What guidance did DHT Holdings's management provide for the next earnings period?

What is DHT Holdings's gross profit margin?

What does DHT Holdings do and what are its main business segments?

What were the key takeaways from DHT Holdings’s earnings call?

Did DHT Holdings beat or miss consensus estimates last quarter?

What factors drove the changes in DHT Holdings's revenue and profit?

What were the key takeaways from DHT Holdings's earnings call?

What is the revenue and EPS growth rate for DHT Holdings year over year?

- **Record financial performance**: 2025 net income $211M, 2026 Q1 bookings at $78.9K/day spot rate. 
- **Strategic fleet renewal**: $162.6M gain from vessel sales, 4 newbuildings delivered by H1 2026. 
- **Market leadership**: 25% compliant VLCC fleet control, 75% spot exposure in 2026. 
- **Sustainable growth**: 17.6% LTV, $189M liquidity, 64th dividend payout. 
- **Demand drivers**: 2.5% seaborne crude growth, 46% VLCC fleet >15 years old.

**【CFO Financial Highlights】**
- Q4 2025 TCE revenue: $118M, adjusted EBITDA: $95M, net income: $66M ($0.41/share). Full-year 2025 net income: $211M ($1.31/share). 
- Vessel operating expenses: $17.1M (Q4), G&A: $5.6M (incl. $0.6M non-recurring costs). 
- Fleet average TCE: $60,300/day (Q4), spot market rate: $69,500/day. 
- Liquidity: $189M (cash: $79M, RCF: $110.5M). Net debt: $16M/vessel (17.6% LTV). 

**【CEO Quarterly Highlights】**
- Acquired DHT Nokota (2018-built VLCC) for $101.6M, sold 3 older vessels for $162.6M (net gain: $60M). 
- Delivered 1st newbuilding (DHT Antelope) in Jan 2026, remaining 3 to deliver by June. 
- Extended DHT Harrier charter to 5 years at $47.5K/day (up from $45K). 
- 2026 spot market exposure: 75% of capacity, time-charter coverage: 25%. 

**【CFO Dividend & Cash Flow】
- Q4 dividend: $0.41/share (64th consecutive payout). 
- 2026 cash breakeven: $17,500/day (vs. $24,200/day P&L breakeven). 
- Q1 2026 bookings: 1,992 days (79% spot, 21% time-charter). 

**【CEO Market Outlook】**
- VLCC fleet aging: 46% >15 years, 20% >20 years. 25% of compliant fleet controlled by aggregators. 
- 2026 demand growth: 2.5% (seaborne crude oil), 1% total liquids. 
- Newbuilding order book: 171 ships (2026-2028), no oversupply risk. 
- Aggregators driving premium for reliable, modern ships. 

**【Q&A Highlights】**
- Time-charter rates rising: $85K/day 1-year charters rumored. 
- Vessel values supported by strong demand, limited modern supply. 
- Venezuela crude reintegration could add 0.5-1M bpd to market. 
- Balance sheet target: 15-20% LTV, no new equity issuance planned. 
- Newbuilding prices stable at $130M, no China shipyard bias.

DHT Holdings, Inc. (DHT) Q4 2025 Earnings Call Transcript

**Key Financials**: Q3 2025 revenue $79.1M, EBITDA $57.7M, Net $44.8M. **Market Strength**: VLCC demand driven by crude oil growth, aging fleet, and Chinese stockpiling. **Strategic Moves**: $308M newbuilding financing, 12.4% leverage, 63rd consecutive dividend. **Risk/Reward**: High spot rates ($64.9K/day) vs. time charters ($42.8K/day), limited opportunities for >20-year-old ships.

**【CFO Financial Summary】**
- Q3 2025 revenue: $79.1 million (TCE basis), Adjusted EBITDA: $57.7 million, Net Income: $44.8 million.
- Liquidity: $298 million (cash: $81.2M, revolving credit: $216.5M), Financial leverage: 12.4%.
- Cash flow: Generated $57.7M EBITDA, allocated $38.6M to shareholders via dividend, invested $26.2M in newbuildings.
- Newbuilding financing: $308.4M credit facility for 4 vessels, 12-year tenure, 20-year repayment profile.

