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DHT Holdings Q1 profits up, exits suezmax sector

DHT Holdings Q1 profits up, exits suezmax sector
DHT Holdings reported an increase first quarter earnings with a $31.5m profit despite an $8.1m impairment charge related to exiting the suezmax sector.

The tanker owner’s profit of $31.5m for the first quarter of 2016, compared to a $23.2m profit in the same period a year earlier.

DHT Holdings has exited the suezmax market selling the 2001-built DHT Target for $22.5m, taking a $8.1m impairment charge on the vessel in Q1 recognising it as an asset for sale.

The company’s VLCCs operating in the spot achieved time charter equivalent earnings of $62,600 per day in the first quarter of 2016.

DHT Holdings took delivery of two VLCC newbuildings in the first quarter and a further three will join its fleet this year and are “expected to contribute significantly to the company’s earnings”.

Including the newbuildings the company has a fleet of 20 VLCCs and two suezmaxes.