DHT Holdings, Inc. Q3 FY2025 earnings call

• Financial highlights: Q3 2025 saw revenues of $79.1M TCE, adjusted EBITDA $57.7M, net income $44.8M. Vessel operating expenses were $18.4M and G&A $4.1M. - Quarterly highlights: Entered $308.4M secured credit facility for newbuildings, $64M credit facility for vessel acquisition, made $22.1M prepayment on debt, entered 8 interest rate swaps, approved $0.18 per share dividend, estimated P&L and cash breakeven for 2026, and Q4 2025 bookings include 901 time charter days at $42,200/day and 1,070 spot days. - Market insights: VLCC market strength driven by crude oil demand, fleet dynamics, geopolitical factors; port fee suspension for a year, customer feedback on expansion opportunities, and company strategy focusing on customer relations, cost structure, balance sheet, and capital allocation.

In the third quarter of 2025, DHT Holdings achieved revenues on TCE basis of $79.1 million. Adjusted EBITDA was $57.7 million, with net income at $44.8 million ($0.28 per share). The average TCE for spot market vessels was $38,700 per day, on time charters made $42,800 per day, and the combined average TCE was $40,500 per day. The company had total liquidity of $298 million at quarter end, with financial leverage at 12.4% and net debt below $9 million per vessel.

• Q4 2025 bookings: Expect 901 time charter days at $42,200/day and 1,070 spot days with 68% booked at $64,900/day, spot P&L breakeven $15,200/day. - Expect VLCC market strength to positively impact Q4 earnings.

• Forward-looking statements may differ from actual results. - Risks detailed in periodic reports, including market volatility, geopolitical uncertainties, and operational risks.

Q: On the port fees suspended for a year, what's the impact on the market and DHT's positions?

A: The jury is out, but port fee suspension may give a time out, with people likely to restart fixing ships. Most of the fleet may not be significantly exposed to cost disruptions.

Q: Regarding ships over 15 years old and charter acceptance, do major charters have reduced reluctance?

A: In stronger markets, customers are more pragmatic, with most accepting ships up to 17-18 years old. Commercial opportunities for ships beyond 20 years are limited, though sanctioned trade created a market for older ships, which is now somewhat satisfied.