Record Q2 earnings and $1.22 dividend at DHT Holdings, Inc. (NYSE: DHT)
Rhea-AI Filing Summary
DHT Holdings, a VLCC crude tanker owner, reported record Q2 2026 results with shipping revenues of $284.8 million and profit after tax of $198.3 million, up from $127.9 million and $56.0 million a year earlier. Basic and diluted EPS were $1.23, and Adjusted EBITDA reached $231.0 million. First-half 2026 profit was $362.9 million, already exceeding the prior full‑year record of $266.3 million.
Operating cash flow was $219.5 million in Q2, lifting cash to $161.7 million and lowering net debt to 273.1 USD mill., with all debt covenants in compliance. Strong VLCC markets drove spot rates to $162,600 per day and time‑charter rates to $90,800. The board approved a $1.22 per‑share Q2 dividend, following $1.05 per share paid year‑to‑date, while the fleet was renewed through three newbuildings delivered and older vessel sales generating a $60.0 million gain. For Q3 2026, the company has 1,020 term time‑charter days fixed at $75,900 per day and 600 of 1,029 expected spot days booked at $152,700 per day, with spot P&L break‑even for the quarter less than zero due to term charter coverage.
Positive
- The company delivered record profitability with Q2 2026 profit after tax of $198.3 million and first-half profit of $362.9 million, surpassing its previous full-year record of $266.3 million.
- Strong cash generation produced Q2 2026 operating cash flow of $219.5 million, increasing cash to $161.7 million, reducing net debt to 273.1 USD mill., and maintaining debt covenant compliance with significant headroom.
Negative
- None.
Filing Explained
The filing adds a completed fourth newbuilding delivery and vessel sale, while the F-3 reference remains registration rather than reported issuance.
As a Form 6-K, this filing furnishes DHT’s
The Form 6-K also says Exhibit 99.1 is incorporated by reference into DHT’s Form F-3 registration statement; the stated action is registration-record incorporation, not an issuance described here.
DHT Impala was delivered on
DHT Bauhinia was delivered on
The company also reports a three-year charter for DHT Jaguar at
The relevant follow-up is the Q3 2026 report, which will show whether the expected Bauhinia gain is recognized and how the newbuilding and charter appear in reported operations.
Key Figures
Key Terms
Adjusted EBITDA financial
Adjusted spot time charter equivalent per day financial
VLCC technical
value adjusted tangible net worth financial
reducing revolving credit facility financial
IFRS 15 financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did DHT (DHT) perform financially in Q2 2026?
What were DHT (DHT)'s shipping revenues and profit for the first half of 2026?
What dividend did DHT (DHT) declare for Q2 2026 and when will it be paid?
What is DHT (DHT)'s cash and debt position as of June 30, 2026?
What does DHT (DHT)'s fleet and newbuilding program look like?
What outlook did DHT (DHT) provide for Q3 2026 tanker earnings?
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 under
the Securities Exchange Act of 1934
For the month of August 2026
Commission File Number 001-32640
DHT HOLDINGS, INC.
(Exact name of Registrant as specified in its charter)
Clarendon House
2 Church Street, Hamilton HM 11
Bermuda
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☑ Form 40-F ☐
Press Releases
The press release issued by DHT Holdings, Inc. (the “Company”) on August 5, 2026 related to its results for the second quarter of 2026 is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Incorporation by Reference
Exhibit 99.1 to this Report on Form 6-K shall be incorporated by reference into the Company’s registration statement on Form F-3 (file No. 333-294448), initially filed with the Securities and Exchange Commission on March 19, 2026, as amended, to the extent not superseded by information subsequently filed or furnished (to the extent the Company expressly states that it incorporates such furnished information by reference) by the Company under the Securities Act of 1933 or the Securities Exchange Act of 1934, in each case as amended.
EXHIBIT LIST
| Exhibit | Description | |
| 99.1 | Press Release dated August 5, 2026 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| DHT Holdings, Inc. | ||||
(Registrant)
|
||||
| Date: August 5, 2026 | By: | /s/ Laila C. Halvorsen | ||
| Name: | Laila C. Halvorsen | |||
| Title: | Chief Financial Officer | |||
Exhibit 99.1
DHT Holdings, Inc. Second Quarter 2026 Results
HAMILTON, BERMUDA, August 5, 2026 – DHT Holdings, Inc. (NYSE: DHT) (“DHT” or the “Company”) today announced:
FINANCIAL
HIGHLIGHTS:
| USD mill. (except per share) | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | 2025 | 2024 |
| Shipping revenues | 284.8 | 186.3 | 143.9 | 107.2 | 127.9 | 497.2 | 567.8 |
| Adjusted net revenues1 | 255.0 | 157.2 | 117.8 | 79.1 | 92.8 | 369.1 | 388.2 |
| Adjusted EBITDA2 | 231.0 | 133.3 | 95.3 | 57.7 | 69.0 | 278.4 | 294.6 |
| Profit after tax | 198.3 | 164.5 | 66.1 | 44.8 | 56.0 | 211.0 | 181.5 |
| EPS – basic | 1.23 | 1.02 | 0.41 | 0.28 | 0.35 | 1.31 | 1.12 |
| EPS – diluted | 1.23 | 1.02 | 0.41 | 0.28 | 0.35 | 1.31 | 1.12 |
| Dividend3 | 1.22 | 0.64 | 0.41 | 0.18 | 0.24 | 0.98 | 0.95 |
| Interest bearing debt | 434.8 | 505.3 | 428.7 | 268.5 | 302.8 | 428.7 | 409.4 |
| Cash and cash equivalents | 161.7 | 126.2 | 79.0 | 81.2 | 82.7 | 79.0 | 78.1 |
| Net debt | 273.1 | 379.1 | 349.7 | 187.3 | 220.1 | 349.7 | 331.3 |
The second quarter of 2026 was the strongest quarter in the Company’s history. Net profit for the quarter amounted to $198.3 million, reflecting exceptionally strong tanker market conditions and commercial performance. Furthermore, net profit for the first six months of 2026 exceeded the Company’s previous record full-year result of $266.3 million achieved in 2020, marking a new earnings milestone in DHT’s history.
