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Dec 31, 2025
DHT Holdings Q4 2025 Earnings Report
DHT Holdings reported strong profitability driven by higher VLCC rates and disciplined cost control.
Key Takeaways
DHT Holdings delivered a strong Q4 2025 with robust adjusted net revenues and EBITDA, supported by strong VLCC spot and time charter rates.
Adjusted net revenues reached $117.85 million reflecting strong charter rates
Adjusted EBITDA totaled $95.3 million demonstrating solid operating leverage
Net income was $66.1 million with EPS of $0.41
Quarterly dividend of $0.41 per share was declared in line with capital allocation policy
Revenue by Segment
Forward Guidance
DHT expects continued strength in VLCC markets in early 2026 supported by high spot rates and increasing market exposure.
Positive Outlook
- Majority of Q1 2026 spot days already booked
- Strong average spot rates booked to date
- New VLCC deliveries scheduled in first half of 2026
- Supportive crude oil transportation demand
- Shareholder-friendly dividend policy
Challenges Ahead
- Exposure to spot market volatility
- Geopolitical risks affecting shipping lanes
- Capital requirements for newbuild program
- Sensitivity to interest rate movements
- Dependence on global oil demand trends
Historical Earnings Impact
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Avg. Return Before/After Earnings
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