olivLaw · US equity research
DHT Holdings, Inc. DHT
Deep Sea Foreign Transportation of Freight · SIC 4412 · Vertical: Deep Sea Foreign Transportation of Freight (SIC 4412)
DHT Holdings operates a fleet of very large crude carriers (VLCCs) that transport crude oil on international routes, using a mix of time charters and spot market employment. The company matters now because the global tanker fleet is ageing quickly while new supply stays limited, as reported in its 2025 annual report with 23 vessels as of 13 March 2026.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, DHT Holdings, Inc. (DHT) stock was 22.05 USD (−7.82% on the day), with market capitalisation 3.5 bn USD, P/E 16.8 on diluted EPS of 1.31 USD over the last 12 months, dividend yield 3.35%, beta 0.37, 52-week range 11.64–26.59 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 39.3
- weak (30–45)
- Bollinger (20, 2)
- 22.32 – 26.36
- below the lower band · %B -0.07 · band width 16.6%
- SMA 50 / 200
- 22.74 / 18.86
- mixed trend
- MACD (12, 26, 9)
- 0.22 / 0.51
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −7.4% | −1.1% | −6.3 pp | — |
| 3 months | +23.4% | −0.5% | +23.8 pp | — |
| 6 months | +16.4% | +4.4% | +12.0 pp | — |
| Year to date | +80.6% | +12.3% | +68.3 pp | — |
| 1 year | +71.5% | +13.5% | +57.9 pp | +26.8% |
| 3 years | +95.5% | +76.4% | +19.1 pp | +35.8% |
| 5 years | +251.7% | +63.7% | +188.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 63 percentile of its own 8-quarter history (min 3.2, median 13.1, max 71.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 375.9 m | 535.1 m | 691.0 m | 295.9 m | 454.1 m | 560.6 m | 571.8 m | 498.4 m |
| Revenue YoY | +5.9% | +42.3% | +29.1% | −57.2% | +53.5% | +23.4% | +2.0% | −12.8% |
| Net income | -46.9 m | 73.7 m | 266.3 m | -11.5 m | 61.5 m | 161.4 m | 181.4 m | 211.1 m |
| Net income YoY | −810.8% | unavailable | +261.4% | −104.3% | unavailable | +162.3% | +12.4% | +16.4% |
| Diluted EPS | -0.33 | 0.51 | 1.61 | -0.07 | 0.37 | 0.99 | 1.12 | 1.31 |
| Diluted EPS YoY | −760.0% | unavailable | +215.7% | −104.3% | unavailable | +167.6% | +13.1% | +17.0% |
| net % | -12.5% | 13.8% | 38.5% | -3.9% | 13.5% | 28.8% | 31.7% | 42.4% |
| Free cash flow | 53.9 m | 155.9 m | 529.4 m | 60.5 m | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 79.0 m USD
- Financial debt
- 428.7 m USD
- Net debt
- 349.7 m USD
- Equity
- 1.1 bn USD
- Total assets
- 1.6 bn USD
- Debt / equity
- 0.38x
- Current ratio
- 2.80x
- ROE
- 19.4%
- ROA
- 13.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 691.0 m | 295.9 m | 454.1 m | 560.6 m | 571.8 m | 498.4 m | SEC (XBRL)· 19 Mar 2026verified |
| Operating income | 313.6 m | 202.0 k | 74.2 m | 193.1 m | 210.6 m | 225.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Depreciation & amortisation | 124.2 m | 128.6 m | 123.3 m | 108.9 m | 111.9 m | 106.4 m | SEC (XBRL)· 19 Mar 2026verified |
| EBITDA | 437.8 m ≈ | 128.8 m ≈ | 197.5 m ≈ | 302.0 m ≈ | 322.5 m ≈ | 331.3 m ≈ | SEC (XBRL)· 19 Mar 2026derived |
| Pre-tax income | 267.2 m | -11.1 m | 62.6 m | 162.0 m | 182.1 m | 211.4 m | SEC (XBRL)· 19 Mar 2026verified |
| Income tax | 900.0 k | 360.0 k | 587.0 k | 649.0 k | 608.0 k | 413.0 k | SEC (XBRL)· 19 Mar 2026verified |
| Net income | 266.3 m | -11.5 m | 61.5 m | 161.4 m | 181.4 m | 211.1 m | SEC (XBRL)· 19 Mar 2026verified |
| Diluted EPS | 1.61 | -0.07 | 0.37 | 0.99 | 1.12 | 1.31 | SEC (XBRL)· 19 Mar 2026verified |
| Weighted average diluted shares | 170.1 m | 169.1 m | 164.9 m | 162.4 m | 161.4 m | 160.8 m | SEC (XBRL)· 19 Mar 2026verified |
| Dividend per share | 1.26 | 0.13 | 0.12 | 1.16 | 1.01 | 0.74 | SEC (XBRL)· 19 Mar 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 68.6 m | 60.7 m | 125.9 m | 74.7 m | 78.1 m | 79.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Inventories | — | — | — | 33.8 m | 37.7 m | 24.7 m | SEC (XBRL)· 19 Mar 2026verified |
