DHT Holdings is continuing to benefit from a powerful tanker market, with the Middle East conflict adding further momentum to already elevated freight rates.
The NYSE-listed company said that 49% of its available VLCC spot days for the second quarter have already been booked at an average rate of $189,500 per day on a discharge-to-discharge basis.
That compares with a strong first quarter, during which DHT estimated a time charter equivalent of $78,800 per day for its VLCC fleet overall.
For vessels operating in the spot market, average earnings were $91,700 per day, while ships on time charter earned an average of $61,300 per day. For VLCCs employed on spot business, discharge-to-discharge earnings reached $106,000 per day in the first quarter.
The company said its TCE figures were based on 1,994 revenue days in the quarter, of which 1,152 were spot days.
The market had already been trading at exceptionally high levels even before the outbreak of war between the US, Iran and Israel on 28 February. DHT also pointed to the rapid expansion of Sinokor in the VLCC sector, with the company acquiring control of an estimated 24% of the global spot-chartered fleet, helping to push rates higher in January and February.
Looking further into the second quarter, DHT said 71% of its total revenue days, across both spot and time charter exposure, have already been fixed at an average rate of $115,400 per day.
