HAMILTON, BERMUDA - DHT Holdings, Inc. (NYSE:DHT), an independent crude oil tanker company with a market capitalization of $1.64 billion, has announced the sale of two of its tankers, the DHT Lotus and the DHT Peony, for a combined total of $103 million. The vessels, both constructed in 2011 by Bohai Shipbuilding Heavy Industry Co. in China, are scheduled for delivery to their new owner in April and July. According to InvestingPro data, DHT maintains a strong financial position with a healthy current ratio of 1.84.
Following the repayment of the existing debt on these vessels, which amounts to $15.9 million, DHT Holdings anticipates netting approximately $85.0 million in cash proceeds from the transaction. The company also expects to record gains of $17.5 million in the second quarter and $15.5 million in the third quarter of this year. The company’s solid financial management is reflected in its moderate debt levels and attractive dividend yield of 6.67%. InvestingPro analysis reveals 8 additional key insights about DHT’s financial health and market position.
The DHT Lotus and the DHT Peony were initially acquired in 2017 as part of DHT Holdings’ purchase of BW Group’s Very Large Crude Carrier (VLCC) fleet at an aggregate price of $115.8 million. Svein Moxnes Harfjeld, President & CEO of DHT Holdings, commented on the sale, stating that the vessels have served the company well over the past eight years and that the sale is part of an effort to "fine-tune our fleet profile, aligning our service offering with customer needs and market trends."
DHT Holdings operates an international fleet of crude oil tankers primarily within the VLCC segment and manages its operations through integrated management companies located in Monaco, Norway, Singapore, and India. The company is recognized for its focus on first-rate operations, customer service, quality ships, prudent capital structure, and disciplined capital allocation strategy. With an EBITDA of $284 million and trading at a P/E ratio of 9.17, DHT demonstrates strong operational efficiency. Get comprehensive insights and detailed financial analysis in DHT’s Pro Research Report, available exclusively on InvestingPro.
This press release includes forward-looking statements based on current management beliefs and assumptions, which involve risks and uncertainties. The company cautions not to place undue reliance on these statements, which are subject to change based on future events or new information.
The information in this article is based on a press release statement from DHT Holdings, Inc.
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