BW Group Delivers First VLCC TO DHT

DHT Holdings, Inc. said it has taken delivery of the DHT Utik, the first of 11 very large crude carriers (VLCC) acquired from BW Group Limited in exchange for DHT's shares.

The delivery was made despite a last-minute effort by rival oil tanker firm Frontline to prevent the deal that will bring BW's ownership in DHT to 33.5 percent, surpassing Frontline as DHT's top shareholder. Frontline’s lawsuit was rejected in New York County Supreme Court.

Of the 11 VLCCs sold in the deal, the nine vessels in the water are slated for delivery in the second quarter of 2017, and the two newbuilds currently under construction are due in 2018.