DHT Holdings, Inc. (NYSE: DHT) (“DHT” or the “Company”) today announced:

QUARTERLY HIGHLIGHTS:

•In the second quarter of 2025, the Company achieved average combined time charter equivalent earnings of
$46,300 per day, comprised of $48,700 per day for the Company’s VLCCs operating in the spot market and
$42,800 per day for the Company’s VLCCs on time charter.
•Adjusted EBITDA for the second quarter of 2025 was $69.0 million. Net profit for the quarter was $56.0 million, equating to $0.35 per basic share. After adjusting for the $17.5 million gain on the sale of DHT Lotus, the Company had a net profit for the quarter of $38.6 million, equating to $0.24 per basic share.

•In April 2025, the Company entered into a seven-year time charter contract for DHT Appaloosa, built 2018, with a global energy company. The time charter contract has a fixed base rate of $41,000 per day plus an index-based profit-sharing structure calculated on the ship’s specifications. All index-based earnings in excess of $41,000 per day will be shared equally between the customer and DHT. The customer has the option to extend for two additional years. DHT Appaloosa was delivered into the time charter contract in May 2025.
•In April 2025, the Company entered into an agreement to sell DHT Lotus and DHT Peony for a combined price of
$103.0 million. Both vessels were built at Bohai Shipbuilding Heavy Industry Co, China, in 2011. The vessels were acquired in 2017 as part of the acquisition of BW Group’s VLCC fleet for an aggregate price of $115.8 million. DHT Lotus was delivered to its new owner on April 29, 2025, and DHT Peony was delivered on July 30, 2025. After repayment of existing debt on the vessels, amounting to $11.4 million in aggregate, the transaction generated net cash proceeds of approximately $89.5 million. The Company recorded a gain of $17.5 million in the second quarter related to DHT Lotus and expects to record a gain of $15.5 million in the third quarter related to DHT Peony.

•In April 2025, the Company acquired an additional 46.8% ownership of Goodwood Ship Management Pte. Ltd., a privately owned ship management company incorporated under the laws of the Republic of Singapore, for a purchase price of $6.1 million in cash. Following the acquisition, Goodwood Ship Management Pte. Ltd. is 100% owned by DHT Holdings, Inc.
•In April 2025, the Company entered into a new secured credit agreement with Nordea Bank Abp for a $30 million reducing revolving credit facility for the DHT Jaguar, built 2015, to refinance the outstanding amount under the secured term loan facility with Danish Ship Finance A/S. The credit facility bears interest at a rate equal to SOFR plus a margin of 1.75%, has a final maturity in April 2031, and is otherwise in line with the “DHT style financing”.

•In May 2025, the Company entered into a one-year time charter contract for DHT Bauhinia, built 2007, with a global energy-based trading company. The time charter contract has a rate of $41,500 per day. DHT Bauhinia was delivered into the time charter contract at the end of May 2025.
•In June 2025, the Company entered into an agreement to acquire a VLCC built in 2018 at Hyundai Heavy Industries, for $107 million. The vessel is scheduled to deliver towards the end of the third quarter of 2025. The acquisition will be financed through the Company’s available liquidity and projected mortgage debt. The vessel was built to a high specification by its current owner and is fitted with an exhaust gas cleaning system. The acquisition will improve DHT’s age profile and further improve the DHT fleet’s efficiency metrics.
•In the second quarter of 2025, the Company paid $38.4 million in installments under its newbuilding program. As of June 30, 2025, the Company has paid in total $154.1 million related to the installments under its newbuilding program.

•For the second quarter of 2025, the Company declared a cash dividend of $0.24 per share of outstanding common stock, payable on August 25, 2025, to shareholders of record as of August 18, 2025. This marks the 62nd 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 18, 2025.

OPERATIONAL HIGHLIGHTS:

The VLCC market improved significantly in the second quarter compared to the first quarter but trailed off towards the end of the period with disappointing bookings into the third quarter. We expect higher middle eastern OPEC volumes for seaborne exports from the end of the third quarter as domestic consumption for power generation should recede.

Refining margins were supportive during the second quarter, however limited arbitrage opportunities for West to East barrels from the USA did not support long haul trades. Chinese apparent oil demand slowed during the first months of the year whilst inventories built during this period, in particular through Iranian supplies. Brazil is reported to have committed additional supply volumes to Chinese refineries which will support the VLCC trade.

The lowering of the price cap on Russian barrels from September, renewed attention to transshipment and camouflaging of sanctioned oil in Malaysian waters, and Venezuelan crude possibly returning to the compliant market should be positive developments. Red Sea attacks have resumed, delaying resumption of Suez transits hence continuing to redirect shipments to the West around the African continent.

