Today (June 30, 2011), DHT reported revenue of $22.3 million for the period from Jan-Mar 2011, down from $22.4 million in the same period of the prior year. For the quarter, seven vessels on time charter generated $17.6 million and two vessels on bareboat charter contributed $4.7 million. These nine vessels are on charters until 2012 to 2018.
Net income for the quarter was $4.0 million as against to a net loss of $2.2 million during the same quarter of 2010. At the end of the first quarter, DHT had cash balance of $102.2 million.Svein Moxnes Harfjeld, CEO, stated: "The charter coverage of our fleet enables us again to declare a dividend of $0.10 per share. We have in accordance with our communicated plan acquired an additional vessel and our balance sheet allows us to continue to grow the company." The stock is expected to deliver 63% over the next one year and 67% analysts covering it maintain a buy.