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.
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