QUARTERLY HIGHLIGHTS:
| ● | In the second quarter of 2026, the Company achieved average combined time charter equivalent earnings of $126,700 per day, comprised of $162,600 per day for the Company’s VLCCs operating in the spot market and $90,800 per day for the Company’s VLCCs on time charter. |
| ● | Adjusted EBITDA for the second quarter of 2026 was $231.0 million. Net profit for the quarter was $198.3 million, equating to $1.23 per basic share. After adjusting for the non-cash fair value gain related to interest rate derivatives of $1.3 million, the Company had ordinary net income for the quarter of $197.0 million, equating to $1.22 per basic share. |
| ● | In May, the Company entered into two one-year time charter agreements for DHT Sundarbans, built in 2012, and DHT Amazon, built in 2011, at an average rate of $109,000 per day. |
| ● | In June 2026, the Company entered into an agreement with Hanwha Ocean Co., Ltd. for the construction of a VLCC. The vessel is scheduled for delivery in August 2028 and will be a sister of the two vessels the Company took delivery of in the first quarter of 2026. |
| 1 |
| ● | In June 2026, the Company entered into a new $250 million reducing revolving credit facility with its seven relationship banks. The facility has a seven-year tenor, pricing of SOFR plus 135 basis points, a 20-year repayment profile, final maturity in June 2033, and includes a $250 million uncommitted accordion feature. |
| ● | For the second quarter of 2026, the Company declared a cash dividend of $1.22 per share of outstanding common stock, payable on August 24, 2026, to shareholders of record as of August 17, 2026. This marks the 66th consecutive quarterly cash dividend and is in line with the Company’s capital allocation policy to pay out 100% of ordinary net income. The shares will trade ex-dividend from August 17, 2026. |
OPERATIONAL
HIGHLIGHTS:
| Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | 2025 | 2024 | |
| Operating days4 | 2,093.0 | 2,034.5 | 1,979.6 | 1,961.2 | 2,030.2 | 8,055.1 | 8,784.0 |
| Scheduled off hire days | 75.3 | 25.0 | 23.3 | - | 24.1 | 47.3 | 93.1 |
| Unscheduled off hire5 | 0.3% | 0.1% | 0.0% | 0.2% | 0.0% | 0.1% | 1.1% |
| Revenue days6 | 2,012.3 | 1,994.1 | 1,955.5 | 1,951.2 | 2,003.4 | 7,987.0 | 8,594.9 |
| Spot exposure5 | 48.4% | 57.3% | 53.5% | 54.9% | 60.1% | 59.9 % | 76.4 % |
| VLCC time charter rate per day | $ 90,800 | $ 61,300 | $ 49,400 | $ 42,800 | $ 42,800 | $44,600 | $38,900 |
| VLCC spot rate per day | $ 162,600 | $ 91,700 | $ 69,500 | $ 38,700 | $ 48,700 | $47,300 | $47,200 |
Current Market Dynamics
| ■ | Geopolitical Friction and Risk Premiums: Hostilities in the Middle East are forcing longer trade routes, increasing ton-mile demand and reducing overall fleet efficiency. While most shipowners avoid high-risk zones, those venturing into the Persian Gulf are earning substantial risk premiums. |
| ■ | Structural Supply Consolidation: The market structure remains tight following significant fleet consolidation by a private aggregator earlier in the year, which reduced fragmented spot supply. |
| ■ | Strong Asset Price Floor: A Middle Eastern national energy company is purchasing secondhand vessels at premium values, demonstrating strong institutional support for crude oil tanker asset values. |
| ■ | China’s “Shock Absorber” Strategy: China has temporarily suppressed oil price spikes by drawing down its strategic and commercial crude oil stockpiles and reducing refined product export quotas. Once these inventory draws reverses, China’s crude oil transportation demand is expected to rebound sharply. |
Key Future Catalysts
| ■ | An operational mechanism of a US – Iran conflict resolution should normalize Iranian crude exports into legitimate, compliant trade channels. This should in turn shift transport volumes away from the non-compliant “shadow fleet” to independent operators, expanding the addressable market. However, if the conflict remains unresolved, we expect longer haul crude oil supply routes to persist with the “shadow fleet” possibly continuing to trade although with a potential need for replacements supporting valuations for aging ships and resulting in retirement of the oldest part of the fleet. |
| ■ | Global attention to energy security and inventory replenishment should result in rebuilding depleted commercial and national strategic reserves. This should in turn drive strong tanker transportation demand beyond baseline daily crude oil consumption. |
Strategic Positioning and Shareholder Value
| ■ | Securing High-Margin Fixed Income: We have capitalized on customer demand by securing term contracts across various tenors at highly profitable rates. |
| ■ | Balanced Exposure Strategy: Retaining meaningful spot market upside to capture rate surges while selectively adding term coverage to stabilize cash flow visibility. |
| ■ | Capital Allocation and Dividends: Maintaining our disciplined capital allocation framework aimed at converting market tailwinds into direct shareholder returns via quarterly cash dividends. |
As of June 30, 2026, DHT had a fleet of 23 VLCCs in operation, with a total dwt of 7,164,430. For more details on the fleet, please refer to the web site: https://www.dhtankers.com/fleetlist/.
| 2 |
SUBSEQUENT EVENTS HIGHLIGHTS:
| ● | In July, the Company entered into a 3-year time charter agreement at $75,000 per day for the VLCC DHT Jaguar, built in 2015. The contract is expected to commence in September 2026 and has been concluded with a global energy company. |
| ● | On July 20, 2026, DHT Bauhinia, built in 2007, was delivered to its new owner. The vessel was debt free, and the sale generated net cash proceeds of $51.0 million. The Company expects to record a gain of $34.2 million on the sale. |
| ● | On July 24, 2026, the Company took delivery of DHT Impala, a VLCC newbuilding from Hyundai Samho Heavy Industries. The vessel entered into the spot market and represented the fourth and final vessel in a series of newbuildings delivered in 2026. |
OUTLOOK:
| Estimated
Q3 2026 | |
| Total term time charter days | 1,020 |
| Average term time charter rate ($/day)7 | $ 75,900 |
| Total spot days for the quarter | 1,029 |
| Spot days booked to date | 600 |
| Average spot rate booked to date ($/day) | $ 152,700 |
| Spot P&L break-even for the quarter8 | $ - |
| ● | Thus far in the third quarter of 2026, 58% of the available VLCC spot days have been booked at an average rate of $152,700 per day on a discharge-to-discharge basis. 79% of the available VLCC days, combined spot and time charter days, have been booked at an average rate of $104,400 per day. |
Footnotes:
1Shipping revenues net of voyage expenses.
2See reconciliation under “Reconciliation of non-gaap financial measures”.
3Per common share.
4Operating days are the aggregate number of calendar days in the period in which the vessels are owned by the Company or chartered by the Company.
5As % of total operating days in period.
6Revenue days are the aggregate number of calendar days in the period in which the vessels are owned by the Company or chartered by the Company less days on which a vessel is off hire or repositioning days in connection with sale.
7 The month of July includes estimated profit-sharing. The months of August and September assume only the base rate.
8 Spot P&L break-even for the third quarter is less than zero as term time charter earnings are expected to exceed forecasted costs.
| 3 |
SECOND QUARTER 2026 FINANCIALS
The Company reported shipping revenues for the second quarter of 2026 of $284.8 million compared to shipping revenues of $127.9 million in the second quarter of 2025. The increase from the 2025 period to the 2026 period includes $156.3 million attributable to higher revenue per day and $0.6 million attributable to an increase in total revenue days.
Other revenues for the second quarter of 2026 were $0.2 million compared to $0.4 million in the second quarter of 2025 and relate to technical management services provided. The decrease is due to a reduction in the fleet size for which the Company provides third-party technical management services.
There was no gain on sale of vessels in the second quarter of 2026, compared to a gain of $17.5 million in the second quarter of 2025 related to the sale of DHT Lotus.
Voyage expenses for the second quarter of 2026 were $29.9 million, compared to voyage expenses of $35.1 million in the second quarter of 2025. The decrease was primarily due to fewer vessels operating in the spot market during the quarter, resulting in lower voyage expenses. Specifically, bunker expenses decreased by $6.5 million and port expenses decreased by $2.0 million, partially offset by increases in broker commissions of $1.8 million and other voyage-related costs of $1.4 million. Voyage expenses generally vary depending on trading patterns during a quarter.
Vessel operating expenses for the second quarter of 2026 were $18.6 million, compared to $19.6 million in the second quarter of 2025. The decrease was mainly due to lower other operating expenses of $1.8 million, partially offset by increases in insurance expenses of $0.5 million and lube oil expenses of $0.2 million.
Depreciation and amortization, including depreciation of capitalized survey expenses, was $27.8 million for the second quarter of 2026, compared to $26.1 million in the second quarter of 2025. The change was mainly due to higher vessel depreciation of $3.0 million following the delivery of three newbuildings during the first quarter of 2026, partially offset by a $1.4 million decrease in depreciation of exhaust gas cleaning systems and lower depreciation resulting from the sale of vessels.
General and administrative (“G&A”) expenses for the second quarter of 2026 were $5.6 million, consisting of $3.9 million cash and $1.7 million non-cash charges, compared to $4.6 million in the second quarter of 2025, consisting of $3.4 million cash and $1.2 million non-cash charges. The increase in non-cash G&A expenses from the second quarter of 2025 to the second quarter of 2026 resulted from shares vested in the second quarter of 2026. Non-cash G&A expense includes accruals for social security taxes related to such awards.
Net financial expenses for the second quarter of 2026 were $4.8 million compared to $4.3 million in the second quarter of 2025. The increase was mainly due to higher interest expenses of $2.3 million, resulting from higher debt following the delivery of three newbuildings, partially offset by a non-cash gain of $1.3 million related to interest rate derivatives.
