DHT Holdings Inc, the Bermudian-based independent crude oil tanker company, has reported a second quarter net profit of $44.5 million, which compares with a net profit in the second quarter of 2023 of $57.1 million.

The company said the decrease was mainly due to a quarter-over-quarter decline in tanker rates.

Net cash provided by operating activities for the quarter was $82.9 million compared with $87 million for the second quarter of 2023.

Net cash used in investing activities was $52.3 million, comprising $51.5 million related to investment in vessels under construction and $0.8 million related to investment in vessels.

Net cash used in investing activities was $18.1 million in the prior-year quarter and was related to investment in vessels.

In the second quarter, the company achieved average combined time charter equivalent earnings of $49,100 per day, comprising $52,700 per day for the company’s very large crude carriers operating in the spot market and $36,400 per day for the company’s VLCCs on time-charter.

The company declared a cash dividend of $0.27 per share of outstanding common stock, payable on August 30 to shareholders of record as of August 23.

This marks the 58th consecutive quarterly cash dividend and is in line with the company’s capital allocation policy to pay out 100 per cent of net income.

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Bermudian-based SFL Corporation Ltd, one of the world’s largest ship-owning companies, has reported a second quarter net profit of $20.6 million.

That compares with a net profit of $45.3 million in the prior quarter.

SFL took delivery of the newbuild LR2 product tanker SFL Tucana in June with two additional vessels due for delivery this year in Q3 and Q4.

The company is to take delivery of the liquefied natural gas dual-fuel chemical tanker SFL Aruba in August, with another vessel to be delivered later in Q3.

SFL issued eight million common shares in a US public offering subsequent to quarter-end, raising $100 million in gross proceeds.

Ole B. Hjertaker, CEO of SFL Management AS, said: “We are pleased to execute on our growth strategy, and have added more than $2 billion to our charter backlog this year.

“This is a combination of vessel acquisitions and charter extensions on existing vessels, and the charter backlog now stands at nearly $5 billion.

“Over the last decade, we have built up a high quality operational platform, which has enabled us to secure repeat transactions with our key customers.

“At the same time, we have continued to diversify our asset mix and expanding our customer base.

“This has enabled us to refine our business model from being a financing provider to facilitate maritime infrastructure for logistics companies.

“The recently announced new-build deal for five large container vessels marks another milestone investment for SFL.

“With these vessels delivered, we will have 11 LNG dual-fuel vessels, which demonstrates our commitment to continue expanding our investment focus to assets with a lower carbon footprint whilst ensuring significant visibility through ten year firm charters.”

The board of directors has declared a quarterly cash dividend of $0.27 per share, marking the 82nd consecutive quarterly dividend declared.

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Vantage Drilling International Ltd, the Bermudian-registered exempted company, has reported a net loss attributable to shareholders of approximately $14.2 million in the second quarter of the year.

The offshore drilling contractor said that compares with a net income attributable to shareholders of approximately $1.5 million for the prior-year quarter.

As of June 30, Vantage had approximately $50.8 million in cash, including $10.5 million of restricted cash and $12.8 million pre-funded by the company’s managed services customers for near-term obligations.

In comparison, on December 31, 2023, Vantage had $84 million in cash, including $10.8 million of restricted cash and $11.6 million pre-funded by its managed services customers.

Ihab Toma, chief executive, said: “The company continued to perform well operationally and financially during the quarter, even with the Topaz Driller and Platinum Explorer undergoing major upgrades.

“The Topaz Driller continues to prepare for its upcoming contract while the Platinum Explorer enhances its marketability."