**【CEO Market Commentary】**
- VLCC market strength driven by: growing crude oil demand, aging fleet, geopolitical tensions, and Chinese stockpiling.
- Fleet dynamics: 8 vessels (built 2007-2018) on time charters, commercial life expectancy up to 20 years.
- Strategic focus: customer relations, cost efficiency, and disciplined capital allocation.

**【Q&A Highlights】**
- **Port Fees Suspension**: 1-year delay on U.S.-China port fees may stabilize market, but impact on rates TBD.
- **Spot vs. Time Charter Rates**: High spot rates ($64.9K/day) vs. time charter ($42.8K/day), potential for repricing as market normalizes.
- **Ship Age Dynamics**: Owners accepting ships up to 18 years; DHT's 2007-built vessels remain viable, but >20 years limited opportunities.

DHT Holdings, Inc. (DHT) Q3 2025 Earnings Call Transcript

- **Q2 Financial Performance**: Revenue $92.8M, EBITDA $69M, Net income $56M. Adjusted net profit $38.6M after vessel sale gain.
- **Strategic Vessel Moves**: Acquired modern VLCC for $107M, sold older ships for $103M total, fixed 18-year-old vessel at $41,500/day.
- **Market Catalysts**: India shifting feedstock, OPEC production, Venezuelan crude exports, sanctions enforcement could boost VLCC demand.
- **Newbuilding Financing**: $308M facility at SOFR+132bps, 12-year tenure. First newbuilding (Q1 2026) attracting customer interest.
- **Dividend Policy**: $0.24/share payout (62nd consecutive), targeting 100% net income distribution.

**【CFO Financial Highlights】**
- Q2 2025 revenue: $92.8 million (TCE basis), Adjusted EBITDA: $69 million, Net income: $56 million ($0.35/share). After adjusting for $17.5M vessel sale gain, net profit was $38.6 million ($0.24/share).
- Vessel operating expenses: $19.6 million; G&A: $4.6 million.
- Average TCE rates: Spot market $48,700/day, Time charter $42,800/day, Combined $46,300/day.
- Balance sheet strength: Total liquidity $299 million (cash $82.6M, credit facilities $216.5M), Financial leverage 14.1%, Net debt $10M/vessel.

**【CEO Strategic Updates】**
- **Vessel Acquisitions/Sales**: 
  - Acquired 2018-built Hyundai VLCC for $107M (to replace divested earnings).
  - Sold DHT Lotus ($51M proceeds, $17.5M gain) and DHT Peony (expected $50.1M proceeds, $15.5M gain).
  - Fixed DHT Bauhinia (2007-built) on 1-year time charter at $41,500/day.
- **Newbuilding Program**: $308.4M credit facility for 4 newbuildings, priced at SOFR+132bps, 12-year tenure.
- **Market Outlook**: 
  - Q3 2025: 805 time charter days booked at $40,500/day, 1,150 spot days (73% booked at $38,500/day).
  - Potential catalysts: India shifting feedstock sourcing, OPEC production increases, Venezuelan crude exports, sanctions enforcement.
- **Dividend Policy**: Q2 dividend $0.24/share (62nd consecutive payout), targeting 100% ordinary net income distribution.

**【Q&A Key Highlights】**
- **India Tariffs Impact**: Q2 2025 saw 20% reduction in Russian oil imports by India, favoring larger ships. Potential shift to Middle East feedstock could benefit VLCCs.
- **Older Vessel Fixtures**: 18-year-old DHT Bauhinia fixed at $41,500/day, demonstrating ability to secure attractive rates for older vessels in stable contracts.
- **OPEC Production**: Additional barrels may enter seaborne trade post-Middle East power demand peak, supporting VLCC demand.
- **Fleet Renewal**: Case-by-case approach to replacing older ships, balancing fleet size with shareholder value.
- **Newbuilding Charter Interest**: High-level interest from core customers for first newbuilding (delivery Q1 2026), but no commitments yet.
- **Financing Strength**: Competitive rates (SOFR+132bps for newbuildings), strong bank support, and low leverage.

