DHT Holdings Q2 VLCC Rates Hit $162,600 a Day on Tight Supply
VLCC spot rates surged to $162,600 per day in Q2 as DHT reported net income up 373% year over year. The company has paid 65 consecutive quarterly dividends.
DHT Holdings Inc. (NYSE:DHT) reported second-quarter time-charter equivalent earnings of $126,700 per day for its fleet, with spot-market very large crude carriers earning $162,600 per day, according to a business update released July 13. The company owns 24 VLCCs, each capable of carrying 2 million barrels of oil, and all vessels are wholly owned with most deployed in the spot market.
First-quarter results, reported May 5, showed shipping revenue of $186.3 million, up 57% year over year and 30% sequentially. Adjusted net revenue reached $157.2 million, a 98% annual gain and a 33% sequential gain. Adjusted EBITDA rose 136% annually and 40% sequentially to $133.3 million. Net income climbed 373% year over year and 149% sequentially to $165 million.
The Hamilton, Bermuda-based company's Q1 average combined TCE was $78,800 per day: $91,700 for spot VLCCs and $61,300 for time-chartered vessels. By Q2, spot rates more than doubled sequentially and time-charter rates rose to $90,800 per day.
Looking into the third quarter, roughly 48% of available spot days are already booked at an average rate of $139,700 per day on a discharge-to-discharge basis, the company said. Including time-charter days, 74% of total available revenue days are booked at $94,300 per day.
The dividend policy is to pay out 100% of ordinary net income, making the payout variable quarter to quarter. DHT paid $0.64 per share in Q1, up 326% from $0.15 a year earlier and 56% from $0.41 in Q4 2025. The company has paid 65 consecutive quarterly cash dividends.
The stock hit a 52-week high of $20.19 on June 24, its highest since 2011.
Crude consumption increased by 1.1 million barrels per day in 2025, and the U.S. Energy Information Administration forecasts growth of 1.2 million bpd in 2026 and 1.3 million bpd in 2027, according to its February 10 Short-Term Energy Outlook.
Analysts covering DHT provided 12-month price targets ranging from $20.20 to $23.00 per share.
DHT carries an Alpha Score of 69 out of 100, labelled Moderate, in the Energy sector.
The company's quarterly dividend has varied with earnings: the $0.64 per share paid in Q1 followed $0.41 in Q4 2025 and $0.15 in Q1 2025.
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