DHT Holdings to sell DHT Scandinavia for $43.4 million, improving fleet metrics and funding corporate investments.
Quiver AI Summary
DHT Holdings, Inc. announced the sale of its VLCC DHT Scandinavia, built in 2006, for $43.4 million, with delivery expected in January 2025. The vessel is free of bank debt, and proceeds from the sale will be used for general corporate purposes, including vessel investments, share buybacks, or debt prepayments. This transaction is expected to lower the average age of DHT's fleet and enhance its operational efficiency metrics. DHT Holdings operates crude oil tankers internationally and emphasizes quality operations and a stable capital structure. The press release also includes forward-looking statements that reflect the management's expectations and inherently carry risks and uncertainties.
Potential Positives
- DHT Holdings, Inc. will receive $43.4 million from the sale of the DHT Scandinavia, which will enhance its financial flexibility for general corporate purposes.
- The sale of the DHT Scandinavia will reduce the average age of the fleet, potentially leading to improved operational efficiency and reduced maintenance costs.
- The absence of outstanding bank debt on the vessel means the sale proceeds can be fully utilized for corporate purposes, allowing for strategic investments or debt reduction.
- The transaction aligns with the company’s focus on maintaining high environmental performance metrics, improving AER, EEOI, and CII metrics post-sale.
Potential Negatives
- The sale of DHT Scandinavia may indicate a reduction in fleet capability, which could impact growth potential and market competitiveness.
- The need to allocate sale proceeds for general corporate purposes might raise concerns among investors about the company's use of funds, especially regarding share buy-backs versus reinvesting in operational growth.
FAQ
What vessel is DHT Holdings, Inc. selling?
DHT Holdings is selling the DHT Scandinavia, a 2006 built VLCC, for $43.4 million.
When will the sale of DHT Scandinavia be completed?
The vessel is expected to be delivered to its new owner in January 2025.
How will the proceeds from the sale be used?
The sale proceeds will be allocated to general corporate purposes, including vessel investments, share buy-backs, or debt prepayment.
What benefits does the sale bring to DHT Holdings?
The sale will help reduce the average age of the fleet and improve AER, EEOI, and CII metrics.
Where can I find more information about DHT Holdings, Inc.?
Further information can be found on the company's website at www.dhtankers.com.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$DHT Hedge Fund Activity
We have seen 111 institutional investors add shares of $DHT stock to their portfolio, and 147 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- WASATCH ADVISORS LP added 5,029,186 shares (+inf%) to their portfolio in Q3 2024
- FMR LLC added 2,195,916 shares (+10.0%) to their portfolio in Q3 2024
- ACADIAN ASSET MANAGEMENT LLC removed 2,075,647 shares (-61.3%) from their portfolio in Q3 2024
- ENCOMPASS CAPITAL ADVISORS LLC removed 1,260,298 shares (-100.0%) from their portfolio in Q2 2024
- GOLDMAN SACHS GROUP INC removed 1,035,376 shares (-35.1%) from their portfolio in Q3 2024
- JPMORGAN CHASE & CO removed 919,624 shares (-73.5%) from their portfolio in Q3 2024
- MOORE CAPITAL MANAGEMENT, LP removed 835,043 shares (-100.0%) from their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
HAMILTON, BERMUDA, December 12, 2024 – DHT Holdings, Inc. (NYSE:DHT) (“DHT” or the “Company”) has entered into agreement to sell the DHT Scandinavia, a 2006 built VLCC, for $43.4 million. The Company expects to deliver the vessel to its new owner in January 2025. The vessel has no outstanding bank debt and the sale proceeds will be allocated to general corporate purpose, hereunder investments in vessels, share buy-backs or prepayment of debt. The sale will reduce the average age of the Company’s fleet and improve its AER, EEOI and CII metrics.
About DHT Holdings, Inc.
DHT is an independent crude oil tanker company. Our fleet trades internationally and consists of crude oil tankers in the VLCC segment. We operate through our integrated management companies in Monaco, Norway, Singapore, and India. You may recognize us by our renowned business approach as an experienced organization with focus on first rate operations and customer service; our quality ships; our prudent capital structure that promotes staying power through the business cycles; our combination of market exposure and fixed income contracts for our fleet; our counter cyclical philosophy with respect to investments, employment of our fleet, and capital allocation; and our transparent corporate structure maintaining a high level of integrity and good governance. For further information please visit www.dhtankers.com .
Forward Looking Statements
This press release contains certain forward-looking statements and information relating to the Company that are based on beliefs of the Company’s management as well as assumptions, expectations, projections, intentions and beliefs about future events. When used in this document, words such as “believe,” “intend,” “anticipate,” “estimate,” “project,” “forecast,” “plan,” “potential,” “will,” “may,” “should” and “expect” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. These statements reflect the Company’s current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. These forward-looking statements represent the Company’s estimates and assumptions only as of the date of this press release and are not intended to give any assurance as to future results. For a detailed discussion of the risk factors that might cause future results to differ, please refer to the Company’s Annual Report on Form 20-F, filed with the SEC on March 20, 2024.
The Company undertakes no obligation to publicly update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur, and the Company’s actual results could differ materially from those anticipated in these forward-looking statements.
Contact:
Laila C. Halvorsen, CFO
Phone: +1 441 295 1422 and +47 984 39 935
E-mail: lch@dhtankers.com