DHT Holdings Stock Gains as Spot Rates Jump in 4Q

Dow Jones10-12 22:38

Shares of DHT Holdings rose after the company said spot rates have gained so far in the fourth quarter.

The stock rose 6.6% to $26.28 on Monday. Shares have more than doubled year to date.

The crude oil tanker company said about half of available spot days have been booked at an average rate of $509,100 per day on a discharge-to-discharge basis so far in the fourth quarter.

In total, about 78% of the available revenue days, including both spot and time-charter days, is estimated at an average rate of $225,200 per day, the company said.

For the third quarter, the company projected time charter equivalent earnings for its fleet at $141,300 per day, comprising $167,100 per day for its very-large crude carriers (VLCCs) operating in the spot market, and $114,200 per day for its VLCCs on time charter.

The estimated TCE earnings are based on 2,055 revenue days during the quarter, of which 1,054 days were spot days, the company said.

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