DHT Holdings, Inc. (NYSE:DHT) - Letter to Shareholders from the Co-CEOs
December 03 2018 - 8:59AM
December 3, 2018
Dear Shareholder,
Thank you for your continued interest and
support in DHT.
We have announced during this year that we will
fit exhaust gas cleaning systems, commonly referred to as
scrubbers, on two thirds of our VLCC fleet. The retrofit
program encompass 16 ships built between 2004 and 2012,
representing the ships within our fleet that stands to gain the
greatest economic benefits. Additionally, the two
newbuildings delivered from Hyundai Heavy Industries this year had
scrubbers installed, taking the total to 18 out of 27 ships with
scrubbers.
As we have stated, we are neither for nor
against scrubbers, but deem it our responsibility to position DHT
as best as we can ahead of the implementation of the new
regulations. We believe scrubbers to be an economical way to
comply with the new regulations and want with this communication to
share some important details in our scrubber program. Fifteen
of the scrubbers that we will install will be able to clean the
Sulphur content in the exhaust gas down to 0.1%, enabling these
ships to operate with scrubbers within emission control areas (ECA)
and ports, where permitted. Secondly, we configured our fuel
tank lay-out allowing us to carry various grades of fuels
facilitating the flexibility to consume compliant fuels with 0.5%
or less Sulphur content when in emission control areas and in ports
that does not permit scrubbers. We have elected this
configuration in anticipation of countries implementing stricter
rules related to use of scrubbers when ships operate in their
respective near seas and
ports.
Looking beyond scrubbers, you should continue to
expect consistency in our strategy, transparency in our
communications and for us to do what we have said we are going to
do. We like our current position. With the last
newbuilding delivered in October in time for the current market
upturn, we now have all ships in the water earning money.
Following our financing efforts this year, we have no significant
debt maturities until 3Q 2021. We are focused and we work
hard to create value to your shareholding by pursuing what we
expect to be a rewarding business plan.
With
best regards,
Trygve P.
Munthe
Svein Moxnes Harfjeld Co-
CEO
Co-CEO
DHT (NYSE:DHT)
Historical Stock Chart
From Mar 2024 to Apr 2024
DHT (NYSE:DHT)
Historical Stock Chart
From Apr 2023 to Apr 2024