Crude Oil Carriers DHT Report Favourable Wind in Q4 2013

MarineLink.com
Wednesday, January 22, 2014
DHT Tankship: Photo courtesy of the owners

Oslo, Norway-based DHT Holdings, Inc. reports fourth quarter 2013 results and the acquisition of two VLCCs.

Financial Highlights of the quarter

  • EBITDA for the quarter of $18.9 million and net income for the quarter of $11.5 million ($0.48 per share) including $15.4 million in revenue related final settlement of sale of OSG claim.  
  • The Company will pay a dividend of $0.02 per common share for the quarter payable on February 13, 2014 for shareholders of record as of February 6, 2014.  
  • In line with the Company's communicated strategy, DHT has agreed to acquire two VLCCs built in 2006 and 2007 for a total of $99.0 million. The vessels will be delivered during February 2014. The Company will fund the acquisition through a combination of conventional mortgage financing and an acquisition facility.  DHT considers this an attractive addition to its fleet and will continue to pursue investment opportunities and grow the Company.
  • On November 29, 2013 the Company completed a private placement of shares generating net proceeds of $106.7 million.
  • During the fourth quarter the Company entered into agreements with Hyundai Heavy Industries ("HHI") for the construction of two VLCCs with a contract price of $92.7 million each, including certain additions and upgrades to the standard specification. In January 2014 the Company entered into an agreement for a third VLCC at HHI at identical contractual terms. Subsequently, the Company's orderbook consist of three VLCCs that are scheduled for delivery in April, July and September 2016.  In December the Company paid 20% pre-delivery installments on two of vessels totaling $37.1 million and in January 2014 the Company paid $18.6 million on the third vessel.  
  •  In November 2013 DHT agreed a final claim amount of $46.0 million with OSG related to the claim of $51.8 million filed with the Bankruptcy Court (the "Court") in March 2013.  The amount was approved by the Court in December. In February 2013 DHT sold the claim to Citigroup for a purchase price equal to 33.25% of the amount of the claim ultimately allowed and DHT received an initial payment of approximately $6.9 million in the first quarter of 2013.  The final payment of $8.5 million was received in January 2014. The full amount of $15.4 million received related to the sale of the claim has been recorded as shipping revenue in the fourth quarter of 2013.  
  • In November DHT agreed to a final claim amount of $1.5 million with OSG related to six further claims in the amount of $3.4 million filed with the Court in May 2013. These claims have not been assigned to a third party and, as the amount, timing and form of any recovery is not known, DHT has not reflected this amount in its financial statements.

DHT is an independent crude oil tanker company. Its fleet trades internationally and consists of crude oil tankers in the VLCC, Aframax and Suezmax segments.

www.dhtankers.com

 

Maritime Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Carnival Sails to Profit

The world's largest cruise company Miami-based Carnival Corp reported a net profit of $49 million, or 6 cents per share in the first quarter ended Feb. 28.   That

Ukraine Arrests Turkish Ship for Visiting Crimean Port

Turkey owned merchant ship flying the flag of Tuvalu was arrested by Ukrainian authorities over a visit it made to a port in Crimea, reports Reuters. The ship's captain detained.

USCG Flush Ice down River Systems to Facilitate Shipping

The Coast Guard cutter fleet is flushing ice through the Great Lakes river systems to prevent ice jams and facilitate commercial shipping as the shipping season

Tanker Trends

NORDEN CEO: Bulk Market Challenges to Continue

Klaus Nyborg, interim CEO at Denmark-based dry bulk and product tanker shipping company Dampskibsselskabet NORDEN A/S, expects difficult dry cargo market conditions

Helios LPG Pool to Start Operating

Dorian LPG Ltd. today announced the commencement of operations of Helios LPG Pool LLC on April 1st, 2015.  Helios LPG is jointly run by Dorian LPG and Phoenix Tankers Pte.

Stolt-Nielsen Completes Bond Issues

Stolt-Nielsen Limited announced the placement of senior unsecured bonds in a total amount of NOK 1,100 million in a new five-year bond issue carrying a coupon of 3M NIBOR plus 4.

Finance

JV Wins $2bln Freeport LNG Contract in US

A joint venture (JV) between CB&I, Chiyoda International and Zachry Industrial has won a contract worth over $2bn from FLNG Liquefaction 3 for a liquefied natural

Puerto Rico Readies for Largest Cruise Ships

Thanks to a pier expansion and enhancement, Puerto Rico will welcome the two largest cruise ships in the world, Royal Caribbean International’s Oasis of the Seas and Allure of the Seas, in 2016.

Carnival Sails to Profit

The world's largest cruise company Miami-based Carnival Corp reported a net profit of $49 million, or 6 cents per share in the first quarter ended Feb. 28.   That

Fuels & Lubes

EALs & Oil Spill Remediation

EALs & Oil Spill Remediation: The Effects of EALs on Oil Spill and Discharge Reporting and Remediation In the wake of increased environmental scrutiny and potentially expanding liability issues,

Big Spending on Liquefaction Terminals

Capital expenditure (Capex) on global liquefied natural gas (LNG) facilities is expected to total $259 billion over the forecast period 2015-2019, according to

Brent Oil Rises as Euro Gains Against Dollar

Brent oil prices rose on Wednesday as the euro strengthened against the dollar following a boost in business morale in the euro zone's top two economies. The euro was up 0.

 
 
Maritime Contracts Naval Architecture Offshore Oil Pipelines Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.3669 sec (3 req/sec)