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.