DHT updates Q1 2026 VLCC TCE earnings

DHT Holdings provided a business update with estimated first-quarter 2026 tanker earnings.

Rhea-AI Filing Summary

DHT Holdings provided a business update with estimated first-quarter 2026 tanker earnings. The company expects average time charter equivalent (TCE) earnings of $78,800 per day across its VLCC fleet, with $91,700 per day from VLCCs trading in the spot market and $61,300 per day from VLCCs on time charter.

These estimates are based on 1,994 revenue days in the quarter, including 1,152 spot days. On a discharge-to-discharge basis, spot VLCC TCE for the quarter is estimated at $106,000 per day. For the second quarter of 2026 to date, about 49% of available spot days have been booked at $189,500 per day on a discharge-to-discharge basis, and 71% of total available revenue days have been booked at an average of $115,400 per day.

Insights

Shipping sector earnings analyst

DHT reports strong estimated tanker TCEs for early 2026.

DHT Holdings outlines estimated TCE earnings that highlight robust VLCC market conditions into early 2026. For Q1 2026, fleetwide TCE of $78,800 per day is driven by spot VLCC rates of $91,700 versus $61,300 on time charter contracts.

The discharge-to-discharge TCE of $106,000 per day for Q1 spot voyages and booked Q2 spot days at $189,500 per day suggest particularly strong spot exposure. With 71% of Q2 2026 revenue days already fixed at an average of $115,400 per day, a significant portion of near-term earnings visibility is described, while actual results will depend on remaining open days and operational performance.

Key Figures

Fleetwide TCE Q1 2026: $78,800 per day Spot VLCC TCE Q1 2026: $91,700 per day Time-charter VLCC TCE Q1 2026: $61,300 per day +5 more

8 metrics

Fleetwide TCE Q1 2026 $78,800 per day Estimated time charter equivalent earnings for entire VLCC fleet in Q1 2026

Spot VLCC TCE Q1 2026 $91,700 per day Estimated TCE for VLCCs operating in the spot market in Q1 2026

Time-charter VLCC TCE Q1 2026 $61,300 per day Estimated TCE for VLCCs on time charter in Q1 2026

Q1 2026 revenue days 1,994 days Total revenue days for the VLCC fleet during Q1 2026

Q1 2026 spot days 1,152 days Number of spot market revenue days in Q1 2026

Discharge-to-discharge spot TCE Q1 2026 $106,000 per day Spot VLCC TCE on discharge-to-discharge basis for Q1 2026

Booked Q2 2026 spot TCE $189,500 per day Average discharge-to-discharge rate for ~49% of Q2 2026 spot days booked

Booked Q2 2026 revenue-day rate $115,400 per day Average rate for 71% of Q2 2026 revenue days (spot and time charter) booked

Key Terms

time charter equivalent, VLCC, discharge-to-discharge basis, IFRS 15 Revenue from Contracts with Customers, +2 more

6 terms

time charter equivalent financial

"the Company estimates time charter equivalent (“TCE”) earnings for its fleet at $78,800 per day"

Time charter equivalent (TCE) converts the money a ship earns on specific trips into a single daily rate, so different voyages and contract types can be compared on the same scale. Think of it as translating various one-off jobs into a common “daily wage,” which matters to investors because it reveals how much a vessel or fleet is earning per day, helping assess operating profitability, cash flow and valuation across companies and market conditions.

VLCC financial

"comprising $91,700 per day for the Company’s VLCCs operating in the spot market"

A VLCC is a very large crude carrier — one of the biggest types of oil tankers used to move crude oil across oceans. Think of it as a giant delivery truck on water that carries millions of gallons of raw oil between producing regions and refineries; changes in how many VLCCs are available or how much it costs to operate them can affect shipping rates, oil supply flows and margins, and therefore the revenues and valuations of energy and shipping companies.

discharge-to-discharge basis financial

"The estimated TCE earnings on a discharge-to-discharge basis for the Company’s VLCCs operating in the spot market"

A discharge-to-discharge basis is a way of counting or billing hospital care where each completed patient stay — from the moment a patient leaves the hospital (discharge) until the next discharge — is treated as the unit of measurement or payment. Think of it like paying per finished job rather than by the hour: it clarifies how many care episodes occurred, how services are priced, and how revenue and utilization are tracked, which affects earnings predictability and margin analysis.

