New York-listed tanker giant DHT Holdings has entered into agreements to build four very large crude carriers (VLCCs) in South Korea with delivery expected between April and December 2026.
Two will be constructed at Hyundai Samho Heavy Industries while the other two will be built by Hanwha Ocean, both in South Korea. The average price for the vessels is $128.5m. The contracts include options for an additional four vessels that can be delivered during the first half of 2027.
The vessels will be built to new Super Eco-design specifications and have a carrying capacity of about 320,000 dwt. The ships will be fitted with exhaust gas cleaning systems, be Tier III compliant, and hold class-ready notations for multiple fuels.
According to DHT, it will not issue new capital and will finance the project with cash flows from operations, available liquidity, and new mortgage debt.
“We have secured very early and competitive delivery slots to build the most efficient ships and of the highest quality the market has to offer,” said Svein Moxnes Harfjeld, president and CEO of DHT.
The tanker firm, with a 24-vessel strong fleet, noted that the current orderbook with the supply of new VLCCs equals less than 3% of the existing fleet and that delivery slots for potential additional VLCC orders are available from 2027 onwards with competition for slots coming from several other shipping segments.
The VLCC fleet is also rapidly aging as close to half of the fleet is projected to be older than 15 years by the end of 2026 while over 20% will be older than 20. DHT concluded by stating that around 160 VLCCs with an average age of 21 years will have limited if any commercial opportunities in the compliant markets and trades.
Loading PerspectiveSplit analysis...
