{"product_id":"dht-five-forces","title":"(DHT) DHT Holdings, Inc. Porters Five Forces Research","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-List-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eFrom Overview to Strategy Blueprint\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eThis DHT Holdings, Inc. Porter's Five Forces Analysis helps you understand the competitive pressures shaping the company’s industry, including rivalry, buyer power, supplier power, substitutes, and new entrants. This page already shows a real preview of the analysis, so you can review the content and style before buying. Purchase the full version for the complete ready-to-use report.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-wrapper\"\u003e\n\u003cdiv class=\"container_new_design pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"sub-highlight-wrapper_heading\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Icon-1.svg\" alt=\"Icon\"\u003e\n\u003ch2\u003eSuppliers Bargaining Power\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eShipyard and drydock dependence\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eDHT Holdings, Inc. depends on a tight global pool of shipyards and drydocks for 5-year special surveys and major repairs, and limited slots can push costs and turnaround times higher. In 2025, drydock waits in busy Asian and European yards often stretched for weeks, which can leave tankers off hire longer and cut revenue days. For DHT Holdings, Inc., that means lower fleet availability and higher maintenance spend when yard capacity tightens.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCrewing labor availability\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eQualified officers are scarce, and BIMCO and ICS projected an 89,510-officer shortage by 2026, which lifts crewing costs and retention pressure for DHT Holdings, Inc. Safe VLCC ops depend on experienced masters, chief officers, and engineers, so suppliers can push wages higher when labor tightens. That gives seafarers more leverage and forces DHT Holdings, Inc. to compete harder to keep ships fully crewed and deployed.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Image.png\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-box-border\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eMarine fuel and technical services\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eBunker fuel, lubricants, and technical vendors can sway DHT Holdings, Inc.'s voyage economics and upkeep costs. Fuel is often passed through in charter parties, but the IMO 2020 0.5% sulfur cap still makes price swings matter for routing and speed choices. Large suppliers and port-heavy players can still win pricing power in hubs like Singapore and Rotterdam.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003ch3\u003eFinancing and insurance providers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eShipowners like DHT Holdings depend on lenders, lessors, insurers, and P\u0026amp;I clubs to fund and protect a capital-heavy fleet, so these suppliers hold real leverage. Even a 1% higher borrowing cost on a $100 million vessel adds $1 million a year in interest, and tighter credit can quickly lift required margins and collateral.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eDebt pricing can move fast with rates.\u003c\/li\u003e\n\u003cli\u003eInsurance gets pricier after shocks.\u003c\/li\u003e\n\u003cli\u003eFunding access shapes fleet growth.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003eMaritime insurance also tightens after major incidents or geopolitical stress, which can raise hull, war-risk, and liability costs for tanker owners. For DHT Holdings, that makes financing and insurance providers a moderate-to-strong supplier force, especially when markets are volatile.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003ch3\u003eEnvironmental compliance vendors\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eEnvironmental compliance vendors have strong bargaining power because ballast water, emissions, and class rules force DHT Holdings, Inc. to buy specialized gear and services. Scrubbers often cost about $1 million-$5 million per ship, and mandatory class renewal surveys recur every 5 years, so demand stays sticky.\u003c\/p\u003e\n\u003cp\u003eWhen regulation tightens, scrubber makers, monitoring-system providers, and class inspectors can lift pricing. DHT Holdings, Inc. has little room to delay or switch, since compliance is required, not optional.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eMandatory demand\u003c\/li\u003e\n\u003cli\u003eRecurring service revenue\u003c\/li\u003e\n\u003cli\u003eLimited buyer flexibility\u003c\/li\u003e\n\u003cli\u003eStronger pricing in tight rules\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-box-border\"\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSupplier Pressure Remains Strong for DHT Holdings\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eSupplier power over DHT Holdings, Inc. is moderate to strong because shipyard slots, senior seafarers, insurers, and compliance vendors are all tight and hard to replace. BIMCO and ICS still point to an 89,510-officer shortage by 2026, which supports wage pressure and retention costs. Drydock delays in 2025 also kept repair capacity tight, lifting off-hire risk and maintenance spend. Financing and insurance suppliers can add more pressure when rates, war-risk cover, or credit terms tighten.