Companies /Energy

DHT Holdings Inc

NYSE: DHT Oil & Gas Midstream
$19.35
â–² $1.03 (+5.62%) today
Markets closed · 3:36am ET

Q2 2025 Earnings

Reported Aug 6, 2025, 6:56pm ET · SEC source
$0.35
Beat +40.90%
EPS · est. $0.25
$128.3M
Beat +36.88%
Revenue · est. $93.7M
+7.0%
Beating market
DHT vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
0+2%Aug 6Aug 7report 6:56pm ETearnings+0.1%+1.5%
0+2%Aug 6Aug 7earnings+0.1%+1.5%
DHT +1.5%S&P 500 +0.1%
0+1%+2%+3%Aug 6Aug 7report 6:56pm ETearnings+0.5%+1.5%
0+1%+2%+3%Aug 6Aug 7earnings+0.5%+1.5%
DHT +1.5%NASDAQ +0.5%
−2%0+2%Aug 6Aug 14report 6:56pm ETearnings+2.0%−2.5%
−2%0+2%Aug 6Aug 14earnings+2.0%−2.5%
DHT −2.5%S&P 500 +2.0%
−2%0+2%Aug 6Aug 14report 6:56pm ETearnings+2.2%−2.5%
−2%0+2%Aug 6Aug 14earnings+2.2%−2.5%
DHT −2.5%NASDAQ +2.2%
−1.87%
Day of report
+1.47%
Next session
−1.65%
One week
+9.54%
30 days

S&P 500 over the same 30 days: +2.54%.

Did DHT Beat Earnings? Q2 2025 Results

DHT Holdings delivered a blowout second quarter, posting earnings per share of $0.35 against a consensus estimate of $0.25, a beat of 40.90%, while revenue of $128.32 million cleared the $93.75 million estimate by 36.88%, even as total revenue slipped 15.2% year over year amid softer tanker markets. The headline driver was a $17.50 million gain on the sale of VLCC DHT Lotus, which helped lift reported net income to $56.03 million from $44.49 million in the prior-year period; stripped of that gain, adjusted EPS came in at $0.24. The VLCC spot market also contributed, with rates recovering to $48,700 per day in Q2 from a weak $36,300 in Q1, though still trailing the $52,700 achieved a year ago. Looking ahead, management struck a cautiously constructive tone, noting that while Q3 bookings started softly, with 73% of spot days covered at $38,500 per day, potential catalysts including higher OPEC export volumes, tighter sanctions enforcement on Russian barrels, and possible Red Sea disruptions could support a tighter supply-demand balance into year-end.

Key Takeaways
  • VLCC spot rates improved to $48,700/day in Q2 from $36,300/day in Q1 2025, though below $52,700/day in Q2 2024
  • $17.5 million gain on sale of DHT Lotus boosted reported net income
  • Lower interest expense due to declining interest rates and debt reduction
  • Fewer revenue days and lower TCE rates drove year-over-year revenue decline
  • Refining margins were supportive but limited West-to-East crude arbitrage opportunities constrained long-haul trades
  • Customer concentration: top 5 customers represented 80% of Q2 2025 shipping revenues

Forward Guidance & Outlook

The VLCC market improved significantly in Q2 versus Q1 but trailed off towards quarter-end with disappointing Q3 bookings. DHT expects higher Middle Eastern OPEC seaborne export volumes from end of Q3 as domestic power generation consumption recedes. Constructive near-term catalysts include potential changes to West-to-East crude arbitrage, enforcement of sanctions and lowered price caps on Russian barrels, resumed Red Sea disruptions redirecting shipments around Africa, and calming trade/tariff negotiations. Management maintains a positive outlook supported by a rapidly aging global fleet exceeding a modest orderbook of new ships. For Q3 2025, 73% of available spot days have been booked at $38,500/day and 84% of total available days (spot and time charter combined) at $39,500/day. The spot P&L break-even for Q3 is $20,000/day. DHT expects a $15.5 million gain in Q3 from the sale of DHT Peony.

DHT YoY Financials

Q2 2025 vs Q2 2024 · SEC filings Q2 2024 Q2 2025
$0$50.0M$100.0M$150.0M$151.2M$128.3MRevenue$52.1M$60.3MOperating Income$44.3M$56.0MNet Income
$0$50.0M$100.0M$150.0MRevenueOperating IncomeNet Income

DHT Revenue by Segment

VLCC Spot Market
VLCC Spot Chartering$92.4M
VLCC Time Charter
Voyage Charter Revenues (Spot)
Time Charter Revenues
VLCC Time Chartering$35.5M
Technical Management Services$366,000

Figures from SEC filings and company reports. Not investment advice.