DHT Holdings reported a net profit of $164.5 million for the first quarter of 2026, marking a significant rise from the $44.1 million recorded during the same period in 2025. This result was supported by shipping revenues reaching $186.3 million, compared to $118.2 million a year earlier.
The company attributed the revenue growth to higher daily earnings, though this was partially offset by a decrease in revenue days due to a smaller fleet size. A $60 million gain from the sale of the vessels DHT Europe and DHT China was included in the quarterly results.
Both ships were delivered to their new owners by March 30, resulting in net cash proceeds of approximately $95 million. DHT Holdings also agreed to sell the DHT Bauhinia for $51.5 million.
This vessel is expected to be delivered to its new owner during June or July 2026, with the transaction projected to record a gain of $34.2 million. Average combined time charter equivalent earnings reached $78,800 per day during the period.
This figure included $91,700 per day for very large crude carriers operating in the spot market and $61,300 per day for vessels on time charter. During the quarter, the company took delivery of the first three vessels under its newbuilding programme and paid related instalments of $158.3 million.
Total payments for the programme reached $444.2 million by March 31, 2026, with remaining instalments estimated at $77.5 million. Several new contracts were secured, including a one-year time charter for the DHT Redwood at $105,000 per day starting in March 2026.
The DHT Taiga and DHT Opal also began one-year charters at $94,000 and $90,000 per day, respectively. DHT Holdings noted that geopolitical tensions involving Iran have introduced significant risk premiums and caused substantial earnings differences between various trading routes.
Subsequent to the quarter, the company secured two one-year charters for the DHT Sundarbans and DHT Amazon at an average rate of $109,000 per day.
"The delivery of our four VLCC newbuildings is proving well-timed," the company stated, adding that end-users are increasingly seeking to secure vessel capacity in response to "tightening market conditions".