DHT operates a fleet of 22 VLCCs with 10 on time charters and 12 trading in the spot market, and is actively renewing its fleet by selling three 2007-built vessels while adding four fully-funded newbuilds through 2026. The company has strong near-term visibility with 76% of Q1 2026 spot days booked at premium rates well above breakeven, and has secured multi-year contracts at favorable rates like $94,000 per day for one-year charters.
Cyborg Score Rationale
DHT is benefiting from exceptionally strong market conditions with Q1 2026 spot days booked at $78,900 per day, substantially above the $18,300 per day breakeven. The company has taken delivery of two newbuilds in early 2026 with two more expected later this year, positioning it for improved earnings power. However, concentration risk remains meaningful with the five largest customers accounting for 73% of 2025 revenue, and the business is inherently cyclical and volatile.
Top Insights
Fleet modernization underway with DHT Antelope delivered in January 2026 and DHT Addax delivered in March 2026, both entering spot market with fully-funded financing reducing capital uncertainty.
Strong market dynamics reflected in 76% Q1 2026 bookings at $78,900/day and recent one-year charter at $94,000/day, well above marginal breakeven rates.
DHT maintains a 100% ordinary net income payout policy with a track record of 64 consecutive quarterly dividends, making it attractive for income-focused investors.
Customer concentration risk is significant with top 5 customers accounting for 73% of 2025 revenue, creating dependency on a few major energy companies.
Named Competitors
Frontline — World's largest VLCC and Suezmax tanker operator
International Seaways — Large independent tanker company operating VLCCs and Suezmax vessels
Nordic American Tankers — VLCC and Suezmax tanker operator with global presence
Teekay — Diversified tanker fleet operator including VLCCs
Recent Developments
(March 2026) Delivered second VLCC newbuilding DHT Addax to fleet; two more newbuilds scheduled for H1 2026 delivery
(February 2026) Secured multiple one-year time charters at premium rates ($90K-$105K per day) for vessels with global energy companies
(January 2026) Delivered first VLCC newbuilding DHT Antelope; announced sale of three older 2007-built vessels for fleet modernization
(March 2026) Filed Form 20-F 2025 annual report with SEC detailing fleet composition and market risks
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