DHT Holdings Bags 3-Year Time Charter
Bermuda-based crude oil tanker company announced that it has entered into a three year time charter with a leading refining company for one of its 2012 built very large crude carriers (VLCC).The charter will commence after the vessel completes a scrubber retrofit in the fourth quarter of this year, said the New York-traded company.The time charter has a base rate of $30,000 per day with all earnings up to $37,500 to DHT following a profit sharing structure that includes scrubber…
DHT and Heidmar Halt New Bookings to Mid-East Gulf
Oil tanker owners DHT Holdings and Heidmar have suspended new bookings to the Mid-East Gulf, three ship brokers said, following suspected attacks on two oil tankers in the Gulf of Oman on Thursday.DHT has a large fleet of Very Large Crude Carriers (VLCCs) and Heidmar has a wide range of oil tankers.
DHT Holdings Raises Fresh Funds
The crude oil tanker company operating a fleet of crude oil tankers in the VLCC, Suezmax and Aframax segments, DHT Holdings has reached agreements to exchange existing convertible notes due 2019.DHT Holdings has entered into separate, privately negotiated exchange agreements with certain holders of its outstanding 4.5% Convertible Senior Notes due 2019 to exchange approximately $67.5 million aggregate principal amount of the Existing Notes for approximately $74.2 million aggregate principal amount of the Company's new 4.5% Convertible Senior Notes due 2021.
Reedy Joins DHT Holdings Board of Directors
DHT Holdings, Inc. said it has appointed Susan Reedy to its board of directors as a Class I Director with a term expiring at the company's 2020 annual shareholders meeting. In connection with Reedy's appointment, the company's board has increased to six directors. Reedy’s appointment as a director is in accordance with the Investor Rights Agreement (IRA) entered into between the company and BW Group Limited on April 20, 2017. Pursuant to the IRA, BW Group is entitled to nominate two persons to the company's board. Reedy is the second person to be nominated by BW Group as a director.
BW Group Completes VLCC Deliveries to DHT
DHT Holdings, Inc. said it has taken delivery of nine VLCCs acquired from the BW Group Limited, as well as the contracts for two VLCC newbuilds due for delivery in 2018. "The delivery of the fleet acquired from BW has been conducted in a speedy and efficient manner," DHT senior management said it a press release. The deal was announced in March 2017. With the latest vessel deliveries, DHT now has a fleet of 30 VLCCs, including 26 in the water and four under construction scheduled for delivery in 2018, as well as two Aframaxes. The total dwt of the fleet is 9,498,752.
DHT Rejects Frontline Bid, Again
Crude oil tanker company DHT Holdings rejected on Sunday a fifth takeover proposal from shipping tycoon John Fredriksen's Frontline. A statement from DHT Holdings said that its Board of Directors has unanimously rejected Frontline April 25 proposal to acquire all of the outstanding shares of common stock of DHT at a ratio of 0.8 Frontline shares for each DHT share. "This is, of course, the exact same proposal you made at the end of February. We unanimously rejected that proposal…
DHT Fixes VLCC Issue, Defers Newbuilding
DHT Holdings, Inc. said that during a routine inspection of the DHT Jaguar, a fracture surrounding the inspection window of the rudder was identified. It is DHT's policy to inspect all newbuildings, including underwater areas, during their respective warranty periods. Following a root cause analysis conducted by the builder Hyundai Heavy Industries (HHI) and classification society American Bureau of Shipping (ABS), DHT implemented a permanent repair plan for a rudder design improvement on the DHT Jaguar and its sister ships.
Joe Pyne Joins DHT Holdings’ Board of Directors
Crude oil shipper DHT Holdings, Inc. announced today that it has appointed Joseph H. Pyne to its board of directors, expanding the board from three to four independent directors. Erik Lind, Chairman of DHT said, “We are very pleased to have Joe join the DHT board of directors. His commercial and operational experience and longstanding insight into the U.S. Pyne is the Executive Chairman of Kirby Corporation, a U.S. tank barge operator, and served as the Chief Executive Officer of the company from 1995 to April 29, 2014.
DHT Holdings Changes Dividend Policy
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.
VLCC Tanker a Booming Market
The booming VLCC tanker market has started to be reflected on the companies’ earnings and is “firing on all cylinders” and it is set to continue Poten & Partners say in their weekly report. The boom is evident by the rather impressive first quarter results by both Euronav and DHT over the course of the past week. Both companies also said they expected that the strong market will continue to perform as such, during the second quarter of the year as well. What’s even best is that this state of the market…
Tanker Markets See Storage Boon from Oil Price Collapse
The oil price drop will hand tanker markets an unexpected bonus next year, boosting demand for oil storage at sea while distant eastern markets also bargain-hunt fuel and need shipping. Supertanker rates are already close to five-year highs of over $83,000 a day - helped by a drop in shipping fuel bunker prices. Overcapacity, which has dogged owners for years, is also receding. Herbjorn Hansson, chairman and chief executive of Nordic American Tankers, told shareholders recently that lower oil prices "may trigger stockpiling or have a more general positive impact".
DHT Closes Common Stock for Samco Acquisition
DHT Holdings, Inc. announced the closing of its registered direct offering of 23,076,924 shares of its common stock at a price of $6.50 per share. DHT received net proceeds of approximately $145,500,000 after the payment of placement agent fees. DHT intends to use the net proceeds, together with the net proceeds of certain other financing, to fund its acquisition of Samco Shipholding Pte. Ltd., a private company limited by shares incorporated under the laws of the Republic of Singapore…
DHT Holdings to Acquire Samco Shipholding
DHT Holdings, Inc. announced today that it has entered into an agreement to acquire all the outstanding shares of Samco Shipholding Pte. Ltd., a private company incorporated under the laws of the Republic of Singapore. Samco owns and operates a fleet of seven very large crude oil tankers (VLCCs) with an average age of approximately 4.5 years. Five of the vessels are currently on time charters to oil majors. Included in the transaction is Samco's 50% ownership in Goodwood Ship Management Pte. Ltd., a private ship management company incorporated under the laws of the Republic of Singapore.
DHT Announces Co-CEOs
DHT Holdings, Inc. announced the appointment of Svein Moxnes Harfjeld and Trygve P. Munthe as co-CEOs of DHT. Munthe will no longer hold the position as President of DHT. Harfjeld and Munthe have been CEO and President of DHT respectively, since joining DHT in 2010. Chairman of the Board, Erik A. Lind commented, "Svein and Trygve have since they joined the company in 2010 for all practical purposes functioned as a management team of equals.
DHT Holdings 3Q Results
DHT Holdings reported revenues for the period from July 1 to September 30, 2011 of $26.6 million, compared to revenues of $23.3 million for the prior-year period. For the quarter there was no profit sharing under our profit-sharing arrangements. Our vessels were on-hire 99.7% for the quarter. This does not include planned off-hire during the quarter related to the DHT Chris completing its special survey and dry-dock. The next scheduled class surveys are special surveys and dry-docks for two VLCCs; one each in the fourth quarter 2011 and first quarter 2012.