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DHT Holdings Reaches 52-Week High Following Strong VLCC Booking Rates

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DHT$25.87 4.97%

DHT Holdings, Inc. (DHT) shares rose over 5% on Monday, reaching a new 52-week intraday high of $26.47. The rally followed the crude oil tanker operator's release of strong operational updates for the third and fourth quarters, highlighted by exceptional charter rates for its fleet.

For the fourth quarter, the company disclosed that approximately half of its available spot days have been booked at an average rate of $509,100 per day on a discharge-to-discharge basis. Overall, 78% of its total available revenue days in the quarter, including both spot and time-charter arrangements, were booked at an estimated average rate of $225,200 per day. For the third quarter, DHT projected average fleet earnings of $141,300 per day across 2,055 revenue days.

The high booking figures reflect a booming market for Very Large Crude Carriers (VLCCs). Notably, the company recently secured a charter fixture of $1.162 million per day for its vessel, the DHT Antelope, on a voyage from the Gulf of Oman to South Korea. Investors will be observing how tanker charter rates hold up through the remainder of the fourth quarter and whether elevated spot rates continue to drive overall fleet profitability.

Key points

  • DHT Holdings, Inc. stock gained 5.4% to hit a new 52-week intraday high of $26.47.
  • Q4 spot days are about 50% booked at an average rate of $509,100 per day on a discharge-to-discharge basis.
  • Total estimated Q4 revenue days are 78% booked at an average rate of $225,200 per day.
  • Q3 fleet time charter equivalent earnings are forecast at $141,300 per day across 2,055 revenue days.
  • The company secured a $1.162 million per day fixture for the DHT Antelope on a voyage to South Korea.

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Questions and answers

Why did DHT Holdings stock hit a new high?

DHT Holdings stock reached a new 52-week intraday high of $26.47 after reporting exceptionally high booking rates for its crude oil tanker fleet in the third and fourth quarters.

What average rates is DHT Holdings earning in the fourth quarter?

For Q4, DHT Holdings reported that about half of its available spot days were booked at an average rate of $509,100 per day, with 78% of total revenue days booked at an average estimated rate of $225,200 per day.

What was the highest charter rate reported for a single DHT vessel?

DHT Holdings secured a record fixture of $1.162 million per day for its vessel DHT Antelope on a voyage from the Gulf of Oman to South Korea.