VLCC-only tanker company DHT Holdings (DHT) announced results on 08/12/24. Results include
- Shipping rev of $150.1M
- Net profit of $44.5M
- Declared div of 27c/sh
- TCE avg of $49.1K daily
https://ml-eu.globenewswire.com/Resource/Download/b066e99c-6e3e-4b0e-a820-ddcc8b09b99c
Other items
- Locked a 17-yo vessel into a 1-year TC @ $49.5K daily. I think, a nice rate for a non-modern vessel.
- Paid over $51M in installment payments on 4 newbuilds. DHT has arranged to take delivery of the 4 vessels on an accelerated basis.
- DHT is paying $130M per new VLCC. Prior to the shipping meltdown in 2008, Frontline (FRO) had been on the hook to pay over $127M per VLCC newbuild. Those newbuild orders transferred over to Frontline 2012, and eventually Frontline 2012 got refunds on their deposits. The vessels never got built. Frontline 2012 eventually acquired Frontline (FRO), and subsequently ordered new VLCCs for under $100M each from higher quality yards (South Korea and Japan).