DHT Holdings, Inc. (NYSE:DHT) (DHT) announced on Friday that it has entered into an agreement to sell the DHT Ann, a 2001-built VLCC, for $24.8 million.

The sale is in accordance with the company's fleet renewal strategy.

DHT Holdings Announced The Sale Of Its oldest VLCC - DHT Ann

VLCC DHT Ann - Image courtesy of DHT Holdings

The company will deliver the vessel to its new owners during the second quarter and it is expected to retire from the trading fleet.

About $13.0 million of bank debt will be repaid in connection with the sale and the company will record a book loss of about $4.0 million in the first quarter 2017.

DHT enjoys a strong position with its robust balance sheet, modern high-quality fleet, best-in-class cash break-even levels and attractive time charter contracts.

Source: DHT Holdings