| Current assets | 118.3 m | 132.0 m | 235.6 m | 200.5 m | 201.9 m | 208.9 m | SEC (XBRL)· 19 Mar 2026verified |
| Goodwill | — | 0 | 1.4 m | 1.4 m | 1.4 m | 1.4 m | SEC (XBRL)· 19 Mar 2026verified |
| Intangibles (excl. goodwill) | 452.0 k | 0 | — | — | — | — | SEC (XBRL)· 25 Mar 2022verified |
| Total assets | 1.6 bn | 1.6 bn | 1.5 bn | 1.5 bn | 1.5 bn | 1.6 bn | SEC (XBRL)· 19 Mar 2026verified |
| Accounts payable | 18.5 m | 19.7 m | 29.4 m | 20.5 m | 23.4 m | 22.8 m | SEC (XBRL)· 19 Mar 2026verified |
| Short-term debt | 3.4 m | 9.8 m | 29.6 m | 30.3 m | 78.6 m | 39.5 m | SEC (XBRL)· 19 Mar 2026verified |
| Long-term debt | 446.6 m | 512.5 m | 367.1 m | 398.4 m | 330.8 m | 389.2 m | SEC (XBRL)· 19 Mar 2026verified |
| Current liabilities | 47.9 m | 41.9 m | 64.4 m | 56.6 m | 109.6 m | 74.7 m | SEC (XBRL)· 19 Mar 2026verified |
| Total liabilities | 513.0 m | 562.0 m | 435.0 m | 460.6 m | 443.9 m | 469.7 m | SEC (XBRL)· 19 Mar 2026verified |
| Equity | 1.1 bn | 1.0 bn | 1.1 bn | 1.0 bn | 1.0 bn | 1.1 bn | SEC (XBRL)· 19 Mar 2026verified |
| Shares outstanding at year end | 170.8 m | 166.1 m | 162.7 m | 161.0 m | 160.0 m | 160.8 m | SEC (XBRL)· 19 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 529.9 m | 60.6 m | 127.9 m | 251.4 m | 298.7 m | 276.7 m | SEC (XBRL)· 19 Mar 2026verified |
| Capex | 435.0 k | 48.0 k | — | — | — | — | SEC (XBRL)· 25 Mar 2022verified |
| Free cash flow | 529.4 m ≈ | 60.5 m ≈ | — | — | — | — | SEC (XBRL)· 25 Mar 2022derived |
| Investing cash flow | -26.7 m | -86.5 m | 110.5 m | -125.0 m | -97.0 m | -166.4 m | SEC (XBRL)· 19 Mar 2026verified |
| Financing cash flow | -501.9 m | 18.0 m | -173.3 m | -177.8 m | -197.9 m | -109.5 m | SEC (XBRL)· 19 Mar 2026verified |
| Dividends paid | 214.7 m | 22.1 m | 19.7 m | 186.7 m | 161.4 m | 118.9 m | SEC (XBRL)· 19 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 55 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation19
- Balance sheet76
- Quality78
- Growth63
- Returns48
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 4.77 – 19.26 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDA6.89 – 19.26 (Mid 10.65)14 companies used · median multiple 6.2x · quartiles 4.4x – 10.4xCCEC, CMRE, DAC, DSX, ECO, EHLD, GNK, GSL, HSHP, LPG, NVGS, SMHI, TEN, ZIM
- Peers: P/E4.77 – 17.57 (Mid 8.96)26 companies used · median multiple 6.8x · quartiles 3.6x – 13.4xASC, CCEC, CISS, CMBT, CMRE, CTRM, DAC, DSX, ECO, EHLD, ESEA, FRO, GASS, GNK, GSL, IMPP, LPG, NMM, NVGS, PANL, PSHG, SHIP, STNG, TEN, TOPS, ZIM
- Dividend discount (DDM)9.72 – 13.07 (Mid 11.15)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 55/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 15.7% | 77 (vs peers) | 14% |
| Net margin · Quality | 42.4% | 79 (vs peers) | 8% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 3.1% | 26 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | 52.4% | 100 (on a fixed band) | 11% |
| Net debt / EBITDA · Balance sheet | 1.1x | 67 (vs peers) | 14% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.8x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 16.8x | 24 (vs peers) | 14% |
| EV/EBITDA · Valuation | 11.8x | 14 (vs peers) | 14% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 3.4% | 48 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet76/100 · 2/3 factors with a value
- Growth63/100 · 2/2 factors with a value
- Quality78/100 · 2/3 factors with a value
- Returns· partial48/100 · 1/2 factors with a value
- Valuation19/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
DHT HOLDINGS, INC. (DHT). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 498.4 m USD in 2025; YoY growth -12.8%; net margin 42.4%; ROE 19.4%; net debt/EBITDA 1.1x.
