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 for $43.4 million.

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

• 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 representing 100% of ordinary net income.

• Entered new time charter contracts and continued focus on fleet renewal and disciplined capital allocation.

Financial highlights

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

• Ended quarter with $277 million liquidity ($80.5 million cash, $196.2 million undrawn credit); net debt per vessel was $12.3 million.

• Adjusted EBITDA for Q1 2025 was $56.4 million; net cash from operating activities was $59.2 million.

• Net cash used in financing activities was $73.6 million, including $42.4 million in debt prepayment and $27.3 million in dividends.

• Gross margin for Q1 2025 was $48.9 million on $118.2 million revenue; adjusted EBITDA margin was 47.7%.

Outlook and guidance

• For Q2 2025, 780 time charter days booked at $42,200/day; 1,245 spot days, 72% booked at $48,700/day, indicating a stronger market.

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

• Market outlook remains positive, supported by aging fleet, limited newbuilds, and OPEC's increased oil supply.