DHT (DHT) Q2 2025 earnings summary

Executive summary

• Achieved Q2 2025 net income of $56.0 million ($0.35/share), adjusted EBITDA of $69.0 million, and adjusted net profit of $38.6 million ($0.24/share), aided by a $17.5 million vessel sale gain.

• Sold two older vessels for $103 million, booking a $17.5 million gain in Q2 and expecting a $15.5 million gain in Q3; acquired a 2018-built VLCC for $107 million, delivery expected end of Q3 2025.

• Entered a 7–9 year time charter for DHT Appaloosa at $41,000/day plus profit sharing; fixed DHT Bohemia/Bauhinia on a one-year charter at $41,500/day.

• Completed acquisition of Goodwood Ship Management for $6.1 million, now fully owned and managing all vessels.

• Fleet comprised 22 VLCCs as of June 30, 2025, with 10 on time charters and 12 in the spot market.

Financial highlights

• Q2 2025 TCE revenues were $92.8 million; shipping revenues $127.9 million; adjusted net revenues $92.8 million.

• Vessel OpEx for Q2 was $19.6 million; G&A was $4.6 million; interest expenses $4.2 million.

• Cash and cash equivalents stood at $82.7 million as of June 30, 2025; total liquidity $299 million.

• Net debt per vessel was $10.0 million; interest bearing debt at $302.8 million; net debt to adjusted EBITDA (annualized) ~0.8x.

• Q2 2025 EPS (basic and diluted) was $0.35, up from $0.27 in Q2 2024.

Outlook and guidance

• Q3 2025: 805 time-charter days at $40,500/day; 1,150 spot days, 73% booked at $38,500/day; 84% of total VLCC days booked at $39,500/day.

• Spot P&L break-even for Q3 estimated at $20,000/day.

• Market outlook positive, supported by aging fleet, limited newbuilds, OPEC production increases, and shifting trade flows.

• Geopolitical factors and new Brazil-China contracts seen as supportive for VLCC demand.

• Chinese oil demand slowed early in the year, but new Brazilian supply to China may support VLCC trade.