DHT : Q1 2026 DHT Holdings, Inc Earnings Conference Call

Published: 2026-05-06 08:52:15 ET DHT

Published on 05/06/2026 at 08:52 am EDT

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FIRST QUARTER 2#26 RESULTS

May 6, 2026

Q1'26 Financials

$ Thousands, except per share

Q1'26

Revenues on TCE basis

$ 157,203

Vessel operating expenses

$ (19,126)

G&A

$ (4,957)

Adj. EBITDA

$ 133,312

Interest expenses

$ (4,424)

Gain/(loss) sale of vessel

$ 59,994

Net Income / (loss) after tax

$ 164,527

EPS

$ 1.02

Adj. EPS

$ 0.64

$78,800/d Fleet average

$91,700/d Spot

$61,300/d Time-charter

Q1'26 Financials

BALANCE SHEET HIGHLIGHTS

$ Thousands

As per 31.03.2026

Cash

$ 126,246

Other current assets

$ 124,087

Vessels*

$ 1,469,732

Advances for vessels under construction

$ 55,676

Other assets

$ 9,349

Total assets

$ 1,785,089

Cash $126.2 million

RCF availability $229.8 million

Currently available RCF $285.8 million

Current portion of long-term debt

$ 104,647

Other liabilities

$ 46,968

Long-term debt

$ 400,696

Equity

$ 1,232,779

Total equity and liabilities

$ 1,785,089

Marked to market: 16.8%

$16.5 million

*Include assets held for sale at carrying value

Q1'26 Financials

Q1 2026 CASH FLOW HIGHLIGHTS

Cash Bridge Q1 2026

$m 350

325

300

275

250

225

200

175

150

125

100

91.5

-160.0

101.0

-66.0

-2.8

133.3

-14.6

-5.2

-29.8

- 0.1

126.2

79.0

31/12/25 Cash Balance

EBITDA Debt repayment

Cash interest Proceeds from

sale of vessels

Dividend Investment in

vessels

Issuance of long-term debt

Investment in vessels under construction

Change in working capital

Net Other 31/03/26 Cash

Balance

Well timed delivery of the first three newbuildings

DHT Antelope delivered on January 2, 2026

DHT Addax delivered on March 6, 2026

DHT Gazelle delivered on March 30, 2026

DHT China and DHT Europe, both built 2007, sold and delivered to their new owners

DHT Bauhinia, built 2007, sold

Sold for $51.5 million

Expected delivery in June/July 2026

Expected capital gain of $34.2 million and cash gain of $50.5 million

Time charter extension and new time charter contracts:

DHT Harrier, built in 2016, extended existing time charter for five years from January 2026 at

$47,500 with two optional years at $49,000 and $50,000

DHT Opal, built in 2012, one-year time charter at $90,000 from February 2026

DHT Taiga, built in 2012, one-year time charter at $94,000 from March 2026

DHT Redwood, built in 2011, one-year time charter at $105,000 from March 2026

DHT Gazelle, newbuilding delivered ex yard, five- to seven-year time charter contract from Q2 2026

Subsequent events, new time charter contracts:

DHT Sundarbans, built in 2012, and DHT Amazon, built in 2011, both on one-year time charters, average rate at $109,000

Q1'26 Financials

Equals capital allocation policy: 100% of ordinary net income

The 65th consecutive quarterly cash dividend

The shares will trade ex-dividend May 21, 2026

Payable May 28 to shareholders of record May 21

P&L and cash breakeven Q2-Q4 2026, estimated discretionary cash flow per vessel per day

$6,300

$23,400

$29,700

Both Spot P&L and Cash Breakeven levels for Q2-Q4 2026 are less than zero as term time charter earnings are expected to exceed forecasted costs.

$/d

$30,000

$25,000

$20,000

$15,000

$10,000

$5,000

P&L BE P&L BE Spot Cash BE Cash BE Spot

Estimated Q2 2026

Total term time-charter days

997

Average term time-charter rate ($/day)*

$73,900

Total spot days for the quarter

Spot days booked to date / % of total spot days Average spot rate booked to date ($/d)

Spot P&L break-even for the quarter ($/day)**

1,025

905 / 88%

$168,300

*The month of April includes profit-sharing. The months of May and June assume only the base rate.

** Spot P&L break-even for the second quarter is less than zero as term time charter earnings are expected to exceed forecasted costs.

DHT Lion completed 2nd SS/DD in Q1

DHT Osprey, DHT Panther, DHT Puma and DHT Harrier, 2nd SS/DD

DHT Amazon and DHT Redwood, 3rd SS/DD

Market Outlook

Basic Supply-Demand Fundamentals:

The balance continues to support freight rates, as evidenced from the second half of 2025

Strategic Fleet Consolidation:

Enhanced market structure by significant consolidation activity from a private aggregator in the first quarter

Geopolitical Risk Premiums:

Regional hostilities involving Iran introduced significant risk premiums on certain trade routes, resulting in substantial earnings differences between the various trading routes

Near term loss in transportation of crude oil from the Middel East Gulf compensated by:

Increase in transportation distances as Asian refiners source barrels from further away

Approximately 10% of the VLCC fleet unproductive either waiting with cargo to exit the Strait of Hormuz or facing meaningful delays whilst waiting to load in western Saudi Arabia

Market Outlook

Sanction Relief and Trade Normalization:

Potential sanction relief on Venezuelan and Iranian crude exports would likely transition these volumes from the "shadow fleet" to compliant, independent operators, increasing the addressable market for our vessels

Energy Security & Inventory Replenishment:

Heightened focus on national energy security can trigger long-term crude oil inventory building, expected to drive demand for transportation beyond immediate consumption requirements

Fleet Modernization & Demolition:

Anticipate that a shift toward compliant trade will deprive the aging, non-compliant "shadow fleet" of employment, likely leading to accelerated retirement of sub-standard tonnage and further tightening global vessel supply

Market Outlook

End-users are increasingly seeking to secure vessel capacity in response to tightening trends

Strategic increase in our market exposure for the first half of the year to capture the market development - intention to balance spot market rewards with selective term employment

Well-timed delivery of four state-of-the-art VLCC newbuildings during first half 2026

One has commenced a long-term charter with a key customer

Disciplined capital allocation policy remains a priority, ensuring shareholders are rewarded for the positive market developments through quarterly cash dividends

Disclaimer

DHT Holdings Inc. published this content on May 06, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 06, 2026 at 12:51 UTC.