DHT Holdings Inc (DHT)

[exlud]

If you take away the $56 million impairment charge from last year, DHT made money last year.

The impairment test resulted in an impairment charge of $56.0 million with $19.7 million related to Overseas Newcastle , $9.5 million related to Overseas London , $11.8 million related to Overseas Rebecca and $15.0 million related to Overseas Ania .

In other words, their four oldest vessels aren't worth as much these days. Eventually they will have to be replaced. That, I think, is the reason for the shares being offered. When things pick up for them, they don't want to be caught short.