The New York-quoted tanker owner reported an adjusted net loss of $0.5m for the three months to 31 March, versus $3.1m worth of red ink in the first leg of 2013.
The result amounted to $0.01 in lost earnings per share EPS, which means the company missed analysts’ consensus EPS estimate by a penny.
Earnings before interest, taxes, depreciation and amortization (Ebitda) rose to $7.6m from $4.2m year-on-year while net revenue rang in at $17.9m, which is $5.5m higher than the figure management reported 12 months prior.
DHT said approximately 44.2% of its fleet was exposed to the spot market in the first quarter of 2014. While this is slightly higher than what the owner reported in the fourth quarter of 2013 the percentage stood at roughly 80.8% in the comparable period a year ago.
DHT is based in Bermuda but chief executive Svein Moxnes Harfjeld typically operates out of an office in Oslo. At last check its fleet included six VLCCs, two suezmaxes and a pair of aframaxes in addition to six newbuildings that are due for delivery in 2015 and 2016.
You can read the owner’s first-quarter earnings report in full by clicking on the link located under the Related Media section to the right of this article. The company intends to host a conference call to discuss the results at 8:00 am EST on Wednesday.
