DHT Holdings Inc (MEX:DHTN)

Q2 2026 DHT Holdings Inc Earnings Call Transcript

Aug 6, 2026 / 12:00 PM GMT

Release Date Price: MXN311

Transcript

Key Points

Positve

DHT Holdings Inc (DHT) reported its strongest quarter in company history, with Q2 2026 net income of $198.3 million ($1.23 per share) and adjusted EBITDA of $231 million.
The company secured two additional one-year time charter contracts for older vessels at an average rate of $109,000 per day, locking in high-margin fixed cash flow.
DHT Holdings Inc (DHT) finalized a new $250 million revolving credit facility, which was meaningfully oversubscribed, with favorable terms including a 7-year tenure and pricing at 135 basis points above SOFR.
The company maintained a very strong balance sheet with total liquidity of $569 million and conservative leverage of 14.1% based on market values.
DHT Holdings Inc (DHT) continued its disciplined capital allocation by approving a quarterly dividend of $1.22 per share, marking its 66th consecutive quarterly cash dividend.
The company successfully completed its 2026 newbuild program with the delivery of the DHT Impala, and secured a three-year time charter at $75,000 per day for the DHT Jaguar.
DHT Holdings Inc (DHT) achieved a record first-half 2026 net income of $362.9 million, exceeding its previous full-year record of $266.3 million set in 2020.

Negative

DHT Holdings Inc (DHT) avoided trading in the Persian Gulf due to high-risk conflict zones, potentially missing out on substantial risk premiums that other operators are extracting.
The company faces ongoing geopolitical disruptions, particularly in the Red Sea and Strait of Hormuz, which complicate operational planning and vessel routing.
Second-hand asset values are currently in territory that makes it challenging for DHT Holdings Inc (DHT) to pursue fleet expansion through acquisitions, limiting growth opportunities.
The company's fleet coverage for 2028 is below 20%, indicating significant exposure to spot market volatility in the longer term.
DHT Holdings Inc (DHT) has no immediate divestment plans for its five oldest vessels despite high asset values, as it seeks to maintain earning capacity without a clear replacement plan.
The company's time charter coverage for Q3 2026 includes profit sharing only for July, with base rates only for August and September, potentially reducing earnings visibility.
DHT Holdings Inc (DHT) faces uncertainty regarding the resolution of regional conflicts, with no clear timeline for normalization of trade routes and potential market disruptions.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

DHT.N - DHT Holdings, Inc.
Q2 2026 DHT Holdings Inc Earnings Call
Aug 06, 2026 / 12:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good day and thank you for standing by. Welcome to the Q2 2026 THC Holdings Inc earnings conference call. At this time, all participants are in the listen-only mode. After the speaker's presentation, there'll be a question-and-answer session. To ask a question during the session, you will need to press star one and one on your telephone. You will then hear an automated message advising your hand is. Raised. To withdraw your question, please press star 1 and 1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Layla Halferson, CFO. Please go ahead.

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Unidentified_2

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