DHT heads to Hyundai Heavy for pair of VLCCs

DHT heads to Hyundai Heavy for pair of VLCCs

South Korea’s Hyundai Heavy Industries (HHI) has notched up its first ship contracts of the year.

DHT Holdings, which this week has been eyed as an acquisition by John Fredriksen’s Frontline, has signed on for two big VLCCs. The 319,000 dwt pair are costing a total of $167m and will deliver in July and September next year, a very prompt delivery time illustrative of the short orderbook at the world’s largest shipbuilder.

DHT recently deferred delivery of another HHI VLCC from last year to this month.

The tanker firm estimates that its value as greater than that in the weekend’s unsolicited offer from Frontline.

In an earnings call DHT put its net asset value at $5.70 per share, as compared with the $5.09 per share of Frontline’s non-binding all-share offer. But the company’s management made no further comment on the Frontline bid.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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