DHT DHT Holdings
Tankers Crude · VLCC · 135 documents
DHT Holdings' 23-vessel crude tanker fleet should earn about $141,300 a day in 2026Q3 and pay $1.42 a share. That is our forecast (STATED payout on PATTERN TCE), at a rate beyond the $126,700/d its dividend history covers. All of those vessel-days are already fixed at rates DHT Holdings has disclosed.
Yields annualise each quarter ×4 at the last close, $23.60 (2026-10-16). Our model is not company guidance.
What will DHT Holdings pay for 2026Q3?
Stated policy: “consistent with its policy of paying out 100% of ordinary net income”
Booked vs market $/day
| Class | Booked | At | Spot now |
|---|---|---|---|
| VLCC | 100% | $141,300 | $720,196 |
| VLCC | 58.3% | $152,700 | $720,196 |
| VLCC | — | $75,900 | $720,196 |
Track record forecast vs paid
| Quarter | Forecast | Paid | Miss |
|---|---|---|---|
| 2026Q2 | $0.33 | $1.22 | -73% |
| 2026Q1 | $0.30 | $0.64 | -53% |
At 2026Q2’s actual $126,700/d, our model gives $1.24 against $1.22 declared (5 quarters, out-of-sample R² 0.995). Big misses came from forecasting the rate, not the payout.
Rates in, dividend out 2026Q3
Model Your scenarioSet a rate per vessel class and the statement below re-prices: our model’s figures in one column, yours beside them. These are your numbers, not our forecast and not company guidance; nothing you set is saved.
Latest rates
| Class | Company earned | Booked 2026Q3 | Market now | 8 weeks |
|---|---|---|---|---|
| VLCC · 23 | $126,7002026Q2 · fleet avg | $141,300100% of days | $720,1962026-10 median · 4 routes | +264% |
Company earned: the issuer’s own reported TCE (linked). Booked: cover the issuer printed for 2026Q3. Market now: the median across the broker route prints we hold for the class — a derived blend, not a vendor index; the trend is rebased to 100 eight weeks ago.
Your rates open days only — booked days stay at the booked rate
2026Q3 P&L and cash
| Line | Model | Your scenario | Δ | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Vessel-days, days patternNet of off-hire and drydock: its own median utilization. |
2,044 | 2,044 | |||||||||
By class
| |||||||||||
| Fleet TCE, $/day pattern | 141,300 | 141,300 | |||||||||
Revenue (TCE basis), $m patternVessel-days × fleet TCE. |
288.8 | 288.8 | |||||||||
Vessel opex, $m assumed2026Q2: $18.6m over 2,012 vessel-days, held per day. |
(18.9) | (18.9) | |||||||||
G&A, $m assumed2026Q2: $5.6m over 2,012 vessel-days, held per day. |
(5.7) | (5.7) | |||||||||
| EBITDA, $m assumed | 264.2 | 264.2 | |||||||||
Hire for chartered-in ships, $mNot on file for any quarter (not extracted, or not disclosed). |
— | — | |||||||||
Interest expense, $m assumed2026Q2: $6.4m over 2,012 vessel-days, held per day. |
(6.5) | (6.5) | |||||||||
Scheduled debt amortisation, $mAs reported for 2026Q4. Not deducted: the stated policy pays out of net income. |
(11.8) | ||||||||||
Depreciation, $m assumed2026Q2: $27.8m over 2,012 vessel-days, held per day. |
(28.2) | (28.2) | |||||||||
Drydock cost, $mNo separate drydock cash line on file; off-hire is in the vessel-day count above. |
— | — | |||||||||
Cash break-even, $/day assumedΣ the costs the stated policy deducts above ÷ vessel-days. |
29,026 | 29,026 | |||||||||
| Cushion vs fleet TCE, $/day | 112,274 | 112,274 | |||||||||
Net income, $m assumedRevenue − the costs the stated policy deducts: the base it pays out of (net income). |
229.5 | 229.5 | |||||||||
Maintenance capex, $mNot disclosed as a cash line; not in the model’s cash. |
— | ||||||||||
Dividend policy stated
“consistent with its policy of paying out 100% of ordinary net income”
Applied as stated: 100% of net income.
| Output | Model | Your scenario | Δ |
|---|---|---|---|
| Estimated distributable cash, $m | 229.5 | ||
| Estimated DPS, $/share pattern | $1.42 | ||
| Forward yield, run-rate % | 24.1% | ||
| vs last declared ($1.22, 2026Q2) | +17% |
Yield annualises the quarter’s DPS × 4 (a run-rate, not a forecast of the year) against the $23.60 close on 2026-10-16.
