DHT Holdings announced that it has taken delivery of the very large crude carrier (VLCC) DHT Gazelle, a newbuild from Hyundai Samho Heavy Industries. The vessel, the third of four new VLCCs scheduled for delivery in the first half of 2026, is designed to be eco‑efficient and will enter a five‑ to seven‑year time charter with a major oil company, expanding the company’s spot‑market exposure while securing long‑term revenue streams.
On the same day, DHT confirmed that its 2007‑built DHT China was transferred to new owners. The sale frees capital that can be reinvested in newer, lower‑operating‑cost ships and reduces the company’s fleet age profile, supporting lower breakeven rates and strengthening its competitive position in a tightening VLCC market.
The fleet renewal strategy is a core pillar of DHT’s capital allocation plan. By replacing older, maintenance‑heavy vessels with modern, fuel‑efficient tonnage, the company lowers operating costs, improves environmental compliance, and positions itself to capture higher freight rates that are emerging as global supply tightens due to an aging fleet, limited new‑build capacity, and sanctions‑driven supply constraints.
DHT’s Q4 2025 results—EPS of $0.41 versus $0.38 expected and revenue of $117.8 million versus $116.26 million expected—were driven by strong demand for crude transport and disciplined cost control. The company’s net margin of 42.35% reflects the combination of higher freight rates and lower fuel and maintenance expenses associated with its newer fleet.
The delivery of DHT Gazelle and the sale of DHT China reinforce DHT’s strategy to build a modern, efficient fleet that can capitalize on the current VLCC market tightness. The new vessel’s eco‑efficiency and the capital freed from the sale position the company to maintain profitability, support future spot‑market opportunities, and sustain a strong balance sheet as it continues to roll out the remaining newbuilds in the first half of 2026.
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