Last month, DHT rejected a fifth takeover proposal from John Fredriksen's Frontline, calling the $500 mill all-share bid "woefully inadequate".
"We will not spend time pursuing the DHT track," Frontline CEO Robert Hvide Macleod said in a written comment to Reuters. "With our present opportunities for creating value through fleet renewal, we're not currently pursuing any other acquisitions either."
Following DHT's rejection, investors and analysts had suggested Frontline could widen its search for acquisitions to include other competitors, such as Gener8 Maritime.
Macleod said Frontline would continue to expand its fleet of crude tankers and that the company had ample access to money at attractive rates in financial markets, but rejected takeovers for the time being.
"Frontline still believes the industry at some point should see further consolidation, but given today's market situation and Frontline's position and size, we're very comfortable moving forward on our own," he added.
Meanwhile, DHT said that it had completed the delivery of the nine VLCCs acquired from the BW Group. BW’s contracts for the two newbuildings, due for delivery in 2018, have also been transferred to DHT.
DHT has a fleet of 30 VLCCs, 26 in the water and four under construction scheduled for delivery in 2018, as well as two Aframaxes.
Senior management commented: "The delivery of the fleet acquired from BW has been conducted in a speedy and efficient manner, speaking volumes of the professionalism and commitment by everyone involved both onshore and on board the ships.
“Our fleet has expanded by about 50% at what we think is an opportune time in the cycle. The transaction will deliver cost synergies by lowering G&A expenses per ship and is projected to be accretive to DHT's earnings. Importantly, it will further improve our already competitive cash break even levels," the company commented.