DHT Holdings

What DHT Holdings does

DHT Holdings, Inc. is an independent crude oil tanker company incorporated in the Marshall Islands and headquartered in Hamilton, Bermuda, listed on the NYSE under ticker DHT since 2005. The company operates an all-VLCC (Very Large Crude Carrier) fleet of approximately 28 vessels trading internationally, with chartering, operations, and ship management conducted through integrated subsidiaries in Monaco (DHT Management S.A.M.), Norway (DHT Management AS), Singapore (which houses Goodwood Ship Management), and India. Customers are global oil majors, national oil companies, and other energy counterparties engaging under time charters or spot market bookings; recent contracts include daily rates between $61,300 and $105,000 depending on contract type, with Q2 2026 spot bookings at $189,500/day.

The company generates revenue primarily through Time Charter Equivalent (TCE) earnings from deploying its VLCC tonnage, supplemented by capital gains from vessel sales as it executes a fleet renewal program. The mix is balanced between spot exposure (upside in rising markets) and fixed-income time charters (revenue visibility), with a published 100% dividend payout policy that has translated into 65 consecutive quarterly distributions. Fleet composition is being actively modernized: four newbuildings (DHT Antelope, DHT Addax from Hanwha Ocean; DHT Gazelle plus one further unit from Hyundai Samho) were delivered in H1 2026 with advanced fuel-efficient specifications, and an additional VLCC was ordered from Hanwha Ocean for August 2028 delivery. Concurrently, older 2007-2011 built units (DHT Lotus, DHT Peony, DHT China, DHT Europe, DHT Bauhinia) were divested for combined proceeds above $256 million.

Capital structure is debt-funded through senior secured credit facilities arranged by Nordea and ING, with K-Sure backing on newbuilding tranches. In FY2025 DHT reported revenue of $369.11 million and net income of $211 million; Q1 2026 delivered $157 million in TCE revenue, $133 million of adjusted EBITDA, and a $0.64 per-share dividend. Management is long-tenured (CEO Svein Moxnes Harfjeld since 2010; CFO Laila Halvorsen since 2018) and the board is majority-independent with directors drawn from maritime-finance backgrounds. Equity market value is approximately $3 billion across 160.56 million shares.

Name

DHT Holdings

Legal name

DHT Holdings, Inc.

Website

https://dhtankers.com

Company type

Public

Founded year

2005

Operating status

Operating

Headcount range

501–1,000 employees

Short description

DHT Holdings is an independent crude oil tanker company that operates a fleet of approximately 28 VLCCs trading internationally for global oil majors and energy counterparties under a mix of spot and time charter contracts.

Ownership category

akta.pro rank

Product category

Crude Oil Tanker Shipping (VLCC Segment)

akta.pro primary industry

Crude Oil & Petroleum Products Tanker Transport (TLADALAA)

akta.pro secondary industry

Crude Oil Tanker Shipping (EUALADAG)

Keywords

• Crude oil transportation
• VLCC tanker shipping
• Maritime oil logistics
• Tanker fleet operations
• Seaborne crude oil

Headquarters

HQ city

Hamilton

HQ country

United Kingdom

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Others, Infrastructure, Technology or R&D

Revenue model

1. Time Charter Equivalent (TCE) Revenue: Revenue from VLCC vessels operating under time charters (fixed daily rates) and spot market contracts. Q1 2026 TCE revenue was $157 million with $133 million adjusted EBITDA. The company combines market exposure with fixed income contracts for fleet employment.
2. Vessel Sale Gains: Capital gains from the sale of vessels as part of fleet modernization. Q4 2025 included gains from sale of three 2007-built vessels for approximately $153 million combined.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

DHT Holdings is an independent crude oil tanker company that owns and operates a fleet of approximately 28 Very Large Crude Carrier (VLCC) vessels trading internationally to transport crude oil. The company serves oil majors, national oil companies, and global energy companies through a hybrid employment strategy combining fixed daily-rate time charter contracts with spot market voyage charters, while performing technical and crew management in-house through its Singapore-based Goodwood Ship Management subsidiary and offices in Monaco, Norway, Singapore, and India.

Product overview

DHT Holdings is an independent crude oil tanker company operating a fleet of VLCC (Very Large Crude Carrier) vessels that trade internationally. The company provides crude oil transportation services through a fleet of tankers, operating through management companies in Monaco, Norway, Singapore, and India. Their fleet employment strategy combines market exposure (spot market) with fixed income contracts (time charters). DHT Holdings does not offer distinct software products or technology platforms - its offering is maritime transportation services for crude oil.

