This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

DHT Maritime 3Q Profit Drops 91 Pct

NEW YORK (AP) ¿ Tanker operator DHT Maritime Inc. on Tuesday said depressed charter rates, weak demand and a one-time financial hedging loss drove down its third-quarter profit by 91 percent.

Third-quarter results, along with news that the company suspended its dividend for the second quarter in a row, sent shares tumbling 20 cents, or nearly 5 percent, to $3.85 in morning trading.

Amid the global economic slowdown, reduced demand for oil has crippled the need for transportation in the tanker sector, the company said. Meanwhile, fleet levels have risen, driving down freight rates and hurting margins.

Quarterly earnings tumbled to $1.1 million, or 2 cents per share, from $12.3 million, or 31 cents per share, during the same period last year.

Results include a hefty loss related to financial hedges. Excluding one-time items, adjusted earnings amounted to $3.6 million, or 7 cents per share.

Analysts polled by Thomson Reuters estimated a profit of 7 cents per share, on average. Analysts typically exclude one-time items.

Revenue fell 27 percent to $22.7 million, down from $31 million in the prior-year period. Analysts forecast an average revenue of $22.7 million.

DHT's board suspended the company's dividend yet again, citing the adverse global shipping market and its effort to preserve liquidity. The company last paid a dividend of 25 cents per share for the first quarter of 2009.

Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
DHT $7.88 0.00%
AAPL $130.28 0.00%
FB $81.53 0.00%
GOOG $565.06 0.00%
TSLA $218.42 0.00%

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs