The high Q2 TCE estimate and forward Q3 bookings signal robust near-term earnings. Monitor full Q2 results in the next quarterly filing and any changes in spot tanker rates. The 3-year charter adds stable cash flow but at a lower rate than current spot levels.
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Executive Summary
DHT Holdings issued a business update for Q2 2026, reporting estimated fleet TCE earnings of $126,700/day, with spot VLCCs at $162,600/day and time-chartered VLCCs at $90,800/day. For Q3, 48% of spot days are booked at $139,700/day, and a new 3-year time charter at $75,000/day was signed for the VLCC DHT Jaguar, commencing September 2026. The strong rates and charter visibility support near-term cash flow but lack comparative prior-period data to confirm a beat.
Key Facts
- Q2 2026 estimated fleet TCE earnings: $126,700/day (spot $162,600/day, time charter $90,800/day) based on 2,012 revenue days, 1,007 spot days.
- Q3 2026: 48% of spot days booked at $139,700/day; 74% of total revenue days booked at $94,300/day.
- New 3-year time charter at $75,000/day for VLCC DHT Jaguar (2015 build), expected to commence September 2026 with a global energy company.
Financial Impact
Implied Q2 revenue of ~$255M based on 2,012 days at $126,700/day, though actual revenue will depend on final TCE and voyage expense adjustments. Q3 bookings suggest continued strong cash flow.
Risk Factors
- Tanker rate volatility and potential softening in crude oil demand.
- Geopolitical disruptions affecting shipping routes.
- Execution risk on charter commencement and fleet operations.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0000950157-26-000799 |
| Exhibit: ex99-1.htm | 0000950157-26-000799 |
| Document: 0000950157-26-000799-index-headers.html | 0000950157-26-000799 |
| Document: 0000950157-26-000799-index.html | 0000950157-26-000799 |
| Document: 0000950157-26-000799.txt | 0000950157-26-000799 |
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Sep 15, 2026 16d ago | 144 | $23.04 $21.28 | ▼ −7.64% | ▼ −10.20% | $23.68 (+2.78%) |
Aug 21, 2026 6w ago | Insider Cluster | $19.82 $19.66 | ▼ −0.81% | ▼ −1.28% | $23.68 (+19.48%) |
Jul 27, 2026 9w ago | 6-K | $18.29 $18.57 | ▲ +1.53% | ▲ +0.46% | $23.68 (+29.47%) |
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Apr 21, 2026 23w ago | Press Release | $17.74 $18.22 | ▲ +2.71% | ▲ +2.65% | $23.68 (+33.48%) |
Apr 15, 2026 24w ago | Press Release | $17.66 $17.74 | ▲ +0.45% | ▼ −1.19% | $23.68 (+34.09%) |
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