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DHT stays in the red

DHT stays in the red
DHT Holdings has reported an $8m loss for the second quarter, in line with a $7.7m loss in the same period last year.

Revenues of $19.4m for the second quarter were similar to those in Q2 2013, despite the DHT fleet growing between the two periods, and a $1.5m settlement on claims against OSG being recorded as revenue in second quarter 2014.

DHT's fleet totalled 2.7m dwt at the end of the second quarter 2014, up from 1.7m dwt at the same time last year.

The results bring the first half loss at the company to $8.4m, down from an $11.5m loss in the first half 2013.

DHT bought a 2004-built VLCC for $49m in cash during May, with the ship completing its second special survey in July.

The company's fleet stands at seven VLCCs, two suezmaxes and two aframaxes totalling 2.7m dwt, with a further six VLCC newbuilds under construction, totalling 1.7m dwt.

For its newbuildings, pre-delivery payments of $152.6m and final delivery payments of $288.1m remain. Financing for 50% of the contract price for four of its newbuilds has been arranged, subject to final documentation, that will cost around $11,100 per vessel per day in the first year from draw down.

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