Bermudian-based crude oil tanker company DHT Holdings Inc had a net loss in the first quarter of $17.3 million compared with a profit in the first quarter of 2021 of $11.6 million.

The company said the decrease was mainly due to lower tanker rates.

DHT reported shipping revenues of $76.4 million compared with $87 million in the first quarter last year. The decrease includes $11.5 million attributable to lower tanker rates partially offset by $900,000 attributable to an increase in total revenue days.

Voyage expenses for the quarter were $37.7 million, compared with $15.7 million in the prior year quarter. The increase was due to more vessels in the spot market and higher bunker prices, resulting in a $19.3 million increase in bunker expenses and a $2.5 million increase in port cost.

Vessel operating expenses were $18.3 million compared with $19.1 million in the first quarter of 2021.

Net cash provided by operating activities was $5.7 million compared with $10.9 million in the prior year quarter.

The company declared a cash dividend of $0.02 per common share for the first quarter payable on May 26 for shareholders of record as of May 19. This marks the 49th consecutive quarterly cash dividend.

The company said: “Looking ahead, the dynamics of the oil market looks to set our sector up for a rewarding period of strengthening freight rates.

“The world fleet is getting older by the day in combination with limited ordering of new ships. This would lead one to envisage the fleet to potentially shrink at a time when demand for transportation is expected to recover, likely creating a rewarding environment for large tankers.”