Crude oil shipper DHT Holdings, Inc. announced it has changed its policy regarding dividend and capital allocation.
As a result of the current tanker market, DHT’s new plan will see the company return at least 60 percent of its ordinary net income (adjusted for extraordinary items) to shareholders. Further, DHT intends to use a significant amount of surplus cash flow after returning such capital to shareholders to deliver its balance sheet.
The company said it will commence its new capital allocation policy starting with the second quarter of 2015.