DHT Holdings, a Marshall Islands-incorporated and Bermuda-headquartered shipping firm, has responded to the October 13, 2025 announcement by China’s Ministry of Transport regarding the collection of special port fees from US-linked vessels.
According to details shared by the company, every vessel in DHT’s fleet is owned directly by non-U.S. entities, constructed in non-U.S. jurisdictions, and registered under non-U.S. flags. Fleet operations are managed through companies based in Monaco, Norway, Singapore, and India. As the ultimate parent of all fleet vessels, DHT is a publicly traded entity governed by Marshall Islands law, with management functions distributed across Monaco, Norway, and Singapore. Notably, U.S. nationals make up only 20% of the company’s board of directors—equating to one out of five board members.
Like most publicly traded firms, DHT maintains a broad shareholder base. The company typically identifies beneficial owners through public beneficial ownership reports—mandatory for individuals or entities holding over 5% of its common shares—or voluntary disclosures from holders. However, it lacks the ability to accurately verify the ownership of individual shareholders beyond these sources: the vast majority of shareholders hold stakes through custodians, brokers, or under broker “street names.” Additionally, large financial services firms acting as investment managers or intermediaries (via mutual funds and ETF products) often oversee funds from diverse investors, including non-U.S. parties and fund-of-funds, further complicating verification of ultimate beneficial owners’ nationalities.
Based on publicly available information—including beneficial ownership reports filed as of October 13—DHT has stated it is unaware of any U.S. shareholders or reporting groups that directly or indirectly own or control 25% or more of the company’s issued and outstanding shares or total voting rights. The latest reports indicate two U.S. entities hold over 5% of DHT’s issued and outstanding shares or voting rights: Dimensional Fund Advisors LP (approximately 7.2%) and FMR LLC (approximately 15.1%). Even when combined, these two holdings remain below the 25% threshold. Furthermore, there is no guarantee that the ultimate beneficial owners of shares held by these two entities are U.S. persons.
This statement by DHT clarifies the scope of vessels subject to the Special Port Fee imposed on U.S.-bound vessels by China’s Ministry of Transport.
On the same day the statement was released, DHT announced the appointment of Svein Moxnes Harfjeld to its board of directors, effective immediately. This personnel appointment clearly indicates DHT’s efforts to avoid becoming subject to the special port fees imposed on vessels bound for the United States.
According to its official website, DHT is an independent crude oil tanker company currently operating a fleet of 25 VLCCs worldwide. Some industry insiders interpret DHT’s announcement of two statements as a sign of “fear of suppression”.