DHT (DHT) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 results with TCE revenues of $157.2 million, adjusted EBITDA of $133.3 million, and net income of $164.5 million ($1.02 per share), including a $60 million gain from vessel sales; adjusted net income was $103.4 million ($0.64 per share).

• Delivered three new Antelope class VLCCs and sold three older vessels, generating significant capital gains and strengthening fleet quality.

• Secured multiple new and extended time charter contracts at attractive rates, supporting earnings visibility.

• Maintained a strong balance sheet with $350 million liquidity, $126.2 million cash, and conservative leverage of 16.8%.

• Declared a $0.64/share dividend, representing 100% payout of ordinary net income and marking the 65th consecutive quarterly dividend.

Financial highlights

• Average TCE for Q1 2026 was $78,800/day; spot market vessels earned $91,700/day, time charters averaged $61,300/day.

• Adjusted EBITDA was $133.3 million, up from $56.4 million a year ago; adjusted net revenues rose to $157.2 million.

• Vessel operating expenses were $19.1 million, including $2 million in non-recurring costs; G&A was $5 million.

• Proceeds from vessel sales totaled $101.6 million; $66 million distributed as cash dividends.

• Cash balance at quarter-end was $126.2 million; total liquidity $356 million.

Outlook and guidance

• Q2 2026: 997 time charter days booked at $73,900/day; 1,025 spot days, 88% booked at $168,300/day; 70% of VLCC spot days booked at $168,300/day.

• Spot P&L break-even for Q2 expected to be less than zero due to strong time charter earnings.

• P&L break-even for the last three quarters of 2026 estimated at $29,700/day; cash break-even at $23,400/day.

• Market outlook supported by tight supply, strategic fleet positioning, and potential trade normalization from sanctions relief.

• Fleet modernization and energy security trends expected to support long-term demand.