Leverage, Dividends and Values

It’s difficult keeping everyone happy these days, particularly when you are a shipowner. The banks are nervous Nellies, the shareholders want more and then there is the market. Like everyone else, DHT Maritime, Inc. (“DHT”) is being squeezed. Revenues, although fixed, are down on reduced profit sharing. Operating expenses are up reflecting new management agreements that are more market orientated. From an accounting perspective, results were impacted by the decision not to use hedge accounting for interest rate swaps going forward and the decision to terminate a interest rate swap in the amount of $42 million. All things considered, it

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