Dht Holdings Stock Earnings Reports

DHT reported strong Q1 2026 results with TCE revenues of $157 million, adjusted EBITDA of $133 million and net income of $164.5 million ($1.02/share). Excluding a $60 million gain on sale and a small non-cash derivative gain, ordinary net income was $103.4 million ($0.64/share). Average fleet combined TCE was $78,800/day (spot $91,700/day; time charters $61,300/day). Liquidity remained robust at $350 million (cash $126 million plus $230 million available on RCFs; post-April repayment RCF availability $285.8 million). Net debt per vessel was $16.5 million and financial leverage ~16.8% (market values). Three of four Antelope-class newbuilds delivered (fourth expected this summer); fleet renewal is underway with planned disposals of older 2007 vintage vessels (one sale in quarter). The board declared a quarterly cash dividend of $0.64/share (100% ordinary net income), the 65th consecutive quarterly dividend. The company has positioned roughly half the fleet on time charter/term coverage for H1 while keeping significant spot exposure; Q2 bookings to date include ~997 TC days at $73,900/day and ~1,025 spot days (88% booked) at $168,300/day. Breakeven guidance for the last 3 quarters of 2026: P&L breakeven ~$29,700/day; cash breakeven ~$23,400/day. Management highlighted market drivers: improving supply-demand, industry consolidation, regional risk premiums related to Iran, and potential longer-term tailwinds from sanction relief, fleet modernization (possible 10–15% working fleet shrinkage), and energy security-driven inventory rebuilding. Operationally, DHT emphasized crew safety and avoidance of transits inside the Strait of Hormuz, and said their fleet operations have not been impaired.