This is my first look at numbers from DHT Maritime DHT. The company owns 9 double hull tankers of various sizes that are on long term charter to Overseas Shipholding OSG. The vessels have fixed rate contracts plus profit sharing when OSG earns above the base charter rate with the vessels.
DHT has instituted a fixed dividend policy of 25¢ per share. Twice in 2008 they declared a special 5¢ dividend in addition to the base distribution. The first quarter declaration was 25¢ against distributable cash flow of 43¢ per share.
It appears that the base charter rate revenues are enough to support the dividend. This is a good thing because tanker spot rates are in the tank right now. To me, DHT looks like a possible investment to collect some good income while waiting for tanker rates to recover. The stock goes ex-dividend next Friday, so their may be a buying opportunity at that time.
DHT Maritime 1st quarter results
DH TANKERS | News Release.
This is my first look at numbers from DHT Maritime DHT. The company owns 9 double hull tankers of various sizes that are on long term charter to Overseas Shipholding OSG. The vessels have fixed rate contracts plus profit sharing when OSG earns above the base charter rate with the vessels.
DHT has instituted a fixed dividend policy of 25¢ per share. Twice in 2008 they declared a special 5¢ dividend in addition to the base distribution. The first quarter declaration was 25¢ against distributable cash flow of 43¢ per share.
It appears that the base charter rate revenues are enough to support the dividend. This is a good thing because tanker spot rates are in the tank right now. To me, DHT looks like a possible investment to collect some good income while waiting for tanker rates to recover. The stock goes ex-dividend next Friday, so their may be a buying opportunity at that time.