# DHT Holdings expands VLCC orderbook as tanker earnings surge

- **Source:** https://pelavox.com/dht-holdings-expands-vlcc-orderbook-as-tanker-earnings-surge/
- **Publisher:** pelavox. (The voice of shipping)
- **Author:** Jason Nicholson
- **Published:** 2026-11-11T02:00:00+00:00
- **Updated:** 2026-11-10T09:24:36+00:00
- **Section:** Shipping / Tankers
- **Type:** News
- **Topics:** Crude Oil Tankers, DHT Holdings, Hanwha Ocean, Shipbuilding Orders., Tanker Earnings, VLCC

DHT Holdings has entered into a new VLCC shipbuilding agreement with South Korea’s Hanwha Ocean, extending its fleet renewal programme as strong crude tanker markets contributed to a sharp increase in third-quarter earnings.

The agreement, concluded in November 2026, covers one VLCC scheduled for delivery in April 2029. The vessel will be a sister ship to two tankers delivered during the first quarter of 2026 and another newbuilding scheduled for delivery in August 2028. The company did not disclose the contract price for the latest order.

The fleet investment comes as DHT reported third-quarter profit after tax of $270.9 million, compared with $44.8 million in the corresponding period of 2025. Shipping revenues increased to $332.1 million from $107.2 million, reflecting substantially higher daily earnings and a modest increase in revenue days.

Adjusted EBITDA reached $269.5 million, compared with $57.7 million a year earlier. Excluding a $34.2 million gain from the sale of the VLCC DHT Bauhinia and a $2.2 million non-cash gain on interest rate derivatives, ordinary net income amounted to $234.5 million.

## VLCC earnings strengthen amid changing trade patterns

DHT achieved average combined time charter equivalent earnings of $141,300 per day during the third quarter. Its spot-trading VLCCs generated an average of $167,100 per day, compared with $38,700 in the same quarter of 2025, while vessels operating under time charters earned an average of $114,200 per day.

The company attributed the strength of the tanker market partly to logistical disruptions, changes in crude oil procurement patterns and longer transportation distances. It also highlighted geopolitical uncertainty, including risks surrounding the Strait of Hormuz, alongside limited effective fleet supply growth and an ageing global tanker fleet.

The strength of the market has continued into the fourth quarter. According to DHT, approximately 68% of its available VLCC spot days had already been booked at an average rate of $579,900 per day on a discharge-to-discharge basis. Across spot and time charter employment, 86% of available vessel days had been booked at an average rate of $267,500 per day.

These figures represent bookings secured at the time of the announcement rather than final earnings for the fourth quarter.

## Fleet renewal and chartering activity

DHT continued to reshape its fleet during the third quarter, taking delivery of DHT Impala from Hyundai Samho Heavy Industries on July 24. The vessel was the fourth and final VLCC delivered under the company’s 2026 newbuilding programme and subsequently entered the spot market.

The company also completed the sale of the 2007-built DHT Bauhinia, generating approximately $51 million in net cash proceeds and recognising a $34.2 million gain. Across the first nine months of 2026, DHT recorded gains of $94.2 million from the disposals of DHT China, DHT Europe and DHT Bauhinia.

In addition, DHT secured three-year time charter agreements for DHT Jaguar and DHT Panther at daily rates of $75,000 and $100,000, respectively. The Jaguar charter commenced in September, while Panther entered its new employment in October.

As of September 30, the company operated 23 VLCCs with a combined carrying capacity of approximately 7.18 million dwt. Twelve vessels were employed under time charters and 11 operated in the spot market, while one additional VLCC was under construction at the reporting date. The newly announced November order represents a subsequent development.

For the first nine months of 2026, DHT generated shipping revenues of $803.2 million and net profit of $633.7 million, compared with $353.3 million and $144.9 million, respectively, during the corresponding period of 2025.

The company ended September with cash and cash equivalents of $154.7 million and interest-bearing debt of $498.7 million. It also declared a quarterly cash dividend of $1.45 per share, payable on November 30 to shareholders of record on November 23, marking its 67th consecutive quarterly dividend.

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Cite as: "DHT Holdings expands VLCC orderbook as tanker earnings surge", pelavox., 11 November 2026, https://pelavox.com/dht-holdings-expands-vlcc-orderbook-as-tanker-earnings-surge/