In a generally tough year for the tanker sector, shipping company DHT Holdings finished the last quarter of the year with a positive bottom line. The start of 2019 indicates improvements in the market, says JP Morgan.
Norwegian tax authorities now pose new requirements for companies and carriers registered abroad but headquartered in Norway. From now on, it will no longer be possible to avoid paying tax in Norway just by holding the board meeting abroad, explains Norwegian tax lawyer to ShippingWatch.
While several tanker ship operators such as Euronav, DHT and Tsaksos Energy Navigation are generally positive about the next 18 months, future environmental regulations loom on the horizon. But the sulfur regulations are expected to create more business starting already next year.
Crude oil tanker shipping company DHT Holdings reports a new deficit for the third quarter of the year, though operating profit and spot income were more or less in line with expectations. Analyst firm Clarksons Platou is optimistic about the company's fourth quarter.
As expected, the problems seem to continue for the crude oil carriers in the second quarter. As the first major tanker carrier, DHT Holdings just published its interim report, which shows VLCC rates below analysts expectations.
Frontline was unable to acquire DHT Holdings last year, and the tanker shipping company has now sold all its shares in DHT at a profit. John Fredriksen has also bought new container ships through his investment unit.
Norwegian tanker carrier DHT took hits on the top and bottom lines in the second quarter this year due to lower rates during a period in which the carrier's fleet grew significantly following the acquisition of BW Group's fleet of VLCC supertankers.
The tanker carrier's two CEOs each earn more respectively than the top chief execs from Norway's three largest companies combined, reports Dagens Næringsliv. Competitor Frontline, which has made repeated attempts to buy DHT, has previously criticized the carrier's salary costs.
DHT Holding has completed its acquisition of BW Group's fleet of nine VLCCs together with contracts on two VLCCs. "Our fleet has been expanded by 50 percent at what we think is an opportune time in the cycle," says management.
John Fredriksen's crude oil tanker carrier Frontline has given up its efforts to buy its way to a position as the world's biggest player in its segment. For now at least. The carrier bets on the benefits from its own fleet renewal, CEO Robert Hvide Macleod tells ShippingWatch.
John Fredriksen is, according to the Wall Street Journal, in talks related to an acquisition of US-based tanker carrier Gener8 Maritime in a deal which would create the world's biggest VLCC fleet. As such, Frontline looks to have quit its pursuit of DHT.
Crude carrier Frontline saw its profit slide in the first quarter 2017 due to weak rates in the tanker market. But the CEO is optimistic and maintains the strategy to grow despite the failed attempts to take over competitor DHT.
The tone between the two tanker carriers with Norwegian roots, Frontline and DHT Holdings, has become increasingly irreconcilable and hostile – not least from Frontline's CEO, who now describes DHT's double CEO capacity as a waste of shareholder money.
DHT Holdings performed above analyst expectations with the operating result in the first quarter this year. The carrier, which is subject to continuous acquisition offers from competitor Frontline, has also settled a new bank agreement.
DHT Holdings' board of directors rejects the Frontline bid announced on April 25. The board adds that it is about time that the parties move on. Instead, Frontline replies that the bid should be presented to the shareholders, according to a comment to ShippingWatch.