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

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

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

What is DHT Holdings's gross profit margin?

What is the market's earnings forecast for DHT Holdings next quarter?

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

What is DHT Holdings's latest dividend and current dividend yield?

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

**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

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