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DHT

DHT Holdings, Inc.

DHT

DHT Holdings, Inc. • NYSE
$13.03 ▲ 0.08% (+0.01)
Market Cap $2.10 B
52w High $13.85
52w Low $8.67
Dividend Yield 0.72%
P/E 10.51
Volume 1.45M
Outstanding Shares 160.80M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $107.348M ▼ $-12.526M ▲ $44.803M ▼ 41.736% ▼ $0.076 ▼ $73.453M ▼
Q2-2025 $128.316M ▲ $-12.871M ▲ $56.099M ▲ 43.719% ▲ $0.35 ▲ $86.386M ▲
Q1-2025 $118.574M ▼ $-14.247M ▼ $44.122M ▼ 37.211% ▼ $0.27 ▼ $76.511M ▼
Q4-2024 $131.391M ▼ $5.302M ▲ $54.935M ▲ 41.81% ▲ $0.34 ▲ $88.91M ▲
Q3-2024 $142.107M $4.169M $35.206M 24.774% $0.22 $70.722M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $81.25M ▼ $1.398B ▼ $302.377M ▼ $1.096B ▲
Q2-2025 $82.66M ▲ $1.43B ▼ $341.465M ▼ $1.089B ▲
Q1-2025 $80.51M ▲ $1.458B ▼ $396.581M ▼ $1.057B ▲
Q4-2024 $78.143M ▲ $1.487B ▲ $443.886M ▲ $1.038B ▲
Q3-2024 $73.829M $1.475B $438.864M $1.031B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $44.803M ▼ $60.894M ▼ $11.508M ▲ $-73.757M ▲ $-1.41M ▼ $22.313M ▼
Q2-2025 $56.032M ▲ $83.577M ▲ $11.064M ▼ $-92.656M ▼ $2.15M ▼ $43.699M ▲
Q1-2025 $44.051M ▼ $59.212M ▼ $16.675M ▲ $-73.593M ▼ $2.367M ▼ $33.398M ▼
Q4-2024 $54.935M ▲ $65.786M ▼ $-12.992M ▲ $-47.913M ▲ $4.314M ▲ $52.794M ▲
Q3-2024 $35.189M $80.144M $-27.891M $-51.574M $1.187M $52.253M

Revenue by Products

Product Q3-2021Q4-2021Q3-2022Q4-2022
Time Charter Revenues
Time Charter Revenues
 $30.00M ▲$110.00M ▲$20.00M ▼$60.00M ▲
Voyage Charter Revenues
Voyage Charter Revenues
 $30.00M ▲$120.00M ▲$90.00M ▼$290.00M ▲

Five-Year Company Overview

Income Statement

Income Statement DHT’s income statement reflects the ups and downs of the tanker market, but with a clear improvement trend since the weak year in 2021. Revenue has grown steadily over the last three years, and profits have followed, moving from a small loss in 2021 back to solid profitability. Operating and net margins look healthy, suggesting good cost control and efficient operations when shipping rates are supportive. Earnings are still below the exceptional levels seen in 2020, which was a boom year, but they are clearly in a strong phase of the cycle again. Overall, the business looks profitable and resilient, but clearly exposed to the usual volatility of tanker rates.

Balance Sheet

Balance Sheet The balance sheet looks steady and conservative. Total assets have been broadly flat over the last five years, indicating a stable fleet size and no aggressive expansion. Equity makes up the bulk of the capital base, with debt at a moderate level and trending slightly downward, which reduces financial risk. Cash balances are modest but appear adequate relative to the stability of the business and the ongoing cash generation. Overall, DHT appears to be managing leverage prudently, with a focus on maintaining a solid financial foundation through the shipping cycle.

Cash Flow

Cash Flow Cash generation has strengthened meaningfully since 2021. Operating cash flow has grown in line with better earnings, giving the company more internal resources to fund its needs. Free cash flow has been positive in most years, except when DHT invested heavily in its fleet, which is typical for a capital‑intensive shipping company. Capital spending is lumpy, but recent years show the company can invest and still produce surplus cash. This pattern supports DHT’s ability to service debt, maintain its vessels, and return capital when market conditions are favorable, while still being exposed to cycles in freight rates.

Competitive Edge

Competitive Edge DHT operates in a highly competitive, commodity‑like industry, but it has carved out advantages in the large crude carrier segment. Its focus on a homogenous fleet of very large crude carriers helps operational efficiency and creates expertise in a single ship class. The early, fleet‑wide adoption of scrubbers and a relatively modern, fuel‑efficient fleet lower operating costs versus less efficient peers. The company’s balanced mix of long‑term charters and exposure to the spot market helps smooth earnings while keeping upside when rates spike. Strong relationships with major oil companies, an emphasis on reliable service, and disciplined financial management all support its standing, though the business remains structurally cyclical and exposed to global oil trade and regulation.

Innovation and R&D

Innovation and R&D DHT does not pursue traditional lab‑style research; its “innovation” is mainly applied and operational. Its most distinctive move was the early, large‑scale adoption of exhaust scrubbers, allowing it to comply with emissions rules while using cheaper fuel, which can translate into a lasting cost advantage. The company has also focused on a young, efficient fleet, including new ships designed with lower emissions and the ability to adapt to different future fuels. Management appears attentive to regulatory trends and decarbonization, preparing for a multi‑fuel future rather than betting on a single technology. Innovation here is about fleet renewal, emissions compliance, and operational efficiency rather than breakthrough technology, but it still creates meaningful differentiation in a tight-margin industry.

Summary

DHT is a focused crude tanker owner operating in an inherently cyclical, rate‑driven industry. Financially, it has moved from a weak patch in 2021 back to solid profitability, with improving cash flows and a disciplined, relatively conservative balance sheet. Its competitive edge comes from a modern, scrubber‑equipped VLCC fleet, operational discipline, balanced chartering, and careful capital allocation. The main opportunities lie in capturing strong tanker markets with an efficient fleet, while key risks relate to freight rate volatility, shifts in global oil demand, and tightening environmental rules. Overall, DHT looks like a financially steady operator in a volatile sector, with its performance still heavily tied to the broader shipping and oil market cycles.

NEWS

October 29, 2025 · 4:15 PM UTC

DHT Holdings, Inc. Third Quarter 2025 Results

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October 14, 2025 · 12:15 AM UTC

DHT Holdings, Inc. Business Update

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October 13, 2025 · 4:22 PM UTC

DHT Statement Relating to October 10, 2025 China Ministry of Transport Announcement

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October 13, 2025 · 4:15 PM UTC

DHT Holdings, Inc. announces appointment of Mr. Svein Moxnes Harfjeld to the Board of Directors

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