DHT Holdings, Inc. Business Update

Rhea-AI Summary

DHT Holdings (NYSE:DHT) reported estimated Q4 2025 time charter equivalent (TCE) earnings of $60,300 per day, with spot VLCCs at $69,500/day and time-charter VLCCs at $49,400/day based on 1,955 revenue days (1,059 spot days).

Through Q1 2026, 45% of available spot days are booked at an average of $66,300/day (discharge-to-discharge), and 66% of total revenue days are booked at an average of $51,500/day.

In early January 2026 the company extended the time charter for DHT Harrier (2016) for five years plus two one-year options at $47,500/day for the fixed term, $49,000/day for the first option year, and $50,000/day for the second option year.

Positive

• Q4 2025 TCE of $60,300 per day
• 66% of Q1 2026 revenue days booked at $51,500/day
• DHT Harrier secured a 5-year charter at $47,500/day

Negative

• Only 45% of spot days in Q1 2026 booked (55% unbooked)
• Spot market dive late Q4 2025 reduced near-term spot visibility

Key Figures

Fleet TCE Q4 2025: $60,300 per day Spot VLCC TCE Q4: $69,500 per day Time-charter VLCC TCE Q4: $49,400 per day +5 more

8 metrics

Fleet TCE Q4 2025 $60,300 per day Estimated time charter equivalent earnings for entire fleet in Q4 2025

Spot VLCC TCE Q4 $69,500 per day Estimated TCE for VLCCs operating in the spot market in Q4 2025

Time-charter VLCC TCE Q4 $49,400 per day Estimated TCE for VLCCs on time charter in Q4 2025

Revenue days Q4 2025 1,955 days Total revenue days for the fleet during Q4 2025

Spot days Q4 2025 1,059 days Spot revenue days included in Q4 2025 total

Booked spot rate Q1 2026 $66,300 per day Average rate for 45% of available spot days booked thus far in Q1 2026

Booked blended rate Q1 2026 $51,500 per day Average rate for 66% of available revenue days (spot and time-charter) booked in Q1 2026

DHT Harrier fixed rate $47,500 per day Daily rate for five-year fixed term on extended time charter from early 2026

Market Reality Check

Price: $13.72 Vol: Volume 3,289,321 is 1.74x...

high vol

$13.72 Last Close

Volume Volume 3,289,321 is 1.74x the 20-day average of 1,889,687, indicating elevated interest ahead of/around this update. high

Technical Trading above the 200-day MA at $11.77 and just 2.6% below the 52-week high of $13.85, after climbing 49.97% from the 52-week low of $8.995.

Peers on Argus

DHT gained 2.12% with strong volume while key peers like TNK, GLP, FLNG, LPG, an...

DHT gained 2.12% with strong volume while key peers like TNK, GLP, FLNG, LPG, and NVGS also showed gains between 1.2% and 3.46%. However, momentum scanner data flags this as a stock-specific move rather than a coordinated sector rotation.

Historical Context

5 past events · Latest: Jan 02 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 02	VLCC delivery	Positive	-3.9%	Delivery of fully funded VLCC DHT Antelope entering the spot market.
Dec 29	Asset sale	Positive	+0.7%	Sale of two 2007-built VLCCs with expected $95M net cash proceeds.
Oct 29	Q3 2025 results	Neutral	+0.4%	Release of Q3 2025 financial results and full report to investors.
Oct 15	Earnings preview	Neutral	+4.1%	Announcement of Q3 2025 results date and conference call details.
Oct 13	Regulatory response	Neutral	-1.6%	Statement clarifying impact of China port fee announcement on DHT fleet.

Pattern Detected

Recent history shows mixed reactions: operational fleet growth and strategic updates sometimes saw selloffs, while earnings-related communications and asset sales tended to align with modest positive price moves.

Recent Company History

Over the last few months, DHT reported several fleet and shareholder-structure developments. On Oct 13, 2025, it addressed China port fee concerns and saw a -1.58% move. An earnings call announcement on Oct 15, 2025 preceded a 4.11% gain, while Q3 2025 results on Oct 29, 2025 coincided with a small uptick. Year-end fleet optimization continued with VLCC sales for $101.6M and net proceeds of about $95.0M, followed by a -3.85% reaction to delivery of a fully funded VLCC newbuilding on Jan 2, 2026. Today’s detailed rate and charter update fits into this pattern of active fleet and contract management.

Market Pulse Summary

This announcement highlights DHT’s Q4 2025 time charter equivalent earnings of $60,300 per day and p...

