Q3 Earnings: DHT up first

Industry Discussions Shipping News
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10/29

I saw some reference to Teekay Tankers (TNK) announcing this week. Then upon additional digging, TNK is tomorrow. Then an email popped up indicating DHT released results. So DHT up first for Q3 2025

  • Shipping rev of $107.2M
  • Adjusted EBITDA of $57.7M
  • Profit (after tax) of $44.8M
  • Declared a div of 18c/sh (Q2 was 24c/sh)
  • TCE of $40,800 daily (TC avg higher than spor avg)

https://ml-eu.globenewswire.com/Resource/Download/0ceb7edc-4076-4288-b4d4-a866dd328af0

Am I surprised with DHT results? Um, not entirely.

I think the two VLCC sale announced in the first half of 2025 cost them some revenue. The company did announce one “replacement” VLCC, a 2018-build that is a sister vessel to a VLCC or two, in their fleet. That will show up some time in Q4 2025. As noted in the release, DHT have arranged financing for the vessel via a separate facility of $64M. The company has also arranged financing for its four newbuilds.

No position. Well managed company

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DHT’s Q3 results seem promising, especially considering the strong tanker rates this quarter. The dividend policy continues to be shareholder-friendly, reflecting consistent cash flow. What stands out is how disciplined management has been with fleet expansion. If oil demand holds and charter rates stay elevated, DHT could remain one of the steadier plays in the shipping sector.

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The underlying crude tanker market has a cyclical nature with Q3 traditionally being a little weaker for a couple of factors. Q4’s have traditionally been stronger. Though Q4 2024 was somewhat weak. Some of that was OPEC+ production cuts. That has been lifted for 2025, so there is probably going to be an uplift from that. Pressure on Russian oil is another factor, Increased volume from Guyana is yet another positive (though from a transport angle, I think that’s primarily Suezmax runs)