Companies /Energy

DHT Holdings Inc

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

Q3 2025 Earnings

Reported Oct 29, 2025, 4:32pm ET · SEC source
$0.28
Beat +60.18%
EPS · est. $0.17
$107.3M
Beat +35.46%
Revenue · est. $79.2M
−2.2%
Trailing market
DHT vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−0.9%0+0.9%+1.8%Oct 29Oct 30report 4:32pm ETearnings−0.7%+0.4%
−0.9%0+0.9%+1.8%Oct 29Oct 30earnings−0.7%+0.4%
DHT +0.4%S&P 500 −0.7%
−1%0+1%+2%Oct 29Oct 30report 4:32pm ETearnings−0.9%+0.4%
−1%0+1%+2%Oct 29Oct 30earnings−0.9%+0.4%
DHT +0.4%NASDAQ −0.9%
−2%0+2%Oct 28Nov 6report 4:32pm ETearnings−2.1%+1.7%
−2%0+2%Oct 28Nov 6earnings−2.1%+1.7%
DHT +1.7%S&P 500 −2.1%
−4%−2%0+2%Oct 28Nov 6report 4:32pm ETearnings−3.4%+1.7%
−4%−2%0+2%Oct 28Nov 6earnings−3.4%+1.7%
DHT +1.7%NASDAQ −3.4%
+0.38%
Day of report
+1.37%
Next session
+0.99%
One week
−1.98%
30 days

S&P 500 over the same 30 days: +0.25%.

Did DHT Beat Earnings? Q3 2025 Results

DHT Holdings posted a headline-beating third quarter, with earnings per share of $0.28 and total revenue of $107.35 million, as a $15.70 million gain on the sale of the DHT Peony lifted reported net profit to $44.80 million, well above the $35.20 million recorded a year ago despite a meaningful decline in shipping revenues from $141.10 million to $107.20 million. The revenue softness reflected both lower time charter equivalent rates and fewer revenue days as the fleet shrank through vessel dispositions, but the sale gain more than offset that drag at the bottom line. Stripping out one-time items, ordinary net income of $29.50 million, or $0.18 per share, set the quarterly dividend, marking DHT's 63rd consecutive payout. Combined average TCE earnings of $40,500 per day in Q3 are set to accelerate sharply, with Q4 spot bookings already running at $64,900 per day on 68% of available days, pointing to a robust seasonal upturn as the company simultaneously expands its fleet through four VLCC newbuildings due in H1 2026 and the pending acquisition of DHT Nokota.

Key Takeaways
  • Lower time charter equivalent rates reduced shipping revenues by $18.9 million YoY
  • Smaller fleet size reduced revenue days contributing $15.1 million revenue decline
  • $15.7 million gain on sale of DHT Peony boosted net profit
  • Decreased interest expense of $4.7 million improved net financial expenses
  • Combined average TCE earnings of $40,500/day in Q3 2025
  • Spot exposure reduced to 54.9% from 74.5% in Q3 2024

Forward Guidance & Outlook

For Q4 2025, DHT estimates 901 total term time charter days at an average rate of $42,200/day and 1,070 total spot days. As of the reporting date, 68% of available spot days (730 days) have been booked at an average rate of $64,900/day (discharge-to-discharge). Combined spot and time charter days are 83% booked at $52,400/day. The spot P&L break-even for Q4 is $15,200/day. Management highlighted significant VLCC market strength driven by growing crude oil seaborne demand, OPEC reversing production cuts, Chinese strategic stockpiling, and increasing fleet segmentation reducing global fleet efficiency. Four newbuild VLCCs are scheduled for delivery in H1 2026, and the DHT Nokota acquisition is expected to complete in Q4 2025.

DHT YoY Financials

Revenue$107.3M
Operating Income$47.4M
Net Income$44.8M

DHT Revenue by Segment

VLCC Spot Market
VLCC Spot Chartering
VLCC Time Charter
Voyage Charter Revenues (Spot)$68.8M
Time Charter Revenues$38.4M
VLCC Time Chartering
Technical Management Services

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