New York-listed tanker giant DHT Holdings has sealed agreements to build four very large crude carriers (VLCCs) in South Korea with delivery expected between April and December 2026.
Two will be constructed at each Hyundai Samho Heavy Industries and Hanwha Ocean, formerly known as Daewoo Shipbuilding & Marine Engineering, in South Korea.
The average price for the vessels is $128.5m for the four ships. The contracts include options for an additional four vessels that can be delivered during the first half of 2027.
The vessels will be built with new Super Eco-design specifications and have a carrying capacity of about 320,000 metric tons. The ships will be fitted with exhaust gas cleaning systems, be Tier III compliant, and hold class ready notations for multiple fuels.
Svein Moxnes Harfjeld, president and chief executive, said: “We have secured very early and competitive delivery slots to build the most efficient ships and of the highest quality the market has to offer.”
According to DHT Holdings, the company does not intend to issue any new capital but plans to finance the project with cash-flows from operations, available liquidity, and new mortgage debt.
The tanker firm noted that the current orderbook with the supply of new VLCCs equals less than 3% of the existing fleet and that delivery slots for potential additional VLCC orders are available from 2027 onwards with competition for slots coming from several other shipping segments.
As it is explained by the owner, by the end of 2026, close to 50% of the fleet is projected to be older than 15-years of age and over 20% will be older than 20-years.
About 160 VLCCs, with an average age of 21-years, are estimated to have been involved in sanctioned trades.
“These vessels have limited, if any, commercial opportunities in the compliant markets and trades,” DHT added.
