DHT Holdings, Inc. today announced its financial results for the second quarter ended June 30, 2025, reporting revenues on a time charter equivalent (TCE) basis of $92.8 million. The company achieved a net income of $56.1 million, or $0.35 per share. After adjusting for a $17.5 million gain on the sale of the DHT Lotus, adjusted net income was $38.6 million, or $0.24 per share. Adjusted EBITDA for the quarter was $69 million.
The average TCE for vessels in the spot market was $48,700 per day, while time-chartered vessels earned $42,800 per day, resulting in a combined average TCE of $46,300 per day. Vessel operating expenses for the quarter were $19.6 million, and general and administrative expenses stood at $4.6 million, reflecting efficient cost management.
As of June 30, 2025, total liquidity reached $299 million, comprising $82.6 million in cash and $216.5 million available under two revolving credit facilities, demonstrating a robust balance sheet. Financial leverage was a conservative 14.1% based on market values for the ships, with net debt at $10 million per vessel. The company declared a quarterly cash dividend of $0.24 per share, consistent with its capital allocation policy.
For the third quarter of 2025, DHT expects 805 time charter days covered at $40,500 per day and 1,150 spot days, with 73% booked at an average rate of $38,500 per day. The spot P&L breakeven for Q3 2025 is estimated at $20,000 per day. The full year 2025 P&L breakeven is estimated at $26,500 per day for the fleet, with a cash breakeven of $20,000 per day, projecting $56.5 million in discretionary cash flow to fund newbuilding installments.
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