DHT Sells Two Aging VLCCs as Fleet Renewal Continues

VLCC owner DHT Holdings has agreed to sell two of its three oldest tankers, extending its ongoing fleet renewal strategy amid continued strength in vessel prices.

The New York-listed company is divesting the 2007-built DHT China and DHTEurope for a combined consideration of $101.6 million. Both ships were constructed by Hyundai and are among the oldest units in DHT’s fleet, which totals 26 VLCCs on a fully delivered basis.

Delivery to the new owner is expected to take place during the first quarter of 2026. After settling approximately $5.6 million in debt linked to the vessels, DHT anticipates net cash proceeds of about $95 million from the transaction.

DHT also confirmed it will record capital gains of $30.4 million on the sale of DHT China and $29.7 million on DHT Europe.

The agreement follows earlier asset sales completed this year, when the company sold the 2011-built DHT Lotus and DHT Peony, both built in China, for a total of $103 million. Those transactions resulted in an entirely Korean-built VLCC fleet.

Once the latest sale is finalized, the only remaining 2007-built tanker in DHT’s portfolio will be the 301,000 dwt DHT Bauhinia, constructed at Hanwha Ocean, formerly Daewoo Shipbuilding and Marine Engineering.