DHT Holdings, Inc.
- Open
- 19.82
- Day high
- 19.94
- Day low
- 19.41
- Prev close
- 19.66
- Volume
- 2.3M
- Mkt cap
- $3.2B
- P/E (TTM)
- 6.7
- EPS (TTM)
- $2.94
- P/B
- 2.4
- P/S
- 4.4
- Yield
- 12.50%
- Per share
- $2.45
- ▼Insiders net selling -$10.6M over the last 3 months (0 open-market buys, 6 sales)
- 🏛Institutions accumulating (13F)
DHT Holdings, Inc. (DHT) is a Energy company listed on NYSE. The stock is up 66% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 6 sales (SEC Form 4). Drillr has 1 published research article covering DHT.
DHT Holdings, Inc. (DHT) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
DHT earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 6, 2026 | $1.18 | $1.22 | +3.4% | $255M | +3.2% |
| May 6, 2026 | $0.62 | $1.01 | +63.7% | $157M | +3.3% |
| Mar 19, 2026 | — | $0.41 | — | $144M | — |
| Oct 29, 2025 | $0.17 | $0.28 | +60.9% | $107M | +35.6% |
| Aug 6, 2025 | $0.23 | $0.24 | +4.3% | $128M | +62.8% |
| Feb 5, 2025 | $0.18 | $0.34 | +88.9% | $131M | +54.9% |
| May 14, 2024 | $0.29 | $0.29 | +0.0% | $146M | +44.2% |
| Feb 6, 2024 | $0.23 | $0.22 | -4.3% | $142M | +38.6% |
| May 3, 2023 | $0.25 | $0.23 | -8.0% | $133M | +31.1% |
| Feb 8, 2023 | $0.32 | $0.38 | +18.8% | $168M | +50.5% |
| Aug 10, 2022 | $0.01 | $0.04 | +199.6% | $100M | +100.3% |
| Feb 7, 2022 | $-0.09 | $-0.05 | +44.4% | $84M | +80.6% |
DHT insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 24, 2026 | Edvardsen Svenn Magneofficer: Technical Director | Sell | 341,007 | $20.29 |
| Aug 24, 2026 | Eglin Jon Stephenofficer: Chartering & Operations | Sell | 25,000 | $20.35 |
| Aug 24, 2026 | Rossini Sophiedirector | Sell | 33,000 | $20.04 |
| Aug 21, 2026 | Eglin Jon Stephenofficer: Chartering & Operations | Sell | 50,000 | $19.99 |
| Aug 21, 2026 | Halvorsen Laila Cecilieofficer: Chief Financial Officer | Sell | 50,000 | $20.00 |
| Aug 11, 2026 | Kramer Jeremydirector | Sell | 29,796 | $18.65 |
| Jun 22, 2026 | Pocas Zambelli Ana Luciadirector | Grant | 1,747 | — |
| Jun 22, 2026 | Pocas Zambelli Ana Luciadirector | Option | 21,747 | — |
| Jun 18, 2026 | Edvardsen Svenn Magneofficer: Technical Director | Option | 6,795 | — |
| Jun 18, 2026 | Harfjeld Svein Moxnesdirector, officer: President & CEO | Option | 32,620 | — |
| Jun 18, 2026 | Harfjeld Svein Moxnesdirector, officer: President & CEO | Grant | 2,620 | — |
| Jun 18, 2026 | Halvorsen Laila Cecilieofficer: Chief Financial Officer | Option | 6,795 | — |
| Jun 18, 2026 | Halvorsen Laila Cecilieofficer: Chief Financial Officer | Grant | 545 | — |
| Jun 18, 2026 | Edvardsen Svenn Magneofficer: Technical Director | Grant | 545 | — |
| Jun 18, 2026 | Eglin Jon Stephenofficer: Chartering & Operations | Option | 6,795 | — |
Source: DHT SEC Form 4 filings, latest Aug 24, 2026. For informational purposes only — not investment advice.
See the full DHT insider & 13F page →DHT Holdings, Inc. company profile
Overview
DHT Holdings, Inc. (NYSE:DHT) is a Bermuda-based shipping company that owns and operates a fleet of very large crude carriers (VLCCs) used to transport crude oil across global markets. Founded in 2005 and headquartered in Hamilton, Bermuda, the company has established itself as a significant player in the crude oil tanker industry with operations primarily conducted through subsidiaries in Monaco, Singapore, and Norway. DHT has maintained a consistent dividend policy and operates one of the younger VLCC fleets in the industry, positioning itself strategically within the global energy transportation sector.
Business
DHT Holdings operates in the crude oil tanker shipping industry, which is a critical component of the global energy supply chain. The company's core business involves owning and operating Very Large Crude Carriers (VLCCs), which are massive ocean-going vessels specifically designed to transport crude oil from production regions to refineries worldwide. VLCCs are among the largest ships in the world, typically capable of carrying between 200,000 to 320,000 deadweight tons of crude oil. DHT's fleet consists of 26 VLCCs with a combined capacity of approximately 8 million deadweight tons. These vessels serve as floating pipelines, connecting oil-producing regions like the Middle East, West Africa, and the Americas to major refining centers in Asia, Europe, and North America. The crude oil tanker industry operates within two primary market segments. The spot market involves short-term charters where vessels are hired for individual voyages, with rates fluctuating based on supply and demand dynamics. The time charter market involves longer-term contracts where vessels are chartered for extended periods at fixed daily rates, providing more predictable revenue streams but potentially limiting upside during strong market conditions. DHT's business model focuses primarily on spot market operations, which typically account for the majority of their fleet utilization, while maintaining some vessels on time charter contracts to provide revenue stability. The company's strategy emphasizes maintaining a modern, efficient fleet that can command premium rates in the highly competitive tanker market.
