For the first quarter of 2010, the company posted a net loss of $2.2m, or $0.05 per diluted share, compared to net income of $6.8m, or $0.17 per diluted share, for the prior year period.

The company said that the decrease in year-over-year revenues primarily reflects the lack of revenues under the its profit-sharing arrangements with OSG, the charterer of DHT's vessels. Net income was affected by a cash expense of $3.7m from early termination of $35m in interest rate swaps and increased general and administrative expenses due to the corporate restructuring.

Randee Day, acting CEO of the company, said: “DHT's strategy of employing its vessels on medium- to long-term charters that provide stable earnings and cash flow is serving the company well in the current freight market.”

Will the company improve its performance in Q2?

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