DHT Q2 Earnings Call Highlights

DHT delivered record second-quarter results , with $255 million in TCE revenue, $231 million in adjusted EBITDA and $198.3 million in net income, or $1.23 per share. First-half net income of $362.9 million already surpassed the company’s previous full-year record. The company approved a $1.22-per-share dividend , maintaining its policy of distributing 100% of ordinary net income, while ending the quarter with $569 million in liquidity and just 14.1% market-value leverage. DHT expanded and strengthened its fleet and financing, ordering a VLCC for delivery in 2028 and securing a new $250 million revolving credit facility. Management remains selective on growth, balancing spot-market exposure with fixed-rate charters amid strong tanker rates and regional disruptions. DHT NYSE: DHT reported its strongest quarter on record in the second quarter of 2026, as elevated tanker rates and commercial performance drove net income above the company’s previous annual earnings record. Chief Financial Officer Laila Halvorsen said the company generated $255 million of time-charter-equivalent, or TCE, revenue and $231 million in adjusted EBITDA during the quarter. Net income totaled $198.3 million, or $1.23 per share. Excluding a $1.3 million non-cash fair-value gain on interest-rate derivatives, ordinary net income was $197 million, or $1.22 per share. For the first half of 2026, DHT reported $412.2 million in TCE revenue, $364.3 million in adjusted EBITDA and $362.9 million in net income. Halvorsen said first-half earnings exceeded DHT’s prior full-year record of $266.3 million, set in 2020. DHT’s spot-market vessels earned an average of $162,600 per day during the second quarter, while vessels operating under time-charter contracts earned $90,800 per day. The fleet’s combined average TCE rate was $126,700 per day. Vessel operating expenses were $18.6 million, while general and administrative expenses totaled $5.6 million. G&A included about $700,000 in non-recurring, non-cash costs related to shares that vested in the quarter. The board approved a second-quarter cash dividend of $1.22 per share, consistent with DHT’s policy of distributing 100% of ordinary net income through quarterly dividends. Halvorsen said the payment represents the company’s 66th consecutive quarterly cash dividend. Shares are scheduled to trade ex-dividend Aug. 17, with payment scheduled for Aug. 24 to shareholders of record as of Aug. 17. DHT ended the quarter with $569 million of total liquidity, including $161.7 million of cash and $407.5 million available under revolving credit facilities. Financial leverage stood at 14.1% based on market values for the fleet, and net debt was $11.9 million per vessel, according to the company. During the quarter, operations generated $231 million in EBITDA. DHT used cash for $20 million of debt repayment and cash interest, $103 million of dividends, $7.2 million of vessel investments, $1.3 million of investments in vessels under construction and $56 million of long-term debt prepayments. President and Chief Executive Officer Svein Moxnes Harfjeld said DHT secured one-year charter contracts for the 2012-built DHT Sundarbans and 2011-built DHT Amazon at an average rate of $109,000 per day. The company also ordered a new VLCC, the DHT Oryx, from Hanwha Ocean for delivery in August 2028. The vessel will be a sister ship to the DHT Antelope and DHT Addax, which were delivered earlier this year, and will feature a large carrying capacity and an exhaust-gas.