DHT Holdings, Inc. Q1 2026 Earnings Recap

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.