Tuesday, DHT Maritime Inc. (DHT), reported a profit for the fourth quarter of fiscal 2008 that more than doubled from last year's result, primarily due to a rise in shipping revenues during the period.
Net income for the quarter totaled $11.87 million or $0.30 per share, up from $5.94 million or $0.20 per share in the prior-year period.
On average, 6 analysts polled by Thomson Reuters expected the company to earn $0.34 per share for the fourth quarter. Analysts' estimates typically exclude special items.
Shipping revenues rose to $30.87 million from $20.30 million in the fourth quarter of 2007. Analysts had anticipated revenues of $30.34 million for the quarter.
Total revenues included $22.1 million in base charter hire and $8.8 million in additional hire under the company's profit sharing arrangements with the charterer of the vessels, Overseas Shipholding Group, Inc.
The company said that the quarter's results benefited from an increasing number of vessels used for storage as a result of a significant oil price contango, increase in transportation distances and reduced viability of single hull tanker as well as weather delays in Bosporus and strikes at French oil terminals.
Total operating expenses increased to $14.23 million from $10.62 million a year ago.
For the quarter, DHT's VLCCs recorded an average time charter equivalent (TCE) earnings in the commercial pool of $62,300 per day compared to $38,500 per day in the fourth quarter of 2007. The company's 3 Aframax tankers that operate in the Aframax International pool achieved average TCE earnings of $35,200 per day compared to $24,600 per day for the same period last year.
For fiscal year 2008, net income totaled $42.15 million or $1.17 per share, up from $27.46 million or $0.91 per share a year ago. Shipping revenues increased to $114.60 million from $81.43 million in 2007.
Additionally, DHT's Board of Directors have today announced a fourth quarter dividend of $0.30 per share, to be paid on March 5 to shareholders of records as of the close of business on February 26, 2009. This includes an extraordinary dividend of $0.05 per share also paid for the third quarter 2008.
DHT is currently trading at $6.44, down 2.42% or $0.16, on a volume of 188,397 shares on the New York Stock Exchange.
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