Group 1 - DHT Holdings, Inc. has taken delivery of a VLCC newbuilding named DHT Antelope from Hanwha Ocean Co., Ltd, marking the first of four VLCC newbuildings to be delivered in the first half of 2026 [1] - The newbuildings are fully funded and are expected to enhance the Company's customer offerings and earnings power [1] - The next newbuilding is scheduled for delivery in early March 2026 [1] Group 2 - DHT is an independent crude oil tanker company operating internationally with a fleet focused on the VLCC segment [2] - The Company emphasizes a prudent capital structure, disciplined capital allocation strategy, and high levels of integrity and corporate governance [2] - DHT operates through integrated management companies located in Monaco, Norway, Singapore, and India [2]

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Core Insights - Scorpio Tankers Inc. is a significant player in the shipping industry, focusing on the transportation of refined petroleum products with a modern fleet of tankers [1] - The company has a Return on Invested Capital (ROIC) of 8.01%, which exceeds its Weighted Average Cost of Capital (WACC) of 6.19%, indicating positive returns for investors [2] - The competitive landscape includes companies like Teekay Tankers Ltd., Euronav N.V., DHT Holdings, Inc., International Seaways, Inc., and Ardmore Shipping Corporation [1] Financial Performance - Scorpio Tankers' ROIC to WACC ratio is 1.29, highlighting efficient capital utilization [2] - Teekay Tankers Ltd. leads the peer group with a ROIC of 13.72% and a WACC of 4.87%, resulting in a ROIC to WACC ratio of 2.82, indicating high efficiency [3] - Euronav N.V. and DHT Holdings, Inc. show strong capital efficiency with ROIC to WACC ratios of 2.58 and 2.80, respectively, positioning them as strong competitors [4] - International Seaways, Inc. and Ardmore Shipping Corporation have ROIC to WACC ratios of 2.07 and 1.88, respectively, indicating efficient capital utilization despite being lower than the top competitors [5]

Company Overview - DHT Holdings is expanding its fleet of crude oil tankers, consisting entirely of Very Large Crude Carriers (VLCCs) [1] - The company plans to add 4 new VLCCs to its fleet in the upcoming year [1] Industry Insights - The crude oil tanker market is experiencing growth, with DHT Holdings positioned to capitalize on this trend through fleet expansion [1]

Financial Data and Key Metrics Changes - In Q3 2025, the company achieved revenues on a TCE basis of $79.1 million and adjusted EBITDA of $57.7 million, with net income at $44.8 million, equating to $0.28 per share [3][4] - After adjustments, the net profit for the quarter was $29.5 million, or $0.18 per share [4] - The average TCE for vessels in the spot market was $38,700 per day, while vessels on time charters earned $42,800 per day, leading to an average combined TCE of $40,500 per day [4] Business Line Data and Key Metrics Changes - Vessel operating expenses for the quarter were $18.4 million, and G&A expenses were $4.1 million [4] - The company reported total liquidity of $298 million, consisting of $81.2 million in cash and $216.5 million available under revolving credit facilities [4][5] Market Data and Key Metrics Changes - The company expects to have 901 time charter days covered for Q4 2025 at $42,200 per day, including profit sharing for October [9] - For contracts with profit sharing, 1,070 spot days are anticipated in Q4, with 68% already booked at an average rate of $64,900 per day [10] Company Strategy and Development Direction - The company has entered into a $308.4 million secured credit facility to finance four newbuildings, indicating a focus on expanding its fleet [6] - The capital allocation policy includes paying out 100% of ordinary net income as quarterly cash dividends, with a dividend of $0.18 per share approved for Q3 2025 [8] Management's Comments on Operating Environment and Future Outlook - The VLCC market is showing significant strength, driven by growing demand for seaborne transportation of crude oil and an aging fleet [11] - Geopolitical factors and trade dynamics are creating disruptions, impacting supply security and market conditions [12] - Management remains optimistic about future opportunities, citing strong customer demand and potential for fleet expansion [13] Other Important Information - The company has a robust balance sheet with low leverage, and net debt is below $9 million per vessel, well below estimated residual ship values [5] - The company has entered into eight three-year amortizing interest rate swap agreements totaling $200.6 million, with an average fixed interest rate of 3.32% [7] Q&A Session Summary Question: Is the postponement of port fees a good thing for the market? - Management indicated that the market may experience a temporary pause, but strong demand and a fragmented fleet should continue to support rates [22][23] Question: What is the impact of tariffs on U.S. crude oil exports to China? - Management noted that U.S. crude oil exports to China are modest and that any tariffs would likely be out of the equation following recent discussions [28] Question: With high spot rates, how is the time charter market responding? - Management observed increased interest in shorter-term charters at improved rates, but noted the difficulty in pricing due to the premium in the spot market [29][30] Question: Will major charters accept older ships as prices rise? - Management stated that in a stronger market, customers are more pragmatic about accepting older ships, with some accepting vessels up to 17-18 years old [38][39]

