DHT earnings boosted on bigger VLCC fleet

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.