DHT Holdings, Inc. announced it has entered into an agreement to sell two Very Large Crude Carriers, the DHT Lotus and the DHT Peony, for a combined price of $103 million. Both vessels were built in 2011 at Bohai Shipbuilding Heavy Industry Co, China. The vessels are expected to be delivered to their new owner in April and July 2025, respectively.
After the repayment of existing debt on these vessels, which totals $15.9 million, the transaction is projected to generate net cash proceeds of approximately $85.0 million for the company. This influx of capital provides significant financial flexibility for future investments or shareholder returns.
The company anticipates recording capital gains of $17.5 million in the second quarter of 2025 and an additional $15.5 million in the third quarter of 2025 from these sales. President & CEO Svein Moxnes Harfjeld stated that this opportunity was taken to 'fine-tune our fleet profile, aligning our service offering with customer needs and market trends,' indicating a strategic move towards fleet modernization.
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