended the timecharter for the VLCC ‘DHT Amazon’ to an oil major from mid-June, 2016 until mid-October, 2017 for $44,100 per day.
In 2Q16, DHT sold the 2001-built Suezmax ‘DHT Target’ for $22.5 mill and the vessel was delivered to the buyers in May, 2016.
During the quarter the company prepaid $16.1 mill of bank debt. Over the past 12 months, the company has prepaid a total of $121 mill of bank debt.
The newbuildings are fully financed, the company claimed, hence no new equity will be issued in connection with the fleet expansion.
DHT currently has a fleet of 20 VLCCs (including two under construction) and two Aframaxes. Of the 20 vessels in operation, six of the VLCCs and the two Aframaxes are on fixed rate timecharters.
As for the first six months of this year, shipping revenues were $206.3 mill, compared to $178.5 mill in 1H15. Again this increase was due to an increase in fleet numbers, plus timecharter extensions at higher rates.
Net income for 1H16 was $67.1 mill, compared to $45.4 mill for 1H15. Net cash provided by operating activities was $105.3 mill, compared to $84 mill for 1H15.