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DHT (DHT) investor relations material
DHT Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved Q4 2025 TCE revenues of $118M, adjusted EBITDA of $95.3M, and net income of $66.1M ($0.41/share), supported by a tightening VLCC market and fleet optimization.
Full-year 2025 TCE revenues were $369.1M, adjusted EBITDA $278.4M, and net income $211M ($1.31/share).
Adjusted net income for 2025, excluding vessel sale gains, was $158M ($0.99/share).
Declared Q4 2025 dividend of $0.41/share, maintaining 100% payout of ordinary net income.
Delivered newbuildings and executed strategic vessel sales, enhancing fleet quality and liquidity.
Financial highlights
Q4 vessel operating expenses were $17.1M; G&A was $5.6M, including $0.6M in non-recurring costs.
Spot market vessels earned $69,500/day; time charters $49,400/day; average fleet TCE $60,300/day.
End-Q4 liquidity was $189M ($79M cash, $110.5M RCF availability).
Net debt per vessel at year-end was $15.9M, well below estimated residual values.
Adjusted net revenues for Q4 2025 were $117.8M; full-year 2025 adjusted net revenues were $369.1M.
Outlook and guidance
Q1 2026 bookings: 797 time charter days at $43,300/day; 76% of 1,195 spot days booked at $78,900/day.
Spot P&L break-even for Q1 2026 is $18,300/day.
Four newbuild VLCCs scheduled for delivery in H1 2026, increasing exposure to favorable rates.
Market outlook remains constructive, with increased spot exposure and anticipated premium for reliability amid fleet consolidation.
Spot cash break-even for 2026 estimated at $17,500/day, reflecting fleet renewal and special surveys.
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