DHT (DHT) Q3 2025 earnings summary

Executive summary

• Achieved Q3 2025 net income of $44.8 million ($0.28 per share), adjusted EBITDA of $57.7 million, and TCE revenues of $79.1 million, with adjusted net profit at $29.5 million ($0.18 per share) excluding vessel sale gain and derivative loss.

• Maintained strong liquidity with $298 million, including $81.2 million in cash, and low leverage; net debt per vessel was $8.9 million as of September 30, 2025.

• Declared a $0.18 per share dividend for Q3 2025, marking the 63rd consecutive quarterly dividend and totaling $2.93 per share since Q3 2022.

• Q3 2025 shipping revenues were $107.2 million, down from $141.1 million in Q3 2024, mainly due to lower rates and a smaller fleet.

• Adjusted EBITDA margin for Q3 2025 was approximately 53.8%.

Financial highlights

• Average TCE for Q3 2025 was $40,500/day, with spot at $38,700/day and time-charter at $42,800/day.

• Vessel operating expenses were $18.4 million; G&A expenses were $4.1 million.

• Net financial expenses dropped to $2.5 million in Q3 2025 from $7.0 million in Q3 2024.

• Net cash provided by operating activities was $60.9 million in Q3 2025.

• Net cash used in financing activities for Q3 2025 was $73.8 million, including $38.6 million in dividends and $34.8 million in debt repayments.

Outlook and guidance

• For Q4 2025, 901 time charter days are covered at $42,200/day, and 68% of 1,070 spot days booked at $64,900/day; 83% of total VLCC days booked at $52,400/day.

• Spot P&L breakeven for Q4 is estimated at $15,200/day.

• Discretionary cash flow will be allocated to fund newbuilding program installments.