Tanker operator DHT Maritime Inc. on Tuesday said depressed charter rates, weak demand and a one-time financial hedging loss drove down its third-quarter profit by 91 percent.
Third-quarter results, along with news that the company suspended its dividend for the second quarter in a row, sent shares tumbling 20 cents, or nearly 5 percent, to $3.85 in morning trading.
Amid the global economic slowdown, reduced demand for oil has crippled the need for transportation in the tanker sector, the company said. Meanwhile, fleet levels have risen, driving down freight rates and hurting margins.
Quarterly earnings tumbled to $1.1 million, or 2 cents per …
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