As a result of the foregoing, the Company had a net profit in the second quarter of 2026 of $198.3 million, or earnings of $1.23 per basic share and $1.23 per diluted share, compared to a net profit in the second quarter of 2025 of $56.0 million, or earnings of $0.35 per basic share and $0.35 per diluted share. The increase from the second quarter of 2025 to the second quarter of 2026 was mainly due to a $142.9 million increase in operating income, partially offset by a $0.6 million increase in net financial expenses.
Net cash provided by operating activities for the second quarter of 2026 was $219.5 million compared to $83.6 million for the second quarter of 2025. The increase was due to a net profit of $198.3 million in the second quarter of 2026 compared to a net profit of $56.0 million in the second quarter of 2025 and $19.4 million related to non-cash items included in net profit, partially offset by a $25.8 million change in operating assets and liabilities.
Net cash used in investing activities was $9.2 million in the second quarter of 2026, comprised of $7.2 million related to investment in vessels, $1.3 million related to investment in vessels under construction, $0.5 million related to sale of vessel and $0.2 million related to investment in other property, plant and equipment. Net cash provided by investing activities was $11.1 million in the second quarter of 2025 and was mainly related to proceeds from the sale of DHT Lotus of $50.9 million, partially offset by $38.7 million related to investment in vessels under construction and $1.1 million related to investment in vessels.
| 4 |
Net cash used in financing activities for the second quarter of 2026 was $174.9 million, comprised of $103.1 million related to cash dividend paid, $56.0 million related to prepayment of long-term debt and $15.5 million related to scheduled repayment of long-term debt. Net cash used in financing activities for the second quarter of 2025 was $92.7 million, comprised of $65.9 million related to prepayment of long-term debt, $25.5 million related to repayment of long-term debt in connection with refinancing, $24.1 million related to cash dividend paid, $14.0 million related to scheduled repayment of long-term debt, $11.4 million related to repayment of long-term debt in connection with sale of vessels, and $6.1 million related to acquisition of non-controlling interests, partially offset by $54.7 million related to issuance of long-term debt.
As of June 30, 2026, the cash balance was $161.7 million, compared to $79.0 million as of December 31, 2025.
The Company monitors its covenant compliance on an ongoing basis. As of June 30, 2026, the Company was in compliance with its financial covenants.
As of June 30, 2026, the Company had 161,235,573 shares of common stock outstanding compared to 160,799,407 shares as of December 31, 2025.
The Company declared a cash dividend of $1.22 per common share for the second quarter of 2026 payable on August 24, 2026, for shareholders of record as of August 17, 2026.
| 5 |
FIRST HALF 2026 FINANCIALS
The Company reported shipping revenues for the first half of 2026 of $471.1 million compared to $246.1 million in the first half of 2025. The increase from the 2025 period to the 2026 period includes $229.5 million attributable to higher revenue per day, partially offset by $4.5 million attributable to a decrease in total revenue days.
Other revenues for the first half of 2026 were $0.4 million compared to $0.8 million in the first half of 2025 and relate to technical management services provided. The decrease is due to a reduction in the fleet size for which the Company provides third-party technical management services.
The Company recorded a gain of $60.0 million in the first half of 2026 related to the sale of DHT China and DHT Europe compared to a gain of $37.3 million in the first half of 2025 related to the sale of DHT Scandinavia and DHT Lotus.
Voyage expenses for the first half of 2026 were $58.9 million compared to voyage expenses of $74.0 million in the first half of 2025. The decrease was primarily due to fewer vessels operating in the spot market during the first half of 2026, resulting in lower voyage expenses. Specifically, bunker expenses decreased by $17.3 million and port expenses decreased by $1.5 million, partially offset by increases in broker commission of $2.8 million and other voyage-related costs of $0.9 million. Voyage expenses generally vary depending on trading patterns during the period.
Vessel operating expenses for the first half of 2026 were $37.7 million compared to $37.4 million in the first half of 2025. The increase was mainly related to a higher number of operating days resulting from an increase in the average number of vessels in the fleet.
Depreciation and amortization, including depreciation of capitalized survey expenses, was $53.4 million for the first half of 2026, compared to $53.4 million in the first half of 2025. An increase in vessel depreciation of $2.4 million was offset by lower depreciation of exhaust gas cleaning systems of $2.0 million and lower amortization of drydocking costs of $0.4 million.
G&A for the first half of 2026 was $10.5 million, consisting of $7.9 million cash and $2.6 million non-cash charge, compared to $10.1 million, consisting of $7.2 million cash and $2.9 million non-cash charge for the first half of 2025. The decrease in non-cash G&A expenses from the first half of 2025 to the first half of 2026 was attributable to the timing and valuation of shares that vested during the first quarter of 2025 and the second quarter of 2026. Non-cash G&A expense includes accrual for social security taxes related to such awards.
Net financial expenses for the first half of 2026 were $7.8 million, compared to $9.0 million in the first half of 2025. The decrease was mainly due to a non-cash gain of $2.4 million related to interest rate derivatives, partially offset by higher interest expenses of $1.5 million, resulting from higher debt following the delivery of three newbuildings.
As a result of the foregoing, the Company had net profit for the first half of 2026 of $362.9 million, or earnings of $2.25 per basic share and $2.25 per diluted share, compared to net profit of $100.1 million, or earnings of $0.62 per basic share and $0.62 per diluted share in the first half of 2025. The increase was primarily attributable to a $261.7 million increase in operating income, reflecting stronger operating performance during the period, as well as a $1.2 million decrease in net financial expenses. Operating income in the first half of 2026 included a $60.0 million gain on the sale of DHT China and DHT Europe, compared to a $37.3 million gain on the sale of DHT Scandinavia and DHT Lotus in the first half of 2025.
Net cash provided by operating activities for the first half of 2026 was $318.3 million compared to $142.8 million for the first half of 2025. The increase was due to net profit of $362.9 million in the first half of 2026, compared to net profit of $100.1 million in the first half of 2025, partially offset by a $62.4 million change in operating assets and liabilities and a $24.9 million decrease in non-cash items included in net income.
Net cash used in investing activities for the first half of 2026 was $71.1 million and was mainly related to investment in vessels under construction of $161.3 million and $10.1 million related to investment in vessels, partially offset by $100.5 million of proceeds from the sales of DHT China and DHT Europe. Net cash provided by investing activities for the first half of 2025 was $27.7 million and was mainly related to proceeds from the sales of DHT Scandinavia and DHT Lotus totaling $93.4 million, partially offset by $64.5 million related to investment in vessels under construction and $1.1 million related to investment in vessels.
| 6 |
Net cash used in financing activities for the first half of 2026 was $164.4 million comprised of $281.0 million related to prepayment of long-term debt, $169.1 million related to cash dividends paid, $24.5 million related to scheduled repayment of long-term debt and $5.6 million related to repayment of long-term debt in connection with sale of vessels, partially offset by $316.4 million related to issuance of long-term debt. Net cash used in financing activities for the first half of 2025 was $166.2 million comprised of $108.3 million related to prepayment of long-term debt, $51.4 million related to cash dividends paid, $27.6 million related to scheduled repayment of long-term debt, $25.5 million related to repayment of long-term debt in connection with refinancing, $11.4 million related to repayment of long-term debt in connection with sale of vessels and $6.1 million related to acquisition of non-controlling interests, partially offset by $64.7 million related to issuance of long-term debt.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
The Company assesses the financial performance of its business using a variety of measures. Certain of these measures are termed “non-GAAP measures” because they exclude amounts that are included in, or include amounts that are excluded from, the most directly comparable measure calculated and presented in accordance with IFRS, or are calculated using financial measures that are not calculated in accordance with IFRS. These non-GAAP measures include “Adjusted Net Revenue”, “Adjusted EBITDA” and “Adjusted spot time charter equivalent per day”. The Company believes that these non-GAAP measures provide useful supplemental information for its investors and, when considered together with the Company’s IFRS financial measures and the reconciliation to the most directly comparable IFRS financial measure, provide a more complete understanding of the factors and trends affecting the Company’s operations. In addition, DHT’s management measures the financial performance of the Company, in part, by using these non-GAAP measures, along with other performance metrics. The Company does not regard these non-GAAP measures as a substitute for, or as superior to, the equivalent measures calculated and presented in accordance with IFRS. Additionally, these non-GAAP measures may not be comparable to other similarly titled measures used by other companies and should not be considered in isolation or as a substitute for analysis of the Company’s operating results as reported under IFRS.
