DHT Holdings, Inc.

In Q1 2026, DHT reported revenues on a TCE basis of $157 million, adjusted EBITDA of $133 million, net income of $164.5 million, and EPS of $1.02. After adjusting for the $60 million gain on sale of DHT Europe and DHT China and a $1.1 million non-cash derivative fair value gain, ordinary net income was $103.4 million, or $0.64 per share. Vessel operating expenses were $19.1 million, including about $2 million of non-recurring spares and consumables costs, and G&A was $5 million. Spot vessels earned $91,700/day on average, time-charter vessels earned $61,300/day, and the fleet averaged $78,800/day combined TCE. Balance sheet and cash flow remained strong: total liquidity was $350 million at quarter end, including $126 million of cash and $230 million available under revolving credit facilities. Financial leverage was 16.8% based on fleet market values, and net debt was $16.5 million per vessel. For Q2 2026, DHT expects 997 time-charter days covered at $73,900/day and 1,025 spot days, with 88% of those spot days already booked at $168,300/day. The P&L breakeven for the last three quarters of 2026 is estimated at $29,700/day and cash breakeven at $23,400/day.

CEO Svein Harfjeld framed the quarter as a period of disciplined fleet renewal and opportunistic commercial positioning. He highlighted the timely delivery of the first three Antelope-class newbuilds, the planned sale of older ships, and a deliberate mix of spot exposure plus selective term cover to reduce volatility while preserving upside. He was constructive on the market, pointing to strong freight fundamentals, fleet consolidation, and risk premiums tied to Middle East disruptions, while also saying DHT is content with its current level of term cover for now.

CFO Laila Halvorsen emphasized DHT’s earnings, liquidity, and capital return discipline. She cited Q1 TCE revenue of $157 million, adjusted EBITDA of $133 million, ordinary net income of $103.4 million, and a $0.64/share dividend, which is the 65th straight quarterly cash dividend and reflects the policy of paying out 100% of ordinary net income. She also noted $350 million of total liquidity, $126 million of cash at quarter end, $91.5 million of long-term debt raised, and 16.8% leverage. She said the 2026 dry-dock schedule is fully incorporated into operating and capex outlooks and does not change the company’s view on fleet availability or cash generation.

Analysts focused on how much of the fleet DHT wants to keep in spot versus time charter, the undisclosed rate on the DHT Gazelle, and whether the current Middle East disruption-related headline rates are fully achievable in practice. Management said it could not disclose the Gazelle rate due to a confidentiality agreement, and that DHT is now approaching about 50% cover on time charter for the year, with some contracts still participating in spot via profit-sharing. On the market, Harfjeld said DHT has not been impaired by the current routing environment, has avoided excessive ballast or extra costs, and has not had ships inside the Gulf during the conflict. He also said returning to the Gulf would require credible, durable resolution and safe exit of vessels already trapped there.