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**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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

DHT

DHT fundamentals

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