The estimated value range is 6.89–17.57 USD per share (median of 3 methods, agreement: high); assumptions are illustrative. Against the central value of 10.65 USD, the price of 22.05 USD leaves a potential of -51.7% (value / price − 1) and a margin of safety of -107.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 55/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 15.7%
- Net margin: 42.4%
- EPS CAGR 3Y: 52.4%
- Current ratio: 2.8x
What contradicts it
- Revenue CAGR 3Y: 3.1%
- P/E (TTM): 16.8x
- EV/EBITDA: 11.8x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Interest coverage, FCF yield, Payout ratio (FCF).
Versus the vertical median
Deep Sea Foreign Transportation of Freight (SIC 4412) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| FROFrontline plc | 10.8 bn | 28.5 | 15.6% | 19.2% | −8.8% | +106% / +144% |
| CMBTCmb.tech NV | 5.4 bn | 3.8 | 49.1% | 92.6% | −23.9% | +56% / −5% |
| STNGScorpio Tankers Inc. | 4.4 bn | 12.1 | 11.4% | 36.7% | −24.6% | +48% / +57% |
| DHTDht Holdings, Inc. | 3.5 bn | 16.8 | 19.4% | 42.4% | −12.8% | +71% / +95% |
| ZIMZim Integrated Shipping Services Ltd. | 3.4 bn | 7.1 | 11.9% | 6.9% | −18.1% | +39% / +306% |
| SBLKStar Bulk Carriers Corp. | 3.1 bn | 37.3 | 3.4% | 8.1% | −17.6% | +37% / +28% |
| ECOOkeanis Eco Tankers Corp. | 3.0 bn | 22.5 | 25.0% | 31.4% | −0.4% | +130% / +252% |
| DACDanaos Corporation | 2.8 bn | 5.7 | 13.7% | 47.4% | +2.8% | +56% / +117% |
| NMMNavios Maritime Partners L.P. | 2.5 bn | 8.6 | — | 21.2% | +0.8% | +57% / +232% |
| LPGDorian Lpg Ltd. | 2.1 bn | 6.5 | 28.3% | 55.0% | +36.3% | +99% / +17% |
| SFLSFL Corporation Ltd. | 1.7 bn | — | -2.5% | -3.6% | −18.9% | +42% / +3% |
| CMRECostamare Inc. | 1.6 bn | 4.6 | 15.9% | 41.5% | −1.2% | −14% / +30% |
| GSLGlobal Ship Lease, Inc. | 1.4 bn | 3.5 | 25.5% | 54.3% | +7.8% | +14% / +118% |
| TENTsakos Energy Navigation Limited | 1.4 bn | 10.5 | 9.1% | 20.1% | −0.7% | +91% / +132% |
| NVGSNavigator Holdings Ltd | 1.3 bn | 13.9 | 8.2% | 17.1% | +3.6% | +14% / +40% |
| CCECCapital Clean Energy Carriers Corp. | 1.2 bn | 7.3 | 12.0% | — | +62.0% | +2% / +57% |
| GNKGenco Shipping & Trading Limited | 1.1 bn | 13.9 | 8.9% | 15.5% | −19.1% | +31% / +59% |
| SHIPSeanergy Maritime Holdings Corp. | 987.8 m | 14.3 | 7.8% | 13.4% | −5.6% | +37% / +98% |
| ASCArdmore Shipping Corp | 752.3 m | 21.0 | 6.6% | 13.2% | −23.6% | +51% / +36% |
| HSHPHimalaya Shipping Ltd. | 719.3 m | 40.6 | 11.2% | 13.4% | +6.7% | +72% / +157% |
| PANLPangaea Logistics Solutions Ltd. | 491.7 m | 10.1 | 11.0% | 6.7% | +17.8% | +7% / +7% |
| ESEAEuroseas Ltd. | 459.1 m | 3.3 | 33.1% | 60.1% | +7.0% | +8% / +172% |
| GASSStealthgas Inc. | 308.3 m | 5.1 | 9.2% | 35.0% | +3.5% | +21% / +24% |
| DSXDiana Shipping Inc. | 276.7 m | 21.7 | 3.5% | 8.3% | −6.4% | +21% / −30% |
| SMHISEACOR Marine Holdings Inc. | 241.4 m | — | -14.0% | -17.6% | −16.0% | +25% / −23% |
1- and 3-year price returns: for DHT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 12.88 Total return -39% · Per year -39% | 22.79 Total return 7% · Per year 7% | 34.35 Total return 60% · Per year 60% |
| 3 years | 12.17 Total return -37% · Per year -14% | 24.25 Total return 21% · Per year 6% | 40.18 Total return 96% · Per year 25% |