Showing the model’s own figures. Setting your own rates needs JavaScript.
Dividend per share declared · model · you
Market context — rates, the dividend, and the price
Rates and dividend — benchmark, realized and declared
A settled quarter carries two bars: the lighter one is the fleet-weighted benchmark — what the market paid for a fleet of this class mix — and the solid one is what this fleet actually earned. The gap between them is the share of the index this issuer captured. Dashed-outline bars are the model estimate — see Dividend forecast.
The line is the declared dividend per share — dashed where it is the model's estimate. This model has been wrong over its 2 scored quarters by more than this chart can show — the observed range reaches $1.42 per share, so its forward figure carries no useful precision here. Those quarters came in 73% and 53% below what was paid. Model estimate — not issuer guidance.
Forward (our model — model quarter ×4): $5.69/yr · @ $23.60 (as of 2026-10-16) = 24.1% yield (forward, model) · Trailing TTM $2.45/yr = 10.4%
Fleet rate — what the market pays a fleet like this one
Fleet-weighted market rate with the class benchmarks behind it: 91 points, 2025-01-03 to 2026-10-16; DHT fleet-weighted latest 711,081.00; VLCC benchmark latest 711,081.00.
Latest $711,081/day at 2026-10-16 (-2.5% on the prior print), weighted 23×VLCC.
This fleet is one class, so its fleet-weighted rate and its class benchmark are the same series — the line is that class's blend. Each class benchmark is a median across every route mapped to that class, not a single assessment. A laden-leg benchmark runs hotter than a fleet earns — ballast days, waiting time, TC-out legs and off-hire all dilute it — so this is market direction, not revenue. What this fleet actually captured is the panel above.
Price and the yield it implied
Latest: 2026-Q2 declared $1.22/share on 2026-08-05, 27.3% annualised against the $17.87 close that day.
The continuous line is the daily closing price in dollars — the raw close, not a dividend-adjusted one, which would back-adjust away the very payouts being measured. The second line carries 3 declared dividends and is marked nowhere else — each annualised ×4 and divided by the close on, or last before, the day it was declared. A quarter with no dividend has no mark. The segments between the marks connect them; they are not measured. This is what the share yielded at the time, not what those dividends would yield at today's price. Prices start 2025-08-29, so anything declared before then is not plotted.
How we got the number
How to read this page
Every figure here is built the same way: the fleet's vessel-days are priced at the rate its classes earned, costs and debt service come off, and what is left is measured against the dividend the company actually declared. Nothing is estimated where it can be sourced, and a number that cannot be sourced is withheld rather than filled in. The full method, and the rates behind it →
Where DHT departs from that
- Rate 1.1x the highest it has earned ($126,700/d).
- VLCC: using issuer guidance 100% fixed @ $141,300/day.
- VLCC: 2026Q3 has ended — open days are priced at the mean of its own monthly medians, $298,164/day, not the newest month (owner 2026-10-19).
What drives it — fleet TCE, 2026Q3
Earnings bridge — 2026Q2 → 2026Q3
Dividend history & forecast accuracy
Upcoming
| Quarter | Ex-date (est.) | Forecast DPS | Actual DPS |
|---|---|---|---|
| 2026Q3 E | — | $1.42 | — |
| 2026Q4 E | — | $4.49 | — |
| Quarter | Ex-date | Forecast DPS | Actual DPS | Error |
|---|---|---|---|---|
| 2026Q2 | — | $0.33 | $1.22 | -73.2% |
| 2026Q1 | — | $0.30 | $0.64 | -52.7% |
DPS method: payout of cash above break-even.
Financials & fleet
Latest quarter 2026Q2 2 qtrs old
23× vlcc current
Fleet model — 2026Q3
Fleet model estimate — not issuer guidance.
| Class | Ships | TC | Spot | % Fixed | Guided $/d | Spot $/d | Blended $/d | QTD rev $M | Modeled Q rev $M |
|---|---|---|---|---|---|---|---|---|---|
| VLCC | 23 | 12 | 11 | 100% | 141,300 | 298,164 | 141,300 | — | 288.8 |
| Total | 23 | 141,300 | — | 288.8 | |||||
Guided rates are issuer-booked cover for 2026Q3 blended with Gibson and route-basket spot medians for the open days.