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eSupplier\u003c\/th\u003e\n\u003cth\u003e2025\/2026 signal\u003c\/th\u003e\n\u003cth\u003eImpact\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eCrew\u003c\/td\u003e\n\u003ctd\u003e89,510-officer shortage by 2026\u003c\/td\u003e\n\u003ctd\u003eHigher wages\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDrydocks\u003c\/td\u003e\n\u003ctd\u003eWeeks-long waits in 2025\u003c\/td\u003e\n\u003ctd\u003eMore off-hire\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFinance\/insurance\u003c\/td\u003e\n\u003ctd\u003eRate and cover swings\u003c\/td\u003e\n\u003ctd\u003eHigher cost\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"product-includes\"\u003e\n\u003cdiv class=\"product-includes__container\"\u003e\n\u003ch2 id=\"product-includes-title\" class=\"product-includes__title\"\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-includes__grid\"\u003e\n\u003cdiv class=\"include-card\"\u003e\n\u003cdiv class=\"include-card__icon-wrap\"\u003e\n\u003cimg class=\"include-card__icon\" src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Detailed Word Document icon\"\u003e\n\u003c\/div\u003e\n\u003ch3 class=\"include-card__heading\"\u003e\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\u003c\/h3\u003e\n\u003cp class=\"include-card__text\"\u003eAssesses DHT Holdings, Inc.’s competitive pressures, supplier and buyer power, substitutes, and entry risks.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"include-card\"\u003e\n\u003cdiv class=\"include-card__icon-wrap\"\u003e\n\u003cimg class=\"include-card__icon\" src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Customizable Excel Spreadsheet icon\"\u003e\n\u003c\/div\u003e\n\u003ch3 class=\"include-card__heading\"\u003e\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\u003c\/h3\u003e\n\u003cp class=\"include-card__text\"\u003eA quick, clear Five Forces snapshot for DHT Holdings—making tanker-market pressure easy to assess at a glance.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"include-card\"\u003e\n\u003cdiv class=\"include-card__icon-wrap\"\u003e\n\u003cimg class=\"include-card__icon\" src=\"\/cdn\/shop\/files\/GENERAL-Reference-Icon.svg\" alt=\"References icon\"\u003e\n\u003c\/div\u003e\n\u003ch3 class=\"include-card__heading\"\u003e\u003cstrong\u003eReference Sources\u003c\/strong\u003e\u003c\/h3\u003e\n\u003cp class=\"include-card__text\"\u003eProvides a clear source trail for DHT Holdings, Inc., helping investors verify assumptions quickly and make more confident decisions.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"pr-shrt-dscr-wrapper\"\u003e\n\u003cdiv class=\"container_new_design pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"sub-highlight-wrapper_heading\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Icon-1.svg\" alt=\"Icon\"\u003e\n\u003ch2\u003eCustomers Bargaining Power\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLarge charterer concentration\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eDHT Holdings, Inc. runs a roughly 27-VLCC fleet, so a few large oil majors, trading houses, and commodity firms can matter a lot when they book cargoes. When 1-2 charterers control a meaningful share of demand, they can push freight rates, contract length, and service terms. That concentration lifts buyer power and can squeeze DHT Holdings, Inc. margin in weaker tanker markets.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSpot market sensitivity\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eVLCC freight is tied to the spot market, so rates can swing fast with seasonal cargo demand. When demand softens, charterers can wait for lower quotes or switch to another owner, which raises customer bargaining power. In weak tanker cycles, that pressure is strongest because vessel supply is large and pricing becomes more competitive.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Image.png\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-box-border\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCommodity price and trade-flow leverage\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eCrude buyers are highly informed and compare oil prices, refinery margins, and routes in real time, so they push back fast when freight looks rich. Shipping is often a pass-through cost, and with VLCC spot rates still swinging sharply in 2025, customers keep pressure on DHT Holdings, Inc. to match the lowest route cost. That limits DHT Holdings, Inc.'s pricing power in weak freight markets.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003ch3\u003eFleet availability choices\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eCharterers can pick from a deep global VLCC pool, so DHT Holdings, Inc. faces real price pressure when tonnage is easy to find. In 2025, the VLCC market stayed sensitive to vessel supply, and spot rates swung hard when ships were plentiful, which let customers push for prompt positioning, older-ship discounts, and flexible terms.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eMore VLCCs, lower customer switching cost\u003c\/li\u003e\n\u003cli\u003eSupply gluts raise charterer leverage\u003c\/li\u003e\n\u003cli\u003eOlder ships face deeper discounts\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003ch3\u003eContract duration mix\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eLonger time charters cut customer power because they lock in DHT Holdings, Inc. capacity and give steadier revenue. Shorter voyage charters do the opposite: they leave more barrels tied to spot pricing, so customers can push harder on rates. In DHT Holdings, Inc.’s mostly short-term mix, buyer leverage stays high when tanker markets soften.