| USD in thousands except time charter equivalent per day | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | 2025 | 2024 |
| Reconciliation of adjusted net revenue | |||||||
| Shipping revenues | 284,819 | 186,285 | 143,931 | 107,151 | 127,950 | 497,197 | 567,835 |
| Voyage expenses | (29,856) | (29,083) | (26,081) | (28,047) | (35,131) | (128,088) | (179,623) |
| Adjusted net revenues | 254,963 | 157,203 | 117,850 | 79,104 | 92,819 | 369,109 | 388,212 |
| Reconciliation of adjusted EBITDA | |||||||
| Profit after tax | 198,339 | 164,527 | 66,074 | 44,805 | 56,032 | 210,962 | 181,460 |
| Income tax expense | 62 | 126 | 207 | 93 | 29 | 413 | 608 |
| Other financial expenses | 728 | 485 | 544 | 520 | 885 | 2,396 | 2,088 |
| Net (gain)/loss on derivative instruments at fair value | (1,290) | (1,119) | (185) | 354 | - | 170 | - |
| Interest expense | 6,400 | 4,424 | 2,290 | 2,586 | 4,186 | 14,169 | 30,399 |
| Interest income | (1,006) | (784) | (590) | (936) | (820) | (3,139) | (3,918) |
| Gain, sale of vessels | - | (59,994) | - | (15,688) | (17,459) | (52,943) | - |
| Reversal of previous impairment charges | - | - | - | - | - | - | (27,909) |
| Depreciation and amortization | 27,752 | 25,647 | 26,991 | 25,969 | 26,139 | 106,370 | 111,884 |
| Adjusted EBITDA | 230,984 | 133,312 | 95,333 | 57,703 | 68,992 | 278,398 | 294,612 |
| Reconciliation of adjusted spot time charter equivalent per day* | |||||||
| Spot time charter equivalent per day | 162,600 | 91,700 | 69,500 | 38,700 | 48,700 | 47,300 | 47,200 |
| IFRS 15 impact on spot time charter equivalent per day** | (8,500) | 14,300 | 6,000 | 3,000 | (6,500) | 800 | (900) |
| Adjusted spot time charter equivalent per day | 154,100 | 106,000 | 75,500 | 41,700 | 42,200 | 48,100 | 46,300 |
* Per revenue days. Revenue days are the aggregate number of calendar days in the period in which the vessels are owned by the Company or chartered by the Company less days on which a vessel is off hire.
** For vessels operating on spot charters, voyage revenues are calculated on a discharge-to-discharge basis. Under IFRS 15, spot charter voyage revenues are calculated on a load-to-discharge basis. IFRS 15 impact refers to the timing difference between discharge-to-discharge and load-to-discharge basis.
| 7 |
EARNINGS CONFERENCE CALL AND WEBCAST INFORMATION
The Company will host a conference call and webcast, which will include a slide presentation, at 8:00 a.m. ET/14:00 CET on Thursday, August 6, 2026, to discuss the results for the quarter.
To access the conference call the participants are required to register using this link:
https://register-conf.media-server.com/register/BI8970cede94b34b37ad427d81fe38972e
Upon registering, each participant will be provided with the dial-in info and a unique PIN to join the call as well as an e-mail confirmation with the details. Participants will need to use the conference access information provided in the e-mail received at the point of registering. Participants may also use the “Call Me” feature from an immediate callback from the system. The call will come from a US number.
The webcast, which will include a slide presentation, will be available at the following link:
https://edge.media-server.com/mmc/p/kxa28zzr and can also be accessed at http://www.dhtankers.com.
A
recording of the audio and slides presented will be available until August 13, 2026, at 14:00 CET. The recording can be accessed through
the following link: https://edge.media-server.com/mmc/p/kxa28zzr
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 combination of market exposure and fixed income contracts for our fleet; 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 http://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 Securities and Exchange Commission on March 19, 2026.
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
| 8 |
DHT HOLDINGS, INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
AS OF JUNE 30, 2026
| 9 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
($ in thousands)
| Note | June 30, 2026 (Unaudited) | December 31, 2025 (Audited) | |||
| ASSETS | |||||
| Current assets | |||||
| Cash and cash equivalents | $ | 161,683 | 79,034 | ||
| Accounts receivable and accrued revenues | 7 | 87,059 | 53,338 | ||
| Capitalized voyage expenses | 2,826 | 1,684 | |||
| Prepaid expenses | 6,624 | 9,678 | |||
| Derivative financial assets | 4 | 923 | 10 | ||
| Inventories | 26,835 | 24,682 | |||
| Assets held for sale | 5 | 16,777 | 40,488 | ||
| Total current assets | $ | 302,728 | 208,915 | ||
| Non-current assets | |||||
| Vessels | 5 | $ | 1,433,693 | 1,083,891 | |
| Vessels under construction | 5 | 56,974 | 301,651 | ||
| Vessel upgrades | 5 | 3,245 | 348 | ||
| Other property, plant and equipment | 6,673 | 6,769 | |||
| Prepaid expenses | 1,991 | - | |||
| Goodwill | 1,356 | 1,356 | |||
| Derivative financial assets | 4 | 1,317 | 19 | ||
| Total non-current assets | $ | 1,505,249 | 1,394,034 | ||
| TOTAL ASSETS | $ | 1,807,977 | 1,602,949 | ||
| LIABILITIES AND EQUITY | |||||
| Current liabilities | |||||
| Accounts payable and accrued expenses | $ | 24,077 | 22,761 | ||
| Derivative financial liabilities | 4 | - | 68 | ||
| Current portion long-term debt | 4 | 45,432 | 39,500 | ||
| Other current liabilities | 1,224 | 994 | |||
| Deferred shipping revenues | 8 | 12,376 | 11,397 | ||
| Total current liabilities | $ | 83,109 | 74,720 | ||
| Non-current liabilities | |||||
| Long-term debt | 4 | $ | 389,372 | 389,244 | |
| Derivative financial liabilities | 4 | - | 131 | ||
| Other non-current liabilities | 5,833 | 5,598 | |||
| Total non-current liabilities | $ | 395,205 | 394,973 | ||
| TOTAL LIABILITIES | $ | 478,314 | 469,693 | ||
| Equity | |||||
| Common stock at par value | 6 | $ | 1,612 | 1,608 | |
| Additional paid-in capital | 1,227,399 | 1,223,719 | |||
| Retained earnings / (accumulated deficit) | 97,552 | (96,216) | |||
| Translation differences | 523 | 498 | |||
| Other reserves | 2,501 | 3,577 | |||
| Total equity attributable to the Company | 1,329,588 | 1,133,186 | |||
| Non-controlling interest | 75 | 71 | |||
| Total equity | $ | 1,329,663 | 1,133,257 | ||
| TOTAL LIABILITIES AND EQUITY | $ | 1,807,977 | 1,602,949 |
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements
| 10 |
CONSOLIDATED INCOME STATEMENT (UNAUDITED)
($ in thousands, except shares and per share amounts)
| Q2 2026 | Q2 2025 | 1H 2026 | 1H 2025 | |||
| Note | Apr. 1 - Jun. 30, 2026 | Apr. 1 - Jun. 30, 2025 | Jan. 1 - Jun. 30, 2026 | Jan. 1 - Jun. 30, 2025 | ||
| Shipping revenues | $ | 284,819 | 127,950 | 471,105 | 246,115 | |
| Other revenues | 193 | 366 | 384 | 775 | ||
| Total revenues | 3 | $ | 285,012 | 128,316 | 471,489 | 246,890 |
| Gain on sale of vessels | 5 | - | 17,459 | 59,994 | 37,255 | |
| Operating expenses | ||||||
| Voyage expenses | (29,856) | (35,131) | (58,939) | (73,959) | ||
| Vessel operating expenses | (18,579) | (19,605) | (37,704) | (37,433) | ||
| Depreciation and amortization | 5 | (27,752) | (26,139) | (53,399) | (53,410) | |
| General and administrative expenses | (5,594) | (4,587) | (10,551) | (10,135) | ||
| Total operating expenses | $ | (81,780) | (85,463) | (160,592) | (174,937) | |
| Operating income | $ | 203,232 | 60,312 | 370,890 | 109,207 | |
| Interest income | 1,006 | 820 | 1,790 | 1,613 | ||
| Interest expense | (6,400) | (4,186) | (10,823) | (9,293) | ||
| Net gain on derivative instruments at fair value | 4 | 1,290 | - | 2,410 | - | |
| Other financial expense | (728) | (885) | (1,213) | (1,332) | ||
