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Thursday, March 28, 2024
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Dht News

28 Feb 2024

DHT Orders Four VLCCs

© Antony / Adobe Stock

DHT Holdings announced it has entered into agreements to build four very large crude carriers (VLCC) in South Korea for delivery between April and December 2026.Two of the large tankers will be constructed at Hyundai Samho Heavy Industries and the other two at Hanwha Ocean (formerly known as Daewoo Shipbuilding & Marine Engineering), for an average price of $128.5 million. The contracts include options for an additional four vessels that can be delivered during the first half of 2027.The vessels have been ordered to Super Eco-designs and have carrying capacity of about 320,000 metric tons.

05 Sep 2023

ABS, GTT and DHT Developing LNG-fueled VLCC Design

From left: Philippe Berterottiere, Chairman and CEO, GTT; John McDonald, ABS President and COO; and Svenn Magne Edvardsen, Managing Director, DHT; to sign a JDP at Gastech 2023. (Photo: ABS)

ABS, Gaztransport & Technigaz (GTT) and DHT Holdings, Inc. signed a joint development project (JDP) to optimize a new, very large crude carrier (VLCC) with liquified natural gas (LNG) propulsion that meets Class and statutory requirements.The dual fuel vessel is intended to provide flexibility for operations and to reduce greenhouse gas (GHG) emissions.The agreement—signed at the Gastech 2023 conference in Singapore—will see ABS, GTT and DHT focus on optimizing the VLCC design…

15 Jan 2021

Fuel, Propulsion, Emissions & the Decision to Scrap or Refit

BW LPG – the world’s leading owner and operator of LPG vessels – will retrofit another three MAN B&W 6G60ME-C9.2 type engines to MAN B&W 6G60ME-C9.5-LGIP dual-fuel types, capable of operating on fuel oil and LPG.
Photo: MAN ES

When the maritime history books are written, 2020 will be viewed as a year of pivots, re-invention and new paradigms. By February 2020, concerns about marine fuel’s sulfur content quickly shifted to near-term disruptions induced by the COVID-19 pandemic. By mid-year, with demand recovering, the conversation turned to longer term questions surrounding the moves towards reduced maritime carbon emissions and alternative fuels. How will this all impact the current fleet?Perhaps the most extreme reaction to the shifting landscape is the ongoing “pivot” of Scorpio Bulk (NYSE: SALT)…

13 Aug 2019

DHT Holdings Bags 3-Year Time Charter

Bermuda-based crude oil tanker company announced that  it has entered into a three year time charter with a leading refining company for one of its 2012 built very large crude carriers (VLCC).The charter will commence after the vessel completes a scrubber retrofit in the fourth quarter of this year, said the New York-traded company.The time charter has a base rate of $30,000 per day with all earnings up to $37,500 to DHT following a profit sharing structure that includes scrubber economics for earnings in excess to be shared between the customer and DHT.DHT fleet trades internationally and consists of crude oil tankers in the VLCC segment. It operates through its integrated management companies in Monaco, Singapore and Oslo, Norway.

14 Jun 2019

Oil Prices Jump 2% After Tanker Attacks

(Photo: Islamic Republic News Agency)

Oil prices settled 2.2% higher on Thursday after attacks on two oil tankers in the Gulf of Oman stoked concerns of reduced crude trade flows through one of the world's key shipping routes.The attacks near Iran and the Strait of Hormuz reignited worries about an impact to flows from the Middle East if insurance companies begin to reduce coverage for voyages through the region and additional shipping companies suspend new bookings, analysts said.Such a disruption "could further exacerbate the supply problem…

13 Jun 2019

DHT and Heidmar Halt New Bookings to Mid-East Gulf

(Photo: DHT Holdings)

Oil tanker owners DHT Holdings and Heidmar have suspended new bookings to the Mid-East Gulf, three ship brokers said, following suspected attacks on two oil tankers in the Gulf of Oman on Thursday.DHT has a large fleet of Very Large Crude Carriers (VLCCs) and Heidmar has a wide range of oil tankers.

