DHT Holdings Inc
Q1 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +6.73%.
Did DHT Beat Earnings? Q1 2025 Results
DHT Holdings delivered a decisive first-quarter beat, with earnings per share of $0.27 clearing the $0.15 consensus by 77.28% and revenue of $118.57 million exceeding the $80.01 million estimate by 48.20%, even as total revenue fell 19.4% year over year amid a softer VLCC rate environment. The headline numbers were meaningfully lifted by a $19.80 million gain on the sale of DHT Scandinavia, a 2006-built VLCC divested for $43.40 million; stripped of that one-time item, adjusted EPS stood at $0.15 and adjusted EBITDA came in at $56.40 million, down from $83.70 million in Q1 2024, as average VLCC spot rates retreated to $36,300 per day from $54,000 a year earlier. The forward picture looks considerably brighter, with 72% of Q2 spot days already booked at $48,700 per day, well above Q1 levels, while management highlighted aging fleet demographics and a constrained orderbook as structural tailwinds. DHT declared a $0.15 per share dividend, its 61st consecutive quarterly distribution.
- Lower VLCC spot rates of $36,300/day in Q1 2025 vs $54,000/day in Q1 2024 reduced shipping revenues by $26.7 million
- $19.8 million gain on sale of DHT Scandinavia boosted reported net income
- Decreased vessel operating expenses of $17.8 million vs $19.2 million year-over-year
- Lower net financial expenses of $4.8 million vs $8.1 million due to reduced interest costs
- Time charter rate of $42,700/day held firmer than spot rates
- Five customers represented 77% of shipping revenues in Q1 2025
Forward Guidance & Outlook
For Q2 2025, DHT has booked 72% of available VLCC spot days at an average rate of $48,700 per day (discharge-to-discharge basis), with 83% of combined spot and time charter days booked at $45,700 per day. Estimated Q2 term time charter days total 780 at an average rate of $42,200 per day, with 1,245 total spot days and a spot P&L break-even of $17,500 per day. Management noted market dynamics are increasingly a favorable supply story with a rapidly aging fleet, a benign orderbook, and sanctions making shadow fleet operations more challenging. OPEC's modest production increases are contributing to strengthening freight rates. However, tariff-related uncertainty makes it too early to assess true implications for global economic growth and trade.
DHT YoY Financials
DHT Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.