DHT Reports 4Q 2005 Results

Wednesday, March 01, 2006
Double Hull Tankers, Inc. announced results for the period from October 18, 2005 to December 31, 2005. Total revenues for this period were $20.2 million and net income was $9.5 million, or $0.32 per share (diluted). The Board of Directors of DHT has declared a dividend of $0.43 per share, which will be paid on March 24, 2006 to shareholders of record as of the close of business on March 10, 2006. Total revenues of $20.2 million consist of $14.7 million in base charter hire revenue and $5.5 million in additional hire under our profit sharing arrangements with OSG. Of the additional hire, $2.9 million relates to the VLCCs and $2.6 million relates to the Aframax vessels. For the period from October 18 to December 31, DHT's VLCC and Aframax tankers achieved average time charter equivalent (TCE) earnings in the commercial pools of $70,000 and $43,300 per day, respectively, according to data from the commercial pools. In general, through the profit sharing agreement, DHT earns 40% of the excess of the vessels' actual net TCE earnings in the commercial pools over the base charter hire rates for the quarter, calculated on a fleet wide basis and on a four quarter rolling average. The actual average TCE earnings that DHT received for its vessels during the period from October 18, 2005 to December 31, 2005 were $50,300 and $30,200 per day for the VLCCs and Aframax vessels, respectively. DHT's vessel expenses, including insurance costs, were $3.7 million for the period from October 18 to December 31, depreciation and amortization expenses were $3.5 million and general and administrative expenses were $0.7 million.

Finance

SUNY Maritime Among 'Best Bang for the Buck' Colleges

SUNY Maritime College has been named one of the best colleges for its price by Washington Monthly.   SUNY Maritime placed in the top 30 schools in the Northeast.

Meyer Turku Continues Shipyard Investments

Meyer Turku shipyard  has further enlarged it’s investment package with a new 75 million euro steel storage and pretreatment facility. This is already a third large

Carriers have Withdrawn Extremely Low Spot Market Freight Rates - Drewry

Drewry’s Global Freight Rate Index, a weighted average of spot container freight rates across all major routes except intra-Asia, swung back in July by 13% to reach $1,403 per 40ft box.

News

Intermarine's Industrial Skipper Completes Maiden Voyage

Intermarine, LLC announced the July delivery of the M/V Industrial Skipper from Shandong Huanghai shipyard in Rongcheng, China. The ship transported modules to Corpus Christi,

Caribbean Fantasy Fire Extinguished

A fire that broke out aboard the passenger vessel Caribbean Fantasy at 7:42 a.m. on August 17 has been extinguished, and the vessel has been moored safely in port.

Five Vessels Delivered for Qatar’s New Port Project

Nakilat Damen Shipyards Qatar (NDSQ) has delivered five vessels as part of an 11-vessel order for New Port Project (NPP). Built entirely at the Erhama Bin Jaber

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Ship Repair Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1043 sec (10 req/sec)