DHT meets analyst bets

DHT Holdings saw its adjusted loss rise in the second quarter as its fleet grew but the result came in just as analysts predicted.

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The New York-listed crude tanker owner reported adjusted net income of $8.1m during the period, up from $7.7m in the second quarter of 2013 as the company took on the costs of three VLCC deliveries.

Net revenue jumped to $14.5m from $10.3m a year earlier, while earnings before interest, taxes, depreciation and amortisation (Ebitda) increased to $1.6m from $900,000.

The company said a weaker market during the period was offset by a larger fleet and a $1.5m settlement of claims against former parent Overseas Shipholding Group (OSG).

For the half, the Svein Harfjeld and Trygve Munthe-led company recorded a net loss of $8.5m, down from $11.5m in red ink in the first six months of 2013.

Losses per share amounted to $0.12, matching the average analyst expectation.

Oslo-based DHT boasts a fleet of 11 tankers on the water and six VLCC newbuildings.

 

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