DHT confirms modern VLCC purchase

In a statement released on 19 June, DHT announced it had entered into an agreement to acquire a VLCC built in 2018 by South Korea’s Hyundai Heavy Industries, though the vessel’s identity was not disclosed. As previously reported by Riviera, Greek shipbroking sources have identified the vessel as scrubber-fitted Papalemos, owned by Enesel.

DHT said the purchase price for the vessel is US$107M, closely aligning with Greek brokers’ estimates of US$108M. Delivery is scheduled for late Q3 2025, and the company will fund the transaction through a combination of available liquidity and projected mortgage debt.

“This is a sister of vessels built by us in 2018, a design with large carrying capacity and premium earning capabilities, well suited for the trading patterns of our key customers,” said DHT president and chief executive Svein Moxnes Harfjeld.

Rare modern VLCC transaction

Nikos P Tsakos, one of the industry’s most prominent tanker owners and head of Tsakos Energy Navigation, told investors during the company’s Q1 earnings call that modern Korean- or Japanese-built VLCCs are rarely available on the market.

One of the few modern VLCCs to emerge recently on the secondhand market was Chinese-built Leicester, delivered in 2017. It was reportedly sold for around US$87M in early February. However, the ship has yet to be renamed, and some sources have cast doubt on the validity of the reported sale.

Data from Allied Shipbroking shows as of last week, approximately 23 VLCCs had changed hands in 2025, with an average age of 17 years.

Enesel as seller, DHT eyes investments

Enesel made headlines in February with the high-profile sale of two 2023-built Aframax/LR2 tankers to Centrofin Management, led by Dimitris Procopiou, for a reported total of US$143M. On the buying side, however, the company has been relatively quiet in recent months.

Despite this, Enesel continues to manage a young fleet, having completed recent newbuilding initiatives. According to its website, the company currently owns 29 vessels – a diversified mix of tankers, container ships, and bulk carriers.

DHT Holdings has also been active on the asset rotation front. In April, the company announced the sale of two 2011-built VLCCs – DHT Lotus and DHT Peony – for a combined total of US$103M. These were the last Chinese-built vessels in DHT’s fleet, which now comprises only South Korean-built VLCCs.

In its Q1 earnings presentation, DHT stated proceeds from these sales would be allocated toward vessel investments, share buybacks and debt prepayments. Management emphasised that while the order of allocation would depend on market conditions, ship investments remain a priority, despite limited opportunities.

As of its latest fleet update, DHT oversees 25 VLCCs, including vessels under construction.