DHT dives into a loss

May 11 2018

DHT Holdings has announced a net loss of the first quarter of this year amounting to $9.2 mill, compared with a net income of $14.32 mill for 1Q17.

Adjusted net revenue was $46.2 mill, compared with $70.7 mill in 1Q17, while adjusted EBIDTA was $24 mill, compared to $50.6 mill in 1Q17.

DHT's VLCCs achieved average daily TCEs of $21,400 in 1Q18 of which the  timechartered vessels earned $25,000 per day and the spot market VLCCs achieved $20,200 per day.

Thus far in the second quarter of 2018, 55% of the available VLCC spot days have been booked at an average rate of $14,200 per day.

In April, 2018, DHT entered into a $485 mill secured credit facility agreement with a six-year tenor for the refinancing of 13 VLCCs. This credit facility will bear interest at a rate equal to Libor + 2.4% and will have a 20-year repayment profile.

In the same month, the company also entered into an agreement with ABN Amro to increase revolving credit facility to $57 mill from the current availability of $43.4 mill. It is currently undrawn.

On 27th April, 2018 the company took delivery of the first of two VLCC newbuildings from DSME- the ‘DHT Stallion’.

The second newbuilding will be delivered this month, while the two newbuildings from HHI are expected to be delivered in June, 2018 and September, 2018, respectively. 

DHT has a fleet of 27 VLCCs, 24 in the water and three under construction scheduled for delivery this year, as well as two Aframaxes. six VLCCs and one Aframax are on timecharters.


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