Analysis

This announcement highlights DHT’s Q4 2025 time charter equivalent earnings of $60,300 per day and provides early Q1 2026 visibility, with 45% of spot days and 66% of total revenue days already booked at specified rates. It also details a multi‑year extension for DHT Harrier at daily rates from $47,500 to $50,000. In context of recent fleet sales, deliveries, and shareholder filings, investors may focus on booking levels, rate trends, and contract duration when assessing the company’s earnings power.

Key Terms

time charter equivalent earnings, vlccs, spot market, time charter

4 terms

time charter equivalent earnings financial

"the Company estimates time charter equivalent earnings for its fleet at $60,300 per day"

A metric that converts the money a ship earns on individual trips into a standardized daily rate, making different voyages and contract types comparable. Investors use it like an ‘apples-to-apples’ rental rate—similar to comparing how much income a car would produce per day—so it helps assess a shipping company’s short-term cash generation, fleet performance and revenue trends without getting lost in route or contract details.

vlccs technical

"$69,500 per day for the Company’s VLCCs operating in the spot market"

Very Large Crude Carriers (VLCCs) are the biggest ocean tankers used to move crude oil in huge batches—think of them as the freight trains of the sea that carry fuel between regions. Investors watch VLCC supply, demand and freight rates because changes affect shipping company profits, the cost and timing of oil deliveries, and broader energy trade flows, similar to how truck shortages or traffic jams can raise delivery costs and slow goods to market.

spot market financial

"VLCCs operating in the spot market and $49,400 per day for the Company’s VLCCs"

The spot market is where assets—like stocks, commodities, or currencies—are exchanged for immediate delivery and payment at the current market price. It matters to investors because spot prices reflect real-time supply and demand, guide short-term trading decisions, and serve as the baseline for contracts and valuations; think of it as buying an item at the store right now instead of ordering it for later.

time charter financial

"$49,400 per day for the Company’s VLCCs on time charter"

A time charter is an agreement where a ship owner rents out their vessel to a customer for a set period, during which the customer has control over the ship’s use and operation. This arrangement matters to investors because it provides a steady income stream for the ship owner and indicates ongoing demand for shipping services, reflecting the health of global trade and transportation markets.

AI-generated analysis. Not financial advice.

HAMILTON, BERMUDA, January 14, 2026 – DHT Holdings, Inc. (NYSE:DHT) (“DHT” or the “Company”) today provides the following business update:

For the fourth quarter of 2025, the Company estimates time charter equivalent earnings for its fleet at $60,300 per day, comprising of $69,500 per day for the Company’s VLCCs operating in the spot market and $49,400 per day for the Company’s VLCCs on time charter. The estimated time charter equivalent earnings are based on 1,955 revenue days for the fourth quarter, of which 1,059 days are spot days.

Thus far in the first quarter of 2026, 45% of the available spot days have been booked at an average rate of $66,300 per day on a discharge-to-discharge basis. 66% of the available revenue days, spot and time-charter days combined, have been booked at an average rate of $51,500 per day.

The President & CEO, Svein Moxnes Harfjeld, commented: “The spot market took a dive towards the end of the fourth quarter, a too deep of a dive in our view. Our view is reflected in the current rebound of the spot market in combination with increasing demand for time charter contracts from end users. The market balance is tight, and we expect it to tighten further.”

In early January 2026, the Company extended its time charter agreement for DHT Harrier, built 2016, with a global energy company. The extended contract is for five years with two optional extension periods for one year each. The new time charter will commence immediately upon the expiration of the current time charter. The agreed daily rate is $47,500 for the fixed five-year term, $49,000 for the first optional year, and $50,000 for the second optional year.

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, 2025.

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 were DHT (NYSE:DHT) estimated TCE earnings for Q4 2025?

Estimated Q4 2025 TCE was $60,300 per day (spot $69,500/day; time-charter $49,400/day).

How much of DHT's fleet is booked for Q1 2026 and at what rates?

45% of spot days booked at $66,300/day; 66% of total revenue days booked at $51,500/day.

What are the terms of the DHT Harrier time charter extension announced January 2026?

A five-year extension plus two one-year options at $47,500/day (fixed), $49,000/day (option 1), $50,000/day (option 2).

How did the spot market trend affect DHT in late Q4 2025?

The company reported the spot market "took a dive" late Q4 2025, followed by a rebound and tighter market balance.

How many revenue and spot days were used to calculate DHT's Q4 2025 TCE?

Calculations were based on 1,955 revenue days, of which 1,059 were spot days.