October 30, 2025 DISCLAIMER Forward Looking Statements This presentation contains certain forward-looking statements and information relating to the Company that are based on beliefs of the Company's management as well as assumptions, expectations, projections, intentions and beliefs about future events, in particular regarding dividends (including our dividend plans, timing and the amount and growth of any dividends), daily charter rates, vessel utilization, the future number of newbuilding deliveries, oil ...

Core Viewpoint - The increase in global oil supply and sanctions have led to a surge in demand for "unaffected" tankers, resulting in the highest tanker earnings since the peak of the COVID-19 pandemic [1] Group 1: Oil Tanker Earnings - The daily rental rate for tankers transporting 2 million barrels of crude oil from the Middle East to China has risen by 40% to $125,000, marking the highest level since April 2020 [1] - The Baltic Exchange reports that this increase is driven by the need for alternative sources due to recent U.S. sanctions on two major Russian oil companies [1] Group 2: Market Dynamics - Lars Barstad, CEO of Frontline, noted that sanctioned crude oil transportation is hindered, leading to longer waiting times for vessels [1] - There has been an increase in shipping volume from the Atlantic Basin to Asia, contributing to a rise in ton-miles [1] - More OPEC crude oil is entering the market, further influencing tanker demand [1] Group 3: Related Stocks - Relevant stocks in the tanker industry include Frontline, Teekay, Teekay Tankers, CMB.Tech, Scorpio Tankers, DHT Holdings, Tsakos Energy Navigation, Navios Maritime Holdings, International Seaways, Nordic American Tankers, and SFL Corp [1]

Core Viewpoint - DHT Holdings, Inc. announced its financial results for the quarter ended September 30, 2025, highlighting its performance and operational strategies [1]. Company Overview - DHT is an independent crude oil tanker company with a fleet that operates internationally, focusing on the VLCC segment [2]. - The company emphasizes a strong operational approach, quality ships, a prudent capital structure, and disciplined capital allocation strategies, including cash dividends, vessel investments, debt prepayments, and share buybacks [2]. - DHT maintains a transparent corporate structure with a high level of integrity and corporate governance [2].

Core Points - DHT Holdings, Inc. will release its third quarter 2025 results after market close on October 29, 2025 [1] - A conference call and webcast will be held on October 30, 2025, at 8:00 a.m. EST to discuss the quarterly results [1] - Participants must register in advance to access the conference call [1] Company Overview - DHT Holdings, Inc. is an independent crude oil tanker company operating internationally with a fleet in the VLCC segment [2] - The company emphasizes first-rate operations, customer service, and a prudent capital structure to ensure stability through business cycles [2] - DHT's disciplined capital allocation strategy includes cash dividends, vessel investments, debt prepayments, and share buybacks [2]

Core Viewpoint - DHT Holdings, Inc. is addressing the recent announcement by the Ministry of Transport in China regarding special port fees for US-linked vessels, emphasizing that its fleet is structured to minimize US ownership influence [1]. Company Structure - Each vessel in DHT's fleet is owned by a non-U.S. entity, built in a non-U.S. jurisdiction, does not fly the U.S. flag, and is managed from locations in Monaco, Norway, Singapore, and India [2]. - DHT is incorporated in the Marshall Islands and headquartered in Bermuda, with management functions distributed across Monaco, Norway, and Singapore [2]. Shareholder Composition - The company has a broad shareholder base, with U.S. nationals representing only 20% of the Board of Directors [2]. - DHT is not aware of any U.S. shareholders or groups controlling 25% or more of its shares, although two U.S. entities hold more than 5% of shares, Dimensional Fund Advisors LP (approximately 7.2%) and FMR LLC (approximately 15.1%) [4]. Business Operations - DHT operates as an independent crude oil tanker company with a fleet focused on the VLCC segment, emphasizing quality operations and customer service [5]. - The company maintains a prudent capital structure and a disciplined capital allocation strategy, which includes cash dividends, vessel investments, debt prepayments, and share buybacks [5].