DHT Holdings, Inc. Business Update

Rhea-AI Summary

DHT Holdings (NYSE:DHT) has released its Q1 2025 business update, reporting estimated time charter equivalent earnings of $38,200 per day for its fleet. This includes $36,300 per day for VLCCs in the spot market and $42,700 per day for time-chartered VLCCs, based on 2,077 revenue days (1,465 spot days).

For Q2 2025, 56% of available spot days are booked at $48,700 per day, while 73% of total revenue days are secured at $45,100 per day. The company has secured two significant time charter contracts: a one-year agreement for DHT Tiger at $52,500 per day starting March 2025, and a seven-year contract for DHT Appaloosa with a $41,000 per day base rate plus profit-sharing, beginning May 2025.

Positive

• Q2 2025 spot rates showing strong improvement at $48,700/day vs Q1's $36,300/day
• Secured long-term 7-year contract for DHT Appaloosa with profit-sharing potential
• High fleet utilization with 73% of Q2 revenue days already secured
• Favorable time charter rate of $52,500/day for DHT Tiger

Negative

• Q1 2025 spot market earnings ($36,300/day) lower than time charter earnings ($42,700/day)

HAMILTON, BERMUDA, April 14, 2025 – DHT Holdings, Inc. (NYSE:DHT) (“DHT” or the “Company”) today provides the following business update:

For the first quarter of 2025, the Company estimates time charter equivalent earnings for its fleet at $38,200 per day, comprising of $36,300 per day for the Company’s VLCCs operating in the spot market and $42,700 per day for the Company’s VLCCs on time charter. The estimated time charter equivalent earnings are based on 2,077 revenue days for the first quarter, of which 1,465 days are spot days.

Thus far in the second quarter of 2025, 56% of the available spot days have been booked at an average rate of $48,700 per day on a discharge-to-discharge basis. 73% of the available revenue days, spot and time-charter days combined, have been booked at an average rate of $45,100 per day.

In March 2025, the Company entered into a one-year time charter contract for DHT Tiger, built 2017, with a global energy company. The time charter contract has a rate of $52,500 per day. DHT Tiger was delivered into the time charter contract at the end of March 2025.

In April 2025, the Company entered into a seven-year time charter contract for DHT Appaloosa, built 2018, with a global energy company. The time charter contract has a fixed base rate of $ 41,000 per day plus an index-based profit-sharing structure calculated on the ship’s specifications. All index-based earnings in excess of $41,000 will be shared equally between the customer and DHT. The customer has the option to extend for two additional years. DHT Appaloosa is expected to deliver into the time charter contract in May 2025.

About DHT Holdings, Inc.
DHT is an independent crude oil tanker company. Our fleet trades internationally and consists of crude oil tankers in the VLCC segment. We operate through our integrated management companies in Monaco, Norway, Singapore, and India. You may recognize us by our renowned business approach as an experienced organization with focus on first rate operations and customer service; our quality ships; our prudent capital structure that promotes staying power through the business cycles; our fleet employment with a combination of market exposure and fixed income contracts; our disciplined capital allocation strategy through cash dividends, investments in vessels, debt prepayments and share buybacks; and our transparent corporate structure maintaining a high level of integrity and corporate governance. For further information please visit www.dhtankers.com.

Forward Looking Statements
This press release contains certain forward-looking statements and information relating to the Company that are based on beliefs of the Company’s management as well as assumptions, expectations, projections, intentions and beliefs about future events. When used in this document, words such as “believe,” “intend,” “anticipate,” “estimate,” “project,” “forecast,” “plan,” “potential,” “will,” “may,” “should” and “expect” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. These statements reflect the Company’s current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. These forward-looking statements represent the Company’s estimates and assumptions only as of the date of this press release and are not intended to give any assurance as to future results. For a detailed discussion of the risk factors that might cause future results to differ, please refer to the Company’s Annual Report on Form 20-F, filed with the SEC on March 20, 2024.

The Company undertakes no obligation to publicly update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur, and the Company’s actual results could differ materially from those anticipated in these forward-looking statements.

Contact:
Laila C. Halvorsen, CFO
Phone: +1 441 295 1422 and +47 984 39 935
E-mail: lch@dhtankers.com

FAQ

What are DHT Holdings' Q1 2025 fleet earnings per day?

DHT Holdings reported fleet earnings of $38,200 per day in Q1 2025, with spot market VLCCs at $36,300 per day and time-chartered VLCCs at $42,700 per day.

How much of DHT's Q2 2025 spot days are already booked?

56% of DHT's Q2 2025 spot days are booked at an average rate of $48,700 per day.

What are the terms of DHT Appaloosa's new time charter contract?

DHT Appaloosa secured a seven-year contract at $41,000 per day base rate with profit-sharing above this rate, starting May 2025, with option for two additional years.

What is the rate for DHT Tiger's new time charter contract?

DHT Tiger secured a one-year time charter contract at $52,500 per day, starting from end of March 2025.