DHT Tops 1Q Forecasts
DHT Holdings declares $0.15/share quarterly dividend, 200% increase from prior dividend of $0.05. The Hamilton, Bermuda-based Company said it had profit of 25 cents per share.
The company has reported first-quarter net income of $23.2 million, after reporting a loss in the same period a year earlier.
According to a report in AP, the results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 22 cents per share.
The independent oil tanker company posted revenue of $73.5 million in the period, which also topped Street forecasts. Four analysts surveyed by Zacks expected $67.9 million.
The Company's VLCCs operating in the spot market achieved time charter equivalent earnings of $60,300 per day in the first quarter of 2015.
DHT has a fleet of 20 VLCCs (including six VLCCs under construction at HHI), two Suezmaxes and two Aframaxes as well as a 50% ownership in Goodwood Ship Management. Of the 18 vessels currently in operation, nine are on fixed rate time charters and nine have spot market exposure.