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eTime charters: lower customer power\u003c\/li\u003e\n\u003cli\u003eVoyage charters: higher price pressure\u003c\/li\u003e\n\u003cli\u003eShort-term mix: stronger buyer leverage\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-box-border\"\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eHigh Buyer Power Pressures DHT Holdings’ VLCC Rates\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eDHT Holdings, Inc. faces high customer power because a few oil majors and traders book much of its VLCC demand, and 2025 spot rates stayed volatile. With about 27 VLCCs and a deep global pool of alternative tonnage, charterers can switch fast and press for lower rates, especially in weak markets.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eFactor\u003c\/th\u003e\n\u003cth\u003eImpact\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eFleet size\u003c\/td\u003e\n\u003ctd\u003e~27 VLCCs\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eBuyer concentration\u003c\/td\u003e\n\u003ctd\u003eHigh\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSwitching cost\u003c\/td\u003e\n\u003ctd\u003eLow\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e2025 spot market\u003c\/td\u003e\n\u003ctd\u003eVolatile\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003ePreview the Actual Deliverable\u003c\/span\u003e\u003cbr\u003eDHT Holdings, Inc. Porter's Five Forces Analysis\u003c\/h2\u003e\n\u003cp\u003eThis preview shows the exact DHT Holdings, Inc. Porter's Five Forces Analysis you'll receive after purchase—no samples, no substitutions, just the full document ready to use.\u003c\/p\u003e\n\u003cp\u003eThe file you’re viewing is the same professionally written analysis that will be delivered instantly upon payment, fully formatted and complete.\u003c\/p\u003e\n\u003cp\u003eNo surprises, no placeholders—what you see here is the final version, available for immediate download and use.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview-Image.png\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-wrapper\"\u003e\n\u003cdiv class=\"container_new_design pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"sub-highlight-wrapper_heading\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Rivalry-Icon-1.svg\" alt=\"Icon\"\u003e\n\u003ch2\u003eRivalry Among Competitors\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLarge global tanker pool\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eDHT Holdings, Inc. faces intense rivalry in a very crowded VLCC market: many public and private owners chase the same global cargoes, and DHT’s fleet of 24 VLCCs must compete on day rates, reliability, and ship positioning. With more than 800 VLCCs trading worldwide, even small rate changes can shift earnings fast, so pricing power stays thin.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eFreight rate volatility\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eFreight rate volatility is a real threat for DHT Holdings, Inc. because tanker earnings swing with crude demand, OPEC+ output moves, and war-risk disruptions. In 2024, OPEC+ extended cuts of about 5.86 million bpd, which can tighten cargo supply and push rivals to chase fewer charters. When utilization gets tight, VLCC spot rates can spike, but so can rate wars, making DHT's revenue less predictable.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Rivalry-Image.png\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-box-border\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSimilar asset classes\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eVLCCs are a standardized asset class, so DHT Holdings, Inc. competes on measurable traits like vessel age, fuel burn, and safety record. A modern VLCC carries about 2 million barrels, and small gains in fuel use or uptime can shift voyage economics by tens of thousands of dollars per trip. That makes fleet quality and operating performance the main edge, not product design.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003ch3\u003eCapacity additions and ordering cycles\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eWhen tanker owners order ships in strong years, future supply rises and rivalry usually gets worse later. DHT Holdings, Inc. operates 24 VLCCs, so its earnings can swing fast when the market shifts from tight supply to oversupply. The crude tanker orderbook stayed near low double digits of the fleet in 2025, so DHT has to time fleet adds and sales carefully.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eStrong rates can trigger overordering.\u003c\/li\u003e\n\u003cli\u003eNewbuilds later pressure freight rates.\u003c\/li\u003e\n\u003cli\u003eDHT needs disciplined fleet timing.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003ch3\u003eConsolidation and discipline pressure\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eIndustry consolidation has helped cut some rivalry, but it has not removed the fight for spot voyages. In 2025, the crude tanker orderbook stayed below 10% of the fleet, so most owners still needed to keep ships moving and earning cash in a market that stays very price-sensitive.