Dht Holdings, Inc. (DHT)

DHT Holdings, which owns crude oil supertankers known as VLCCs, said on 12 October 2026 that its fleet earned an estimated $141,300 per day in the third quarter 1.

Ships hired voyage by voyage in the spot market earned $167,100 per day, while ships on time charter, a hire for a set period, earned $114,200 per day 1.

For the fourth quarter, the company said about 50 percent of the available spot days were booked at an average of $509,100 per day 1.

Counting spot and time-charter days together, about 78 percent of the available days were estimated at an average of $225,200 per day 1.

The July estimate for the second quarter had been $126,700 per day 4.

In its August results release the company called the second quarter of 2026 the strongest in its history, with net profit of $198.3 million 2.

The company pointed to hostilities in the Middle East that force longer trade routes, which raise ton-mile demand, the distance cargo travels multiplied by the volume moved 2.

It declared a second-quarter dividend of $1.22 per share, its 66th in a row, under a policy of paying out 100 percent of ordinary net income 2.

The next report is the third-quarter results, which the company said it would release after market close on 9 November 2026, with a conference call on 10 November 12.

The company began as Double Hull Tankers, incorporated in April 2005 as a subsidiary of Overseas Shipholding Group, and completed its initial public offering in October 2005 5.

Overseas Shipholding sold all its stock in the first half of 2007, and the name changed to DHT Maritime in June 2008 5. DHT Holdings was incorporated on 12 February 2010 and became its parent in March 2010 5.

A turning point came in 2017, when an agreement dated 23 March 2017 brought in the fleet of BW Group, a shipping group that took DHT shares as part of the deal 5.

Those ships arrived between April and June 2017, including DHT Opal on 24 April and DHT Lotus on 20 June, and two more newbuildings followed in 2018 8.

Revenue then rode the tanker rate cycle 8. Shipping revenues rose 42.3 percent to $535.1 million in 2019 from $375.9 million in 2018, with $168.3 million coming from higher tanker rates 8.

They rose another 29.1 percent to $691.0 million in 2020, of which $151.4 million came from higher rates 8.

Net profit of $266.3 million in 2020 stood as the company's record full year until the first half of 2026 passed it 2.

The next year reversed it 7. Shipping revenues fell 57.2 percent to $295.9 million in 2021, with $366.8 million lost to lower rates and $28.3 million to fewer revenue days 7.

The days were lost to scheduled off-hire for special surveys and for installing ballast water treatment systems and exhaust gas cleaning systems 7.

Recovery came in 2022, when shipping revenues rose 52.2 percent to $450.4 million on $168.6 million of higher rates, and in 2023, when they rose 23.5 percent to $556.1 million 9.

In May 2022 the company raised its stake in the ship manager Goodwood to 53 percent, which led to Goodwood being consolidated into its accounts 9.

In 2024 shipping revenues edged up 2.1 percent to $567.8 million, as $25.3 million from more revenue days outweighed $13.5 million lost to lower rates 10.

In February 2024 the company ordered four newbuilding VLCCs, two from Hyundai Samho Heavy Industries at $129.1 million each and two from Hanwha Ocean at $130.8 million each 10.

In 2025 shipping revenues fell 12.4 percent to $497.2 million, with $40.1 million tied to a smaller fleet and $30.4 million to lower revenue per day 5.

The company sold DHT Scandinavia, DHT Lotus and DHT Peony in 2025 for gains totaling $52.9 million, and bought the rest of Goodwood in April 2025 for $6.1 million 5.

In November 2025 it took delivery of DHT Nokota, a VLCC built in 2018, bought for $107 million 5.

The fleet

DHT runs a fleet of VLCCs, very large crude carriers of 270,000 to 320,000 deadweight tons 5.

At 30 June 2026 it had 23 VLCCs in operation with a combined 7,164,430 dwt 2.

In the annual report's words, 11 of the 23 were on time charters and 12 traded in the spot market, at an average age of 10.1 years 5.

Four newbuildings from Hanwha Ocean and Hyundai Samho joined during 2026, the last being DHT Impala on 24 July 2026, which entered the spot market 3.

DHT Bauhinia, built in 2007, went to new owners on 20 July 2026 3.

The sale generated net cash proceeds of $51.0 million, and the company expected a gain of $34.2 million 2.

How the ships earn their keep

A time charter hires a ship for a set period at a fixed daily rate, giving steadier cash flow, while spot voyages are less predictable but can earn more when rates rise 5.

In the second quarter the company's VLCCs earned $162,600 per day in the spot market and $90,800 per day on time charter, and spot exposure was 48.4 percent of operating days 2.

