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DHT Holdings profits jump nine-fold on strong VLCC market

DHT Holdings profits jump nine-fold on strong VLCC market
The buoyant tanker market saw DHT Holdings profits surge nearly nine-fold in 2015.

DHT Holdings report a net profit of $105.4m for 2015 compared to $12.9m for the previous year. Revenues nearly tripled to $296.3m last year against $101.5m in 2014.

The company’s VLCCs traded on the spot market achieved an average daily rate $58,700 in 2015.

During the fourth quarter the company extended time-charters of three of its VLCCs with oil majors at higher rates. “The vessels Samco Europe, Samco Taiga and Samco Redwood have been extended for one, two and two years respectively, at a daily rate of $53,200, $45,000 and $47,300 respectively,” the company said.

It has also chartered the 1999-built DHT Phoenix for one-year from early March at a rate of $45,000 per day.

DHT Holdings has a fleet of 20 VLCCs, including four under construction for delivery this year, one suezmax and two aframaxes. The company trades 10 of its VLCCs on the spot market.

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