DHT (DHT) Q1 2025 earnings summary

Executive summary

• Q1 2025 net income was $44.1 million ($0.27/share), with adjusted EBITDA of $56.4 million and TCE revenues of $79.3 million, driven by strong TCE rates and a $19.8 million gain from the sale of DHT Scandinavia for $43.4 million.

• Adjusted net profit, excluding the vessel sale gain, was $24.3 million ($0.15/share).

• Acquired full ownership of Goodwood Ship Management for $6.1 million, enhancing operational control.

• Entered new one-year time charters for DHT China and DHT Tiger at $40,000/day and $52,500/day.

• Declared a $0.15/share dividend for Q1 2025, marking the 61st consecutive quarterly dividend.

Financial highlights

• Average spot TCE was $36,300/day; time charter TCE $42,700/day; combined TCE $38,200/day.

• Ended quarter with $277 million liquidity ($80.5 million cash, $196.2 million undrawn credit); net debt per vessel at $12.3 million.

• Vessel operating expenses were $17.8 million; G&A expenses $5.5 million.

• Adjusted EBITDA margin was 47.7% for Q1 2025.

• Net cash from operating activities was $59.2 million; net cash used in financing activities was $73.6 million, including $42.4 million in debt prepayment and $27.3 million in dividends.

Outlook and guidance

• Q2 2025: 780 time charter days booked at $42,200/day; 1,245 spot days expected, 72% booked at $48,700/day.

• Spot P&L break-even for Q2 estimated at $17,500/day.

• Market outlook remains positive, supported by aging fleet, limited newbuilds, and OPEC's increased oil supply.

• DHT Appaloosa fixed on a seven-year time charter at $41,000/day plus profit sharing, starting May 2025.