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DHT (DHT) investor relations material
DHT Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Record Q3 2026 results, with $270.9M profit after tax; 9M profit reached $633.7M, surpassing the previous full-year record. Q4 earnings are expected to exceed Q3 and set a new annual record.
Ordinary net income, excluding a $34.2M vessel-sale gain and $2.2M non-cash derivative gain, was $234.5M, or $1.45/share.
Financial highlights
Q3 TCE-basis revenue was $290.344M and adjusted EBITDA was $269.468M; shipping revenue was $332.1M.
Net income after tax was $270.868M, or $1.68/share; adjusted EPS was $1.45.
Q3 operating expenses were $19M and G&A was $4.3M; interest expense was $6.664M.
9M shipping revenue was $803.2M and profit after tax was $633.7M, including $94.2M in vessel-sale gains.
Outlook and guidance
Q4 estimate: 1,174 term-charter days at $100,200/day; 630 of 930 spot days were booked at $579,900/day, covering 68% of spot days.
86% of combined Q4 spot and time-charter days were booked at $267,500/day; term earnings are expected to cover forecast costs, leaving spot P&L breakeven below zero.
2027 estimated P&L and cash breakeven rates are $29,200/day and $20,600/day, respectively.
Four vessels are scheduled for dry docking in 2027; seven completed dry dockings on schedule and within budget, completing the 2026 program.
- FY2023 net income was $161.4M; Q4 net income was $35.3M.DHT
Q4 2023 - Record quarterly profit and robust outlook driven by strong tanker rates and disciplined capital allocation.DHT
Q2 2026 - Record Q1 2026 profit, high VLCC rates, and vessel sales drive strong performance.DHT
Q1 2026 - Q4 2025 saw strong earnings, high spot rates, and major fleet developments with robust dividends.DHT
Q4 2025 - Q2 2025 profit rose on vessel sales, with strong cash flow, lower debt, and a positive outlook.DHT
Q2 2025 - Q3 net income $35.2M, strong liquidity, and 64% of Q4 spot days booked at $41,000/day.DHT
Q3 2024 - Q2 net income hit $44.5M, newbuilds set for 2026, and 75% of Q3 spot days booked at $42,100/day.DHT
Q2 2024 - Q1 2025 net income reached $44.1M, supported by strong TCE rates and asset sales.DHT
Q1 2025 - Q4 2024 net income $54.7M, $0.17 dividend, and strong VLCC market outlook.DHT
Q4 2024
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