| 5 years | 11.49 Total return -36% · Per year -8% | 25.80 Total return 35% · Per year 6% | 46.99 Total return 138% · Per year 19% |
- Exit P/E± 6.06
- Net margin± 4.24
- Annual revenue growth± 3.53
- Annual dilution± 0.36
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 19 Mar 2026; since then the company filed 6-K (13 Oct 2026), 6-K (05 Aug 2026), 6-K (27 Jul 2026), 6-K (14 Jul 2026), 6-K (29 Jun 2026), 6-K (22 Jun 2026).
In brief
DHT Holdings operates a fleet of very large crude carriers (VLCCs) that transport crude oil on international routes, using a mix of time charters and spot market employment. The company matters now because the global tanker fleet is ageing quickly while new supply stays limited, as reported in its 2025 annual report with 23 vessels as of 13 March 2026.
SWOT
Strengths
- A relatively young fleet compared with the market, with recently delivered newbuildings and in-house technical management.
- A prudent capital structure and a clearly defined dividend policy that returns ordinary profit to shareholders.
- A mix of spot and time charter employment that offers both profit potential and more predictable income.
Weaknesses
- Revenues fell in 2025 from the prior year due to a smaller fleet and lower rates.
- Reliance on secured credit facilities that impose restrictive covenants and value-to-loan requirements.
- Spot market exposure brings quarter-to-quarter volatility in operating results.
Opportunities
- Limited new supply and an ageing global fleet could support rates for modern ships.
- Customers seeking reliability might pay a premium for compliant, well-maintained vessels.
- Selling older ships and investing in newbuildings could improve fleet efficiency.
Threats
- Sanctions on certain vessels and emissions rules could reduce transport efficiency and productivity.
- A fall in oil demand or an economic recession could reduce rates and vessel values.
- Higher interest rates could increase financing costs and limit refinancing capacity.
Risks
- Charter rate volatilityhigh
Tanker rates and vessel values are cyclical, and a decline could affect profit and shareholder distributions.
- Credit facility covenantshigh
A fall in vessel values could force early repayments to keep the value-to-loan ratio at or above 135 percent.
- Dependence on charterersmedium
If a charterer fails to meet its obligations, revenue and cash flow could be affected.
- Re-chartering riskmedium
When charters expire, ships might be re-employed at lower rates or could sit idle.
- Environmental rules and sanctionslow
Emissions rules and sanctions on ships could reduce productivity and raise compliance costs.
Investment thesis
What would need to be true (bull case)
- If the global fleet keeps ageing and new orders stay limited, the company's modern ships could benefit from better rates.
- A dividend policy that returns ordinary profit to shareholders, plus a buyback programme, could support investor interest.
- Customers seeking reliability might pay a premium for well-maintained ships, and recent contracts were struck at firm rates.
What would break the thesis
- Revenues fell in 2025, and a smaller fleet could keep weighing on results if rates do not improve.
- Spot market exposure brings volatility, and if rates fall, unemployed ships could generate low revenue.
