DHT (DHT) Q2 2025 earnings summary

Executive summary

• Achieved Q2 2025 net income of $56M ($0.35/share), adjusted EBITDA of $69M, and adjusted net profit of $38.6M ($0.24/share), excluding a $17.5M vessel sale gain.

• Sold two vessels for $103M, recording a $17.5M gain in Q2 and expecting a $15.5M gain in Q3; acquired a 2018-built VLCC for $107M, delivery expected end of Q3 2025.

• Entered a 7–9 year time charter for DHT Appaloosa at $41,000/day plus profit sharing; fixed DHT Bohemia/Bauhinia on a one-year charter at $41,500/day.

• Completed acquisition of Goodwood Ship Management for $6.1M, now fully owned and managing all vessels.

• Fleet stood at 22 VLCCs as of June 30, 2025, with 10 on time charters and 12 in the spot market.

Financial highlights

• Q2 2025 TCE revenues were $92.8M; shipping revenues $127.9M; vessel OpEx $19.6M; G&A $4.6M; interest expense $4.2M.

• Average TCE: spot $48,700/day, time charters $42,800/day, combined $46,300/day.

• Ended Q2 with $299M liquidity ($82.7M cash, $216.5M undrawn credit); net debt per vessel $10M.

• Adjusted EBITDA margin for Q2 2025 was approximately 54%.

• Net cash provided by operating activities in Q2 2025 was $83.6M; net cash used in financing activities was $92.7M.

Outlook and guidance

• Q3 2025: 805 time-charter days at $40,500/day; 1,150 spot days, 73% booked at $38,500/day; 84% of total VLCC days booked at $39,500/day.

• Spot P&L breakeven for Q3 estimated at $20,000/day.

• Market outlook supported by aging fleet, limited newbuilds, sanctions, and potential shifts in oil trade flows.

• OPEC production increases, Indian crude sourcing shifts, and new Brazil-China contracts seen as supportive for VLCC demand.

• Key triggers include West to East arbitrage, sanctions enforcement, and global economic resilience.