DHT Holdings secures $90,000/day VLCC charter

DHT Holdings (NYSE:DHT) has secured a lucrative one-year time charter for its Very Large Crude Carrier (VLCC) DHT Opal, underscoring a period of robust demand in the energy transport sector.

The 2012-built vessel will earn a fixed rate of $90,000 per day starting in February 2026, a figure that significantly exceeds the company's average time-charter rates of approximately $51,500 reported earlier this year.

The contract was inked with an undisclosed global energy company and provides DHT with high-margin cash flow visibility for the next 12 months.

This rate reflects a tightening global market for crude oil tankers, where a lack of new vessel deliveries and shifting geopolitical trade routes have driven freight earnings toward levels not seen in years.

For comparison, DHT’s cash break-even for its fleet typically sits below $20,000 per day, leaving a substantial profit spread on this deal.

The agreement comes as DHT continues a major fleet renewal program.

The company recently took delivery of the DHT Antelope, the first of four fuel-efficient newbuilds slated for 2026, while simultaneously offloading older tonnage like the 2007-built DHT Bauhinia for $51.5 million.

By locking in premium rates for its existing middle-aged vessels like the Opal, DHT is positioning itself to fund its capital-intensive expansion while maintaining its aggressive 100% net income dividend payout policy.