DHT secures financing for VLCC pair

DHT secures financing for VLCC pair

DHT Holdings has secured bank financing for two 318,000 dwt VLCCs newbuildings ordered last month at South Korea’s Hyundai Heavy Industries for $167m.

The financing, which has a five year tenor, will fund around 50% of the acquisition with the remainder to come from the company’s cash on hand.

Scheduled for delivery in July and September 2018, DHT says that each vessel will have a break-even level of $16,800 per day to cover OPEX, interest and debt repayments.

DHT is the subject of an aggressive takeover from John Fredriksen’s Frontline. Yesterday, it rejected a revised takeover offer branding it “wholly inadequate” and likely putting an end to the acquisition battle, despite Frontline owning a 16% stake in the company.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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