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DHT Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Achieved Q3 2025 net income of $44.8 million ($0.28 per share), adjusted EBITDA of $57.7 million, and TCE revenues of $79.1 million, with adjusted net profit at $29.5 million ($0.18 per share) excluding vessel sale gain and derivative loss.
Maintained strong liquidity with $298 million, including $81.2 million in cash, and low leverage; net debt per vessel was $8.9 million as of September 30, 2025.
Declared a $0.18 per share dividend for Q3 2025, marking the 63rd consecutive quarterly dividend and totaling $2.93 per share since Q3 2022.
Q3 2025 shipping revenues were $107.2 million, down from $141.1 million in Q3 2024, mainly due to lower rates and a smaller fleet.
Adjusted EBITDA margin for Q3 2025 was approximately 53.8%.
Financial highlights
Average TCE for Q3 2025 was $40,500/day, with spot at $38,700/day and time-charter at $42,800/day.
Vessel operating expenses were $18.4 million; G&A expenses were $4.1 million.
Net financial expenses dropped to $2.5 million in Q3 2025 from $7.0 million in Q3 2024.
Net cash provided by operating activities was $60.9 million in Q3 2025.
Net cash used in financing activities for Q3 2025 was $73.8 million, including $38.6 million in dividends and $34.8 million in debt repayments.
Outlook and guidance
For Q4 2025, 901 time charter days are covered at $42,200/day, and 68% of 1,070 spot days booked at $64,900/day; 83% of total VLCC days booked at $52,400/day.
Spot P&L breakeven for Q4 is estimated at $15,200/day.
Discretionary cash flow will be allocated to fund newbuilding program installments.
US-China port fees: potential operational impact?
Funding strategy for remaining newbuilding costs?
Capital allocation: debt reduction vs. growth?
Discuss long-term VLCC demand drivers
How is discretionary cash flow allocated?
How does vessel age affect charterer acceptance?
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Next DHT earnings date
Q4 20255 Feb, 2026
DHT
Next DHT earnings date
Q4 20255 Feb, 2026
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Frequently asked questions
DHT Holdings Inc. is a shipping company focused on the ownership and operation of crude oil tankers. The company primarily owns and manages a fleet of very large crude carriers (VLCCs), which transport oil globally for major energy companies and trading firms. DHT operates its vessels on a mix of spot market charters and long-term contracts, optimizing fleet utilization and revenue generation. DHT Holdings Inc. is headquartered in Hamilton, Bermuda, and its shares are listed on the NYSE.
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