VLCC market has gone from ‘full’ to ‘overflowing’, DHT head says as rates double

VLCC rates have doubled this year and DHT Holdings chief executive Svein Moxnes Harfjeld is having a tough time saying why.

On the company’s fourth-quarter earnings call on Wednesday, he said the drivers are some combination of more cargoes entering into a tight market while refinery margins in China climb as buyers turn away from Iran to source their crude.