DHT (DHT) Q2 2026 earnings summary

Executive summary

• Achieved record net profit of $198.3 million in Q2 2026, the strongest quarter in company history, driven by robust tanker market conditions and operational excellence.

• Net profit for the first half of 2026 reached $362.9 million, surpassing the previous full-year record from 2020.

• Expanded fleet with newbuild VLCC orders, completed delivery of the final vessel in the 2026 program, and entered new time charter agreements.

• Avoided high-risk trading areas, prioritizing safety and capitalizing on strong term demand with new time charters.

• Notable vessel activity included new time charter contracts, vessel sales, and newbuilding deliveries.

Financial highlights

• Q2 2026 revenue on TCE basis: $255 million; adjusted EBITDA: $231 million; net income: $198.3 million ($1.23/share).

• H1 2026 revenue on TCE basis: $412.2 million; adjusted EBITDA: $364.3 million; net income: $362.9 million.

• Q2 2026 shipping revenues were $284.8 million, up from $127.9 million in Q2 2025.

• Vessel operating expenses: $18.6 million; G&A: $5.6 million (includes $0.7 million non-recurring costs).

• Total liquidity at Q2 end: $569 million; financial leverage: 14.1%; net debt: $11.9 million per vessel.

Outlook and guidance

• Q3 2026: 1,020 time charter days booked at $75,900/day; 1,029 spot days, 58% booked at $152,700/day.

• Spot P&L breakeven for Q3 estimated below zero due to strong time charter earnings.

• P&L breakeven for H2 2026: $29,700/day; cash breakeven: $22,600/day.

• Entering 2027 with only four vessels scheduled for dry dock, indicating a light maintenance schedule.

• Market expects strong tanker demand as inventory draws in China reverse and global energy security concerns drive replenishment.