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Double Hull Tankers, Inc. Takes Delivery of Second Suezmax Tanker
ST. HELIER, JERSEY, Channel Islands-(Business Wire)-January 31, 2008 - Double Hull Tankers, Inc. ("DHT") (NYSE:DHT) today announced that it took delivery of the Overseas London, a 2000 built Suezmax tanker, on January 28, 2008. The Overseas London represents the second of two Suezmax tankers acquired during 2007. Overseas Newcastle, a 2001 built Suezmax tanker, was delivered on December 4, 2007. Both vessels are bareboat chartered to Overseas Shipholding Group, Inc. ("OSG") (NYSE:OSG).
The vessel purchases have been fully funded through drawdown on DHT's credit facility with Royal Bank of Scotland.
The acquisition of these vessels is consistent with DHT's strategy of delivering value to the shareholders by building a diversified fleet of modern, high quality vessels with term employment that provide for stable earnings.
DHT's current fleet after the two recent acquisitions consist of nine crude oil tankers. All of the vessels are on charter to OSG.
The following table reflects the current employment status of the fleet: -0- *T Vessel Vessel Type Dwt Built Charter Type Initial Charter Expiry ——————————————————————————————————— Timecharter April OVERSEAS ANN VLCC 309 327 2001 2012 ——————————————————————————————————— Timecharter October OVERSEAS CHRIS VLCC 309 285 2001 2011 ——————————————————————————————————— Timecharter April OVERSEA REGAL VLCC 309 966 1997 2011 ——————————————————————————————————— Bareboat December OVERSEAS NEWCASTLE SUEZMAX 164 626 2001 2014 ——————————————————————————————————— Bareboat January OVERSEAS LONDON SUEZMAX 152 923 2000 2018 ——————————————————————————————————— Timecharter January OVERSEAS CATHY AFRAMAX 112 028 2004 2012 ——————————————————————————————————— OVERSEAS SOPHIE AFRAMAX 112 045 2003 Timecharter July 2011 ——————————————————————————————————— Timecharter October OVERSEAS ANIA AFRAMAX 94 848 1994 2010 ——————————————————————————————————— Timecharter October OVERSEAS REBECCA AFRAMAX 94 873 1994 2010 ——————————————————————————————————— *T
Forward Looking Statements
This press release contains assumptions, expectations, projections, intentions and beliefs about future events, in particular regarding daily charter rates, vessel utilization, the future number of newbuildings, oil prices and seasonal fluctuations in vessel supply and demand. When used in this document, words such as "believe," "intend," "anticipate," "estimate," "project," "forecast," "plan," "potential," "will," "may," "should," and "expect" and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. These statements are intended as "forward-looking statements." All statements in this document that are not statements of historical fact are forward-looking statements.
The forward-looking statements included in this press release reflect DHT's current views with respect to future events and are subject to certain risks, uncertainties and assumptions. We caution that assumptions, expectations, projections, intentions and beliefs about future events may and often do vary from actual results and the differences can be material. The reasons for this include the risks, uncertainties and factors described under the section of our latest annual report on Form 20-F entitled "Risk Factors," a copy of which is available on the SEC's website at www.sec.gov. These include the risk that DHT may not be able to pay dividends; the highly cyclical nature of the tanker industry; global demand for oil and oil products; the number of newbuilding deliveries and the scrapping rate of older vessels; the risks associated with acquiring additional vessels; changes in trading patterns for particular commodities significantly impacting overall tonnage requirements; risks related to terrorist attacks and international hostilities; expectations about the availability of insurance; our ability to repay our credit facility or obtain additional financing; our ability to find replacement charters for our vessels when their current charters expire; compliance costs with environmental laws and regulations; risks incident to vessel operation, including discharge of pollutants; and unanticipated changes in laws and regulations.
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking statements included in this press release. DHT does not intend, and does not assume any obligation, to update these forward-looking statements.