| Profit before tax | $ | 198,401 | 56,061 | 363,054 | 100,196 | |
| Income tax expense | (62) | (29) | (188) | (113) | ||
| Profit after tax | $ | 198,339 | 56,032 | 362,866 | 100,083 | |
| Attributable to owners of non-controlling interest | 2 | (67) | 4 | (138) | ||
| Attributable to the owners of parent | $ | 198,337 | 56,099 | 362,862 | 100,221 | |
| Attributable to the owners of parent | ||||||
| Basic earnings per share | 1.23 | 0.35 | 2.25 | 0.62 | ||
| Diluted earnings per share | 1.23 | 0.35 | 2.25 | 0.62 | ||
| Weighted average number of shares (basic) | 161,089,331 | 160,661,512 | 161,058,924 | 160,579,196 | ||
| Weighted average number of shares (diluted) | 161,265,840 | 160,725,972 | 161,219,054 | 160,639,103 |
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements
| 11 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
($ in thousands)
| Q2 2026 | Q2 2025 | 1H 2026 | 1H 2025 | |||
| Note | Apr. 1 - Jun. 30, 2026 | Apr. 1 - Jun. 30, 2025 | Jan. 1 - Jun. 30, 2026 | Jan. 1 - Jun. 30, 2025 | ||
| Profit after tax | $ | 198,339 | 56,032 | 362,866 | 100,083 | |
| Other comprehensive income: | ||||||
| Items that may be reclassified subsequently to income statement: | ||||||
| Exchange gain on translation of foreign currency | ||||||
| denominated subsidiary | (8) | 464 | 25 | 605 | ||
| Total | $ | (8) | 464 | 25 | 605 | |
| Other comprehensive income | $ | (8) | 464 | 25 | 605 | |
| Total comprehensive income for the period | $ | 198,331 | 56,496 | 362,891 | 100,688 | |
| Attributable to owners of non-controlling interest | $ | 2 | 47 | 4 | 41 | |
| Attributable to the owners of parent | $ | 198,329 | 56,449 | 362,887 | 100,647 |
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements
| 12 |
CONSOLIDATED STATEMENT OF CASH FLOW (UNAUDITED)
($ in thousands)
| Q2 2026 | Q2 2025 | 1H 2026 | 1H 2025 | |||
| Note | Apr. 1 - Jun. 30, 2026 | Apr. 1 - Jun. 30, 2025 | Jan. 1 - Jun. 30, 2026 | Jan. 1 - Jun. 30, 2025 | ||
| CASH FLOW FROM OPERATING ACTIVITIES | ||||||
| Profit after tax | $ | 198,339 | 56,032 | 362,866 | 100,083 | |
| Adjustments for: | 28,481 | 9,042 | (7,478) | 17,443 | ||
| Depreciation and amortization | 5 | 27,752 | 26,139 | 53,399 | 53,410 | |
| Amortization of deferred debt issuance cost | 1,039 | 816 | 1,620 | 1,417 | ||
| Loss on disposal of property, plant and equipment | 28 | - | 28 | - | ||
| Gain on sale of vessels | 5 | - | (17,459) | (59,994) | (37,255) | |
| Capitalized interest | 5 | (665) | (1,958) | (2,835) | (3,553) | |
| Net gain on derivative instruments at fair value | (1,290) | - | (2,410) | - | ||
| Compensation related to options and restricted stock | 1,620 | 1,208 | 2,609 | 3,058 | ||
| Net foreign exchange differences | (2) | 296 | 106 | 366 | ||
| Income adjusted for non-cash items | $ | 226,820 | 65,074 | 355,389 | 117,526 | |
| Changes in operating assets and liabilities | (7,286) | 18,503 | (37,115) | 25,263 | ||
| Accounts receivable and accrued revenues | (1,771) | 10,655 | (32,189) | 13,172 | ||
| Capitalized voyage expenses | (1,124) | 1,078 | (1,142) | 882 | ||
| Prepaid expenses | (2,115) | 1,001 | 1,063 | 2,874 | ||
| Accounts payable and accrued expenses | (11,464) | 2,952 | (3,672) | (499) | ||
| Deferred shipping revenues | 5,783 | 462 | 979 | 1,824 | ||
| Inventories | 3,406 | 2,354 | (2,153) | 7,009 | ||
| Net cash provided by operating activities | $ | 219,535 | 83,577 | 318,274 | 142,789 | |
| CASH FLOW FROM INVESTING ACTIVITIES | ||||||
| Investment in vessels | (7,202) | (1,146) | (10,051) | (1,146) | ||
| Investment in vessels under construction | (1,283) | (38,714) | (161,254) | (64,523) | ||
| Proceeds from sale of vessels | (522) | 50,942 | 100,487 | 93,431 | ||
| Investment in other property, plant and equipment | (158) | (18) | (325) | (22) | ||
| Net cash provided by/(used in) investing activities | $ | (9,165) | 11,064 | (71,142) | 27,739 | |
| CASH FLOW FROM FINANCING ACTIVITIES | ||||||
| Cash dividends paid | 6 | (103,067) | (24,091) | (169,094) | (51,378) | |
| Acquisition of non-controlling interests | 6 | - | (6,131) | - | (6,131) | |
| Repayment principal element of lease liability | (306) | (351) | (646) | (705) | ||
| Issuance of long-term debt | 4 | (22) | 54,663 | 316,440 | 64,663 | |
| Scheduled repayment of long-term debt | (15,531) | (14,008) | (24,471) | (27,562) | ||
| Prepayment of long-term debt | 4 | (56,000) | (65,875) | (281,000) | (108,275) | |
| Repayment of long-term debt refinancing | 4 | - | (25,480) | - | (25,480) | |
| Repayment of long-term debt, sale of vessels | 4 | - | (11,382) | (5,625) | (11,382) | |
| Net cash used in financing activities | $ | (174,926) | (92,656) | (164,397) | (166,249) | |
| Net increase in cash and cash equivalents | 35,444 | 1,985 | 82,735 | 4,279 | ||
| Net foreign exchange difference | (7) | 165 | (87) | 238 | ||
| Cash and cash equivalents at beginning of period | 126,246 | 80,510 | 79,034 | 78,143 | ||
| Cash and cash equivalents at end of period | $ | 161,683 | 82,660 | 161,683 | 82,660 | |
| Specification of items included in operating activities: | ||||||
| Interest paid | 6,290 | 6,149 | 11,941 | 11,981 | ||
| Interest received | 1,666 | 1,323 | 2,081 | 1,478 |
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements
| 13 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
($ in thousands, except shares)
| Paid-in | Non- | |||||||||||||||
| Additional | Retained | Translation | Other | Controlling | Total | |||||||||||
| Note | Shares | Stock | Capital | Earnings | Differences | Reserves | Interest | Equity | ||||||||
| Balance at January 1, 2025 | 159,983,104 | $ | 1,600 | $ | 1,217,651 | $ | (186,321) | $ | 39 | $ | 5,273 | $ | 4,459 | $ | 1,042,701 | |
| Profit/(loss) after tax | 100,221 | (138) | 100,083 | |||||||||||||
| Other comprehensive income/(loss) | - | 426 | 179 | 605 | ||||||||||||
| Total comprehensive income/(loss) | 100,221 | 426 | 41 | 100,688 | ||||||||||||
| Cash dividends declared and paid | (51,378) | (51,378) | ||||||||||||||
| Acquisition of non-controlling interests | 6 | (1,849) | 156 | (4,437) | (6,131) | |||||||||||
| Compensation related to options and restricted stock | 816,303 | 8 | 6,068 | (3,018) | 3,058 | |||||||||||
| Balance at June 30, 2025 | 6 | 160,799,407 | $ | 1,608 | $ | 1,223,719 | $ | (139,326) | $ | 621 | $ | 2,255 | $ | 63 | $ | 1,088,938 |
| Balance at January 1, 2026 | 160,799,407 | $ | 1,608 | $ | 1,223,719 | $ | (96,216) | $ | 498 | $ | 3,577 | $ | 71 | $ | 1,133,257 | |
| Profit/(loss) after tax | 362,862 | 4 | 362,866 | |||||||||||||
| Other comprehensive income/(loss) | - | 25 | 25 | |||||||||||||
| Total comprehensive income/(loss) | 362,862 | 25 | 4 | 362,891 | ||||||||||||
| Cash dividends declared and paid | (169,094) | (169,094) | ||||||||||||||
| Compensation related to options and restricted stock | 436,166 | 4 | 3,680 | (1,076) | 2,609 | |||||||||||
| Balance at June 30, 2026 | 6 | 161,235,573 | $ | 1,612 | $ | 1,227,399 | $ | 97,552 | $ | 523 | $ | 2,501 | $ | 75 | $ | 1,329,663 |
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements
| 14 |
NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED JUNE 30, 2026
Note 1 – General information
DHT Holdings, Inc. (“DHT” or the “Company”) is a company incorporated under the laws of the Marshall Islands whose shares are listed on the New York Stock Exchange. The Company’s principal executive office is located at Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda. The Company is engaged in the ownership and operation of a fleet of crude oil carriers.
