DHT Holdings Back to Black in 4Q 2018

Crude oil tanker company DHT Holdings managed to return to the black in the fourth quarter of 2018, as revenues continued rising.

The company’s net income for the three-month period ended December 31, 2018, reached USD 12 million, against a net loss of USD 7.5 million reported in the same quarter a year earlier.

Shipping revenues for the quarter increased to USD 138.6 million from USD 92.2 million seen in the fourth quarter of 2017, mainly due to higher tanker rates.

The company’s VLCCs achieved time charter equivalent earnings of USD 34,900 per day in the fourth quarter of 2018.

For the full year of 2018, the company delivered a net loss of USD 46.9 million, compared to a net income of USD 6.63 million witnessed in 2017.

Shipping revenues for 2018 were at USD 375.9 million compared to USD 355.1 million in 2017. The change from the 2017 period to the 2018 period was due to an increase in the fleet partly offset by lower tanker rates.

So far in the first quarter of 2019, 67% of the available VLCC spot days have been booked at an average rate of USD 37,200 per day.