📈 Price History

Ratio Health

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— Good

— Average

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By Category

📊 Sector Averages

About

DHT Holdings, Inc., through its subsidiaries, owns and operates crude oil tankers primarily in Monaco, Singapore, Norway, and India.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding DHT

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	1.88M	$34.3M	0.05%	Mar 2026
Steve Cohen Point72 Asset Management	802.9K	$14.7M	0.02%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Mixed → Stable 4 quarters analysed

Q2 2025

Mixed

300/day, net income $56M, liquidity $299M) and specific forward booking data (73% of spot days at $38,500/day). They discussed specific fixtures (e.g., DHT Bohemia at $41,500/day) and market catalysts with concrete examples (India imports down 20%).

Q3 2025

Mixed

900/day for Q4. They cited specific data points for financial leverage (12.4%), net income ($0.28/share), and accumulated dividends ($2.93/share since Q3 2022).

Q4 2025

Mixed

$69,500 spot dayrate, $60,300 TCE average, 46% fleet >15 years, 120 ships under aggregator control) and assertive language like 'supply squeeze to be real' and 'we are not just observers, we are well positioned to benefit.' No hedging on core outlook.

Q1 2026 latest

Mixed

$157M TCE revenue, $133M EBITDA, $0.64 dividend per share) and details on charter rates and fleet composition. They also clearly articulate market pillars and future catalysts without hedging.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call. DHT demonstrated excellent execution: timely newbuilding deliveries, high spot rates, and locking in lucrative time charters. The balance sheet is conservatively leveraged with strong liquidity, and the dividend policy provides clear shareholder returns. However, the lack of fleet growth visibility and geopolitical risks (Hormuz) remain watch items. Next quarter will be key to see if spot rates sustain and how the Hormuz situation resolves, which could impact DHT's ability to maintain such high earnings.

AI-generated concall tone analysis · Updated 2026-06-09 · Not investment advice

🎙 Management Tone Mixed → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED DHT Holdings: VLCC tanker firm $157M TCE revenue, $133M EBITDA, $0.64 dividend

Revenue & Profitability

Revenue on a TCE basis was $157 million. Adjusted EBITDA was $133 million. Reported net income was $164.5 million ($1.02 per share), which included a $60 million gain on vessel sales and a non-cash fair value gain on interest rate derivatives. Ordinary net income (adjusted for those items) was $103.4 million ($0.64 per share). Total liquidity stood at $350 million, with net debt of $16.5 million per vessel.

Outlook

Management sees the VLCC market supported by supply-demand fundamentals, strategic fleet consolidation by a private aggregator, and risk premiums from regional hostilities involving Iran. Future catalysts include potential sanctions relief on Venezuela and Iran shifting volumes from the shadow fleet to compliant operators, which could accelerate demolition of older tonnage. Energy security concerns may drive inventory replenishment and longer transportation distances.

Growth Drivers

Fleet renewal with four newbuilds (the Antelope class) is well-timed for current market strength. Increased spot exposure in the first half of 2026 captured high rates while selective term employment was secured to enhance earnings visibility. One newbuilding commenced a long-term charter with a key customer. Additional one-year time charters were signed after quarter end for two older vessels at an average rate of $109,000 per day.

Balance Sheet & CapEx

In Q1 2026, $2.8 million was deployed towards investments in vessels, and $160 million was deployed towards newbuildings under construction (including delivery of three vessels). The company issued $91.5 million in long-term debt related to these investments. A 2026 dry dock schedule includes seven vessels, with costs already incorporated into the operating and capital expenditure outlook.

Margins

Margin trajectory was not discussed as a separate topic. Key break-even levels provided: P&L break-even estimated at $29,700 per day and cash break-even at $23,400 per day for the last three quarters of 2026. Vessel operating expenses were $19.1 million including $2 million of non-recurring costs, and G&A was $5 million. The spot P&L break-even for Q2 2026 is estimated to be less than zero because time charter earnings are expected to exceed forecasted costs.

Key Risks

Geopolitical risks from the conflict involving Iran, including vessels trapped inside the Persian Gulf, risk premiums on certain routes, and potential disruption to crude oil availability from the Middle East Gulf. Management flagged the need for credible, lasting resolution before resuming Gulf operations. Other risks include mariner safety, insurance coverage, and the volatility of news flow around any potential ceasefire.

Generated by AI · Q1 2026 results · Not investment advice

📊 Analysis Methodology

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