- DHT Holdings has sold its last two Chinese-built VLCCs, marking the end of its fleet’s association with Chinese shipyards.
- This decision aligns with the increasing concerns over potential high port fees for Chinese-built vessels imposed by the US government.
- Following the sales, DHT’s fleet will consist solely of South Korean-built VLCCs, with new deliveries expected in 2026.
New York-listed tanker shipping company DHT Holdings has completed the sale of its last very large crude carrier (VLCC) built by Chinese shipyards, leaving the company with only South Korean-built vessels in its fleet. Last week, DHT confirmed the sale of the VLCC DHT Lotus, a 2011-built vessel with a deadweight of 320,000 tons, which was sold for nearly US$55 million, according to market estimates. Following the sale of DHT Lotus, the sister vessel, DHT Peony, was also sold for nearly US$55 million, in line with VesselValue’s market estimate of US$54.47 million, according to Baird Maritime.
With these transactions, DHT becomes the first known VLCC owner to divest all its Chinese-built vessels, a move reportedly driven by growing concerns about port fees for Chinese-built ships. The U.S. Government has signaled its intention to impose high port fees on Chinese-built vessels, which is influencing shipowners’ decisions. After the sale of DHT Lotus and DHT Peony, DHT’s fleet will consist of 21 VLCCs built by South Korean shipyards, along with four new VLCCs set to be delivered by Hanwha Ocean and HD Hyundai Samho in 2026.
US Trade Representative’s Proposed Measures
This shift follows discussions within the U.S. government on the proposed measures resulting from a Section 301 investigation, focusing on China’s dominance in maritime industries. The U.S. Trade Representative (USTR) has proposed imposing port fees of US$1 million or US$1,000 per net tonnage on Chinese-built vessels entering U.S. ports. Additionally, a service fee of US$1.5 million is expected to be levied on vessels based on the proportion of Chinese-built ships in their fleet.
These measures are still under review, with a final decision expected by mid-2025. However, if implemented, a 300,000DWT VLCC could incur charges of more than US$100 million per port call, a significant financial burden for shipowners.
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Source: Baird Maritime
