DHT Holdings, Inc. (DHT): Financial results for Q2 2026
DHT Holdings, Inc. (DHT) furnished an SEC Form 6-K — earnings release. 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 r
How this was made
The 30-second read
Why it matters
The earnings beat and dividend raise suggest immediate upside, but investors should monitor charter market volatility and debt servicing.
Market read
The release provides fresh, material earnings data for a mid‑cap shipping stock, offering a clear trading catalyst.
What to watch
Rising debt levels and exposure to volatile charter markets could pressure margins if market conditions soften.
DHT reported its strongest quarter in Company history, with $198.3 million of net profit and $231.0 million of adjusted EBITDA amid exceptionally strong tanker market conditions and commercial performance.
Shipping revenues, profit after tax, adjusted EBITDA, cash flow from operations and VLCC spot and time-charter rates all increased substantially versus Q2 2025. The Company also declared a $1.22 per-share dividend and entered Q3 with 58% of available VLCC spot days booked at $152,700 per day.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Shipping revenuesother | $284.8 million | – | – |
| Other revenuesother | $0.2 million | – | – |
| Total revenuesother | $285,012 thousand | – | – |
| Time charter revenuesother | $92,185 thousand | – | – |
| Voyage charter revenuesother | $192,635 thousand | – | – |
| Adjusted net revenuesnon-GAAP | $255.0 million | – | – |
| Voyage expensesother | $29.9 million | – | – |
| Vessel operating expensesother | $18.6 million | – | – |
| Depreciation and amortizationother | $27.8 million | – | – |
| General and administrative expensesother | $5.6 million | – | – |
| Total operating expensesother | $(81,780) thousand | – | – |
| Operating incomeother | $203,232 thousand | – | – |
| Net financial expensesother | $4.8 million | – | – |
| Profit after taxother | $198.3 million | – | – |
| Basic earnings per shareother | $1.23 per basic share | – | – |
| Diluted earnings per shareother | $1.23 per diluted share | – | – |
| Ordinary net incomeother | $197.0 million | – | – |
| Ordinary net income per basic shareother | $1.22 per basic share | – | – |
| Adjusted EBITDAnon-GAAP | $231.0 million | – | – |
| Average combined time charter equivalent earningsother | $126,700 per day | – | – |
| VLCC time charter rate per dayother | $90,800 | – | – |
| VLCC spot rate per dayother | $162,600 | – | – |
| Adjusted spot time charter equivalent per daynon-GAAP | $154,100 | – | – |
| Operating daysother | 2,093.0 | – | – |
| Scheduled off hire daysother | 75.3 | – | – |
| Unscheduled off hireother | 0.3% | – | – |
| Revenue daysother | 2,012.3 | – | – |
| Spot exposureother | 48.4% | – | – |
| Net cash provided by operating activitiesother | $219.5 million | – | – |
| Net cash used in investing activitiesother | $9.2 million | – | – |
| Net cash used in financing activitiesother | $174.9 million | – | – |
| Cash and cash equivalentsother | $161.7 million | – | – |
| Interest bearing debtother | $434.8 million | – | – |
| Net debtother | $273.1 million | – | – |
Estimated Q3 2026 outlook
- NoteTotal term time charter days: 1,020
- NoteAverage term time charter rate ($/day): $ 75,900
- NoteTotal spot days for the quarter: 1,029
- NoteSpot days booked to date: 600
- NoteAverage spot rate booked to date ($/day): $ 152,700
- NoteSpot P&L break-even for the quarter: $ -
- Note58% of the available VLCC spot days have been booked at an average rate of $152,700 per day on a discharge-to-discharge basis.
- Note79% of the available VLCC days, combined spot and time charter days, have been booked at an average rate of $104,400 per day.
Capital returns
- The Company declared a cash dividend of $1.22 per share of outstanding common stock for Q2 2026, payable on August 24, 2026, to shareholders of record as of August 17, 2026.
