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1. Company Snapshot

1.a. Company Description

DHT Holdings, Inc., through its subsidiaries, owns and operates crude oil tankers primarily in Monaco, Singapore, and Norway.As of March 17, 2022, it had a fleet of 26 very large crude carriers with a capacity of 8,043,657 deadweight tons.The company was incorporated in 2005 and is headquartered in Hamilton, Bermuda.

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1.b. Last Insights on DHT

DHT Holdings, Inc.'s recent performance was driven by strong Q4 2025 earnings, with the company announcing its results on February 4, 2026. The company's VLCC fleet is well-positioned to benefit from structural shifts in Venezuelan oil exports and tightening US sanctions. Additionally, DHT Holdings secured one-year time charters for its VLCCs, DHT Taiga and DHT Opal, at $94,000 and $90,000 per day, respectively. Institutional inflows have also contributed to the company's growth, with shares up 64.72% since 2023's first rare outlier inflow signal.

1.c. Company Highlights

2. DHT Holdings' Q4 2025 Earnings: A Strong Finish to the Year

DHT Holdings reported revenues of $118 million on a TCE basis, adjusted EBITDA of $95 million, and net income of $66 million, or $0.41 per share, for Q4 2025. The company's full-year 2025 revenues were $369 million, adjusted EBITDA was $278 million, and net income was $211 million, or $1.31 per share. The actual EPS came in lower than estimates of $0.5. The company's financial performance was robust, with a strong balance sheet and low leverage.

Publication Date: Mar -07

📋 Highlights
  • Q4 2025 Financials: Revenues $118M, adjusted EBITDA $95M, net income $66M ($0.41/share), with full-year net income of $211M ($1.31/share).
  • Balance Sheet Strength: $189M liquidity at year-end, low leverage; repaid $50M revolving credit facility for newbuilding delivery in Q1 2026.
  • Fleet Transactions: Sold DHT China and DHT Europe for $101.6M, anticipating $60M combined gain in Q1 2026; delivered newbuilding DHT Antelope.
  • Market Dynamics: Aggregators control 120 ships (25% of compliant tramping VLCC fleet), with 427/897 VLCCs over 15 years old by year-end 2025.
  • Charter Rates & Breakeven: Q1 2026 spot days booked at $78,900/day (76% secured); estimated 2026 spot cash breakeven at $17,500/day post-asset sales.

Financial Highlights

The company's balance sheet remains solid with low leverage and strong liquidity, totaling $189 million at the end of the fourth quarter. As CFO Laila Halvorsen noted, DHT drew on its revolving credit facility to fund the delivery of its first newbuilding, DHT Antelope, and repaid the drawdown in January, demonstrating its ability to manage its finances effectively.

Operational Highlights

The company's quarterly highlights included the delivery of DHT Nokota, a secondhand acquisition, and the sale of two older vessels, DHT China and DHT Europe, for a combined price of $101.6 million. The company expects to book a combined gain of about $60 million during the first quarter. DHT's fleet demographics create a robust pillar in its constructive market outlook, with 897 ships in the sailing VLCC fleet, 427 of which will be older than 15 years by the end of this year.

Market Outlook

The company's management is optimistic about the market outlook, citing the consolidators' acquisition of ships in the 10-15 year age bracket, which could lead to different pricing behavior and flow information. With an estimated spot cash breakeven for 2026 of $17,500 per day, DHT is well-positioned to navigate the market. The company's valuation metrics, including a P/E Ratio of 13.76 and an EV/EBITDA of 9.81, suggest that the market has a relatively positive view of the company's prospects.

Valuation and Dividend Yield

The company's Dividend Yield is 5.42%, which is attractive to income investors. With an ROE of 19.3% and an ROIC of 14.31%, DHT is generating strong returns on its equity and invested capital. Analysts estimate next year's revenue growth at -14.9%, which may be a concern for investors. However, the company's strong balance sheet and low leverage provide a solid foundation for navigating any potential challenges.

3. NewsRoom

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This Fund Sold a $5 Million DHT Stake Amid a 90% Stock Surge. Here's What Long-Term Investors Should Know

Apr -22

Source: fool.com

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DHT Holdings, Inc. to announce first quarter 2026 results on Tuesday, May 5, 2026

Apr -21

Source: globenewswire.com

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Bayforest Capital Ltd Buys New Shares in DHT Holdings, Inc. $DHT

Apr -19

Source: defenseworld.net

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DHT Holdings, Inc. Business Update

Apr -15

Source: globenewswire.com

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DRI Healthcare Trust (DHT.UN / DHT.U) Closes the Market

