DHT Holdings (DHT) Q1 2025 Earnings
How Did DHT Stock React to Q1 2025 Earnings?
S&P 500 over the same 30 days: +6.73%.
Did DHT Beat Earnings? Q1 2025 Results
Yes. DHT Holdings reported Q1 2025 earnings of $0.27 a share on May 7, 2025, beating the $0.15 consensus estimate by 77.3%. Revenue was $118.6M against a $80.0M estimate.
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
What Was DHT Holdings's Outlook in Q1 2025?
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
| Metric | Q1 2025 | Q1 2024 | Year over year |
|---|---|---|---|
| Revenue | $118.6M | $147.0M | −19.4% |
| Operating Income | $48.9M | $55.4M | −11.8% |
| Net Income | $44.1M | $46.9M | −6.1% |
DHT Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.