DHT Holdings reports surging VLCC rates in first quarter update

DHT Holdings (NYSE:DHT), an independent crude oil tanker company, has issued a business update for the first quarter of 2026, revealing strong operational performance across its fleet of Very Large Crude Carriers (VLCCs).

The company reported an estimated average time charter equivalent (TCE) of $78,800 per day across 1,994 revenue days.

The quarter’s results were underpinned by a high concentration of spot market activity, which accounted for 1,152 of the total revenue days.

During the first quarter, DHT’s spot VLCCs commanded an average rate of $91,700 per day.

On a discharge-to-discharge basis—a metric the company utilizes to adjust for voyage duration and timing—those rates climbed to an adjusted $106,000 per day.

Meanwhile, the company's time-charter fleet remained a steady contributor, averaging $61,300 per day.

The divergence between spot and charter rates highlights the current premium volatility within the crude transportation market, which DHT has leveraged through its strategic fleet positioning.

Forward-looking metrics suggest further momentum as the company enters the second quarter of 2026.

As of the latest update, 49% of DHT’s available spot days have already been booked at a significant premium of $189,500 per day on a discharge-to-discharge basis.

For the fleet as a whole, 71% of total revenue days for the early second quarter are secured at an average of $115,400 per day.