DHT Holdings, Inc. announces the sale of two VLCCs

Rhea-AI Summary

DHT Holdings (NYSE:DHT) has announced the sale of two VLCCs, the DHT Lotus and DHT Peony, for a combined price of $103 million. Both vessels, built in 2011 at Bohai Shipbuilding Heavy Industry Co, China, were originally acquired in 2017 as part of BW Group's VLCC fleet acquisition for $115.8 million.

The vessels are scheduled for delivery to the new owner in April and July. After repaying existing debt of $15.9 million, the transaction will generate net cash proceeds of approximately $85.0 million. The company expects to record gains of $17.5 million and $15.5 million in the second and third quarters respectively.

Positive

• Sale generates substantial net cash proceeds of $85.0 million
• Company will record significant gains totaling $33 million across Q2 and Q3
• Strategic fleet optimization aligning with market trends
• Debt reduction of $15.9 million through vessel sale

Negative

• Reduction in fleet size and operating capacity

News Market Reaction – DHT

-3.04%

1 alert

-3.04% News Effect

On the day this news was published, DHT declined 3.04%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

HAMILTON, BERMUDA, April 15, 2025 – DHT Holdings, Inc. (NYSE:DHT) (“DHT” or the “Company”) today announces that it has entered into an agreement to sell the DHT Lotus and the DHT Peony for a combined price of $103 million. Both vessels were built at Bohai Shipbuilding Heavy Industry Co, China, in 2011. The vessels are expected to be delivered to the new owner in April and July, respectively. After repayment of existing debt on the vessels, amounting to $15.9 million in aggregate, the transaction is expected to generate net cash proceeds of approximately $85.0 million. The Company expects to record gains of $17.5 million and $15.5 million in the second and third quarter respectively. The vessels were acquired in 2017 as part of the acquisition of BW Group’s VLCC fleet for an aggregate price of $115.8 million.

President & CEO, Svein Moxnes Harfjeld, stated:

“These two vessels have served us well over the past eight years. We have taken this opportunity to fine-tune our fleet profile, aligning our service offering with customer needs and market trends.”       

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 fleet employment with a combination of market exposure and fixed income contracts; our disciplined capital allocation strategy through cash dividends, investments in vessels, debt prepayments and share buybacks; and our transparent corporate structure maintaining a high level of integrity and corporate 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, 2025. 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

FAQ

How much will DHT Holdings receive from selling the two VLCCs?

DHT Holdings will receive $103 million combined for both vessels, with net cash proceeds of approximately $85.0 million after debt repayment.

What gains will DHT record from the VLCC vessel sales in 2025?

DHT will record gains of $17.5 million in Q2 and $15.5 million in Q3 2025, totaling $33 million.

When were the DHT Lotus and DHT Peony originally acquired by DHT Holdings?

The vessels were acquired in 2017 as part of BW Group's VLCC fleet acquisition for $115.8 million.

When will DHT Holdings deliver the sold VLCCs to the new owner?

The vessels are scheduled for delivery in April and July 2025.

How much existing debt will DHT Holdings repay through this VLCC sale?

DHT Holdings will repay existing debt of $15.9 million in aggregate through this sale.