06 Jan 2019

DHT Holdings Moves co-CEOs from Oslo to Singapore

VLCC owner DHT Holdings announced that its Co-CEOs have relocated to Singapore. The relocation follows changes in the tax law in Norway from 2019 for tax residency of companies formed outside of Norway.The crude oil tanker company said that the new legislation takes into account the place of daily management as well as the place of management and control on board level. The Company's tax residency will remain unchanged in Bermuda.The Company's office in Singapore will hold senior management, chartering, operations, newbuilding supervision and technical management whereas the Company's office in Norway will retain functions within finance, accounting, investor relations, chartering and operations.DHT's fleet trades internationally and consists of crude oil tankers in the VLCC segments.

04 Dec 2018

DHT Holdings Bets on Scrubbers

Bermuda-based crude oil tanker company DHT Holdings plans to fit exhaust gas cleaning systems on two thirds of its very large crude carriers (VLCCs) to comply with the impending 2020 sulphur cap.The oil tanker owner-operator said that the retrofit program encompass 16 ships built between 2004 and 2012, representing the ships within our fleet that stands to gain the greatest economic benefits. Additionally, the two newbuildings delivered from Hyundai Heavy Industries this year had scrubbers installed, taking the total to 18 out of 27 ships with scrubbers."As we have stated, we are neither for nor against scrubbers, but deem it our responsibility to position DHT as best as we can ahead of the implementation of the new regulations.

25 Sep 2018

DHT Holdings Gets $50mln for Scrubber Retrofit Project

The crude oil tanker company operating a fleet of crude oil tankers in the VLCC, Suezmax and Aframax segments, DHT Holdings announced that it has secured commitment to a $50 million financing for its earlier publicized scrubber retrofit project, subject to final documentation.The financing is structured through an increase of the existing $300 million secured credit facility entered into in the second quarter of 2017. The increased facility will bear the same interest rate equal to Libor + 2.40%.The increased facility is available immediately and will have quarterly repayments of $2.5 million commencing second quarter 2020, aligned with the implementation of IMO2020 and expected economic benefits.

19 Aug 2018

DHT Holdings Raises Fresh Funds

The crude oil tanker company operating a fleet of crude oil tankers in the VLCC, Suezmax and Aframax segments, DHT Holdings has reached agreements to exchange existing convertible notes due 2019.DHT Holdings has entered into separate, privately negotiated exchange agreements with certain holders of its outstanding 4.5% Convertible Senior Notes due 2019  to exchange approximately $67.5 million aggregate principal amount of the Existing Notes for approximately $74.2 million aggregate principal amount of the Company's new 4.5% Convertible Senior Notes due 2021. The Company also announced that it has entered into private placement purchase…

10 Jul 2018

DHT Orders Scrubbers for 12 VLCCs

DHT Holdings, Inc. will have exhaust gas cleaning systems, also know as scrubbers, retrofitted on a dozen of its tanker vessels ahead of the IMO Sulphur Cap due to enter force January 1, 2020.The Bermuda headquartered ship owner said it has entered into agreement with manufacturer Alfa Laval to supply the systems and has also secured shipyard capacity to install all systems within 2019.The scrubbers will be installed on very large crude carriers (VLCC) built between 2012 and 2004, “the part of the fleet that stands to achieve the greatest economic benefit,” the ship owner said.“We look at the upcoming IMO Sulphur Cap as an opportunity for DHT rather than a threat. We come well prepared and are very pleased with the timely project we have put in place.

23 Mar 2018

JPM shifts its Ballast

GLOG, NM, NAP down early Fri by ~5 pct, ~8 pct and ~3 pct, respectively. Lead analyst Noah Parquette sees most shipping sectors recovering, notes that dry bulk and LNG shipping have progressed furthest but crude tankers' risk trough could be extended to early 2019 on high scrapping activity and low orders. Meanwhile, the Baltic Exchange Dry Index has dropped by ~18 pct since the beginning of the year.

