Double Hull Tankers Inc News

Double Hull Tankers Inc. said third-quarter net income fell to $6.9m, or 23 cents a share, which met the mean estimate of analysts polled by Thomson Financial. In the year-ago period, the company posted net income of $8.4 million, or 28 cents a share. Revenue for the St. Helier, Channel Islands-based tanker operating company fell to $20.1 million from $21.3 million a year ago, as a result of low refinery demand, and a market that was weaker than expected. The mean of three analysts was also $20.1 million. Source: Thomson Financial News

Double Hull Tankers Inc. (DHT.N) filed with U.S. regulators to periodically sell up to $200m in common and preferred stock and debt securities, according to a Reuters report. The tanker ship operator said in a registration statement with the U.S. Securities and Exchange Commission that it will use the proceeds from the offering for general corporate purposes. The purposes may include vessel acquisitions, business acquisitions or other strategic alliances, reduction of outstanding borrowings, capital expenditures and working capital, the filing said. [Source: Reuters]

Overseas Shipholding Group, Inc. has expanded its crude oil tanker fleet with the addition of four Suezmax vessels. The vessels complement OSG’s crude oil tanker fleet of ULCCs, VLCCs, Aframaxes and Panamaxes. Ranging in size between 120,000 and 200,000 deadweight tons (dwt), Suezmaxes offer greater port flexibility than VLCCs and better economies of scale than Aframax tankers. The addition of the vessel class to OSG’s fleet enhances its ability to offer customers a full range of vessel options when transporting crude oil throughout the world. OSG has purchased, sold and bareboat chartered-back two Suezmax tankers from Double Hull Tankers, Inc.

Double Hull Tankers Inc., which owns and operates a fleet of crude oil tankers, said Wednesday its second-quarter earnings rose 11 percent on strong charter rates and continued demand for its vessels. The company earned $7.4m, or 25 cents per share, compared with $6.7m, or 22 cents per share in the second quarter of 2006. Shipping revenues - or revenue less voyage expenses, a performance indicator for shipping companies - increased 7 percent to $20.7 million, from $19.4 million in the year-ago period. Analysts were expecting a profit of 26 cents per share on revenue of $20.5 million. The company attributed its gains to the continued strength of tanker charter rates and tanker demand in China. Source: AP

Double Hull Tankers, Inc. has entered into an agreement to acquire a 2000 built 153,000 deadweight tonne Suezmax tanker, the M/T Ottoman Dignity, for $90.3 million for delivery in the period between December 2007 and early February 2008. The vessel will be bareboat chartered to Overseas Shipholding Group, Inc. (NYSE:OSG) for ten years at $26,600 per day throughout the period. The addition of this vessel to DHT’s fleet is expected to be immediately accretive to distributable cash flow. The completion of the acquisition is subject to a number of customary closing conditions. The acquisition will initially be financed through DHT’s current credit facility with The Royal Bank of Scotland which has been increased to accommodate the acquisition of this vessel.

For the quarter ended June 30, 2007, Time Charter Equivalent (TCE) revenues were $274.2m, an increase of 27% from $216.3 million for the same period of 2006. The increase reflects the acquisitions of Maritrans in November 2006 and the Heidmar Lightering business in April 2007 and an increase in average daily TCE rates for VLCCs and Handysize Product Carriers. EBITDA(1) for the quarter increased 36% to $148.5 million from $109.1 million in the comparable period of 2006. Net income for the period increased 31% to $79.0 million, and diluted EPS increased 50% to $2.28 per share compared with $60.2 million, or $1.52 per diluted share, for the same period a year ago.

Overseas Shipholding Group, Inc. (OSG) and Double Hull Tankers, Inc. (DHT) announced that Merrill Lynch & Co. and UBS Investment Bank have exercised their option to purchase 750,000 shares of common stock of DHT. OSG granted the underwriters the 30-day option to purchase up to an additional 750,000 shares of common stock for the purpose of covering overallotments in connection with its previously announced offering of 5,000,000 shares of common stock of DHT. OSG expects to recognize an additional gain from the sale of the 750,000 shares of approximately $2 million in the second quarter of 2007. After completion of the sale, OSG's beneficial ownership of DHT's common stock will be reduced from approximately 12.5%, or 3,751,500 shares, to approximately 10.0%, or 3,001,500 shares.