Shipping revenues for the quarter were $284.8 million against $127.9 million a year earlier, and the company said $156.3 million of the rise came from higher revenue per day 2.

Longer contracts are growing 4. In July 2026 DHT Jaguar, built in 2015, was fixed for three years at $75,000 per day starting in September, with a global energy company 413.

On 14 September 2026 it announced a three-year charter at $100,000 per day for DHT Panther, built in 2016, to start in October 11.

Earlier long contracts include a seven-year charter for DHT Appaloosa at a base rate of $41,000 per day plus shared index-based earnings 5. DHT Harrier got a five-year extension at $47,500 per day 5.

Customers and rivals

The Panther and Jaguar charters were both concluded with an unnamed global energy company 11.

The annual report says tanker chartering is highly competitive, that DHT competes with other tanker owners and with fleets controlled by its customers, and that it competes mainly on price 5.

In its August release the company said a private aggregator had consolidated a significant number of ships earlier in the year, tightening spot supply 2.

Shipyards, managers and people

The newbuildings come from Hyundai Samho Heavy Industries and Hanwha Ocean in South Korea, and in June 2026 DHT agreed with Hanwha Ocean to build another VLCC for delivery in August 2028 2.

Ship operations run through management companies in Monaco, Norway, Singapore and India, and Goodwood in Singapore handles technical management, meaning crewing, maintenance and repairs 5.

At 31 December 2025 DHT had 737 employees, 659 seafarers and 78 shore-side staff, down from 924 a year earlier and 1,212 at the end of 2023 5.

Svein Moxnes Harfjeld, president and chief executive, joined DHT on 1 September 2010 after senior roles at BW Group, and Laila Cecilie Halvorsen is chief financial officer 5.

Money, debt and problems

At quarter end interest-bearing debt was $434.8 million, cash was $161.7 million and net debt was $273.1 million 2.

In June 2026 it agreed a $250 million reducing revolving credit facility with its seven relationship banks, running seven years to June 2033 2.

The company reported compliance with its financial covenants at 30 June 2026 2.

The annual report lists the risks of the trade, among them mechanical failure, collisions, hostilities and the possibility of oil spills, which insurance may not cover in full 5.

The umbrella, in words

DHT has no consumer brands 5. It owns each vessel through a wholly owned subsidiary, and since 2025 those are all incorporated in the Marshall Islands 5.

Its list of significant subsidiaries covers the vessel owners and the management companies in Monaco and Norway 6. It also lists DHT Chartering and Goodwood Ship Management in Singapore 6.

Goodwood is owned in full: DHT owns 100 percent of it, after buying 46.8 percent in April 2025 5.

DHT has one class of common stock with one vote a share, and to its knowledge no person owns more than 50 percent 5.

The annual report lists FMR LLC as owner of 15.0 percent, from a Schedule 13G/A filed 12 November 2024 5. It lists BW Group Limited at 5.8 percent, from a Schedule 13D/A filed 12 March 2026 5.

Dimensional Fund Advisors LP reported 6.2 percent of the common stock in a Schedule 13G/A for the event date 30 June 2026 14.

Directors and executive officers together owned 1.0 percent, each as a person's own stake and not the company's 5.

The company said it would release third-quarter results after market close on 9 November 2026 and discuss them on a call on 10 November 12.

Its 12 October update said about 78 percent of available fourth-quarter days were estimated at an average of $225,200 per day 1.

DHT Jaguar's three-year charter was expected to start in September 2026, and DHT Panther's three-year charter in October 2026 411.

The vessel ordered from Hanwha Ocean in June 2026 is scheduled for delivery in August 2028, as a sister of the two vessels delivered in the first quarter of 2026 2.

The company called the newbuilding program fully funded and said it adds to the long-term earnings capacity of its fleet 3.

In March 2026 the board approved a repurchase of up to $100 million of DHT securities through March 2027, which the report says may be suspended or discontinued at any time 5.

Its stated dividend policy is to pay out 100 percent of ordinary net income, and the annual report cautions that future dividends may change at any time 25.

The annual report says some 22 percent of tanker capacity is scheduled for delivery over five years 5. It called that insufficient to replace the close to 50 percent of the fleet projected to be older than 15 years by the end of 2026 5.

The company also expects aggregators to control a significant part of the compliant VLCC fleet, which it said will likely shift pricing dynamics 5.

In August it wrote that an operational mechanism for a US and Iran conflict resolution should move Iranian crude exports into compliant trade channels, and that an unresolved conflict would keep longer-haul routes in place 2.

The company said it plans to retain meaningful spot exposure while selectively adding term coverage, and to keep paying quarterly cash dividends 2.

In connection with its planned fleet renewal, the company has been selling its oldest ships, as with DHT Bauhinia in July 2026 3.