DHT Holdings Inc, the Bermudian-based crude oil tanker company, has reported a net profit in the second quarter of $10 million.

That compares with a net profit in the second quarter of 2021 of $800,000.

The increase from 2021 to 2022 was mainly due to higher tanker rates, DHT said.

In the second quarter of 2022, the company’s fleet of very large crude carriers achieved an average rate of $24,300 per day.

The company reported shipping revenues for the quarter of $99.2 million compared with shipping revenues of $65.9 million in the second quarter a year ago.

The increase includes $36.1 million attributable to higher tanker rates partially offset by $2.8 million attributable to a decrease in total revenue days.

Other revenues for the quarter were $700,000 and mainly relates to technical management services provided.

Voyage expenses were $45.2 million, compared with $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 $22 million increase in bunker expenses and a $2.4 million increase in port cost.

Vessel operating expenses were $18 million compared with $19.6 million in the second quarter of 2021. The decrease was mainly due to 224 fewer operating days in Q2 2022 compared with Q2 2021.

The company declared a cash dividend of $0.04 per share of outstanding common stock, payable on August 30 to shareholders of record as of August 23.

This marks the 50th consecutive quarterly cash dividend. The shares will trade ex-dividend from August 22.