DHT (DHT) Q1 2025 earnings summary

Executive summary

• Q1 2025 net income was $44.1 million ($0.27/share), with adjusted EBITDA of $56.4 million and TCE revenues of $79.3 million, supported by a $19.8 million gain from the sale of DHT Scandinavia.

• Adjusted net profit, excluding the vessel sale gain, was $24.3 million ($0.15/share).

• Sold DHT Scandinavia for $43.4 million, with proceeds allocated to investments, share buybacks, and debt prepayment.

• Acquired full ownership of Goodwood Ship Management for $6.1 million, enhancing operational control.

• Declared a $0.15/share dividend for Q1 2025, marking the 61st consecutive quarterly dividend and payout of 100% of ordinary net income.

Financial highlights

• Average spot TCE was $36,300/day, time charter TCE $42,700/day, and combined TCE $38,200/day.

• Ended quarter with $277 million liquidity ($80.5 million cash, $196.2 million undrawn credit).

• Net debt per vessel was $12.3 million as of March 31, 2025.

• Adjusted EBITDA margin was 47.7% ($56.4M/$118.2M); gross margin was approximately 41%.

• Paid $27 million in cash dividends and invested $25.8 million in newbuild program.

Outlook and guidance

• Q2 2025: 780 time charter days booked at $42,200/day; 1,245 spot days expected, 72% booked at $48,700/day.

• Spot P&L break-even for Q2 estimated at $17,500/day.

• New seven-year time charter for DHT Appaloosa at $41,000/day base plus profit-sharing, starting May 2025.

• Vessel sales expected to generate $85 million net cash and $33 million in gains over Q2 and Q3.

• Market outlook remains strong, with potential for additional profit sharing.