TC = vessels on TC-out with initial period >12 mo at 2026Q2 quarter-end; shorter charters read as spot.
Bear uses booked coverage only; Base adds open vessels at this issuer's realized share of the latest Gibson median; Bull reruns them at the same share of the recent 3-month peak index.
Model gaps & assumptions
vlcc: using issuer guidance 100% fixed @ $141,300/day · vlcc: 2026Q3 has ended — open days are priced at the mean of its own monthly medians, $298,164/day, not the newest month (owner 2026-10-19) · DPS = 100% (stated policy) of net income: the fleet's earnings above $29,026/day over 2,044 vessel-days · one-model DPS extrapolated: TCE $141,300/day is 12% outside the $38,200-$126,700/day its dividend history covers — costs are per day, so the dividend still rises with the rate, but the payout share is untested out there
Forecast accuracy — fleet TCE
The model's fleet TCE for each quarter — the fleet-mix-weighted Gibson class benchmark, one quantity per fleet, never a shared class rate — scored against the TCE the company went on to report. Error is model minus reported, as a share of reported — positive means the model was too high.
| Quarter | Model TCE | Reported TCE | Error |
|---|---|---|---|
| 2026Q2 | $112,678/day | $126,700/day | -11.1% |
| 2025Q4 | $93,669/day | $60,300/day | +55.3% |
| 2025Q3 | $50,978/day | $40,500/day | +25.9% |
| 2025Q2 | $39,930/day | $46,300/day | -13.8% |
| 2025Q1 | $39,200/day | $38,200/day | +2.6% |
Profit statement highlights
| Line | 2026Q2 | 2026Q1 | YoY Δ |
|---|---|---|---|
| Revenue | $285.0M | $186.5M | +122.1% |
| Opex | $18.6M | $19.1M | -5.1% |
| Net income | $198.3M | $164.5M | +254.1% |
Full P&L grid — 6 quarters
| Line item | 2026Q2 | 2026Q1 | 2025Q4 | 2025Q3 | 2025Q2 | 2025Q1 |
|---|---|---|---|---|---|---|
| Revenue $M | 285.0 | 186.5 | 144.2 | 107.3 | 128.3 | 118.6 |
| Voyage expenses $M | 29.9 | 29.1 | 26.1 | 28.0 | 35.1 | 38.8 |
| Vessel opex $M | 18.6 | 19.1 | 17.1 | 18.4 | 19.6 | 17.8 |
| G&A $M | 5.6 | 5.0 | 5.6 | 4.1 | 4.6 | 5.5 |
| Depreciation $M | 27.8 | 25.6 | 27.0 | 26.0 | 26.1 | 27.3 |
| Interest expense, gross $M | — | — | — | 2.6 | — | 5.1 |
| Net income $M | 198.3 | 164.5 | 66.1 | 44.8 | 56.0 | 44.1 |
| Declared DPS | 1.22 | 0.64 | 0.41 | 0.18 | 0.24 | 0.15 |
Profit statement – highlights SEC EDGAR company facts
