Seatrade-Maritime: DHT books nearly half Q2 VLCC spot days at $189,500 average

NYSE-listed DHT Holdings is reaping the rewards of a strong tanker market spurred on by conflict in the Middle East.

The tanker market was already performing at very high rates even prior to the onset of the war between US/Iran and Israel on 28 February as is underscored by DHT Holdings Q1 estimated time charter equivalent (TCE) for the quarter of $78,800 per day for its fleet of VLCCs.

For DHT’s fleet operating the spot market earnings averaged $91,700 per day, while for its vessels on time charter the average was $61,300 per day. For its VLCCs operating on spot earnings on discharge-to-discharge basis were $106,000 per day in Q1.

The company said the TCE earnings are based on 1,994 revenue days during the quarter, of which 1,152 days were spot days.

The rapid expansion of Sinokor into the VLCC sector acquiring control of an estimated 24% of the global spot-chartered fleet helped to drive up rates in January and February.

Looking into Q2 and DHT’s numbers are even stronger than the first quarter and the company said 49% of the available spot days have been booked at an average rate of $189,500 per day on a discharge-to-discharge basis.

The company has booked 71% of revenue days into total in Q2 across both spot and time charters at an average rate of $115,400 per day.