DHT said the company returned to profit due to a strong fourth quarter results and an increase in the fleet, which included the seven vessels acquired from Samco in September last year, as well as a stronger market.
Net cash provided by operating activities in 2014 was $30.6 mill, compared to $23.1 mill in 2013. DHT attributed this increase to higher net income last year and changes in working capital.
Investment activities in 2014 came to $551.3 mill mainly related to the acquisition of Samco for $256.3 mill, the purchase of three VLCCs totalling $148 mill, pre-delivery installments of $133.9 mill related to VLCC newbuildings ordered and capital expenses related to drydockings totalling $8.9 mill.
Following the acquisition of Samco, DHT now has a fleet of 20 VLCCs, including six VLCCs under construction at Hyundai Heavy Industries; two Suezmaxes and two Aframaxes, as well as a 50% ownership in Goodwood Ship Management.