DHT Holdings, Inc. Earnings Recaps
Q1 2026
May 7, 2026
DHT Holdings shares edged down 0.5% following Q1 earnings, reflecting a largely in-line operational performance with no clear catalyst to drive significant upside or downside. The results showed steady revenue and strong liquidity, but the market appeared cautious amid spot rate volatility and future booking assumptions.
Key takeaways
- Revenues on TCE basis totaled $157 million with adjusted EBITDA of $133 million; ordinary net income was $103.4 million or $0.64 per share after adjusting for non-recurring gains.
- Fleet-wide average TCE daily rate was $78,800, with spot vessels earning $91,700/day and time charters at $61,300/day.
- Fleet renewal continues with three newbuilds delivered and planned sale of three older vessels underway, including $51.5 million proceeds from one sale in Q1.
- Strong liquidity maintained at $350 million, including $126 million cash and $230 million available under revolving credit facilities.
- Q2 bookings include almost full coverage of time charter days at an average rate of $73,900/day plus spot days with an average of $168,300/day, though spot P&L breakeven is anticipated below zero.
Q3 2025
Oct 31, 2025
DHT Holdings reported solid financial results for Q3 2025, with net income of $44.8 million and a consistent cash dividend policy, reflecting a robust operational performance in a strengthening VLCC market.
Key takeaways
- Revenues on a TCE basis rose to $79.1 million, with adjusted EBITDA at $57.7 million.
- The company declared a quarterly dividend of $0.18 per share, marking the 63rd consecutive payout.
- Total liquidity stands at $298 million, with low leverage at 12.4%, signaling a strong financial position for future growth.
- The average TCE achieved for the quarter reached $40,500 per day, indicating a favorable spot and time charter performance.
- Expectations for Q4 include strong bookings, with 68% of estimated spot days already covered at an average rate of $64,900 per day.