DHT Holdings returned to the black in the fourth quarter with its results largely in line with Wall Street forecasts and its tankers trading in line with peers.
The New York-listed tanker owner posted a $12m profit in the last three months of 2018 after reporting losses for each of the last four quarters.
Its bottom line for the final three months of 2018 marked an improvement over the $7.5m loss for the same period the previous year.
Analysts at DNB Markets say the results were broadly as projected by Bloomberg consensus forecasts.
DNB's team led by Nicolay Dyvik said DHT's adjusted earnings per share of $0.13 compared with the $0.15 per share projected by the market.
However, adjusted core operating profit of $61.3m edged ahead of the $59.9m consensus.
DHT's fleet of 27 VLCCs earned $35,000 per day time charter equivalent rates in the fourth quarter, alongside $34,800 per day rates in the spot market.
"Reported VLCC spot rates for Q4 and quarter to date in Q1 were also on par with index and peer Euronav," said Dyvik.
DHT agreed to pay a fourth quarter dividend of 5 US cents per share, up from previous payments of 2 US cents, coupled with share buyback efforts.
The quarter also concluded DHT's newbuilding programme with the 320,000-dwt DHT Mustang the last of its modern eco tankers to deliver.