Overseas Shipholding Group, Inc. and Double Hull Tankers, Inc. jointly announced today the sale of five million shares of common stock of Double Hull Tankers pursuant to an underwriting agreement with Merrill Lynch & Co. and UBS Investment Bank. OSG has granted the underwriters a 30-day over-allotment option to purchase up to an additional 750,000 shares of DHT common stock at the agreed price. The shares of common stock will be offered by the underwriters from time to time to purchasers directly or through agents, or through brokers in brokerage transactions on the New York Stock Exchange, or to dealers in negotiated transactions or in a combination of such methods of sale…

Double Hull Tankers, Inc. announced that it plans to release its fourth quarter 2006 earnings on Friday February 9 prior to market open, and will host a conference call at 09:00 a.m. ET on the same day to discuss results for the quarter.

Overseas Shipholding Group, Inc. announced the sale of 4,600,000 shares of common stock of Double Hull Tankers, Inc. in a registered public offering underwritten by Merrill Lynch & Co. OSG expects to recognize a gain from the transaction of approximately $15 million in the first quarter of 2007. After completion of the sale, OSG's beneficial ownership of DHT's common stock will be reduced from approximately 44.50% or 13,351,500 shares, to approximately 29.17%, or 8,751,500 shares. This sale was made pursuant to DHT's existing shelf registration statement. DHT will not receive any proceeds from this sale of its common stock.

Shares of Double Hull Tankers Inc., shipper of crude oil, fell on Monday after a Citigroup analyst said the stock was overvalued, the Associated Press reported. Double Hull Tankers fell 47 cents, or 3.2 percent, to $14.36 in midday trading on the New York Stock Exchange. Earlier in the session, shares dipped as low as $14.11. The stock has traded in a range of $10.50 and $15.49 since going public in October. Last week, the company reported second quarter earnings of $6.7 million, or 22 cents per share, which matched the forecast of analysts polled by Thomson Financial. (Source: AP)

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.

Double Hull Tankers, Inc. announced results for the period from January 1 to March 31, 2006. Total revenues for this period were $24.2 million and net income was $11.7 million, or $0.39 per share (diluted). On October 18, 2005, having completed its initial public offering, DHT acquired seven double hull crude oil tankers from Overseas Shipholding Group, Inc. (OSG) and commenced operations as an independent tanker company. DHT's modern fleet consists of three Very Large Crude Carriers (VLCCs) and four Aframax tankers. From the same date, all seven vessels have been chartered to OSG for periods ranging from five to six and one-half years.

Inc. (NYSE:OSG), filed a registration statement with the Securities and Exchange Commission for a proposedinitial public offering of its common stock. Double Hull Tankers, Inc. and to time charter them back to other subsidiaries of OSG. UBS Investment Bank and Merrill Lynch & Co. are serving as joint book-running managers of the offering. A copy of the prospectus relating to these securities may be obtained, when available, from: UBS Securities LLC, Attn: Prospectus Department, 299 Park Avenue, 25th Floor, New York, NY 10171 or Merrill Lynch & Co., 4 World Financial Center, New York, NY 10080.

Double Hull Tankers, Inc., a wholly owned subsidiary of Overseas Shipholding Group, Inc. announced that it has filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering of its common stock. Double Hull Tankers, Inc. is a newly formed Marshall Islands corporation which intends to acquire a fleet of seven oil tankers, consisting of three VLCCs and four Aframaxes, from subsidiaries of OSG and to time charter them back to other subsidiaries of OSG. UBS Investment Bank and Merrill Lynch & Co. are serving as joint book-running managers of the offering.

Double Hull Tankers Inc. cut its expected initial public offering (IPO) to 16 million shares at $12 to $13 a share from 20 million shares at $14 to $16, according to a Reuters report. The newly formed shipping company plans to use the expected offering proceeds of $185.7 million, in addition to its credit line and equity, to purchase seven vessels, according to the filing with the SEC.

Overseas Shipholding Group, Inc. (NYSE:OSG) announced today that it agreed to sell seven tankers to Double Hull Tankers, Inc. (DHT) in connection with DHT's initial public offering announced earlier today. In consideration, Overseas Shipholding Group, Inc. (OSG) will receive $412.6 million in cash and 14 million shares of DHT common stock, representing a 47 percent equity stake in the new tanker concern. The total proceeds to OSG value the transaction at $580.6 million, net of fees and expenses. OSG will time charter the vessels from DHT for periods of five to six and one-half years with various renewal options up to an aggregate of five to eight years depending on the vessel. The transaction is immediately accretive to earnings.