DHT Regal completed its third special survey and dry dock on time and on budget and entered the TI Pool during the quarter. The Aframaxes Overseas Rebecca and Overseas Ania were both redelivered under that time charters, and subsequently, sold during the quarter. We incurred a books loss in -- a book loss in the quarter of $1.4 million on the sale of the 2 vessels in the second quarter.
A loss of $900,000 related to the Overseas Rebecca was recorded in the first quarter of 2012. The proceeds from the sales were used to further reduce the outstanding debt under the RBS credit facility.
The Aframax DHT Sophie was redelivered under its time charter in June 2012. The vessel is currently trading in the stock market with the intention to enter into a pool during the second half of 2012.
With that, I hand over to Trygve, who will highlight how we are positioned for these continued tough times. Trygve?Trygve Preben MuntheThank you, Svein. This is certainly difficult times in the tanker markets. As we all know, we're suffering from oversupply with way too many new buildings coming into the market. When we combine this with a generally soft world economy, we believe the tanker market recovery is some time away. We believe DHT is well-positioned for this market environment.As you've have heard us say numerous times, we have no scheduled installments until the first quarter of '15 and no debt maturities until 2016 and '17. Further, we enjoy extraordinarily low interest rates on a large portion of our loans. As a matter fact, our current weighted average interest cost is only 3.16%, and that's all in. This comes out to about $6.9 million per year or about $2,100 per day per shift. Importantly, once our last interest rate swaps comes to an end in January next year, the interest rate drops to 1.6% all in, and the annual interest cost to $3.5 million, which equates to a meager $1,100 per day per shift. Of course, all else being equal.Read the rest of this transcript for free on seekingalpha.com
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