A 14-year-old VLCC pulling in $90,000 per day would have raised eyebrows not long ago. In today’s market, it is the latest sign just how tight conditions have become for the world’s largest crude carriers.
New York-listed owner DHT Holdings has fixed the 2012-built 320,000 dwt DHT Opal on a one-year charter to an unnamed global energy company, scheduled to begin this month.
The fixture puts a solid marker in the sand for older VLCC tonnage as charterers look to secure coverage amid firming fundamentals. Spot earnings on the key Middle East Gulf–China route have surged in recent weeks to around $137,500 per day, with tightening tonnage lists in both the East and Atlantic adding to the pressure.
The deal also sits alongside reports that Okeanis Eco Tankers fixed a 2022-built VLCC Nissos Nikouria for around $91,140 per day on a one-year charter. While that fixture has yet to be formally confirmed, brokers have described it as a new benchmark for modern units.
Earlier this cycle, Frontline locked in one-year charters for seven VLCCs at an average rate of $76,900 per day, with start dates between late January and April 2026. The move signalled that charterers were willing to secure coverage early amid tightening supply.
For DHT, the move adds forward revenue at an attractive level while it continues to reshape its fleet profile. The company has recently been selling older ships into a firm asset market, including the disposal of its 2007-built DHT Bauhinia, locking in a sizeable gain.
