VLCC owner DHT Holdings has suffered a 23% drop in spot bookings this year, in comparison with already-weak fourth-quarter results.

Management of the New York-listed owner said it had booked 59% of its spot days at $12,600 thus far, down from $16,300 per day in the final three months of 2021.

The good news is that DHT has a low cash breakeven rate of $10,900 per day for spot VLCCs and six remaining time charters at a current average of $34,300 per day in the first half of the year.