| Line | FY2015 | FY2016 | 2017Q4 (FY − 9M) | FY2017 | 2017Q3 | 2018Q4 (FY − 9M) | FY2018 | 2018Q3 | 2019Q4 (FY − 9M) | FY2019 | 2019Q3 | 2020Q4 (FY − 9M) | FY2020 | 2020Q3 | 2021Q4 (FY − 9M) | FY2021 | 2021Q3 | 2022Q4 (FY − 9M) | FY2022 | 2022Q3 | 2023Q4 (FY − 9M) | FY2023 | 2023Q3 | 2024Q4 (FY − 9M) | FY2024 | 2024Q3 | 2025Q4 (FY − 9M) | FY2025 | 2025Q3 | YoY Δ |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | 355.1 | — | — | 375.9 | — | 191.9 | 535.1 | 104.7 | 91.0 | 691.0 | 142.2 | 83.9 | 295.9 | 59.1 | 167.8 | 454.1 | 109.9 | 143.4 | 560.6 | 131.6 | 131.4 | 571.8 | 142.1 | 144.2 | 498.4 | 107.3 | -12.8% |
| EBITDA / operating income | — | — | — | 43.3 | — | — | 16.3 | — | 85.7 | 138.9 | 6.3 | 11.4 | 313.6 | 56.9 | -20.5 | -19.6 | -16.2 | 67.7 | 54.7 | 5.4 | 44.4 | 193.1 | 39.1 | 60.8 | 210.6 | 42.3 | 68.4 | 171.1 | 30.8 | -18.8% |
| Operating expenses | 229.8 | 315.5 | 89.4 | 311.7 | 79.5 | 105.4 | 359.6 | 95.2 | 106.2 | 396.2 | 98.4 | 79.5 | 377.4 | 85.3 | 104.3 | 315.4 | 75.3 | 100.2 | 399.5 | 104.5 | 98.9 | 367.4 | 92.5 | 70.5 | 361.1 | 99.8 | 75.8 | 327.3 | 76.6 | -9.4% |
| Net result | -105.3 | -9.3 | 20.7 | 6.6 | 5.1 | -105.8 | -46.9 | 21.5 | 75.9 | 73.7 | -9.4 | 7.6 | 266.3 | 50.7 | -2.9 | -11.5 | -21.0 | 61.8 | 62.0 | 7.5 | 35.3 | 161.4 | 31.0 | 54.8 | 181.5 | 35.2 | 66.1 | 211.0 | 44.8 | +16.3% |
| Declared DPS | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 0.22 | — | — | 0.17 | — | 0.22 | 0.41 | — | 0.18 | — |
Full P&L grid — 4 lines × 29 quarters
| Line item | FY2015 | FY2016 | Q4 2017 | FY2017 | Q3 2017 | Q4 2018 | FY2018 | Q3 2018 | Q4 2019 | FY2019 | Q3 2019 | Q4 2020 | FY2020 | Q3 2020 | Q4 2021 | FY2021 | Q3 2021 | Q4 2022 | FY2022 | Q3 2022 | Q4 2023 | FY2023 | Q3 2023 | Q4 2024 | FY2024 | Q3 2024 | Q4 2025 | FY2025 | Q3 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating revenues | — | — | — | 355.1 | — | — | 375.9 | — | 191.9 | 535.1 | 104.7 | 91.0 | 691.0 | 142.2 | 83.9 | 295.9 | 59.1 | 167.8 | 454.1 | 109.9 | 143.4 | 560.6 | 131.6 | 131.4 | 571.8 | 142.1 | 144.2 | 498.4 | 107.3 |
| Operating expenses | 229.8 | 315.5 | 89.4 | 311.7 | 79.5 | 105.4 | 359.6 | 95.2 | 106.2 | 396.2 | 98.4 | 79.5 | 377.4 | 85.3 | 104.3 | 315.4 | 75.3 | 100.2 | 399.5 | 104.5 | 98.9 | 367.4 | 92.5 | 70.5 | 361.1 | 99.8 | 75.8 | 327.3 | 76.6 |
| Operating income | — | — | — | 43.3 | — | — | 16.3 | — | 85.7 | 138.9 | 6.3 | 11.4 | 313.6 | 56.9 | -20.5 | -19.6 | -16.2 | 67.7 | 54.7 | 5.4 | 44.4 | 193.1 | 39.1 | 60.8 | 210.6 | 42.3 | 68.4 | 171.1 | 30.8 |
| Profit for the period | -105.3 | -9.3 | 20.7 | 6.6 | 5.1 | -105.8 | -46.9 | 21.5 | 75.9 | 73.7 | -9.4 | 7.6 | 266.3 | 50.7 | -2.9 | -11.5 | -21.0 | 61.8 | 62.0 | 7.5 | 35.3 | 161.4 | 31.0 | 54.8 | 181.5 | 35.2 | 66.1 | 211.0 | 44.8 |
Fleet exposure
Latest voyage fixture per vessel — spot cover with firm status reads as covered through the fixture end; time-charter-out cover is not in the fixtures feed.
