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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.
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Q4 2025 earnings summary5 Feb, 2026

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.

VLCC fleet consolidation impact on pricing
Fleet modernization and capacity expansion
Newbuild funding and dividend policy balance
Explain consolidation's impact on time-charter rates
Clarify seaborne crude demand growth vs total liquids
Future investment strategy given balance sheet strength
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Frequently asked questions

DHT Holdings Inc. is a shipping company focused on the ownership and operation of crude oil tankers. The company primarily owns and manages a fleet of very large crude carriers (VLCCs), which transport oil globally for major energy companies and trading firms. DHT operates its vessels on a mix of spot market charters and long-term contracts, optimizing fleet utilization and revenue generation. DHT Holdings Inc. is headquartered in Hamilton, Bermuda, and its shares are listed on the NYSE.

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