DHT Books Half of Q4 Spot Days at $509K/Day, Shares Hit 52-Week High
DHT has more than doubled off its 52-week low of $10.83.
Summary
DHT Holdings surged 5.4% to a new 52-week intraday high of $26.47 after reporting that half of its available Q4 spot days are booked at an average of $509,100/day on a discharge-to-discharge basis. Including time-charter days, 78% of Q4 revenue days are estimated at $225,200/day. This follows the earlier Q3 report of $141,300/day fleet TCE, with spot at $167,100 and time-charter at $114,200. The Q4 spot rate is nearly triple the Q3 spot average, reflecting the turbocharged VLCC market. The company also highlighted a single fixture for its DHT Antelope at $1.162M/day for a Gulf of Oman to South Korea voyage. These rates are exceptionally strong and suggest significant earnings upside for Q4 if the market holds.
At the time of this announcement, DHT was trading at $25.95 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $4.2B. The 52-week trading range was $10.83 to $26.47. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Seeking Alpha.