Differentiator

Problem solved

Functional benefit

Products and services

• VLCC Crude Oil Transportation Services Seaborne transportation of crude oil via a fleet of approximately 28 Very Large Crude Carriers (VLCCs) trading internationally across routes from the Middle East to Asia, Europe, and the Americas, for oil majors, national oil companies, and global energy counterparties.
• VLCC Time Charter Contracts Fixed daily-rate time charter contracts under which DHT dedicates named VLCC vessels (e.g., DHT Opal, DHT Taiga, DHT Redwood, DHT Gazelle) to oil major customers at contracted daily rates such as $90,000 to $105,000 per day, typically for multi-year terms, providing revenue visibility.
• VLCC Spot Market Voyage Chartering Voyage-by-voyage employment of VLCC tonnage on the open market at prevailing TCE rates, including Q1 2026 spot rates near $91,700/day and Q2 2026 spot rates near $189,500/day, allowing DHT to capture upside during strong tanker market conditions while remaining operationally flexible.
• Vessel Technical and Crew Management (Goodwood Ship Management) In-house technical management of VLCC vessels including maintenance, dry-docking, and crewing services, performed by DHT's wholly-owned Goodwood Ship Management Pte. Ltd. subsidiary based in Singapore with operational hubs in Monaco, Norway, Singapore, and India.

Quantifiable outcome

• Q1 2026 EPS of $0.64 with $157 million TCE revenue and $133 million adjusted EBITDA
• +2 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Four partnerships are on record, tiered core.

• Ernst & Young AScoreOthers · 18 June 2026Ernst & Young AS has been ratified as DHT Holdings' independent registered public accounting firm for fiscal year 2026, with 99.86% shareholder approval at the 2026 Annual Meeting.
• Hanwha Ocean Co., Ltd.coreStrategic or Co-development Partner · 3 June 2026DHT Holdings entered into an agreement with Hanwha Ocean for construction of VLCC newbuildings. The company has ordered multiple vessels from Hanwha including Antelope-class vessels with advanced fuel technology. A new VLCC was ordered for August 2028 delivery, sister to two Hanwha vessels delivered in Q1 2026.
• Hyundai Samho Heavy IndustriescoreStrategic or Co-development PartnerDHT Holdings contracted Hyundai Samho Heavy Industries in South Korea for construction of VLCC newbuildings. Four newbuildings were under construction with delivery scheduled for H1 2026. Vessels include DHT Antelope and DHT Gazelle.
• Goodwood Ship Management Pte. Ltd.coreStrategic or Co-development PartnerDHT's subsidiary acquired in 2014 handles technical management and crew management for the fleet. The company completed full acquisition of Goodwood Ship Management for $6.1 million in Q1 2025.

Scale indicators6 records

Recent moves16 records

Expansion highlights5 records

Direct peers

• Scorpio Tankers Inc. Large product tanker operator (MR and LR2) with overlap in tanker commercial skills and customer base. Direct peer in seaborne crude and product transportation, though skewed toward smaller classes than DHT's VLCC focus.
• International Seaways, Inc. NYSE-listed tanker operator with a large VLCC segment alongside Suezmax and Aframax tonnage. Direct competitor for charter contracts and newbuild orders; similar dividend-oriented shareholder return model.
• Frontline plc: World's largest VLCC operator with a pure-play crude tanker fleet. Most directly comparable peer — same VLCC-centric business model, same customer base (oil majors/NOCs), same spot vs time charter employment strategy.
• Tanker Investments Limited: Pure-play VLCC and Suezmax operator sponsored by the Fredriksen family. Direct competitor in the same vessel class with similar spot/time charter mix targeting institutional tanker investors.
• Ardmore Shipping Corporation: NYSE-listed product and chemical tanker owner operating MR and Handyclass vessels. Shares the same seaborne transportation business model and customer segments (oil majors, traders) as DHT.
• Euronav / CMB.Tech: Belgian tanker operator historically focused on VLCC and Suezmax segments that merged with CMB.Tech in 2024. Direct competitor in VLCC chartering and newbuild procurement.

Broad incumbents

• Genco Shipping & Trading Limited: NYSE-listed dry bulk shipowner. Like Star Bulk, it competes for shipping-equity capital with DHT and shares a similar dividend distribution model through shipping cycles.
• Costamare Inc. Greek shipping platform with containership and dry bulk exposure alongside tanker investments. Larger, more diversified incumbent with tanker segment overlap; comparable publicly traded dividend-paying shipowner.
• Star Bulk Carriers Corp. NYSE-listed global dry bulk shipping operator (Newcastlemax, Capesize, Panamax). While not a tanker operator, it is a direct comparable on shipping-cycle exposure, capital allocation discipline and shareholder return policies.

Regional players

• Hafnia Limited (formerly Hafnia Tankers): Product tanker and VLCC operator that merged into BW Group's tanker platform. Comparable MR/LR/VLCC peer with overlapping Nordic commercial networks; serves many of the same oil-major and trading-house customers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/winetailor-as

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries1 record

Funding overview

Funding rounds4 records

Investors7 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about DHT Holdings