DHT Holdings posts $28 million net loss for second quarter

DHT Holdings has posted a net loss of US$28.2 million for the second quarter of 2018, a steep decline from the US$5.1 million profit the company made in the same period of 2017.

Adjusted EBITDA for the quarter was US$12.7 million, almost a third of the US$36.7 million EBITDA DHT Holdings posted for the second quarter of 2017.

DHT Holdings’ VLCCs achieved time charter equivalent earnings of US$14,700 per day in the second quarter of 2018 of which the company’s VLCCs on time-charter earned US$22,000 per day and the Company’s VLCCs operating in the spot market achieved US$11,900 per day.

Thus far in the third quarter of 2018, 60 per cent of the available VLCC spot days have been booked at an average rate of US$21,100 per day.

For the second quarter of 2018, the DHT Holdings will return US$2.9 million to shareholders in the form of a cash dividend of US$0.02 per share, payable on August 31, 2018 for shareholders of record as of August 24, 2018.

In April, DHT Holdings entered into a US$484 million secured credit facility agreement with all nine of its existing relationship banks for the refinancing of 13 of the company’s VLCCs.

Also, the company entered into an agreement with ABN Amro to increase the revolving credit facility from US$43.4 million to US$57.3 million. The revolving credit is currently undrawn.

In July, DHT Holdings took delivery of the first of its two VLCC newbuildings from Hyundai Heavy Industries. The vessel is named DHT Bronco. The second newbuilding from HHI is expected to be delivered in September 2018.