HAMILTON, BERMUDA - DHT Holdings, Inc. (NYSE:DHT), an independent crude oil tanker company, has announced the signing of agreements to construct four new very large crude carriers (VLCCs) with deliveries scheduled between April and December 2026.
The vessels, costing an average of $128.5 million each, will be built by Hyundai (OTC:HYMTF) Samho Heavy Industries and Hanwha Ocean in South Korea.
These ships are designed with an emphasis on eco-efficiency, featuring Super Eco-designs to enhance fuel economy, reduce emissions, and offer a large carrying capacity of approximately 320,000 metric tons. They will be equipped with Exhaust Gas Cleaning Systems, comply with Tier III emissions standards, and be prepared for operation on multiple fuels, contributing to the improvement of DHT's fleet efficiencies.
Svein Moxnes Harfjeld, President & CEO of DHT, stated that the company has secured early and competitive delivery slots, which will enable them to build ships that represent the highest quality and efficiency available in the market. Harfjeld anticipates that clients will appreciate the timely additions to the fleet, which will continue to provide safe, efficient, and reliable crude oil transportation.
The company plans to finance the construction of the new vessels through cash flows from operations, available liquidity, and new mortgage debt, without the issuance of new capital. DHT intends to maintain its policy of distributing 100% of ordinary net income to shareholders in the form of quarterly cash dividends.
The current VLCC sector presents a constructive scenario for vessel supply, with the order book for new VLCCs representing less than 3% of the existing fleet.
Additionally, the aging nature of the fleet, with a significant portion projected to be over 15 years old by the end of 2026, and the implementation of the Carbon Intensity Indicator (CII) by the International Maritime Organization (IMO), which will likely affect the operational efficiency of older ships, further underscores the strategic timing of DHT's investment.
The agreements also include options for four additional vessels with potential delivery in the first half of 2027, indicating the company's proactive approach to fleet renewal and market positioning.
The information in this report is based on a press release statement from DHT Holdings, Inc.
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