DHT (NYSE:DHT) Q4 2025 Earnings call February 05, 2026 08:00 AM ET Company ParticipantsEirik Haavaldsen - Head of ResearchGeoff Scott - PresidentGreg Lewis - Managing DirectorJon Chappell - Senior Managing DirectorLaila Halvorsen - CFOSvein Moxnes Harfjeld - President and CEOConference Call ParticipantsFrode Mørkedal - Senior Equity AnalystOperatorGood day, and thank you for standing by. Welcome to the Q4 2025 DHT Holdings, Inc. earnings conference call. At this time, all participants are in a listen-only m ...

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]

Financial Performance - Revenue for Q3 2020 was $241 million[16], a significant increase compared to the year-to-date revenue of $5772 million in 2019[14] - Net income for Q3 2020 reached $462 million[16], a substantial turnaround from a loss of $419 million year-to-date in 2019[14] - Euronav's leverage stands at 358% of book value, with available liquidity of $12 billion[19] Fleet and Operations - VLCC average spot pool rate was $42000 per day in Q3 2020, compared to $25250 in Q3 2019[8] - Suezmax average spot rate was $23500 per day in Q3 2020, versus $17250 in Q3 2019[8] - The company extended an FSO contract by 10 years to 2032, projecting $645 million in additional revenue for the joint venture[11, 34] Capital Allocation - The company declared a Q3 dividend of USD 9c per share and executed a share buyback of $185 million[11] - Year-to-date dividend yield reached 21%, with $157 per share distributed[13] - Euronav has $236 million in outstanding capex, primarily financed by bank loans, with VLCC deliveries expected in Q1 2021[13] Market Outlook - Approximately 50% of Q4 VLCC days are fixed at around $225k per day, and 45% of Suezmax days are fixed at about $115k per day[11] - The tanker market remains in a transition phase, influenced by COVID-19 restrictions, OPEC+ supply cuts, and vessel supply[35, 36] - Recycling trends indicate that when VLCC rates fall below P&L breakeven, approximately 5% of the fleet is typically recycled[22]

Core Viewpoint - DHT Holdings, Inc. has announced the acquisition of a VLCC built in 2018 for $107 million, aimed at enhancing the efficiency and age profile of its fleet [1][2]. Company Overview - DHT is an independent crude oil tanker company operating internationally with a fleet focused on the VLCC segment [3]. - The company emphasizes a strong operational approach, quality ships, prudent capital structure, and disciplined capital allocation strategies [3]. Acquisition Details - The acquired vessel is scheduled for delivery towards the end of Q3 2025 and will be financed through available liquidity and projected mortgage debt [1]. - The vessel features an exhaust gas cleaning system and is expected to improve DHT's fleet efficiency metrics [1]. Strategic Intent - The acquisition is part of DHT's strategy to improve earnings per share for shareholders and replace earnings capacity that has been divested earlier in the year [2]. - The new vessel is designed for large carrying capacity and premium earning capabilities, aligning with the trading patterns of key customers [2].