DHT Holdings, Inc. (NYSE:DHT) (“DHT” or the “Company”) today announces that it has entered into an agreement to sell the DHT Lotus and the DHT Peony for a combined price of $103 million.

Both vessels were built at Bohai Shipbuilding Heavy Industry Co, China, in 2011. The vessels are expected to be delivered to the new owner in April and July, respectively. After repayment of existing debt on the vessels, amounting to $15.9 million in aggregate, the transaction is expected to generate net cash proceeds of approximately $85.0 million.

The Company expects to record gains of $17.5 million and $15.5 million in the second and third quarter respectively. The vessels were acquired in 2017 as part of the acquisition of BW Group’s VLCC fleet for an aggregate price of $115.8 million.

President & CEO, Svein Moxnes Harfjeld, stated: “These two vessels have served us well over the past eight years. We have taken this opportunity to fine-tune our fleet profile, aligning our service offering with customer needs and market trends.”      

DHT Holdings, Inc. press release