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DHT earnings boosted on bigger VLCC fleet

Tanker shipowner DHT Holdings has boosted its earnings in the first half on the back of an enlarged fleet with the addition of three VLCCs since November 2015.

Lee Hong Liang, Asia Correspondent

August 10, 2016

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Net profit in the first six months for DHT was recorded $67.1m, a jump of 47.8% from the profit of $45.4m in the same period of last year.

First half revenue also rose by 15.6% year-on-year to $206.3m due to a bigger fleet with the delivery of three VLCCs – DHT Jaguar in November 2015, DHT Leopard in January 2016 and DHT Lion in March 2016.

During the second quarter, the tanker owner exited the suezmax sector by completing the sale of DHT Target in May as part of the company’s fleet renewal program.

Recently on 5 August, DHT took delivery of the fourth of its six VLCC newbuildings, DHT Panther, from South Korea’s Hyundai Heavy Industries (HHI). Two further VLCC newbuildings are scheduled to be delivered by October this year.

DHT has a fleet of 20 VLCCs, including two under construction, and two aframaxes.

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About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

 

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