The unaudited interim condensed consolidated financial statements were approved by the Company’s Board of Directors (the “Board”) on August 4, 2026, and authorized for issue on August 5, 2026.
Note 2 – General accounting principles
The interim condensed consolidated financial statements do not include all information and disclosures required in the annual financial statements and should be read in conjunction with DHT’s audited consolidated financial statements included in its Annual Report on Form 20-F for 2025. The interim results are not necessarily indicative of the results for the entire year or for any future periods.
The interim condensed consolidated financial statements have been prepared in accordance with IAS 34 “Interim Financial Reporting” as issued by the International Accounting Standards Board (“IASB”).
The interim condensed consolidated financial statements have been prepared on a historical cost basis. The accounting policies applied in these condensed consolidated interim financial statements are consistent with those presented in the 2025 audited consolidated financial statements.
These interim condensed consolidated financial statements have been prepared on a going concern basis.
Note 3 – Revenue and major customers
DHT’s primary business is operating a fleet of crude oil tankers, with a secondary activity of providing technical management services. The Company is organized and managed as one segment based on the nature and financial effects of the business activities in which it engages and the economic environment in which it operates. The consolidated operating results are regularly reviewed by the Company’s chief operating decision maker, the President & Chief Executive Officer, and the Company does not monitor performance by geographical areas.
The table below details the Company’s total revenues:
| $ in thousands | Q2 2026 | Q2 2025 | 1H 2026 | 1H 2025 |
| Time charter revenues1 | 92,185 | 35,539 | 144,482 | 62,233 |
| Voyage charter revenues2 | 192,635 | 92,411 | 326,623 | 183,882 |
| Shipping revenues | 284,819 | 127,950 | 471,105 | 246,115 |
| Other revenues3 | 193 | 366 | 384 | 775 |
| Total revenues | 285,012 | 128,316 | 471,489 | 246,890 |
| Revenues relating to IFRS 15 | 202,705 | 100,344 | 345,201 | 197,990 |
1The majority of time charter revenues are recognized in accordance with IFRS 16 Leases, while the portion of time charter revenues related to technical management services, equaling $9,878 thousand in the second quarter of 2026, $7,567 thousand in the second quarter of 2025, $18,193 thousand in the first half of 2026 and $13,334 thousand in the first half of 2025, is recognized in accordance with IFRS 15 Revenue from Contracts with Customers.
2Voyage charter revenues are related to revenue from spot charters and are recognized in accordance with IFRS 15.
3Other revenues mainly relate to technical management services provided and are recognized in accordance with IFRS 15.
| 15 |
As of June 30, 2026, the Company had 24 vessels, consisting of 23 vessels in operation, of which 12 were on time charters and 11 were operating in the spot market, and one vessel under construction.
Information about major customers:
For the period from April 1, 2026, to June 30, 2026, five customers represented $49.8 million, $34.9 million, $34.4 million, $28.9 million, and $21.5 million, respectively, of the Company’s total shipping revenues. In aggregate, these five customers represented $169.4 million, equal to 59 percent, of total shipping revenues of $284.8 million.
For the period from January 1, 2026, to June 30, 2026, five customers represented $68.3 million, $62.3 million, $45.3 million, $35.9 million, and $34.8 million, respectively, of the Company’s total shipping revenues. In aggregate, these five customers represented $246.6 million, equal to 52 percent, of total shipping revenues of $471.1 million.
For the period from April 1, 2025, to June 30, 2025, five customers represented $29.3 million, $26.3 million, $18.9 million, $14.0 million, and $13.6 million, respectively, of the Company’s total shipping revenues. In aggregate, these five customers represented $102.2 million, equal to 80 percent, of total shipping revenues of $127.9 million.
For the period from January 1, 2025, to June 30, 2025, five customers represented $64.7 million, $55.1 million, $26.4 million, $26.1 million, and $20.9 million, respectively, of the Company’s total shipping revenues. In aggregate, these five customers represented $193.1 million, equal to 78 percent, of total shipping revenues of $246.1 million.
Note 4 – Interest bearing debt
As of June 30, 2026, DHT had interest bearing debt totaling $434.8 million.
Scheduled debt repayments
| Interest | Q3 | Q4 | |||||||
| $ in thousands | rate | Maturity | 2026 | 2026 | 2027 | 2028 | Thereafter | Total | |
| Credit Agricole Credit Facility | SOFR + | 2.05% | 2028 | 625 | 625 | 2,500 | 25,000 | - | 28,750 |
| ING Credit Facility 1 | SOFR + | 1.90% | 2029 | 5,625 | 5,625 | 22,500 | 22,500 | 5,625 | 61,875 |
| ING Credit Facility | SOFR + | 1.80% | 2029 | 750 | 750 | 3,000 | 3,000 | 29,250 | 36,750 |
| DHT Jaguar - Nordea Reducing Revolving Credit Facility | SOFR + | 1.75% | 2031 | 710 | 710 | 2,840 | 2,840 | 20,060 | 27,160 |
| DHT Nokota - Nordea Reducing Revolving Credit Facility | SOFR + | 1.50% | 2032 | 1,231 | 1,231 | 4,923 | 4,923 | 48,000 | 60,308 |
| ING and Nordea Export Facility | SOFR + | 1.32% | 2038 | 2,891 | 2,891 | 11,565 | 11,565 | 199,496 | 228,409 |
| Nordea Reducing Revolving Credit Facility 2 | SOFR + | 1.35% | 2033 | - | - | - | - | - | - |
| Total | 11,832 | 11,832 | 47,328 | 69,828 | 302,431 | 443,251 | |||
| Unamortized upfront fees bank loans | (8,447) | ||||||||
| Total interest bearing debt | 434,804 |
1 $157.5 mill. undrawn as of June 30, 2026
2 $250.0 mill. undrawn as of June 30, 2026
Credit Agricole Credit Facility
The credit facility is repayable in quarterly installments of $0.6 million with final payment of $22.5 million in addition to the last installment in December 2028.