Revenue model
DHT Holdings generates revenue through vessel charter operations, earning income by transporting crude oil for oil companies, traders, and refiners. The company's primary revenue model is based on Time Charter Equivalent (TCE) rates, which represent the daily earnings per vessel after deducting voyage expenses. The company operates in two distinct charter markets. In the spot market, DHT earns revenue from individual voyage charters where rates fluctuate based on real-time supply and demand. Recent earnings calls show spot market vessels earning between $36,000 to $63,800 per day depending on market conditions. In the time charter market, vessels are contracted for longer periods at fixed daily rates, providing more predictable cash flows. Recent time charter rates have ranged from $36,000 to $52,500 per day. Several factors significantly impact DHT's profitability margins. Positive margin drivers include increasing oil demand from emerging markets, longer transportation distances due to changing trade patterns, fleet aging across the industry, limited newbuilding orders, and geopolitical tensions that create supply disruptions. The company benefits from having a relatively young fleet that can command premium rates and lower maintenance costs. Negative margin pressures include seasonal demand variations, economic slowdowns that reduce oil consumption, increased competition from new vessel deliveries, rising fuel costs, and regulatory changes requiring expensive retrofits. The company's scrubber retrofit program, while providing fuel cost advantages, requires significant capital investment and temporary vessel downtime. DHT's customers include major oil companies, commodity traders, and refiners who need reliable transportation for crude oil cargoes. The company's strong customer relationships and reputation for safe, reliable service help maintain steady charter opportunities across market cycles.
Competitive moat
DHT Holdings operates in a moderately defensible position within the crude oil tanker industry, though the company lacks a truly strong economic moat. The shipping industry is inherently cyclical and capital-intensive, with limited differentiation opportunities. The company's primary competitive advantages include its relatively young fleet, which provides operational efficiency, lower maintenance costs, and the ability to access premium charter rates. DHT's fleet age profile is superior to many competitors, with vessels averaging younger than the industry standard. This positioning becomes increasingly valuable as environmental regulations tighten and older vessels face higher operating costs or early retirement. DHT's financial discipline and strong balance sheet provide competitive advantages during market downturns. The company maintains low leverage, substantial liquidity, and conservative capital allocation, enabling it to weather market volatility better than highly leveraged competitors. This financial strength also positions DHT to pursue opportunistic acquisitions during market downturns. However, the company faces significant competitive pressures. The tanker industry has low barriers to entry for well-capitalized players, and vessel supply can increase rapidly when shipyards deliver new tonnage. DHT competes with numerous global shipping companies, including larger integrated players with more diversified operations. The most significant competitive threat comes from the shadow fleet of older vessels operating outside traditional regulatory frameworks, estimated at around 600 ships. These vessels can undercut pricing for compliant operators, though they face increasing regulatory scrutiny. Additionally, potential technological disruptions, changing energy transition policies, and shifts in global oil trade patterns could fundamentally alter the industry's competitive landscape.
Risks & safety
DHT Holdings demonstrates a strong margin of safety with conservative financial management and substantial liquidity buffers. • Liquidity and Cash Position: $80.5 million in cash and short-term investments with total liquidity of $277 million, providing substantial operational flexibility • Debt Management: Low financial leverage at 16.9% with debt-to-equity ratio of 0.34, well below industry averages • Operational Cash Flow: Strong cash generation with $59.2 million from operations in Q1 2025 and $33.4 million in free cash flow • Break-even Levels: Low operational break-even at approximately $20,000 per day (cash) and $26,500 per day (P&L), providing cushion during market downturns • Valuation Metrics: Trading at reasonable multiples with P/E ratio of 9.5x, EV/EBITDA of 6.4x, and price-to-book of 1.6x • Dividend Coverage: Sustainable dividend policy distributing 100% of ordinary net income, with 61 consecutive quarterly payments demonstrating commitment to shareholder returns • Other Considerations: Modern fleet profile reduces obsolescence risk, strong customer relationships provide charter stability, and disciplined capital allocation supports long-term financial health
Recent development
Over the past several years, DHT Holdings has executed a strategic fleet optimization program focused on modernizing its asset base and improving operational efficiency. The company has been selectively divesting older vessels while investing in newbuilding programs and fleet upgrades. Key recent developments include the scrubber retrofit program, where DHT has been installing exhaust gas cleaning systems across its fleet to comply with environmental regulations and capture fuel cost savings. This program has required significant capital investment but provides operational advantages through lower fuel costs when using high-sulfur fuel oil. The company has also pursued opportunistic asset transactions, recently selling older vessels like the DHT Scandinavia for $43.4 million and the DHT Lotus and DHT Peony for $103 million. These sales have generated substantial capital gains while removing older, less efficient tonnage from the fleet. DHT has secured newbuilding contracts for four modern VLCCs scheduled for delivery in 2026, representing a significant fleet renewal investment. The company has also been selectively entering time charter contracts to provide revenue stability, including recent agreements for the DHT China and DHT Tiger at attractive rates. The company has strengthened its operational capabilities by acquiring the remaining shares in Goodwood Ship Management for $6.1 million, enhancing its technical management expertise. Additionally, DHT has maintained its shareholder-friendly capital allocation policy, consistently paying quarterly dividends representing 100% of ordinary net income while opportunistically repurchasing shares when trading at attractive valuations.
DHT company profile · for informational purposes only — not investment advice.
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