DHT Holdings Postpones Delivery of DHT Tiger

DHT Holdings Bermuda-based crude oil tanker company DHT Holdings has agreed with South Korean shipbuilder Hyundai Heavy Industries (HHI) to defer the delivery of DHT Tiger, its final newbuilding, which was originally scheduled for the fourth quarter of 2016.  The 299,900 dwt very large crude carrier (VLCC) will be delivered during January 2017 at no additional cost to DHT, the company said. Additionally, the company implemented a permanent repair plan for a rudder design improvement on DHT Jaguar and its sister ships. DHT has completed the work and has in relation to this incurred 105 off-hire days during the fourth quarter of 2016, equaling to about 5% of its trading days during the same period. The repair cost has been covered by HHI under its warranty obligation. Furthermore, the firm said that the spot earnings for the fourth quarter of 2016 came in at USD 34,300 per day. DHT has to date booked 32% of its first quarter 2017 VLCC spot days at an average rate of USD 53,000 per day. During the fourth quarter of 2016, the company has under its buy-back program repurchased USD 23 million of its convertible senior notes in the open market at an average price of 90.4%. Including repurchases made during the first half of 2016, the company has during 2016 repurchased USD 27 million at an average price of 91.7%. Including DHT Tiger, the companys fleet is currently comprised of 22 vessels.