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DHT Holdings commits USD 25 million to retrofit eight vessels with scrubbers in Q4 2022

12 Aug 2022

New York-listed independent crude oil tanker company DHT Holdings has committed USD 25 million to retrofit eight of its vessels with exhaust gas cleaning systems, also known as scrubbers, according to the firm’s Q2 2022 financial results on Wednesday (10 August). 

The vessels are DHT Colt, DHT Jaguar, DHT Leopard, DHT Lion, DHT Panther, DHT Puma, DHT Stallion and DHT Tiger

All the vessels are of Eco-design and built between 2015 and 2018, said the company. 

The company expects to commence the retrofit programme in Q4 2022 and complete during Q1 2023. 

“The combination of lower cost and the current higher fuel spreads makes this a compelling investment. The investment will be funded with liquidity at hand hence no new debt will be issued,” said the firm.  

Following the completion of this project, the Company will have 23 vessels fitted with scrubbers.

In its Q2 2022 results, the company reported voyage expenses for the second quarter of 2022 were USD 45.2 million, compared to voyage expenses of USD 20.7 million in the second quarter of 2021. 

The increase was due to more vessels in the spot market and higher bunker prices, resulting in a USD 22 million increase in bunker expenses and a USD 2.4 million increase in port cost.

Related: 2020 to present bunker fuel management challenges
Related: IMO 2020: DHT Co-CEOs explain company’s position for scrubbers
Related: DHT Holdings scrubber retrofit project gets $50 million funding
Related: DHT Holdings expects ‘super-profit’ from scrubber-equipped VLCCs
Related: DHT Holdings: Scrubbers not ‘long-term solution’

 

Photo credit: DHT Holdings
Published: 12 August, 2022

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