DHT Holdings, Inc. announced its business update for the third quarter of 2024, estimating time charter equivalent (TCE) earnings for its fleet at $42,400 per day. This figure comprises $43,700 per day for VLCCs operating in the spot market and $38,800 per day for vessels on time-charter. The estimated TCE earnings are based on 2,184 revenue days for the quarter, with 1,622 days in the spot market.
The company also provided an outlook for the fourth quarter of 2024, reporting that 32% of available spot days have been booked at an average rate of $37,000 per day on a discharge-to-discharge basis. Overall, 50% of the combined available revenue days, including both spot and time-charter days, have been booked at an average rate of $39,200 per day. This forward booking provides some revenue visibility for the upcoming quarter.
In a strategic move during the third quarter of 2024, DHT Holdings secured a one-year time charter contract for the DHT Lion, a VLCC built in 2016, with a global energy company. This contract is set at a rate of $55,000 per day, contributing to the stability of the company's fleet employment strategy by balancing spot market exposure with fixed-income contracts.
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