| Vessel | Class | Fix | Rate | Covered through |
|---|---|---|---|---|
| DHT Antelope | VLCC | Fixed Occidental | $131,286/day | 2026-09-16 |
| DHT Bronco | VLCC | Fixed FPCC | $123,604/day | 2026-07-15 |
| DHT Colt | VLCC | Fixed Petron | $155,525/day | 2026-12-04 |
| DHT Lion | VLCC | Fixed Cosmo | $98,658/day | 2026-09-06 |
| DHT Mustang | VLCC | On Subs CNR | $303,524/day | 2026-10-22 |
| DHT Nokota | VLCC | Failed Shell Western Supply and Trading Limited | $225,649/day | — |
| DHT Panther | VLCC | On Subs Mercuria | $158,520/day | 2026-10-14 |
| DHT Stallion | VLCC | Failed SK Energy | $240,801/day | — |
| DHT Tiger | VLCC | Failed Phillips 66 | $192,663/day | — |
Voyage tape — DHT
Guidance & sources
Issuer guidance — forward-looking
| Period | Metric | Value | Coverage | As of | Source |
|---|---|---|---|---|---|
| 2026Q4 | VLCC booked revenue days (Q4 update) | $225,200 | 78% | 2026-10-13 |
Historical guidance (3 rows)
| Period | Metric | Value | Coverage | As of | Source |
|---|---|---|---|---|---|
| 2026Q3 | VLCC fleet TCE (Q3 issuer estimate, quarter completed) | $141,300 | 100% | 2026-10-13 | |
| 2026Q3 | VLCC spot days booked (Q3 outlook) | $152,700 | 58.3% | 2026-08-05 | — |
| 2026Q3 | VLCC term time charters (Q3 outlook) | $75,900 | — | 2026-08-05 | — |
Sources — press, filings & documents
Interim updates since 2026Q3
- policy high 2026-10-13 Our fleet employment with a combination of market exposure and fixed income contracts; our disciplined capital allocation strategy through c… source
- rates high 2026-10-13 $167,100/day For the third quarter of 2026, the Company estimates time charter equivalent (“TCE”) earnings for its fleet at $141,300 per day, comprising … source
- rates high 2026-10-13 $114,200/day For the third quarter of 2026, the Company estimates time charter equivalent (“TCE”) earnings for its fleet at $141,300 per day, comprising … source
- rates high 2026-10-13 $141,300/day For the third quarter of 2026, the Company estimates time charter equivalent (“TCE”) earnings for its fleet at $141,300 per day, comprising … source
- rates high 2026-10-13 $509,100/day Thus far in the fourth quarter of 2026, approximately 50% of the available spot days have been booked at an average rate of $509,100 per day… source
- rates high 2026-10-13 $225,200/day In total, approximately 78% of the available revenue days, including both spot and time-charter days, is estimated at an average rate of $22… source
- other low 2026-10-13 The press release issued by DHT Holdings, Inc. (the “Company”) on October 12, 2026 related to its business update is attached hereto as Exhi… source
Market: VLCC FFA curve $1,257,500/day
Press & filings by quarter
Recent documents
- edgar 2026-10-13 REPORT OF FOREIGN PRIVATE ISSUER (2026-10-13) summary
- edgar 2026-10-13 REPORT OF FOREIGN PRIVATE ISSUER exhibit (2026-10-13) summary
- mfn 2026-10-12T10:33:26 DHT Holdings, Inc. Business Update (2026-10-12)
- mfn 2026-09-14T22:15:00 DHT Holdings, Inc. secures three-year time charter for DHT Panther (2026-09-14)
- mfn 2026-08-05T22:15:00 DHT Holdings, Inc. Second Quarter 2026 Results (2026-08-05)
- edgar 2026-08-05 REPORT OF FOREIGN PRIVATE ISSUER (2026-08-05) summary
- edgar 2026-08-05 REPORT OF FOREIGN PRIVATE ISSUER exhibit (2026-08-05) summary
- edgar 2026-07-27 6-K — Current Report (2026-07-27) summary
- edgar 2026-07-27 6-K exhibit (2026-07-27) summary
- mfn 2026-07-24T12:15:02 DHT Holdings, Inc. Announces Fleet Update (2026-07-24)
- mfn 2026-07-22T22:15:00 DHT Holdings, Inc. to announce second quarter 2026 results on Wednesday, August 5, 2026 (2026-07-22)
- edgar 2026-07-14 REPORT OF FOREIGN PRIVATE ISSUER (2026-07-14) summary