DHT Holdings delivered exceptionally strong third quarter results, significantly exceeding analyst expectations for both revenue and earnings. The performance was driven by robust tanker market conditions and high utilization, with shipping revenues surging to $332.1 million compared to $107.2 million in the prior-year period. Profitability was bolstered by a $34.2 million gain from the sale of the DHT Bauhinia, alongside record-level Time Charter Equivalent (TCE) rates across the fleet. Management declared a cash dividend of $1.45 per share, maintaining its policy of returning 100% of ordinary net income to shareholders.
Key Highlights
- Average fleet-wide TCE earnings reached $141,300 per day, with spot market VLCCs achieving $167,100 per day.
- Exceptional Q4 2026 outlook with 68% of spot days already booked at an average rate of $579,900 per day.
- Ordinary net income of $234.5 million ($1.45/share) after excluding one-time vessel sale gains and derivative adjustments.
- Fleet renewal continued with the delivery of the DHT Impala, the final of four 2026 newbuildings, while a new VLCC construction agreement was signed for 2029 delivery.