06 Mar 2018

Frontline Shares Jump as DNB Upgrades Tankers to 'buy'

Shares in crude oil tanker firm Frontline jump 10.5 pct to 34.48 crowns. DNB Markets predicts VLCC spot rates set to increase from $22,000 a day in 2018 to $41,000 a day by 2020. On asset values, DNB sees an 11 percent upside to VLCC resale prices by 2019 and 27 percent upside by 2020. DHT, Euronav, Frontline, Gener8 Maritime and Teekay are all upgrade to buy from hold. Share price target in DHT lifted to $5.2 from $4.0, Euronav to $10.7 from $9.0, Frontline NOK 42 from NOK 33 and Gener8 Maritime to $7.4 from $4.9 and Teekay to $1.8 from $1.5. DNB Markets says tanker stocks with moderate leverage have been unchanged year over year which shows that the downside has been taken out.

21 Dec 2017

Euronav to buy Gener8 Maritime

Tanker operator Euronav is to buy U.S. rival Gener8 Maritime to create one of the world's top oil shipping fleets, the companies said on Thursday, in an all-stock deal worth an estimated $490 million. Tanker companies have faced tough conditions in recent months, partly due to a glut of ships available for hire, and as a result have been looking for ways to build scale and cut costs. The Euronav deal is the first major M&A transaction since Oslo-listed tanker player Frontline said in June it had abandoned its pursuit of New York-listed rival DHT Holdings . Euronav, headquartered in Belgium, said the deal would create a tanker group with "tangible economies of scale" and an estimated market capitalisation of about $1.8 billion.

22 Nov 2017

Frontline Calls for Consolidation among Oil Tanker Firms

© Christopher Halloran / Adobe Stock

The global market for crude oil tankers remains too fragmented and needs consolidation among owners, one of the industry's leading companies said on Wednesday. Oslo-listed Frontline, the oil shipping arm of billionaire investor John Fredriksen, also said the market for crude carriers is expected to remain weak until the second half of 2018. "The tanker market is highly fragmented with many owners who have one or two vessels," Frontline Chief Executive Robert Hvide Macleod told analysts in a conference call.

03 Nov 2017

Reedy Joins DHT Holdings Board of Directors

DHT Holdings, Inc. said it has appointed Susan Reedy to its board of directors as a Class I Director with a term expiring at the company's 2020 annual shareholders meeting. In connection with Reedy's appointment, the company's board has increased to six directors. Reedy’s appointment as a director is in accordance with the Investor Rights Agreement (IRA) entered into between the company and BW Group Limited on April 20, 2017. Pursuant to the IRA, BW Group is entitled to nominate two persons to the company's board. Reedy is the second person to be nominated by BW Group as a director. Reedy has over 17 years of corporate legal experience. She is currently Head of Legal - Special Projects for BW Group and served as Deputy Managing Director & General Counsel of BW Ventures from 2011 to 2016.

30 Aug 2017

Tanker Firm Frontline Sees Weak Quarters Ahead

Oslo-listed tanker firm Frontline, controlled by shipping tycoon John Fredriksen, reported a deeper than expected second-quarter loss on Wednesday and said markets were likely to remain weak for the next few quarters due to overcapacity. The company reported a loss of $19.4 million for the second quarter, against analysts' expectations for a $17 million deficit, and said it would not pay a dividend. By 0714 GMT Frontline's shares were down 5.6 percent at 40.5 Norwegian crowns ($5.22). "The upcoming quarters may present challenges as vessel supply continues to increase," Frontline said on Wednesday, adding it aims to take advantage of weak markets to buy vessels.