Apr -09

Source: newsfilecorp.com

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DHT (NYSE:DHT) & A.P. Moller-Maersk (OTCMKTS:AMKBY) Head to Head Analysis

Apr -07

Source: defenseworld.net

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JPMorgan Chase & Co. Cuts Stock Holdings in DHT Holdings, Inc. $DHT

Apr -05

Source: defenseworld.net

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DHT Holdings, Inc. (NYSE:DHT) Receives Average Rating of “Moderate Buy” from Analysts

Apr -04

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.60%)

6. Segments

Voyage Charter

Expected Growth: 3.5%

DHT Holdings' Voyage Charter growth of 3.5% is driven by increasing global oil demand, rising tanker rates, and a strong tanker market. Additionally, DHT's modern fleet and operational efficiency contribute to the growth. Furthermore, the company's ability to capitalize on arbitrage opportunities and its strong relationships with oil majors also support the growth.

Time Charter

Expected Growth: 4.2%

DHT Holdings' 4.2% Time Charter growth driven by increasing global oil demand, rising tanker rates, and a strong tanker market. Additionally, the company's modern fleet, operational efficiency, and cost-saving initiatives contribute to its growth. Furthermore, DHT's strategic partnerships and expanding customer base also support its revenue growth.

Other

Expected Growth: 3.8%

DHT Holdings, Inc.'s 3.8% growth is driven by increasing demand for crude oil transportation, strategic vessel acquisitions, and cost-saving initiatives. Additionally, the company's focus on scrubber-fitted vessels and eco-friendly operations has improved its competitive position, leading to higher utilization rates and revenue growth.

7. Detailed Products

Content Protection

DHT Holdings, Inc. offers content protection services to protect digital content from piracy and unauthorized use.

Content Delivery

DHT Holdings, Inc. provides content delivery services to ensure fast and reliable delivery of digital content.

Content Analytics

DHT Holdings, Inc. offers content analytics services to provide insights on content performance and user behavior.

Content Monetization

DHT Holdings, Inc. provides content monetization services to help content owners generate revenue from their digital content.

Content Security

DHT Holdings, Inc. offers content security services to protect digital content from theft and unauthorized access.

8. DHT Holdings, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

DHT Holdings, Inc. operates in a niche market, providing a unique service that is not easily substitutable. However, there are some alternatives available, which reduces the switching costs for customers.

Bargaining Power Of Customers

DHT Holdings, Inc. has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's services are critical to its customers' operations, making it difficult for them to negotiate prices.

Bargaining Power Of Suppliers

DHT Holdings, Inc. relies on a few key suppliers for its operations, which gives them some bargaining power. However, the company's large scale of operations and long-term contracts mitigate this risk.

Threat Of New Entrants

The barriers to entry in DHT Holdings, Inc.'s industry are relatively high, including significant capital requirements and regulatory hurdles. This makes it difficult for new entrants to join the market.

Intensity Of Rivalry

DHT Holdings, Inc. operates in a highly competitive industry, with several established players competing for market share. The company's pricing power is limited, and it must focus on differentiating its services to maintain its market position.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 29.52%
Debt Cost 3.95%
Equity Weight 70.48%
Equity Cost 2.14%
WACC 2.67%
Leverage 41.88%

11. Quality Control: DHT Holdings, Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
DHT Holdings

A-Score: 7.1/10

Value: 6.4

Growth: 7.6

Quality: 7.6

Yield: 10.0

Momentum: 4.5

Volatility: 6.7

1-Year Total Return ->

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Stock-Card
Delek Logistics Partners

A-Score: 6.7/10

Value: 4.0

Growth: 3.0

Quality: 6.0

Yield: 10.0

Momentum: 8.5

Volatility: 8.7

1-Year Total Return ->

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Stock-Card
Global Partners

A-Score: 5.8/10

Value: 7.5

Growth: 3.9

Quality: 3.1

Yield: 10.0

Momentum: 3.0

Volatility: 7.0

1-Year Total Return ->

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Stock-Card
Genesis Energy

A-Score: 5.7/10

Value: 4.9

Growth: 3.4

Quality: 1.5

Yield: 9.0

Momentum: 9.0

Volatility: 6.3

1-Year Total Return ->

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Stock-Card
NGL Energy Partners

A-Score: 4.9/10

Value: 7.2

Growth: 3.6

Quality: 5.8

Yield: 0.0

Momentum: 10.0

Volatility: 2.7

1-Year Total Return ->

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Stock-Card
Overseas Shipholding Group

A-Score: 4.5/10

Value: 7.2

Growth: 5.9

Quality: 5.4

Yield: 0.0

Momentum: 6.0

Volatility: 2.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

18.48$

Current Price

18.48$

Potential

-0.00%

Expected Cash-Flows