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DHT
DHT (DHT) investor relations material
DHT Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.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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Latest events from DHT
- Q2 net income hit $44.5M, newbuilds set for 2026, and 75% of Q3 spot days booked at $42,100/day.DHT
Q2 20241 Feb 2026 - Q3 net income $35.2M, strong liquidity, and 64% of Q4 spot days booked at $41,000/day.DHTQ3 202414 Jan 2026
- Q4 2024 net income $54.7M, $0.17 dividend, and strong VLCC market outlook.DHTQ4 202423 Dec 2025
- Q2 2025 net profit hit $56.0 million, with strong liquidity and positive market outlook.DHTQ2 202523 Nov 2025
- Q1 2025 net income reached $44.1M, driven by vessel sale gains and strong TCE rates.DHTQ1 202519 Nov 2025
- Q3 2025 saw strong earnings, robust liquidity, and a 63rd consecutive dividend.DHTQ3 202531 Oct 2025
Next DHT earnings date
Q1 20266 May, 2026
DHT
Next DHT earnings date
Q1 20266 May, 2026
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