- The Q2 2026 dividend marks the 66th consecutive quarterly cash dividend and is in line with the Company’s policy to pay out 100% of ordinary net income.
- Cash dividends paid in Q2 2026 were $103.1 million.
- Total dividend payments made year-to-date as of June 30, 2026 were $169.094 million, or $1.05 per common share.
- No stock repurchases were made during the first two quarters of 2026 or during the year ended December 31, 2025.
What drove it
- The increase in shipping revenues versus Q2 2025 included $156.3 million attributable to higher revenue per day and $0.6 million attributable to an increase in total revenue days.
- Average combined time charter equivalent earnings were $126,700 per day, consisting of $162,600 per day for VLCCs in the spot market and $90,800 per day for VLCCs on time charter.
- Management cited exceptionally strong tanker market conditions and commercial performance.
- The Company cited geopolitical friction and risk premiums, longer trade routes, higher ton-mile demand and reduced fleet efficiency.
- The Company said it secured term contracts at highly profitable rates while retaining meaningful spot-market exposure.
- In May, DHT entered into two one-year time-charter agreements for DHT Sundarbans and DHT Amazon at an average rate of $109,000 per day.
- In July, DHT entered into a three-year time-charter agreement for DHT Jaguar at $75,000 per day, expected to commence in September 2026.
Concerns
- Spot exposure was 48.4% in Q2 2026, compared to 57.3% in Q1 2026 and 60.1% in Q2 2025.
- Scheduled off-hire days were 75.3 in Q2 2026, compared to 25.0 in Q1 2026 and 24.1 in Q2 2025.
- Interest bearing debt was $434.8 million as of June 30, 2026, compared to $302.8 million in Q2 2025.
- The Company stated that unresolved US-Iran conflict could result in the shadow fleet continuing to trade.
- The Company stated that interim results are not necessarily indicative of results for the entire year or for future periods.
What to watch
- Execution of the Q3 2026 booking profile, including 600 spot days booked to date at $152,700 per day.
- The remaining Q3 2026 spot days and the rate achieved relative to the stated spot P&L break-even of $ -.
- The September 2026 commencement of the DHT Jaguar three-year charter at $75,000 per day.
- The expected Q3 2026 gain of $34.2 million from the sale of DHT Bauhinia.
- Deployment of DHT Impala, which entered the spot market on July 24, 2026.
- Construction and August 2028 scheduled delivery of the VLCC ordered from Hanwha Ocean Co., Ltd.
Balance sheet and cash flow
- Cash and cash equivalents were $161.7 million as of June 30, 2026, compared to $79.0 million as of December 31, 2025.
- Interest bearing debt totaled $434.8 million as of June 30, 2026.
- Net debt was $273.1 million as of June 30, 2026.
- Net cash provided by operating activities was $219.5 million in Q2 2026, compared to $83.6 million in Q2 2025.
- Net cash used in investing activities was $9.2 million in Q2 2026, including $7.2 million related to investment in vessels and $1.3 million related to investment in vessels under construction.
- Net cash used in financing activities was $174.9 million in Q2 2026, including $103.1 million of cash dividends paid, $56.0 million of prepayments of long-term debt and $15.5 million of scheduled repayments of long-term debt.
- The Company entered into a new $250 million reducing revolving credit facility in June 2026, with a seven-year tenor, pricing of SOFR plus 135 basis points, final maturity in June 2033 and a $250 million uncommitted accordion feature.
- As of June 30, 2026, $250.0 million was undrawn under the Nordea Reducing Revolving Credit Facility.
- As of June 30, 2026, the Company was in compliance with its financial covenants, with significant headroom.
Analysis
DHT produced record Q2 2026 results as tanker conditions and commercial execution lifted shipping revenues to $284.8 million, from $127.9 million in Q2 2025 and $186.3 million in Q1 2026. Profit after tax was $198.3 million, compared with $56.0 million in Q2 2025 and $164.5 million in Q1 2026. Adjusted EBITDA was $231.0 million, compared with $69.0 million in Q2 2025 and $133.3 million in Q1 2026. The Company identified higher revenue per day as the principal revenue driver, contributing $156.3 million to the increase from Q2 2025.