IFRS 15 Revenue from Contracts with Customers financial

"i.e. adjusted for the impact of IFRS 15 Revenue from Contracts with Customers"

spot market financial

"the Company’s VLCCs operating in the spot market and $61,300 per day"

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

"and $61,300 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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What TCE earnings does DHT (DHT) estimate for Q1 2026?

DHT estimates average time charter equivalent (TCE) earnings of $78,800 per day for its VLCC fleet in Q1 2026. This reflects $91,700 per day from spot VLCCs and $61,300 per day from VLCCs on time charter, based on reported revenue days.

How many revenue and spot days did DHT (DHT) have in Q1 2026?

For Q1 2026, DHT reports 1,994 revenue days across its VLCC fleet, including 1,152 spot days. Revenue days represent days ships earned income, while spot days are voyages exposed to spot market rates rather than fixed time-charter contracts.

What discharge-to-discharge TCE rates did DHT (DHT) achieve in Q1 2026?

On a discharge-to-discharge basis, DHT estimates TCE earnings of $106,000 per day for VLCCs operating in the spot market in Q1 2026. This measure adjusts for IFRS 15 revenue recognition effects, better aligning earnings with the physical completion of voyages.

What portion of DHT (DHT) Q2 2026 spot days are already booked and at what rate?

For Q2 2026 so far, DHT indicates that approximately 49% of available spot days have been booked at an average rate of $189,500 per day on a discharge-to-discharge basis, giving partial visibility into early second-quarter spot market earnings for its VLCC fleet.

What share of total Q2 2026 revenue days has DHT (DHT) fixed and at what average rate?

DHT states that 71% of available revenue days for Q2 2026, combining spot and time-charter days, have been booked at an average rate of $115,400 per day. This includes both variable spot exposure and fixed time-charter contracts across the VLCC fleet.

What business does DHT (DHT) operate in and what segment is its fleet?

DHT operates as an independent crude oil tanker company with a fleet in the VLCC segment. Its ships trade internationally, managed through integrated offices in Monaco, Norway, Singapore, and India, focusing on operations, customer service, capital discipline, and corporate governance.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 6-K: How Foreign Companies Report to the SEC →

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Accepted by SEC EDGAR 04/16/2026 - 04:17 PM Learn about SEC filing dates

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 April 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. on April 15, 2026 related to its business update is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

EXHIBIT LIST

Exhibit		Description
99.1		Press Release dated April 15, 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: April 16, 2026	By:	/s/ Laila C. Halvorsen
		Name:	Laila C. Halvorsen
		Title:	Chief Financial Officer

Exhibit 99.1

HAMILTON, BERMUDA, April 15, 2026 – DHT Holdings, Inc. (NYSE:DHT) (“DHT” or the “Company”) today provided the following business update:

For the first quarter of 2026, the Company estimates time charter equivalent (“TCE”) earnings for its fleet at $78,800 per day, comprising $91,700 per day for the Company’s VLCCs operating in the spot market and $61,300 per day for the Company’s VLCCs on time charter. These estimated TCE earnings are based on 1,994 revenue days during the quarter, of which 1,152 days were spot days.

The estimated TCE earnings on a discharge-to-discharge basis for the Company’s VLCCs operating in the spot market, i.e. adjusted for the impact of IFRS 15 Revenue from Contracts with Customers, were $106,000 per day for the first quarter of 2026.

Thus far in the second quarter of 2026, approximately 49% of the available spot days have been booked at an average rate of $189,500 per day on a discharge-to-discharge basis. In total, 71% of the available revenue days, including both spot and time-charter days, have been booked at an average rate of $115,400 per day.

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 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

Filing Exhibits & Attachments

1 document

Press Releases

• EX-99 PRESS RELEASE 5.3 KB