BW Group Completes VLCC Deliveries to DHT

Posted by Michelle Howard June 27, 2017

Photo: BW Group

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.

"Our fleet has expanded by about 50 percent at what we think is an opportune time in the cycle," DHT senior management said. "The transaction will deliver cost synergies by lowering G&A expenses per ship and is projected to be accretive to DHT's earnings. . . It will further improve our already competitive cash break even levels."