- Higher interest rates or lower vessel values could put pressure on credit facilities and dividend capacity.
What to watch
- Delivery of the two VLCCs under construction and the evolution of the fleet2026
- Results of the sale of the 2007-built ships and the effect of gains on profitQ1 2026
- Daily rates in new time charter contractsnext 10-K
- Use of the 100 million USD share repurchase programme approved in March 20262027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 19 Mar 2026; since then the company filed 6-K (13 Oct 2026), 6-K (05 Aug 2026), 6-K (27 Jul 2026), 6-K (14 Jul 2026), 6-K (29 Jun 2026), 6-K (22 Jun 2026).
The business
DHT Holdings, Inc. is a Marshall Islands company that operates only VLCC crude oil tankers of 270,000 to 320,000 dwt 1. As of 13 March 2026 the fleet numbered 23 vessels with a combined capacity of 7,162,399 dwt and an average age of 10.1 years 1. According to the 20-F for 2025, 11 vessels were on time charters and 12 in the spot market 1.
Shipping revenues were 497.2 million USD in 2025, down 12.4 percent from 2024 due to a smaller fleet and lower revenue per day 1. The company booked gains of 52.9 million USD on vessel sales in 2025 and in 2026 took delivery of newbuildings from Hanwha Ocean while selling older 2007-built ships 1.
The stated strategy combines well-run quality ships, a prudent capital structure, a mix of spot and fixed-income employment, and near-full distribution of ordinary net income to shareholders through quarterly dividends, a policy revised in September 2022 1.
Segments
Time charter
Vessels on time charter provide more predictable income over contracts of one year or several years, and some contracts include profit-sharing clauses; at the report date 11 of the 23 ships were employed this way 1.
Spot market
Vessels in the spot market generate less predictable revenue but can capture higher margins when rates rise; at the report date 12 ships operated in this segment 1.
Market context
The 2026 outlook in the report expects demand for crude transport to keep growing, with geopolitical tensions creating inefficiencies that could support companies in the sector 1. The global tanker fleet is ageing and new orders are limited, which could keep pressure on ship availability 1.
Sanctions by the United States, the UK and the EU on a growing number of ships could reduce transport efficiency, while emissions rules could limit the productivity of older vessels 1.
Trends
- Ageing global fleettailwind
Close to half of the tanker fleet could be older than 15 years by the end of 2026, and new orders cover only part of the capacity leaving service 1. If this continues, modern ships could gain in appeal.
- Emissions regulationmixed
Emissions rules for transport could restrict the productivity of older ships, but adaptation costs may weigh on companies with ageing fleets 1.
- Consolidation of fleet ownershiptailwind
Private fleet aggregators are consolidating compliant VLCC fleets, which could shift pricing dynamics and increase pressure on ship availability, while customers seeking reliability might pay a premium 1.
- Rate and credit volatilityheadwind
Charter rates and vessel values are volatile, and inflation and high interest rates could raise the cost of capital and reduce transport demand 1.
Competitive position
The company competes with other tanker owners and with fleets controlled by its customers, mainly on price, but also on vessel condition, location, size and age, and the operator's reputation 1.
Its competitive position could be affected by price differences between vessel sizes or by vessels burning alternative fuels that enter its trades 1.
- Other tanker owners in the global fleet
The 20-F does not name individual competitors; competition comes from other ship owners and from customers' own fleets.
- Customer-controlled fleets
The company also competes with fleets controlled by its customers, which can carry their own cargoes.
- Private fleet aggregators
Consolidation of compliant VLCC fleets by private actors is cited as a market trend that could change pricing.
- Operators of alternative-fuel vessels
Ships burning alternative fuels could enter the company's trades and shift the competitive balance.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Why DHT Holdings Stock Dropped TodayYahoo Finance — News · 22 Sept 2026 · EN
The latest news item in our archive is from 22 Sept 2026; the newest SEC filing is from 13 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)13 Oct 2026
- Current report (foreign issuer)05 Aug 2026
- Current report (foreign issuer)27 Jul 2026
- Current report (foreign issuer)14 Jul 2026
- Current report (foreign issuer)29 Jun 2026
- Current report (foreign issuer)22 Jun 2026
- Current report (foreign issuer)12 Jun 2026
- Current report (foreign issuer)05 May 2026
- Current report (foreign issuer)05 May 2026
- Current report (foreign issuer)16 Apr 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / DHT Holdings, Inc. · 19 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.