The St. Helier, Channel Islands-based oil tanker owner and operator DHT Maritime said its second-quarter profit jumped 39 percent as the demand for oil imports to and industrialization of emerging economies in the drive tanker demand.
DHT Maritime shares shot up 1.9 percent, or 17 cents, to $9.08 at the close on Tuesday.
DHT Maritime said the tanker market has been positively impacted by a slowdown in speed and port delays, which increases the length of voyages and ton/mile demand. The company has also benefited from the scrapping and banning of single hull tankers ahead of the mandatory phase out beginning in 2010. Less ships on the water means less supply, which is beneficial as demand continues to be strong. Earnings rose to $10.3 million, or 29 cents per share, up from $7.4 million, or 25 cents per share, in the prior year, beating analysts' estimates of 26 cents per share.
Quarterly shipping revenue jumped 34.0% to $27.8 million, up from $20.7 million, above analysts' forecasts of $26.2 million. Income from vessel operations climbed to $15.6 million from $10.7 million a year ago. The company also declared a regular quarterly dividend of 25 cents per share.