DHT Holdings, Inc. (DHT) Q2 2025 Earnings Call Transcript

- **Q1 Financial Strong**: Revenue $79.3M, net profit $44.1M, liquidity $277M. Vessel sales generated $19.8M gain.
- **Strategic Contracts**: 7-year time charter for DHT Appaloosa with profit-sharing, newbuilds to add 800+ earning days.
- **Market Bullish**: VLCC fleet aging (441 ships >15 years by 2026), OPEC production growth supports demand.
- **Dividend Consistency**: 61st consecutive payout of $0.15/share, buybacks totaling $32M since 2022.
- **Key Risk**: Narrow scrubber spread ($50-100) may limit non-VLCC competition but unlikely to impact core business.


**【CFO Financial Highlights】**
- Q1 2025 revenue: $79.3 million (TCE basis), adjusted EBITDA: $56.4 million, net income: $44.1 million ($0.27/share). After vessel sale gain, adjusted net profit: $24.3 million ($0.15/share).
- Vessel operating expenses: $17.8 million; G&A: $5.5 million.
- Average TCE: $38,200/day (spot: $36,300/day, time charter: $42,700/day).
- Liquidity: $277 million (cash: $80.5M, credit facilities: $196.2M). Financial leverage: 16.9%, net debt per vessel: $12.3 million.

**【CEO Operational Updates】**
- Vessel sales: DHT Scandinavia sold for $43.4M (gain: $19.8M). DHT Lotus/Peony sold for $103M (expected gains: $17.5M/Q2, $15.5M/Q3).
- New contracts: DHT China (1-year, $40,000/day) and DHT Tiger (1-year, $52,500/day). DHT Appaloosa secured 7-year time charter with profit-sharing ($41,000/day base + upside split).
- Fleet expansion: 4 newbuilds expected in H1 2026, adding ~800 days of earnings.
- VLCC market dynamics: 441 ships >15 years old by 2026, 199 >20 years. Order book: 11% of capacity, 58 ships scheduled 2025-2028.
- OPEC strategy: Increased production may offset Atlantic basin decline, supporting VLCC demand.

**【Q&A Key Takeaways】**
- **Vessel sales strategy**: Focused on optimizing fleet quality and capturing market timing; proceeds prioritized for newbuilds, buybacks, and debt repayment.
- **Appaloosa contract**: Reflects customer demand for long-term visibility and upside participation; similar deals possible but rare.
- **OPEC impact**: Near-term contango may limit storage demand, but OPEC production growth could sustain market strength despite seasonal softness.
- **Scrubber spread**: Narrow spreads (~$50-100) driven by refining trends and demand shifts, unlikely to significantly impact VLCC operations.

**【Capital Allocation】**
- Q1 dividend: $0.15/share (61st consecutive payout). Cumulative dividends since 2022: $2.51/share.
- Share buybacks: $32M (2.3% of shares) since 2022, executed during price dislocations.
- Newbuild program: $25.8M allocated in Q1, with flexibility to reborrow under credit facilities.

**【Market Outlook】**
- Q2 2025 bookings: 780 time charter days at $42,200/day, 72% of 1,245 spot days booked at $48,700/day.
- Spot P&L breakeven: $17,500/day for Q2, with potential upside from profit-sharing contracts.
- VLCC fleet aging and limited newbuilds: Expected supply tightening to support rates through 2026+.


DHT (DHT)-7 May 25-2025 Q1 Earnings call transcript

- **Strong Financial Position**: $258M liquidity, 18% leverage, and $54.7M net income in Q4 2024.
- **Share Buybacks & Dividends**: Repurchased 1.5M shares ($8.89 avg) and declared $0.17/share dividend (60th consecutive quarter).
- **Vessel Sales & Newbuilds**: Sold DHT Scandinavia for $43.4M gain and advanced $12.8M on newbuilding program.
- **Market Tightness**: 444 VLCCs >15 years old by 2026, 97 vessels under sanctions, and 200+ in shadow fleet.
- **Q1 2025 Outlook**: Spot rates at $55,000-$60,000/day, 604 time-charter days booked, and 1,475 spot days locked in.