ING Credit Facility
In January 2023, the Company entered into a new $405 million secured credit facility, including a $100 million uncommitted incremental facility, with ING, Nordea, ABN AMRO, Credit Agricole, Danish Ship Finance and SEB, as lenders, ten wholly owned special-purpose vessel-owning subsidiaries as borrowers, and DHT Holdings, Inc., as guarantor. Borrowings bear interest at a rate equal to SOFR plus a margin of 1.90% and are repayable in quarterly installments of $5.6 million with maturity in January 2029.
In the first quarter of 2025, the Company prepaid $42.4 million under the revolving credit facility and drew down $10 million for corporate purposes. In the second quarter of 2025, the Company prepaid $25.0 million under the revolving credit facility and drew down $10 million and $15 million, respectively, for corporate purposes. In December 2025, the Company drew $50 million under the revolving credit facility. In January 2026, the Company prepaid $5.6 million of the outstanding balance in connection with the sale of DHT China. In the first quarter of 2026, the Company drew $90 million and prepaid a total of $225 million in connection with the delivery of the three newbuildings.
| 16 |
In September 2023, the Company entered into a $45 million senior secured credit facility under the incremental facility, with ING, Nordea, ABN AMRO, Danish Ship Finance and SEB, as lenders, one wholly owned special-purpose vessel-owning subsidiary as borrower, and DHT Holdings, Inc., as guarantor. Borrowings bear interest at a rate equal to SOFR plus a margin of 1.80% and are repayable in quarterly installments of $0.75 million with maturity in January 2029.
Nordea Credit Facility
The credit facility bore interest at a rate equal to SOFR plus CAS plus a margin of 1.90%. In the third quarter of 2025, the Company voluntarily prepaid $22.1 million under the Nordea Credit Facility, covering all scheduled installments for Q4 2025 and the entirety of 2026. In the fourth quarter of 2025, the Company drew $120 million under the revolving credit facility and repaid $64 million in connection with the new facility for DHT Nokota. During the second quarter of 2026, the Company repaid all remaining outstanding under the Nordea Credit Facility in connection with the establishment of the Company’s new $250.0 million Nordea Reducing Revolving Credit Facility. Following the repayment, the Nordea Credit Facility was terminated and as of June 30, 2026, no amounts were outstanding under the facility.
DHT Jaguar – Nordea Reducing Revolving Credit Facility
In April 2025, the Company entered into a $30 million reducing revolving credit facility agreement with Nordea as lender, DHT Jaguar Limited as borrower and DHT Holdings, Inc., as guarantor. The credit facility is repayable or reduced in quarterly installments of $0.7 million with a final payment of $13.7 million in April 2031. The credit facility bears an interest rate equal to SOFR plus a margin of 1.75%.
DHT Nokota – Nordea Reducing Revolving Credit Facility
In September 2025, the Company entered into a $64 million reducing revolving credit facility agreement with Nordea as lender, DHT Nokota, Inc. as borrower and DHT Holdings, Inc., as guarantor. The facility was drawn on November 21, 2025, and is repayable or reduced in quarterly installments of $1.2 million with a final payment of $30.8 million in September 2032. The credit facility bears interest at a rate equal to SOFR plus a margin of 1.50%.
ING and Nordea – Export Facility
In July 2025, the Company entered into a $308.4 million senior secured credit facility for the post-delivery financing of the Company’s four newbuildings with DHT Antelope, Inc., DHT Addax, Inc., DHT Gazelle, Inc., and DHT Impala, Inc. as borrowers and DHT Holdings, Inc., as guarantor (the “ING and Nordea Export Facility”). The facility was co-arranged by ING and Nordea, with ING acting as Coordinator, Facility Agent, Security Agent and ECA Agent.
Each tranche under the facility becomes repayable in 48 equal quarterly installments, commencing three months after its respective utilization date. Once all four vessels have been delivered, the aggregate quarterly installments will total approximately $3.9 million, with a final balloon payment of $123.4 million due in 2038. The facility bears interest at a rate equal to SOFR plus a weighted average margin of 1.32%, and each tranche matures 12 years from the respective vessel’s delivery date.
During the first quarter of 2026, three of the four newbuildings were delivered, and the Company drew $77.1 million under the facility in connection with the delivery of each vessel.
Nordea Reducing Revolving Credit Facility
In June 2026, the Company entered into a $250.0 million reducing revolving credit facility, including a $250 million uncommitted incremental facility, with Nordea, ING, DNB, ABN AMRO, Credit Agricole, Danish Ship Finance and SEB, as lenders, six wholly owned special-purpose vessel-owning subsidiaries as borrowers, and DHT Holdings, Inc., as guarantor. Borrowings bear interest at a rate equal to SOFR plus a margin of 1.35%. The facility amortizes through scheduled quarterly reductions, with total commitment reducing from $250.0 million at inception to approximately $79.0 million by maturity in June 2033. Quarterly reductions are $6.8 million through the second quarter of 2028, followed by lower scheduled reductions thereafter, with a final reduction of $3.5 million at maturity. As of June 30, 2026, the Company had not drawn any amounts under the facility.
| 17 |
Interest rate swaps
Derivatives are classified and measured at fair value in the statement of financial position. Fair value measurement is based on Level 2 in the fair value hierarchy as defined in IFRS 13 Fair Value Measurement. Such measurement is based on techniques for which all inputs that have a significant effect on the recorded fair value are observable. Future cash flows are estimated based on forward interest rates (from observable yield curves at the end of the reporting period) and contract interest rates, discounted at a rate that reflects the credit risk of various counterparties.
As of June 30, 2026, the Company had eight amortizing interest rate swaps totaling $190.2 million with maturity in the fourth quarter of 2028. The average fixed interest rate is 3.32%. As of June 30, 2026, the fair value of the derivative financial assets related to the swaps amounted to $2,240 thousand.
Derivative financial assets
| Notional amount | Current assets | Non-current assets | Fair value | ||
| $ in thousands | Expires | Q2 2026 | Q2 2026 | Q2 2026 | Q2 2026 |
| Swap pays 3.2840%, receive floating | Dec. 8, 2028 | 16,875 | 85 | 122 | 207 |
| Swap pays 3.2840%, receive floating | Dec. 8, 2028 | 16,875 | 85 | 122 | 207 |
| Swap pays 3.3200%, receive floating | Dec. 8, 2028 | 6,875 | 23 | 34 | 57 |
| Swap pays 3.2790%, receive floating | Dec. 8, 2028 | 21,875 | 116 | 167 | 282 |
| Swap pays 3.3110%, receive floating | Oct. 30, 2028 | 27,160 | 140 | 187 | 328 |
| Swap pays 3.3536%, receive floating | Dec. 8, 2028 | 31,875 | 151 | 217 | 368 |
| Swap pays 3.3536%, receive floating | Dec. 8, 2028 | 31,875 | 151 | 217 | 368 |
| Swap pays 3.3536%, receive floating | Dec. 8, 2028 | 36,750 | 173 | 250 | 423 |
| Total carrying amount | 190,160 | 923 | 1,317 | 2,240 |
Covenant compliance
The Company’s financial covenants as of June 30, 2026, are summarized as follows:
(Applicable to all credit facilities)
| Covenants | Requirement |
| Charter free market value of vessels that secure facility must be no less than | 135% of borrowings |
| Value adjusted* tangible net worth | $300 million and 25% of value adjusted total assets |
| Unencumbered cash of at least | Higher of $30 million or 6% of gross interest bearing debt |
| Guarantor | DHT Holdings, Inc. |
*Value adjusted is defined as an adjustment to reflect the difference between the carrying amount and the market valuations of the Company’s vessels (as determined quarterly by a broker approved by the financial institution).
| Facility | Vessels Pledged as Security |
| Credit Agricole Credit Facility | 1 VLCC |
| ING Credit Facility | 10 VLCCs |
| Nordea Reducing Revolving Credit Facility | 6 VLCCs |
| DHT Jaguar - Nordea Reducing Revolving Credit Facility | 1 VLCC |
| DHT Nokota - Nordea Reducing Revolving Credit Facility | 1 VLCC |
| ING and Nordea - Export Facility | 3 VLCCs |
As of June 30, 2026, the Company was in compliance with its financial covenants, with significant headroom.
