0001140361-26-010407
SEC filingDHT Holdings, Inc., a VLCC tanker operator, reported FY 2025 shipping revenues of $497.2 million, down 12.4% from $567.8 million in FY 2024, driven by a smaller fleet (22 vs. 24 vessels) and lower revenue per day. Total revenues were $498.4 million, including $1.2 million in other revenues. A $52.9 million gain on vessel sales (DHT Scandinavia, Lotus, Peony) boosted operating income to $225.0 million (up from prior year) and profit before tax to $211.4 million. Net profit attributable to parent owners reached $211.1 million, or $1.00 basic/diluted EPS, versus $1.12 in 2024. Balance sheet strengthened with total assets at $1.60 billion (up from $1.49 billion), equity at $1.13 billion, and cash at $79.0 million. Operating cash flow was robust at $276.6 million, supporting $118.9 million dividends and $109.5 million net financing outflows. Debt stood at $428.7 million. Forward-looking, fleet averages 10.1 years, with 11 vessels on time charters and 12 in spot market; two newbuilds due H1 2026. Management highlights strong tanker demand amid aging fleet and geopolitical tensions, maintaining prudent capital structure.
DHT Holdings reported FY 2025 total revenues of $498.4 million, down 12.8% from $571.8 million in 2024, primarily due to a 12.4% drop in shipping revenues to $497.2 million from fleet reduction (22 vs. 24 vessels) and lower rates. A $52.9 million gain on sales of three vessels offset declines, driving operating income to $225.0 million (up from prior) and profit before tax to $211.4 million. Net profit was $211.0 million ($211.1 million to owners), EPS $1.00 basic/diluted (vs. $1.12). Cash from operations $276.6M supported dividends ($118.9M) and debt management. Balance sheet: assets $1.60B, equity $1.13B, debt $428.7M.
Shipping revenues dominated at $497.2M (99.8% of total), down from $567.8M due to fewer revenue days (-40.1M) and lower rates (-30.4M). Other revenues fell to $1.2M from $3.9M (technical management). Company operates as one segment (VLCC tankers). Spot market exposure (12/22 vessels) drove volatility; time charters (10 vessels) provided stability. No geographic breakdown disclosed.
Voyage expenses dropped 28.6% to $128.1M (fewer spot vessels). Vessel op ex $73.0M (-7.1%). Depreciation $106.4M (-5.0%). G&A $19.9M (+5.3%, incl. $4.4M non-cash comp). No gross profit explicit; operating margin improved via gains. Net margin ~42.4%.
Op cash $276.6M (down from $298.7M). Investing outflow $166.4M (newbuilds $198.5M offset by sales $143.5M). Financing outflow $109.5M (debt net $16.9M inflow, dividends $118.9M). Cash $79.0M. Debt $428.7M (current $39.5M). Equity $1.13B, working capital $134.2M (up from $92.3M).
Fleet avg age 10.1 yrs; 11 time charters, 12 spot. Two newbuilds H1 2026. Geopolitics, aging fleet support rates. Prudent capital: dividends 100% net income, buybacks authorized $100M thru Mar 2027. Risks: vessel values, rates volatility, sanctions.