DHT (DHT) Q3 2026 earnings summary

Executive summary

• Record Q3 2026 results, with $270.9M profit after tax; 9M profit reached $633.7M, surpassing the previous full-year record. Q4 earnings are expected to exceed Q3 and set a new annual record.

• Ordinary net income, excluding a $34.2M vessel-sale gain and $2.2M non-cash derivative gain, was $234.5M, or $1.45/share.

Financial highlights

• Q3 TCE-basis revenue was $290.344M and adjusted EBITDA was $269.468M; shipping revenue was $332.1M.

• Net income after tax was $270.868M, or $1.68/share; adjusted EPS was $1.45.

• Q3 operating expenses were $19M and G&A was $4.3M; interest expense was $6.664M.

• 9M shipping revenue was $803.2M and profit after tax was $633.7M, including $94.2M in vessel-sale gains.

Outlook and guidance

• Q4 estimate: 1,174 term-charter days at $100,200/day; 630 of 930 spot days were booked at $579,900/day, covering 68% of spot days.

• 86% of combined Q4 spot and time-charter days were booked at $267,500/day; term earnings are expected to cover forecast costs, leaving spot P&L breakeven below zero.

• 2027 estimated P&L and cash breakeven rates are $29,200/day and $20,600/day, respectively.

• Four vessels are scheduled for dry docking in 2027; seven completed dry dockings on schedule and within budget, completing the 2026 program.