DHT (DHT) Q4 2025 earnings summary

Executive summary

• Achieved strong Q4 2025 results with 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 reached $369.1M, adjusted EBITDA $278.4M, and net income $211.0M ($1.31/share); adjusted net income excluding vessel sale gains was $158M ($0.99/share).

• Continued fleet renewal with delivery of DHT Nokota (2018-built), DHT Antelope (newbuilding), and sale of DHT China, DHT Europe, and DHT Virginia (all 2007-built), plus four newbuildings scheduled for H1 2026.

• Maintained a robust balance sheet with low leverage, strong liquidity, and no new shares issued for newbuildings.

• Declared a Q4 2025 dividend of $0.41/share, marking the 64th consecutive quarterly payout and maintaining a 100% payout of ordinary net income.

Financial highlights

• Q4 2025 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 averaged $49,400/day; combined fleet TCE was $60,300/day.

• Ended Q4 with $79M in cash and $189M in total liquidity; interest-bearing debt at year-end was $428.7M.

• Distributed $28.9M in dividends and invested $97.6M in vessels during Q4; net cash from operations in Q4 was $73.0M.

• Voyage expenses for Q4 2025 decreased to $26.1M from $45.2M in Q4 2024 due to fewer vessels in the spot market.

Outlook and guidance

• For Q1 2026, 76% of spot days booked at $78,900/day; time charter days covered at $43,300/day; 86% of total VLCC days booked at $62,300/day.

• Spot P&L break-even for Q1 2026 estimated at $18,300/day; estimated 2026 spot cash break-even at $17,500/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.