Adjusted net revenue was $34.4 mill, compared with $59.6 mill in 2Q17, while adjusted EBITDA was $12.7 mill, compared with $36.7 mill in 2Q17.
The net result was affected by a non-cash finance expense of $4.3 mill related to the $484 mill refinancing package.
DHT's VLCCs achieved TCE earnings of $14,700 per day in 2Q18 of which the VLCCs on timecharter earned $22,000 per day and those operating in the spot market achieved $11,900 per day.
Thus far in the third quarter of 2018, 60% of the available VLCC spot days have been booked at an average rate of $21,100 per day.
In April, DHT entered into a $484 mill secured credit facility agreement with all nine of its existing banks for the refinancing of 13 of the VLCCs. Also, the company entered into an agreement with ABN Amro to increase the revolving credit facility from $43.4 mill to $57.3 mill, which is currently undrawn.
Subsequently, on 27th July, 2018, DHT took delivery of the first of its two VLCC newbuildings from HHI- ‘DHT Bronco’. The second newbuilding is expected to be delivered in September, 2018.
In the same month, DHT entered into agreements to install exhaust gas cleaning systems on 12 of its VLCCs. The company signed a contract with Alfa Laval to supply the systems and has also secured shipyard capacity to install all the systems within 2019.
DHT has received proposals to finance the majority of the project with debt and is confident this will be concluded in the near future.
In August, the company entered into five-year interest rate swaps with Nordea totalling $168.8 mill with an average fixed rate of 3.01%, compared to current 3m Libor of about 2.34%. This amount equalled 22% of total outstanding bank mortgage debt, DHT said.