DHT narrows Q1 loss

The owner attributes the improved performance to an increase in rates, although the fleet also grew by two VLCCs, with the purchase of the DHT Falcon and DHT Hawk in February 2014 for $47.5m and $50.5m.

Revenue net of voyage expenses grew from $12.4m to $17.9m between the two quarters, with EBITDA increasing from $4.2m to $7.6m.

The New York-listed crude carrier confirmed three more VLCCs at Hyundai Heavy Industries earlier this year for $95.5m each, bringing its total orderbook to six VLCCs. Payments of $114.3m have already been made on the vessels, with $57m more to pay this year, $135.9m in 2015 and $266.1m in 2016.

Delivery of the new ships is slated for late 2015 and throughout 2016.

Of the company's existing fleet of ten vessels, six are on time charters of up to 15 months, one is in a commercial pool and three are on the spot market.