DHT Holdings Lost $ 7.5 Million In The Fourth Quarter

- Feb 09, 2018-

Crude oil company DHT Holdings recently announced a net loss of $ 7.5 million in the fourth quarter of 2017 compared with a net profit of $ 17.8 million in the same period of 2016.


The company's shipping revenue for the fourth quarter of 2017 was 92.2 million U.S. dollars, compared with 84.9 million U.S. dollars for the same period in 2016. The company said the increase in shipping revenue was due to the increase in fleet capacity partially offset by the drop in freight rates.(welding overlay,flange,pipe spooling)


DHT Holdings posted a full-year 2017 net profit of $ 6.6 million. Including 84.7 million US dollars of non-cash impairment charges, the company's net profit in 2016 was 9.3 million US dollars. The company said net profits for both periods reflect lower tariffs and impairment charges offset in part by fleet capacity growth.


DHT Holdings' transport revenue in 2017 was $ 355.1 million, down from $ 356 million in 2016. The company said the drop in shipping revenue was mainly due to the drop in freight rates for oil tankers.(welding overlay,flange,pipe spooling)


In the fourth quarter of 2017, the company's VLCC fleet average daily income of 23,200 US dollars. In 2017, the company's VLCC fleet average daily income reached 27,500 US dollars.


Up to now, in the first quarter of 2018, the company has been able to obtain spot shipping agreements with 60% of the VLCCs at an average daily income of $ 20,000.


In the quarter, the company agreed to sell the three oldest VLCCs, namely "DHT Utah", "DHT Utik" (all built in 2001), "DHT Eagle" (built in 2002) The total transaction of 66.5 million US dollars. After the sale of the three VLCCs, the average fleet size of the company was 6.3 years.(welding overlay,flange,pipe spooling)


At present, DHT Holdings fleet has a total of 27 VLCCs, of which 23 are in the battalion, 4 are under construction, is expected to be delivered in 2018. In addition the company also owns two Aframax tankers.