DHT Maritime Shares Sink As Profit Plunges

NEW YORK (AP) — Shares of tanker operator DHT Maritime Inc. plunged more than 20 percent Wednesday after it reported that its second-quarter profit fell more than 51 percent to $5 million as sales slid. The company also said it would not pay a second-quarter dividend.

In afternoon trading, its shares fell $1.08 to $4.

The profit for the three months ended June 30 was equivalent to 10 cents a share, compared to a profit of $10.3 million, or 29 cents a share, a year earlier.

Revenue fell 5.8 percent to $26.2 million from $27.8 million in the same period a year ago.

Analysts surveyed by Thomson Reuters, who generally exclude one-time items from their estimates, were expecting second-quarter earnings of 16 cents a share on revenue of $26.1 million.

The company said its payment of future dividends remains subject to quarterly reviews and its assessment of several factors, including its current and projected cash flow, the relative strength of the shipping markets, new business opportunities and the company's financial commitments.

Jefferies & Company Inc. said in a research note that it was reiterating its "Buy" rating on DHT Maritime's stock, but that it was lowering its price target.