09 Aug 2017

DHT Holdings Completes Delivery of 9 VLCCs

Bermuda-based DHT Holdings has completed the delivery of the nine VLCCs acquired from the BW and the contracts for the two newbuildings due for delivery in 2018 have been transferred to DHT. DHT has a fleet of 30 VLCCs, 26 in the water and four under construction scheduled for delivery in 2018, as well as two Aframaxes. The total dwt of the fleet is 9,502,995. The average age of the VLCC fleet is 6.8 years. "In June 2017, we entered into a financing with DNB and Nordea totaling $82.5 million to fund the acquisition of the two VLCC newbuildings ordered from HHI in January 2017. The five year credit facility is divided 50/50 between a term loan and a revolving credit facility and borrowings will bear interest at a rate equal to LIBOR plus a margin of 250 basis points…

27 Jun 2017

BW Group Completes VLCC Deliveries to DHT

Photo: BW Group

DHT Holdings, Inc. said it has taken delivery of nine VLCCs acquired from the BW Group Limited, as well as the contracts for two VLCC newbuilds due for delivery in 2018. "The delivery of the fleet acquired from BW has been conducted in a speedy and efficient manner," DHT senior management said it a press release. The deal was announced in March 2017. With the latest vessel deliveries, DHT now has a fleet of 30 VLCCs, including 26 in the water and four under construction scheduled for delivery in 2018, as well as two Aframaxes. The total dwt of the fleet  is 9,498,752.

26 Jun 2017

Frontline Alters Course, Drops DHT Pursuit

CEO: Frontline will continue to expand its fleet; won't pursue M&A now, though consolidation may come later. Oslo-listed oil tanker firm Frontline has abandoned its pursuit of New York-listed rival DHT Holdings and is not working on any alternative acquisitions, Frontline's CEO told Reuters on Monday. DHT last month rejected a fifth takeover proposal from billionaire shipping tycoon John Fredriksen's Frontline, calling the $500 million all-share bid "woefully inadequate". Frontline has now admitted defeat and switched course away from takeovers for the time being. "We will not spend time pursuing the DHT track," Frontline Chief Executive Robert Hvide Macleod said in a written comment to Reuters.

19 Jun 2017

Marshall Islands Dismisses Frontline's Bid to Stop DHT Takeover

Photo: DHT Holdings

The High Court of the Marshall Islands has dismissed with prejudice a lawsuit brought by tanker firm Frontline to stop rival DHT selling a major stake to shipper BW Group, DHT said on Monday. Frontline, which according to Thomson Reuters Eikon data holds a 10.3 percent stake in DHT and is controlled by shipping tycoon John Fredriksen, has been trying for the past year to take over its New York-listed rival. However, DHT struck a tankers-for-shares deal with BW Group in March, making the latter DHT's biggest shareholder with a stake of over 30 percent.

07 Jun 2017

Court Rejects Frontline's Complaint against DHT-BW Group Deal

Photo: DHT Holdings

A court in the Marshall Islands rejected tanker operator Frontline's complaint against DHT Holdings over a rival deal with BW Group. Frontline, controlled by shipping tycoon John Fredriksen, owns around 14.5 percent of DHT. Frontline has been trying for the past year to take over its New York-listed rival. (Reporting by Ahmed Farhatha; Editing by Maju Samuel)

30 May 2017

Frontline Q1 Profit Disappoints

Q1 net result $27.0 million; operating profit $40.8 million. * Following the implementation of OPEC and non-OPEC production caps, which have largely been complied with, we have seen trade routes evolve. In particular, there have been increased long-haul voyages from the Atlantic Basin to Asia driven in part by increasing U.S. production and a shift in U.S. * Crude oil demand, particularly from China and India, continues to grow, and crude oil is being imported from nontraditional sources due to OPEC production cuts and the desire to diversify supply. * All factors considered, the company maintains a cautious near-term view on the tanker market and believes the market will begin to balance as vessels are absorbed into the global fleet and older vessels retire from trading.