Note 5 – Vessels
A vessel’s recoverable amount is the higher of the vessel’s fair value less cost of disposal and its value in use. The carrying amounts of vessels held and used by us are reviewed for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a particular vessel may not accurately reflect the recoverable amount of a particular vessel. Each of the Company’s vessels have been viewed as a separate CGU as the vessels have cash inflows that are largely independent of the cash inflows from other assets. In instances where a vessel is considered impaired, it is written down to its recoverable amount. For the quarter ending June 30, 2026, the Company performed an assessment using both internal and external sources of information and concluded that there were no indicators of impairment.
| 18 |
Vessels
| Cost of Vessels | |
| $ in thousands | |
| At January 1, 2026 | 1,812,535 |
| Additions | 805 |
| Transferred from vessels under construction | 408,021 |
| Transferred from vessels upgrades | 10,301 |
| Transferred to asset held for sale | (48,016) |
| Retirement 1 | (7,584) |
| At June 30, 2026 | 2,176,062 |
| Depreciation and amortization | |
| $ in thousands | |
| At January 1, 2026 | 728,644 |
| Depreciation and amortization 2 | 52,548 |
| Transferred to asset held for sale | (31,239) |
| Retirement 1 | (7,584) |
| At June 30, 2026 | 742,369 |
| Carrying Amount | |
| $ in thousands | |
| At January 1, 2026 | 1,083,891 |
| At June 30, 2026 | 1,433,693 |
1 Relates to completed depreciation of drydocking for DHT Amazon, DHT Lion, DHT Osprey, and DHT Puma.
2 Relates solely to depreciation of vessels, drydocking, and EGCS. Depreciation of office leases and other property, plant, and equipment represents and additional $851 thousand, which combined with the depreciation of vessels, drydocking, and EGCS comprises $53,399 thousand in depreciation and amortization.
Gain on sale of vessels
In the fourth quarter of 2025, the Company entered into agreements to sell DHT Europe and DHT China, each built in 2007, for an aggregate consideration of $101.6 million. DHT Europe was delivered to its new owner on January 30, 2026, and DHT China was delivered on March 30, 2026. Following the repayment of existing debt associated with one of the vessels in the amount of $5.6 million, the Company received net cash proceeds of approximately $95.0 million. The Company recognized a gain of $60.0 million in the first half of 2026 in connection with the sales.
In the first half of 2025, the Company recognized a gain of $37.3 million related to the sales of DHT Scandinavia and DHT Lotus.
Vessel upgrades
Cost of vessel upgrades relates to prepaid drydocking.
| Cost of vessel upgrades | |
| $ in thousands | |
| At January 1, 2026 | 348 |
| Additions | 13,197 |
| Transferred to vessels | (10,301) |
| At June 30, 2026 | 3,245 |
Vessels under construction
In 2024 the Company entered into agreements to build four large VLCCs, fitted with exhaust gas cleaning systems, two at Hyundai Samho Heavy Industries Co., Ltd. (“HHI”) and two at Hanwha Ocean Co., Ltd. (“Hanwha”) in South Korea. The average price for the four ships is $130.3 million, adjusted for change orders. As of June 30, 2026, the Company has paid $444.2 million related to the installments under this newbuild program. Total capitalized borrowing costs related to the financing of the vessels under construction amounted to $15.4 million, at an average interest rate of 6.2% per annum, and total other directly attributable expenses amounted to $5.3 million. The newbuild program is funded in part through a $308.4 million post-delivery senior secured credit facility. The Company took delivery of the first VLCC newbuilding on January 2, 2026. The second and third newbuildings were delivered on March 6, 2026, and March 30, 2026, respectively, and the fourth newbuilding was delivered on July 24, 2026.
| 19 |
In June 2026, the Company entered into an agreement with Hanwha for the construction of a VLCC. The vessel has large carrying capacity, will be fitted with an exhaust gas cleaning system and is scheduled to be delivered in August 2028. As of June 30, 2026, the Company has not capitalized any costs relating to the vessel.
| Cost of vessels under construction | |
| $ in thousands | |
| At January 1, 2026 | 301,651 |
| Additions | 163,344 |
| Transferred to vessels | (408,021) |
| At June 30, 2026 | 56,974 |
The following table represents future expected payments related to the vessels under construction as of June 30, 2026:
| Vessels under construction | |
| $ in thousands | |
| Within the next 12 months | 104,833 |
| From one to two years | 106,200 |
| At June 30, 2026* | 211,033 |
*These are estimates only and are subject to change as construction progresses.
Assets held for sale
In January 2026, the Company entered into an agreement to sell DHT Bauhinia, built in 2007, for a sales price of $51.5 million. The vessel was delivered to its new owner in July 2026 and was classified as held for sale as of June 30, 2026. The vessel was debt-free at the time of sale. The Company expects to recognize a gain of approximately $34.2 million in the third quarter of 2026 in connection with the transaction.
Note 6 – Stockholders’ equity and dividend payments
| Common stock | |
| Issued at June 30, 2026 | 161,235,573 |
| Numbers of shares authorized for issue | |
| at June 30, 2026 | 250,000,000 |
| Par value | $ 0.01 |
Common stock
Each outstanding share of common stock entitles the holder to one vote on all matters submitted to a vote of stockholders.
Stock repurchases
No stock repurchases were made during the first two quarters of 2026 or during the year ended December 31, 2025.
Dividend payments
Dividend payment made year-to date as of June 30, 2026:
| Payment date | Total payment | Per common share | ||
| $ in thousands, except per common share | ||||
| May 28, 2026 | $ | 103,067 | $ | 0.64 |
| February 26, 2026 | $ | 66,027 | $ | 0.41 |
| Total payments made year-to-date as of June 30, 2026 | $ | 169,094 | $ | 1.05 |
| 20 |
Dividend payment made during 2025:
| Payment date | Total payment | Per common share | ||
| $ in thousands, except per common share | ||||
| November 19, 2025 | $ | 28,944 | $ | 0.18 |
| August 25, 2025 | $ | 38,592 | $ | 0.24 |
| May 28, 2025 | $ | 24,091 | $ | 0.15 |
| February 25, 2025 | $ | 27,286 | $ | 0.17 |
| Total payments made during 2025 | $ | 118,913 | $ | 0.74 |
Note 7 – Accounts receivable and accrued revenues
As of June 30, 2026, $87.1 million, consisting mainly of accounts receivable with no material amounts overdue, was recognized as accounts receivable and accrued revenues in the interim consolidated statement of financial position, compared to $53.3 million as of December 31, 2025.
Note 8 – Deferred shipping revenues
Deferred shipping revenues relate to charter hire payments paid in advance. As of June 30, 2026, $12.4 million was recognized as deferred shipping revenues in the interim consolidated statement of financial position, compared to $11.4 million as of December 31, 2025.
Note 9 - Financial risk management, objectives, and policies
Note 9 of the consolidated financial statements included in the 2025 Annual Report on Form 20-F provides details of financial risk management objectives and policies.
The Company’s principal financial liability consists of long-term debt with the main purpose being to partly finance the Company’s assets and operations. The Company’s financial assets mainly comprise cash.
The Company is exposed to market risk, credit risk and liquidity risk. The Company’s senior management oversees the management of these risks.
Note 10 – Subsequent events
On August 4, 2026, the Board approved a dividend of $1.22 per common share related to the second quarter of 2026 to be paid on August 24, 2026, for shareholders of record as of August 17, 2026.
In July, the Company entered into a 3-year time charter agreement at $75,000 per day for the VLCC DHT Jaguar, built in 2015. The contract is expected to commence in September 2026 and has been concluded with a global energy company.
On July 20, 2026, DHT Bauhinia, built in 2007, was delivered to its new owner. The vessel was debt free, and the sale generated net cash proceeds of $51.0 million. The Company expects to record a gain of $34.2 million on the sale.
On July 24, 2026, the Company took delivery of DHT Impala, a VLCC newbuilding from Hyundai Samho Heavy Industries. The vessel entered into the spot market and represented the fourth and final vessel in a series of newbuildings delivered in 2026.
21