DHT Holdings Sells Two Crude Carriers to Optimize Fleet

2025-04-15 companies

Oslo, Tuesday, 15 April 2025.
DHT Holdings is selling two Very Large Crude Carriers, netting $85 million post-debt repayment. This move is expected to enhance the company’s financial performance and operational efficiency.

DHT Holdings’ Strategic Fleet Optimization

DHT Holdings, Inc. (NYSE:DHT), a prominent name in the crude oil tanker industry, announced the strategic sale of two Very Large Crude Carriers (VLCCs), the DHT Lotus and DHT Peony. These vessels, originally built in 2011 at Bohai Shipbuilding Heavy Industry Co., China, were acquired in 2017 as part of a fleet expansion effort. The company has agreed to sell these vessels for $103 million, generating approximately $85 million in net cash proceeds after repaying $15.9 million in existing vessel debt [1].

Implications for Financial Performance

The sale is expected to bolster DHT Holdings’ balance sheet, aligning with its objective to optimize its fleet and improve operational efficiency. The company anticipates recording gains of $17.5 million and $15.5 million in the second and third quarters of 2025, respectively, highlighting the positive financial impact of the sale [1]. Beyond immediate financial gains, this transaction underscores DHT’s commitment to refining its operational framework to better align with market demands and customer needs [1].

Market Context and Operational Strategy

DHT Holdings currently operates with a strategic focus on quality fleet management and financial robustness. The company’s VLCC fleet operates internationally with integrated management support across Monaco, Norway, Singapore, and India. As part of its broader strategy, DHT strives to maintain high standards of operational excellence and fleet deployment efficiency by securing lucrative time-charter contracts, including recent agreements for other vessels within its fleet [2][3][4].

Future Outlook for DHT Holdings

As of April 2025, DHT is poised for robust financial performance, with the company reporting first-quarter time charter equivalent earnings of $38,200 per day. The upcoming quarters also appear promising, with a significant percentage of spot and revenue days already booked at attractive rates. This strategic positioning in the crude oil tanker market, coupled with the recent sale, positions DHT Holdings to navigate and capitalize on evolving market trends effectively [2][3][4].

Sources

DHT Holdings VLCC