DHT Holdings has struck a $485m refinancing deal and upsized one of its existing loans.

New York-listed DHT says each of its nine existing banks have supported the refinancing package, which was 60% over subscribed.

The agreement allows the VLCC and aframax owner to take out refinancing risk, increase its liquidity and lower its cash breakeven levels.

Svein Moxnes Harfjeld and Trygve Munthe, co-chief executives of DHT, said the move had reduced its cash breakeven levels and increased its liquidity.