Shipping Network News: VLCC operator DHT Holdings Inc. (referred to as “DHT” or the company) released a business update on July 15, indicating that its strong third-quarter TCE (Time Charter Equivalent) may fuel market expectations for an even stronger performance.
Specifically, in the second quarter of 2025, DHT expects its VLCC fleet to achieve an average daily TCE of $46,300, with time-chartered vessels averaging $42,800 per day and spot market operations reaching $48,700 per day. These figures are based on a total of 2,003 operating days in Q2, of which 1,193 days (59.6%) were spent in the spot market.
So far, for the third quarter of this year, DHT has secured 53% of its spot market operating days at an average daily rate of $40,100. When factoring in both spot market and time-chartered vessels, this equates to locking in 73% of operating days at an average daily rate of $40,300.
In May 2025, DHT time-chartered the *DHT Bauhinia* (built in 2007) to a global energy company for one year at a daily rate of $41,500, with the vessel delivered and commencing the charter at the end of May.
Currently, DHT operates 22 VLCCs with a total capacity of 7.16 million deadweight tons (DWT). Among these, nine vessels are on time charter, while the remaining 13 operate in the spot market. Additionally, DHT is constructing four 320,000 DWT VLCCs in South Korea—two at Hyundai Samho Heavy Industries and two at Hanwha Ocean—with deliveries expected between February and July 2026 at an average cost of $128.5 million each. DHT also holds options for four more vessels, scheduled for delivery in the first half of 2027.
### Strong VLCC Secondhand Market
Meanwhile, secondhand VLCC prices have reached new highs.
Transaction records show that the 21-year-old *City of Tokyo* was sold for $41 million, setting a new benchmark for VLCC resale values.
This marks the third sister vessel of the same age and shipyard sold since May. The sale price represents a 10.8% increase over the $37 million paid by Greek owner NewShipping for the *New Tinos* in June. Another sister vessel was sold in May for $33 million.
Additionally, Korea Asset Management Corporation (KAMCO) recently sold the *Atlantic Loyalty* (built in 2007) for over $44 million.
Analysts note that demand for crude tankers remains strong amid heightened geopolitical tensions, route adjustments, and ongoing supply constraints. The premium paid for well-maintained vessels with solid inspection records indicates buyer confidence in the earnings potential of older VLCCs in the current market cycle.