Rates drove the quarter. Average combined time charter equivalent earnings were $126,700 per day, with spot-operated VLCCs earning $162,600 per day and time-chartered VLCCs earning $90,800 per day. Adjusted net revenues reached $255.0 million. Spot exposure was 48.4%, while revenue days were 2,012.3 and scheduled off-hire days were 75.3. The Company described a market supported by longer trade routes, higher ton-mile demand, fleet consolidation and risk premiums.
Cash generation was substantial. Net cash provided by operating activities was $219.5 million, compared with $83.6 million in Q2 2025. Cash and cash equivalents were $161.7 million at June 30, 2026, while interest bearing debt was $434.8 million and net debt was $273.1 million. Q2 financing cash outflows included $103.1 million of dividends paid, $56.0 million of debt prepayments and $15.5 million of scheduled debt repayments. DHT also established a new $250 million reducing revolving credit facility in June 2026, which was undrawn at period-end.
Capital allocation remained directly linked to earnings. DHT declared a $1.22 per-share Q2 dividend, payable August 24, 2026, under its policy to pay out 100% of ordinary net income. The Company made no stock repurchases during the first two quarters of 2026. Fleet investment continued with the July 24 delivery of DHT Impala, the fourth and final vessel in a 2026 newbuilding series, and an additional VLCC ordered for August 2028 delivery.
The Q3 operating outlook indicates continued elevated earnings visibility. DHT estimated 1,020 term time-charter days at $75,900 per day and 1,029 spot days. It had booked 600 spot days at $152,700 per day, representing 58% of available VLCC spot days, while 79% of combined available spot and time-charter days were booked at $104,400 per day. The Company stated that term time-charter earnings are expected to exceed forecasted costs, resulting in a Q3 spot P&L break-even of less than zero.
Not in the filing
stated, not guessed- Gross margin was not reported.
- Free cash flow was not reported.
- Q2 2026 total revenue prior-quarter comparison was not reported.
- Q2 2026 operating income prior-quarter comparison was not reported.
- Q2 2026 total operating expenses prior-quarter comparison was not reported.
- Q2 2026 vessel operating expenses prior-quarter comparison was not reported.
- Q2 2026 general and administrative expenses prior-quarter comparison was not reported.
- Q2 2026 net financial expenses prior-quarter comparison was not reported.
- Percentage year-over-year and quarter-over-quarter changes for reported financial metrics were not reported.
- Formal revenue, gross margin, operating expense and tax-rate guidance was not reported.
- Previous-release outlook was not provided, so a comparison of actual results with prior guidance was not available.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
DHT Holdings, a NYSE‑listed tanker operator, filed a Form 6‑K reporting its Q2 2026 results, the strongest quarter in company history.
Ticker impact
Q2 2026 earnings released with record net profit $198.3M, adjusted EBITDA $231M and a $1.22 per share dividend.
Expect short‑term price appreciation, especially in after‑hours trading, as investors price in higher earnings and dividend.
The earnings beat is material, the dividend is higher than prior quarters, and the credit facility adds financial flexibility, all of which support a bullish move.
Market effects
Highlights strength in the VLCC tanker segment, likely benefiting peers and related shipping indices.
Positive for North Atlantic and Middle‑East crude transport routes, supporting regional freight rates.
Reinforces demand for crude oil transportation amid geopolitical tensions, a factor for global energy logistics markets.
Counterpoint
If the surge in spot rates is temporary due to short‑term geopolitical spikes, earnings may not be repeatable.
Key entities
- companyDHT Holdings, Inc.
NYSE‑listed tanker operator reporting Q2 2026 earnings.
- partnerHanwha Ocean Co., Ltd.
Entered a VLCC construction agreement with DHT.
