The Q4 spot rate update of $509,100/day is exceptionally strong and likely to drive significant upside to consensus estimates if sustained. Monitor further spot bookings and any guidance updates from management for the remainder of Q4.
Price Chart
Executive Summary
DHT Holdings issued a business update for Q3 2026, reporting estimated fleet TCE earnings of $141,300 per day, with spot VLCCs at $167,100/day and time-chartered VLCCs at $114,200/day. For Q4 to date, 50% of spot days are booked at an average of $509,100/day, and 78% of total available revenue days are booked at $225,200/day, indicating a sharp sequential improvement in spot rates.
Key Facts
- Q3 2026 estimated fleet TCE: $141,300/day (spot $167,100/day, time charter $114,200/day) on 2,055 revenue days (1,054 spot days).
- Q4 2026 to date: ~50% of spot days booked at $509,100/day; ~78% of total revenue days booked at $225,200/day.
- Sequential spot rate trajectory shows a dramatic improvement from Q3 spot rate to Q4 partial quarter average of $509,100/day.
Financial Impact
Q3 TCE of $141,300/day vs. Q4 booked spot rate of $509,100/day implies a >3x sequential improvement in spot earnings; total booked Q4 revenue days at $225,200/day vs. Q3 fleet average of $141,300/day.
Risk Factors
- Spot rates are volatile and the $509,100/day average reflects only ~50% of spot days booked; remaining unbooked days could come in lower.
- Time charter rates remain fixed at $114,200/day, capping a portion of fleet earnings.
- Forward-looking statements are subject to risks including geopolitical and demand risks.
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0000950157-26-001092 |
| Exhibit: ex99-1.htm | 0000950157-26-001092 |
| Document: 0000950157-26-001092-index-headers.html | 0000950157-26-001092 |
| Document: 0000950157-26-001092-index.html | 0000950157-26-001092 |
| Document: 0000950157-26-001092.txt | 0000950157-26-001092 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | Press Release | $24.79 | awaiting T+5 | — | $24.27 (−2.10%) |
Oct 13, 2026 14d ago | 6-K | $26.59 $23.35 | ▼ −12.19% | ▼ −11.03% | $24.27 (−8.73%) |
Sep 15, 2026 5w ago | 144 | $23.04 $21.28 | ▼ −7.64% | ▼ −10.20% | $24.27 (+5.34%) |
Aug 24, 2026 9w ago | Insider Cluster | $19.72 $19.60 | ▲ +0.61% | ▲ +1.08% | $24.27 (−23.07%) |
Aug 21, 2026 9w ago | Insider Cluster | $19.82 $19.66 | ▼ −0.81% | ▼ −1.28% | $24.27 (+22.45%) |
Jul 27, 2026 13w ago | 6-K | $18.29 $18.57 | ▲ +1.53% | ▲ +0.46% | $24.27 (+32.70%) |
Jul 14, 2026 15w ago | 6-K | $18.18 $17.89 | ▼ −1.60% | ▼ −0.30% | $24.27 (+33.50%) |
Jun 29, 2026 17w ago | 6-K | $16.53 $17.15 | ▲ +3.75% | ▲ +3.15% | $24.27 (+46.82%) |
Jun 4, 2026 20w ago | Press Release | $16.24 $16.65 | ▲ +2.52% | ▲ +5.08% | $24.27 (+49.45%) |
May 5, 2026 24w ago | 6-K | $18.94 $18.72 | ▼ −1.16% | ▼ −2.29% | $24.27 (+28.14%) |
US Market Status
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