**【Management Overview】**
- **Financial Health**: Ended Q4 2024 with $258 million in total liquidity, 18% financial leverage, and net debt of $13.8 million per vessel.
- **Revenue Performance**: Q4 TCE revenue $85.5 million, EBITDA $60.6 million, and net income $54.7 million ($0.34/share). Adjusted net income $26.8 million ($0.17/share) after non-cash impairment reversal.
- **Yearly Growth**: 2024 full-year net income $181.5 million ($1.12/share), with spot vessels achieving $47,200/day average TCE.

**【CEO Business Update】**
- **Share Repurchase**: Acquired 1.5 million shares ($8.89 avg price) in Q4, 1% of outstanding shares, accretive to EPS and NAV.
- **Vessel Sales**: Sold DHT Scandinavia (2006-built) for $43.4 million, generating $19.8 million book gain.
- **Newbuilding Progress**: Paid $12.8 million in Q4 toward $90.1 million 2024 total, with DHT China (2007-built) secured on 1-year $40,000/day charter.
- **Dividend Policy**: Declared $0.17/share dividend (60th consecutive quarter), with 100% payout of ordinary net income.

**【Market Outlook】**
- **Spot Market Strength**: Q1 2025 spot rates for modern VLCCs at $55,000-$60,000/day, with P&L breakeven at $21,700/day.
- **Supply Dynamics**: 444 VLCCs >15 years old by end-2026, 97 vessels under sanctions, and 200+ in shadow fleet.
- **Demand Drivers**: China stimulus, state refinery dominance reducing shadow fleet utilization, and U.S. sanctions supporting freight rates.
- **Order Book**: 9.3% of fleet on order, with 5 newbuilds in 2025, 24 in 2026, and 44 in 2027.

**【Q1 2025 Bookings】**
- **Time Charter Coverage**: 604 days at $41,700/day, 1,475 spot days booked (74% of total), with 74% of modern vessels at $37,100/day.
- **Rate Improvement**: Current spot rates up from January 5 update, driven by tightening supply and geopolitical factors.

Actual										0.58	0.9251	0.335	0.08	0.05	-0.09	-0.14	-0.07	-0.1481	0.06	-0.01	0.3797	0.2365	0.35	0.19	0.22	0.29	0.27	0.22	0.34	0.27	0.35	0.28	0.41
Forecast										0.507	0.8315	0.251	0.1353	0.0297	-0.0862	-0.1238	-0.0945	-0.1248	-0.0567	0.0052	0.3436	0.2478	0.3439	0.2007	0.2142	0.2988	0.2778	0.192	0.1774	0.165	0.2576	0.1836	0.4054
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+14.40%	+11.26%	+33.47%	-40.87%	+68.35%	-4.41%	-13.09%	+25.93%	-18.67%	+205.82%	-292.31%	+10.51%	-4.56%	+1.77%	-5.33%	+2.71%	-2.95%	-2.81%	+14.58%	+91.66%	+63.64%	+35.87%	+52.51%	+1.13%

DHT

DHT fundamentals

DHT Q4 2025 Earnings

Earnings Call

You can ask Aime

DHT

DHT fundamentals

DHT Q4 2025 Earnings

Earnings Call

DHT Earnings Call Summary for Q4/20258:00 AM on Feb 5, 2026

DHT Earnings Call Summary for Q3/20258:00 AM on Oct 30, 2025

DHT Earnings Call Summary for Q2/20258:00 AM on Aug 7, 2025

DHT Earnings Call Summary for Q1/20258:00 AM on May 7, 2025

DHT Earnings Call Summary for Q4/20248:00 AM on Feb 6, 2025

You can ask Aime