Singapore: New York-listed DHT Holdings announced that it has entered into an agreement to buy all the outstanding shares in Singaporean firm Samco Shipholding for $317m.
Samco owns and operates a fleet of seven VLCCs. Five of the vessels are currently on time charters to oil majors. Included in the transaction is Samco's 50% ownership in Goodwood Ship Management, a private ship management company in Singapore. Goodwood currently manages all of DHT's vessels.
Following the acquisition, DHT will have a fleet of 20 VLCCs, two Suezmaxes and two Aframaxes.
"This is a big step for DHT. The Samco fleet consists of modern high quality vessels all being fitted with fuel saving devices. The time charter contracts are with first rate counterparties and are at premium levels to the current time charter market. With the 50% shareholding in Goodwood bringing technical management into DHT, we are now a fully integrated ship owning company with all functions in-house," commented the senior management of DHT Holdings. [10/09/14]