\u003c\/p\u003e\n\u003cp\u003eDHT Holdings, Inc. benefits when peers hold back on newbuilds and buybacks instead of chasing volume, because that supports day rates and asset values. Still, the market remains fragmented, and even a few idle vessels can pressure spot earnings fast, so competition for employment stays intense.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eConsolidation helps, but spot competition stays fierce.\u003c\/li\u003e\n\u003cli\u003eLow orderbook supports DHT Holdings, Inc. pricing.\u003c\/li\u003e\n\u003cli\u003eOwners still chase utilization to protect cash flow.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-box-border\"\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eHigh VLCC Competition Pressures DHT’s Pricing Power\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eCompetitive rivalry is high for DHT Holdings, Inc. because VLCC shipping is a commodity market with many owners chasing the same cargoes and little pricing power. DHT’s 24 VLCCs compete mainly on day rates, fuel burn, and ship uptime.\u003c\/p\u003e\n\u003cp\u003eWith more than 800 VLCCs trading worldwide and a crude tanker orderbook below 10% of the fleet in 2025, rates still swing fast when supply or demand shifts. OPEC+ cuts of about 5.86 million bpd in 2024 also kept freight competition volatile.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eData\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eDHT fleet\u003c\/td\u003e\n\u003ctd\u003e24 VLCCs\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGlobal VLCC fleet\u003c\/td\u003e\n\u003ctd\u003e800+ ships\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e2025 orderbook\u003c\/td\u003e\n\u003ctd\u003eBelow 10%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-wrapper\"\u003e\n\u003cdiv class=\"container_new_design pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"sub-highlight-wrapper_heading\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Icon-1.svg\" alt=\"Icon\"\u003e\n\u003ch2\u003eSubstitutes Threaten\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePipeline transport\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003ePipelines can replace some seaborne crude moves on fixed land-linked routes, and the Trans Mountain Expansion lifted capacity to 890,000 bpd in 2024, showing that some coastal flows can shift away from tankers. They are usually cheaper and less exposed to weather on steady corridors. But they cannot replace ocean transport on intercontinental crude lanes, so DHT Holdings, Inc. still serves core long-haul trade.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRegional refinery sourcing shifts\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eRefineries can cut VLCC demand by buying from nearer suppliers or tweaking feedstock blends, so the same oil burn can still mean fewer sea miles. A VLCC moves about 2 million barrels, so shorter routes directly reduce tonne-miles and weaken pricing power for DHT Holdings, Inc. That makes route length a real substitute risk, even when global crude demand stays flat.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Substitutes-Image.png\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-box-border\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSmaller tanker classes\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eSmaller tanker classes are a real substitute threat for DHT Holdings, Inc. A VLCC carries about 2 million barrels, versus roughly 1 million for a Suezmax and 700,000 for an Aframax, so when port limits or cargo splits change, charterers can move cargo to smaller ships. That hurts DHT when voyage economics, port access, or shorter routes make non-VLCCs cheaper.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003ch3\u003eAlternative energy transition\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eElectrification is a real substitute threat for DHT Holdings, Inc., because slower oil demand growth can cut future crude seaborne trade. The International Energy Agency said global electric car sales topped 17 million in 2024, and that shift can gradually reduce oil use over time. Even if the change is slow, DHT still faces long-term demand risk as transport and power shift away from fossil fuels.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eEV adoption reduces oil demand\u003c\/li\u003e\n\u003cli\u003eLower oil use cuts tanker volumes\u003c\/li\u003e\n\u003cli\u003eStructural risk remains over time\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003ch3\u003eInventory and trading optimization\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eOil companies and traders can cut tanker demand by changing storage, blending, or voyage timing, so DHT Holdings, Inc. can lose some incremental lift even when core seaborne trade stays intact. This substitute is indirect, not total: tankers still move crude, but fewer spot or repositioning voyages can hit utilization and freight rates. In 2025, this mattered most when traders held back cargoes or used floating storage to smooth weak spreads.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eStorage shifts can delay shipments.\u003c\/li\u003e\n\u003cli\u003eBlending can reduce extra voyages.\u003c\/li\u003e\n\u003cli\u003eTiming changes can trim spot demand.\u003c\/li\u003e\n\u003cli\u003eCore tanker use still remains.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-box-border\"\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSubstitutes Pressure DHT: Pipelines and EVs Could Trim Tanker Demand\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eThreat of substitutes for DHT Holdings, Inc. is moderate. Pipelines and nearer crude supply can cut VLCC tonne-miles, while the Trans Mountain Expansion reached 890,000 bpd in 2024. Electric car sales topped 17 million in 2024, which can slow long-run oil demand and tanker volumes.