DHT’s record quarter points to a stronger fourth quarter

By Grace Kim

What did DHT earn in the third quarter?

$269.5 million in adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, adjusted for specified items) and $270.9 million in net income marked DHT Holdings’ record third quarter. Fourth-quarter bookings for 630 of 930 anticipated spot days at an average $579,900 per day point to an even stronger period.

Revenue on a time-charter equivalent basis (TCE, voyage revenue normalized to charter rates) reached $290 million. CFO Laila Halvorsen said: “Net income was $270.9 million, or $1.68 per share.” DHT’s previous quarterly record came in Q2 2026.

Ordinary net income reached $234.5 million, or $1.45 per share, after DHT excluded a $34.2 million gain on the DHT Bauhinia sale and a $2.2 million noncash fair-value gain on interest-rate derivatives. The first nine months of 2026 already exceeded DHT’s previous full-year earnings record.

Halvorsen said the fourth quarter should surpass the third and that time-charter earnings should more than cover forecast operating, financing and overhead costs.

DHT Holdings, Inc. (NYSE: DHT) is an independent crude oil tanker owner and operator. Its fleet consists primarily of very large crude carriers (VLCCs), which move large volumes of oil between production regions, refineries and other destinations. The vessels serve the global crude trade on routes worldwide, while DHT uses voyage and time charters for oil companies, traders and customers.

Takeaway: Record third-quarter earnings give DHT a larger base entering the fourth quarter.

What do the fourth-quarter bookings imply?

• Spot market: DHT booked 630 of 930 anticipated days at an average $579,900 per day. None of the booked days involved Persian Gulf voyages.
• Time charters: DHT expects 1,174 days at an average $100,200 per day. The figure includes October profit sharing but only base rates for November and December on contracts with profit-sharing features.
• Third-quarter comparison: DHT’s spot vessels averaged $167,100 per day, time-chartered vessels earned $114,200, and the combined fleet generated $141,300.

Halvorsen tied the outlook to logistical disruptions and shifting crude-oil trade routes that continue to support freight rates.

Takeaway: Q4 starts with a substantially higher booked spot rate than DHT realized in Q3.

How much financial room does DHT have?

• Liquidity: At quarter-end, DHT held $555 million, including $154.7 million in cash and $400.7 million available under revolving credit facilities.
• 2027 break-even: DHT estimates its profit-and-loss break-even rate at $29,200 per day and its cash break-even rate at $20,600 per day.
• Dividend: The board approved a third-quarter dividend of $1.45 per share, consistent with DHT’s policy of distributing all ordinary net income as quarterly cash dividends. It marks the company’s 67th consecutive quarterly cash dividend. Shares trade ex-dividend Nov. 23, and payment falls Nov. 30 for shareholders of record as of Nov. 23.

Takeaway: The cash position supports both the regular dividend and further fleet commitments.

What is DHT doing with its fleet?

President and CEO Svein Moxnes Harfjeld said DHT sold the 2007-built DHT Bauhinia in July for $51 million in cash proceeds. DHT took delivery of the DHT Impala on July 24, about five months ahead of the shipyard’s contractual commitment. The Impala was the fourth and final vessel in DHT’s 2026 newbuilding program.

DHT also entered three-year time charters for the DHT Jaguar and DHT Panther at respective rates of $75,000 and $100,000 per day. The vessels began those charters in September and October.

After the quarter, DHT ordered another VLCC from Hanwha Ocean and will name it DHT Sable, with delivery set for April 2029. DHT now has two VLCCs on order, the other due in August 2028. It plans to finance them with internal resources, operating cash flow and projected new mortgage debt.

Takeaway: DHT is adding long-dated capacity while locking part of its fleet into multiyear revenue.

Can freight rates remain strong?

Harfjeld said freight markets remain strong partly because logistical disruptions have reduced fleet efficiency and changing crude-procurement patterns have lengthened transportation distances. He also cited an aging fleet and limited near-term newbuilding deliveries.

Asked about a possible U.S.-Iran agreement and renewed traffic through the Strait of Hormuz, Harfjeld said the outcome was difficult to predict. He said unwinding existing inefficiencies would take time and demand for available spot-market vessels remained strong.

“I think we have still good reasons to be very confident in our business,” Harfjeld said.

Harfjeld confirmed that two time-charter vessels have profit-sharing arrangements, with the DHT Puma arrangement due to expire in Q1 2027. He said current freight conditions make similar structures difficult to implement, DHT was not discussing new arrangements on the call, and its focus remained on operating available ships in the spot market.

Takeaway: Management expects current freight conditions to support earnings, even though the route and Hormuz outlook remains uncertain.