There is continuous demand to renew the shadow and sanctioned fleets, which should trigger retirements at the older end of these fleets. This development supports our steadfast view that the dynamics of our market are increasingly a favorable supply story, with a rapidly aging fleet well exceeding a benign orderbook of new ships.

Key constructive triggers in the near term could be a change to the West to East arbitrage for crude oil, impacts of enforcement and increasing levels of sanctions, and calming resolutions to trade and tariff negotiations.

Considering these prospective triggers and the supply construct in the light of a resilient world economy, positive Chinese GDP readings, and reasonable oil prices, we find it rational to maintain our positive outlook for our business.

SUBSEQUENT EVENT HIGHLIGHTS:

•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. The vessels are currently under construction at Hyundai Samho Heavy Industries and Hanwha Ocean (formerly known as Daewoo Shipbuilding & Marine Engineering), in South Korea, and are scheduled for delivery during the first half of 2026. The facility is co-arranged by ING Bank and Nordea Bank Abp, with ING Bank as Coordinator, Facility Agent, Security Agent and ECA Agent. The facility bears interest at a rate equal to SOFR plus a weighted average margin of 1.32%. The maturity date of the facility in relation to each vessel is 12 years from the delivery date of each vessel with a 20-year repayment profile. Other terms and conditions are broadly in line with DHT’s current credit facilities.

OUTLOOK:

•Thus far in the third quarter of 2025, 73% of the available VLCC spot days have been booked at an average rate of $38,500 per day on a discharge-to-discharge basis. 84% of the available VLCC days, combined spot and time charter days, have been booked at an average rate of $39,500 per day.

SECOND QUARTER 2025 FINANCIALS

The Company reported shipping revenues for the second quarter of 2025 of $127.9 million compared to shipping revenues of $150.1 million in the second quarter of 2024. The decrease from the 2024 period to the 2025 period includes $14.3 million attributable to lower time charter equivalent rates and $7.8 million attributable to a decrease in total revenue days.

Other revenues for the second quarter of 2025 were $0.4 million compared to $1.2 million in the second quarter of 2024 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 $17.5 million in the second quarter of 2025 related to the sale of DHT Lotus. There was no gain on sale of vessel in the second quarter of 2024.

Voyage expenses for the second quarter of 2025 were $35.1 million, compared to voyage expenses of $46.4 million in the second quarter of 2024. The change was related to a decrease in bunker expenses of $10.6 million, a decrease in broker commission of $0.5 million and a decrease in port expenses of $0.4 million, partially offset by an increase in other voyage-related costs of $0.3. Voyage expenses will generally vary depending on the actual trading patterns during a quarter.
Vessel operating expenses for the second quarter of 2025 were $19.6 million compared to $20.4 million in the second quarter of 2024. The decrease was mainly related to a reduction in operating days due to less vessels in the fleet.

Depreciation and amortization, including depreciation of capitalized survey expenses, was $26.1 million for the second quarter of 2025, compared to $27.9 million in the second quarter of 2024. The decrease was due to a decrease in vessel depreciation of $1.2 million and a decrease in depreciation of drydocking and exhaust gas cleaning systems of $0.6 million, due to fewer vessels in the fleet.

General and administrative (“G&A”) expense for the second quarter of 2025 was $4.6 million, consisting of $3.4 million cash and $1.2 million non-cash charges, compared to $4.5 million in the second quarter of 2024, consisting of $3.5 million cash and $1.0 million non-cash charges. Non-cash G&A expense includes accrual for social security tax.

Net financial expenses for the second quarter of 2025 were $4.3 million compared to $7.5 million in the second quarter of 2024. The decrease was mainly due to decreased interest expense of $3.7 million, partially offset by a
$0.1 million decrease in interest income, due to a decline in interest rates.

As a result of the foregoing, the Company had 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, compared to a net profit in the second quarter of 2024 of $44.5 million, or earnings of $0.27 per basic share and $0.27 per diluted share. The increase from the second quarter of 2024 to the second quarter of 2025 was mainly due to a $17.5 million gain on the sale of DHT Lotus, which contributed to an overall $8.2 million increase in operating income, along with a $3.2 million decrease in net financial expenses.

Net cash provided by operating activities for the second quarter of 2025 was $83.6 million compared to $82.9 million for the second quarter of 2024. The increase was due to a net profit of $56.0 million in the second quarter of 2025 compared to a net profit of $44.5 million in the second quarter of 2024, and a $7.7 million change in operating assets and liabilities, partially offset by a $18.6 million decrease in non-cash items included in net profit.