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eSubstitute\u003c\/th\u003e\n\u003cth\u003eKey data\u003c\/th\u003e\n\u003cth\u003eEffect on DHT Holdings, Inc.\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003ePipelines\u003c\/td\u003e\n\u003ctd\u003e890,000 bpd Trans Mountain capacity\u003c\/td\u003e\n\u003ctd\u003eLess long-haul tanker demand\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eEVs\u003c\/td\u003e\n\u003ctd\u003e17 million sales in 2024\u003c\/td\u003e\n\u003ctd\u003eLower future crude trade\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-wrapper\"\u003e\n\u003cdiv class=\"container_new_design pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"sub-highlight-wrapper_heading\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Entrants-Icon-1.svg\" alt=\"Icon\"\u003e\n\u003ch2\u003eEntrants Threaten\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eHigh capital requirements\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eVLCC entry costs are huge: a modern newbuild can run about $120 million to $130 million, and operators still need cash for crew, insurance, fuel, and drydocking before revenue starts. With spot VLCC earnings still highly cyclical and financing costs elevated, a new entrant must tie up hundreds of millions upfront, which makes the capital barrier one of DHT Holdings, Inc.'s strongest shields.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRegulatory and safety hurdles\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eMarine safety, environmental, and class rules are strict, and IMO 2020 cut sulfur in fuel from 3.5% to 0.5%. Class societies also require renewed surveys about every 5 years, so new owners need strong controls and crews from day one. That lifts start-up costs and makes entry hard for DHT Holdings, Inc. rivals.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Entrants-Image.png\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-box-border\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCustomer trust and track record\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eMajor charterers favor companies with clean safety records and on-time delivery, and DHT Holdings, Inc.'s 24-VLCC fleet gives it an incumbency edge in this trust-driven market. A new entrant starts with no track record, so it is harder to win premium contracts or repeat business from oil majors and top traders. That trust gap raises the bar for entry more than capital alone.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003ch3\u003eAccess to financing and insurance\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eBank lenders and P\u0026amp;I insurers stay selective in tanker markets, so a new entrant often needs a strong track record before it gets cheap credit or broad cover. Without that, borrowing costs rise and insurance limits can tighten, which slows fleet growth. That makes it hard to build a competitive fleet fast.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eSelective lenders raise funding costs\u003c\/li\u003e\n\u003cli\u003eWeak insurance access limits scale\u003c\/li\u003e\n\u003cli\u003eTrack record matters most\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003ch3\u003eMarket entry still possible in upcycles\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eNew entrants can still show up in tanker upcycles: DHT Holdings, Inc. reported a fleet of 24 VLCCs in 2025, while spot rates can jump fast enough to draw private capital and opportunistic buyers. Secondhand vessel buys also cut the wait versus newbuilds, so entry can happen faster. Still, the threat stays moderate to low because scale, safety rules, and emissions compliance are hard to copy.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eUpcycles pull in private capital.\u003c\/li\u003e\n\u003cli\u003eSecondhand ships speed market entry.\u003c\/li\u003e\n\u003cli\u003eScale and compliance block rivals.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-box-border\"\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Checkmark-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eHigh Barriers Keep New VLCC Entrants at Bay\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eDHT Holdings, Inc. faces a moderate-to-low threat of new entrants. A VLCC newbuild still costs about $120 million to $130 million, and DHT Holdings, Inc. ran 24 VLCCs in 2025, so scale, capital, and safety compliance remain strong barriers.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eBarrier\u003c\/th\u003e\n\u003cth\u003e2025\/2026 data\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eNewbuild cost\u003c\/td\u003e\n\u003ctd\u003e$120M-$130M\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDHT Holdings, Inc. fleet\u003c\/td\u003e\n\u003ctd\u003e24 VLCCs\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eEmissions rule\u003c\/td\u003e\n\u003ctd\u003eIMO 2020: 0.5% sulfur cap\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e","brand":"DCF Analyst","offers":[{"title":"Default Title","offer_id":57234376917257,"sku":"dht-five-forces","price":5.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0942\/8045\/0313\/files\/dht-five-forces.webp?v=1785716780","url":"https:\/\/dcfanalyst.com\/products\/dht-five-forces","provider":"DCF Analyst","version":"1.0","type":"link"}