DHT Holdings (DHT) Q3 2026 Earnings Report

The call was strongly positive. DHT reported record quarterly results, high spot and time-charter earnings, strong liquidity, low breakeven levels, a record dividend, successful fleet execution, and expectations for another annual earnings record. The main challenges discussed were market volatility, geopolitical uncertainty, industry fleet-renewal needs, and limited visibility on future charter and profit-sharing arrangements, but management remained confident in the business and market outlook.

For 2027, P&L breakeven is currently estimated at $29,200 per day and cash breakeven is currently estimated at $20,600 per day, reflecting all true cash costs, with the difference currently estimated at an average of $8,600 per day per vessel. For the fourth quarter of 2026, DHT expects 1,174 time-charter days covered at an average rate of $100,200 per day and anticipates 930 spot days, of which 68% or 630 days have been booked at an average rate of $579,900 per day; the fourth quarter is expecting to surpass the third quarter, and the spot P&L breakeven for the quarter is estimated to be below 0. DHT has 4 vessels scheduled for dry docking during 2027, expects DHT Sable to deliver in April '29, and leaves us with an order book of 2 VLCC buildings -- newbuildings, the first scheduled for delivery in August '28. The current order book now stands at 320 ships over the coming 4 years against the fleet of 940 ships, and DHT expects 44% of the fleet to be older than 15 years by the end of 2030, 30% older than 20 years and 14% older than 25.