DHT (DHT) Q4 2025 earnings summary

Executive summary

• Achieved Q4 2025 TCE revenues of $118M, adjusted EBITDA of $95.3M, and net income of $66.1M ($0.41/share), supported by a tightening VLCC market and fleet optimization.

• Full-year 2025 TCE revenues were $369.1M, adjusted EBITDA $278.4M, and net income $211M ($1.31/share).

• Adjusted net income for 2025, excluding vessel sale gains, was $158M ($0.99/share).

• Declared Q4 2025 dividend of $0.41/share, maintaining 100% payout of ordinary net income.

• Delivered newbuildings and executed strategic vessel sales, enhancing fleet quality and liquidity.

Financial highlights

• Q4 vessel operating expenses were $17.1M; G&A was $5.6M, including $0.6M in non-recurring costs.

• Spot market vessels earned $69,500/day; time charters $49,400/day; average fleet TCE $60,300/day.

• End-Q4 liquidity was $189M ($79M cash, $110.5M RCF availability).

• Net debt per vessel at year-end was $15.9M, well below estimated residual values.

• Adjusted net revenues for Q4 2025 were $117.8M; full-year 2025 adjusted net revenues were $369.1M.

Outlook and guidance

• Q1 2026 bookings: 797 time charter days at $43,300/day; 76% of 1,195 spot days booked at $78,900/day.

• Spot P&L break-even for Q1 2026 is $18,300/day.

• Four newbuild VLCCs scheduled for delivery in H1 2026, increasing exposure to favorable rates.

• Market outlook remains constructive, with increased spot exposure and anticipated premium for reliability amid fleet consolidation.

• Spot cash break-even for 2026 estimated at $17,500/day, reflecting fleet renewal and special surveys.