SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form 6-K
Report
of Foreign Issuer
Pursuant
to Rule 13a-16 or 15d-16 of
the
Securities Exchange Act of 1934
For
the month of August 2007
DOUBLE
HULL TANKERS, INC.
(Exact
name of Registrant as specified in its charter)
26
New
Street
St.
Helier, Jersey JE23A
Channel
Islands
(Address
of principal executive offices)
(Indicate
by check mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F.)
Form 20-F
þ
Form 40-F o
(Indicate
by check mark whether by furnishing the information contained in this Form,
the
Registrant is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2 (b) under the Securities Exchange Act of 1934.)
Yes
o
No þ
(If
“Yes”
is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2 (b))
The
press
release issued by Double Hull Tankers, Inc. on July 27, 2007 announcing its
entry into an agreement to acquire a 2001 built Suezmax tanker for $92.7 million
for delivery in November / December 2007 is attached hereto as Exhibit 99.1
and
is incorporated herein by reference.
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Exhibit
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Description
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99.1
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Press
Release dated July 27, 2007 of Double Hull Tankers,
Inc.
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Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
| Double Hull Tankers, Inc. | ||
| (Registrant) | ||
| Date August 1, 2007 | By: | /s/ Eirik Ubøe |
| Eirik Ubøe | ||
| Chief Financial Officer | ||
Exhibit
99.1
Double
Hull Tankers, Inc. to Acquire 2001 Built Suezmax Tanker
with
Long Term Employment to Overseas Shipholding Group, Inc.
ST.
HELIER, JERSEY, CHANNEL ISLANDS, July 27, 2007 – Double Hull Tankers, Inc.
(“DHT”) (NYSE:DHT) today announced that it has entered into an agreement to
acquire a 2001 built 164,000 deadweight tonne Suezmax tanker for $92.7 million
for delivery in November / December 2007. The vessel will be
chartered to Overseas Shipholding Group, Inc. (NYSE:OSG) for seven years.
The
bareboat charter incorporates a profit sharing element.
The
addition of this vessel to DHT’s fleet is expected to be accretive to
distributable cash flow prior to profit sharing.
The
charter has a bareboat rate of $26,300 per day for the first three years
and
$25,300 per day for the last four years. In addition to the bareboat rate,
DHT
will, through the profit sharing element of the charter agreement, earn 33%
of
the vessel’s earnings above the time charter equivalent of $35,000 per day for
the first three years and above $34,000 per day for the last four years,
calculated on a four quarter rolling average.
The
completion of the acquisition is subject to a number of customary closing
conditions. DHT plans to finance the purchase through its current facility
with
The Royal Bank of Scotland.
The
acquisition of the vessel is consistent with DHT’s strategy of having a fleet of
modern, high quality vessels providing for stable earnings with upside potential
through profit sharing arrangements. Also, the addition of a Suezmax
tanker is in line with DHT’s strategy to diversify its fleet and to charter the
vessels to first rate charterers.
Forward
Looking Statements
This
press release contains assumptions, expectations, projections, intentions
and
beliefs about future events, in particular regarding daily charter rates,
vessel
utilization, the future number of newbuildings, oil prices and seasonal
fluctuations in vessel supply and demand. When used in this document,
words such as “believe,” “intend,” “anticipate,” “estimate,” “project,”
“forecast,” “plan,” “potential,” “will,” “may,” “should,” and “expect” and
similar expressions are intended to identify forward-looking statements but
are
not the exclusive means of identifying such statements. These statements
are
intended as “forward-looking statements.” All statements in this
document that are not statements of historical fact are forward-looking
statements.
The
forward-looking statements included in this press release reflect DHT’s current
views with respect to future events and are subject to certain risks,
uncertainties and assumptions. We caution that assumptions,
expectations, projections, intentions and beliefs about future events may
and
often do vary from actual results and the differences can be material. The
reasons for this include the risks, uncertainties and factors described under
the section of our latest annual report on Form 20-F entitled “Risk Factors,” a
copy of which is available on the SEC’s website at www.sec.gov. These
include the risk that DHT may not be able to pay dividends; the highly cyclical
nature of the tanker industry; global demand for oil and oil products; the
number of newbuilding deliveries and the scrapping rate of older vessels;
the
risks associated with acquiring additional vessels; changes in trading patterns
for particular commodities significantly impacting overall tonnage requirements;
risks related to terrorist attacks and international hostilities; expectations
about the availability of insurance; our ability to repay our credit facility
or
obtain additional financing; our ability to find replacement charters for
our
vessels when their current charters expire; compliance costs with environmental
laws and regulations; risks incident to vessel operation, including discharge
of
pollutants; and unanticipated changes in laws and regulations.
Should
one or more of these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially from those
described in the forward-looking statements included in this press release.
DHT
does not intend, and does not assume any obligation, to update these
forward-looking statements.
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CONTACT:
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Eirik
Ubøe, CFO
Phone:
+44 1534 639 759 and +47 412 92 712
E-mail:
info@dhtankers.com and
eu@tankersservices.com
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