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. Net cash used in investing activities was $52.3 million in the second quarter of 2024, comprised of $51.5 million related to investment in vessels under construction and $0.8 million related to investment in vessels.

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. Net cash used in financing activities for the second quarter of 2024 was $31.0 million, comprised of $46.8 million related to cash dividend paid, and $8.8 million related to scheduled repayment of long-term debt, partially offset by $25.0 million related to issuance of long-term debt.

As of June 30, 2025, the cash balance was $82.7 million, compared to $78.1 million as of December 31, 2024.

The Company monitors its covenant compliance on an ongoing basis. As of June 30, 2025, the Company was in compliance with its financial covenants.

As of June 30, 2025, the Company had 160,799,407 shares of common stock outstanding compared to 159,983,104 shares as of December 31, 2024.

The Company declared a cash dividend of $0.24 per common share for the second quarter of 2025 payable on August 25, 2025, for shareholders of record as of August 18, 2025.

FIRST HALF 2025 FINANCIALS

The Company reported shipping revenues for the first half of 2025 of $246.1 million compared to $295.9 million in the first half of 2024. The decrease from the 2024 period to the 2025 period includes $41.1 million attributable to lower time charter equivalent rates and $8.8 million attributable to a decrease in total revenue days.

Other revenues for the first half of 2025 were $0.8 million compared to $2.3 million in the first half of 2024 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 $37.3 million in the first half of 2025 related to the sale of DHT Scandinavia and DHT Lotus. There was no gain on sale of vessel in the first half of 2024.

Voyage expenses for the first half of 2025 were $74.0 million compared to voyage expenses of $85.9 million in the first half of 2024. The change was related to a decrease in bunker expenses of $11.9 million and a decrease in broker commission of $0.8 million, partially offset by an increase in other voyage related costs of $0.8 million. Voyage expenses will in general vary depending on the actual trading patterns during the period.

Vessel operating expenses for the first half of 2025 were $37.4 million compared to $39.6 million in the first half of 2024. The decrease was mainly related to a reduction in operating days due to less vessels in the fleet.

Depreciation and amortization, including depreciation of capitalized survey expenses, was $53.4 million for the first half of 2025, compared to $56.1 million in the first half of 2024. The decrease was due to a decrease in vessel depreciation of $1.2 million and a decrease in depreciation of drydocking and exhaust gas cleaning systems of $1.5 million, due to fewer vessels in the fleet.

G&A for the first half of 2025 was $10.1 million, consisting of $7.2 million cash and $2.9 million non-cash charge, compared to $9.2 million, consisting of $7.2 million cash and $2.0 million non-cash charge for the first half of 2024. The increase in non-cash G&A expense from the first half of 2024 to the first half of 2025 resulted from shares vested in the first quarter of 2025. Non-cash G&A expense includes accrual for social security tax.

Net financial expenses for the first half of 2025 were $9.0 million, compared to $15.6 million in the first half of 2024. The decrease was mainly due to decreased interest expense of $7.4 million, partially offset by a $0.4 million decrease in interest income, due to a decline in interest rates.

As a result of the foregoing, the Company had net income for the first half of 2025 of $100.1 million, or income of $0.62 per basic share and $0.62 per diluted share compared to net income of $91.6 million, or income of $0.57 per basic share and $0.57 per diluted share in the first half of 2024. The increase from the first half of 2024 to the first half of 2025 was mainly due to $37.3 million gain on the sale of DHT Scandinavia and DHT Lotus, which contributed to an overall $1.7 million increase in operating income, along with a $6.6 million decrease in net financial expenses.

Net cash provided by operating activities for the first half of 2025 was $142.8 million compared to $152.7 million for the first half of 2024. The decrease was due to a $38.5 million decrease in non-cash items included in net income, partially offset by a $20.1 million change in operating assets and liabilities and net income of $100.1 million in the first half of 2025 compared to net income of $91.6 million in the first half of 2024.

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. Net cash used in investing activities for the first half of 2024 was $56.1 million comprised of $51.5 million related to investment in vessels under construction and $4.6 million related to investment in vessels.
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. Net cash used in financing activities for the first half of 2024 was $98.4 million, comprised of $82.3 million related to cash dividends paid, $74.0 million related to prepayment of long-term debt, and $16.5 million related to scheduled repayment of long-term debt, partially offset by $75.0 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.

Full Report

Source: DHT HOLDINGS