DHT Maritime 1Q Profit Falls

NEW YORK (AP) — DHT Maritime Inc., which operates large tankers used in carrying crude oil and dry commodities, said Tuesday its first-quarter profit fell 10 percent, as non-cash charges related to an accounting change offset higher shipping revenue.

DHT earned $6.9 million, or 17 cents per share, in the three months ended March 31 compared with $7.6 million, or 25 cents per share, for the same quarter last year.

The latest results included $3.5 million in non-cash financial expenses. Adjusted for those, the company said it earned $10.4 million, or 26 cents per share.

Revenue rose 20 percent to $29.8 million from $24.9 million.

Analysts polled by Thomson Reuters expected a profit of 29 cents per share on $29.6 million in revenue. The estimates typically exclude one-time items.

The company's very large crude carriers achieved average time charter equivalent earnings in the commercial pool of $45,400 per day, down from $96,100 per day in the sale quarter last year, while its three Aframax tankers achieved average time charter equivalent earnings of $30,200 per day, down from $33,600 per day.

The Suezmax tanker Overseas Newcastle achieved average time charter equivalent earnings of $39,600 per day up from $38,000 per day in the year-ago period.

Its shares rose 18 cents, or 3.9 percent, to $4.83 in morning trading.