VLCC owner DHT Holdings is bringing forward scrubber and ballast water treatment system retrofits in Q4 as the weak tanker market continues.

DHT Holdings reported a Q3 net loss of $21m compared to a $50.7m profit in the same period last year. Revenues sank to $59.1m in Q3 this year against $142.2m in the same period in 2020.

The average rate achieved by the company’s VLCCs in Q3 was just $16,300 per day.

The company is continuing to bring forward drydockings and in the third quarter it 85 offhire days and this is expected to increase to 100 – 125 days in Q4.

“The company will continue to take advantage of the weak freight market to bring forward dry dockings and planned installations of scrubbers and ballast water treatment systems,” DHT said.

It noted the loss of income due to drydocking was low due to the weak freight market.

“When vessels come out of drydock, they are typically handicapped in the spot market for their first voyage and have to offer discounts, and possibly encounter waiting time, to commence trading,” the company said.

Source: Seatrade Maritime