A FedEx or UPS for crude oil.

The Union Pacific of the oceans, but exclusively for crude oil.

• Crude Oil Transportation: Providing global seaborne transportation services for crude oil using a fleet of Very Large Crude Carriers (VLCCs).

DHT Holdings, Inc. primarily provides crude oil tanker services to other companies within the global energy and commodities markets. Due to the competitive nature of the shipping industry and the contractual arrangements for chartering vessels, specific major customer names are typically not publicly disclosed by DHT.

However, its customer base generally comprises:

• Integrated Oil & Gas Companies (Oil Majors): Global energy companies involved in the exploration, production, refining, and marketing of crude oil. These companies frequently charter Very Large Crude Carriers (VLCCs) like those operated by DHT to transport crude oil from production regions to refineries or major consumption hubs worldwide.
  • Examples of such companies (not confirmed specific DHT customers, but representatives of the customer type): ExxonMobil (XOM), Chevron (CVX), Shell plc (SHEL), BP p.l.c. (BP), TotalEnergies SE (TTE).
• National Oil Companies (NOCs): State-owned entities that control a nation's oil reserves and production, often responsible for the export of crude oil to international markets.
  • Examples of such companies (not confirmed specific DHT customers, but representatives of the customer type): Saudi Aramco, ADNOC (Abu Dhabi National Oil Company), Petrobras (PBR), Equinor ASA (EQNR).
• Commodity Trading Houses: Large international firms that specialize in the global trading of physical commodities, including crude oil. They charter tankers extensively to facilitate their trading operations, moving crude oil between different markets to capitalize on supply and demand dynamics.
  • Examples of such companies (not confirmed specific DHT customers, but representatives of the customer type; many are private): Vitol, Trafigura, Glencore plc (GLNCY), Gunvor.

Svein Moxnes Harfjeld President and Chief Executive Officer

Mr. Harfjeld joined DHT as President & CEO on September 1, 2010. He has over 35 years of experience in the shipping industry. Prior to joining DHT, he held various senior management positions at the BW Group, including Group Executive Director and CEO of BW Offshore. He also served as a Director of Bergesen dy and World-Wide Shipping. Earlier in his career, Mr. Harfjeld held senior management positions at Andhika Maritime, Coeclerici, and Mitsui O.S.K., and began his shipping career with The Torvald Klaveness Group. He has indicated that he managed other companies as CEO prior to DHT.

Laila C. Halvorsen Chief Financial Officer

Ms. Halvorsen joined DHT in 2014 and was appointed Chief Financial Officer in 2018. She has 25 years of experience in international accounting and shipping. Before joining DHT, Ms. Halvorsen spent 17 years at Western Bulk, where she progressed through roles including Accountant, Finance Manager, and Group Accounting Manager.

Svenn Magne Edvardsen Technical Director

Mr. Edvardsen joined DHT in 2010 and brings 30 years of experience in the shipping industry. Prior to his time at DHT, he was a Fleet Manager at Frontline. His extensive background also includes serving at ranks up to Chief Engineer on oil tankers, working as a Surveyor with Det Norske Veritas, and holding positions as Technical Superintendent for offshore vessels and Managing Director for a ship repair modification yard.

Key Risks to DHT Holdings, Inc.

1. Cyclical Nature of the VLCC Market and High Spot Market Exposure: DHT Holdings, Inc. operates in a highly cyclical Very Large Crude Carrier (VLCC) market, which leads to significant volatility in revenues and earnings. The company maintains a high exposure to the spot market, targeting approximately 70-75% spot market voyages by Q2 2026, making its earnings highly sensitive to fluctuations in global oil demand, fleet supply, and charter rates. This reliance on short-term rates, while offering upside during market spikes, also exposes the company to sharp contractions during downturns, leading to unpredictable financial performance.
2. Geopolitical Risks and Trade Disruptions: Geopolitical tensions, conflicts, and sanctions pose a substantial and unpredictable risk to the crude oil tanker industry. Events such as conflicts near the Strait of Hormuz or in the Red Sea can disrupt established trade routes, leading to longer voyages, increased operational costs, and shifts in oil supply and demand dynamics. These disruptions directly impact tanker rates, vessel availability, and profitability.
3. Environmental Regulations and Decarbonization Pressures: The shipping industry, including crude oil tankers, faces increasing pressure from environmental regulations and the global push towards decarbonization. Future regulations, such as the International Maritime Organization's (IMO) Net-Zero Framework expected to introduce a global fuel standard and a greenhouse gas (GHG) pricing mechanism from 2028, could necessitate significant investments in cleaner fuels and fleet renewal. Additionally, oil spills remain a risk, carrying severe environmental and financial consequences, including substantial penalties and clean-up costs.

The accelerating global energy transition away from fossil fuels, coupled with increasingly stringent environmental regulations for shipping (such as the IMO's Carbon Intensity Indicator (CII) and Energy Efficiency Existing Ship Index (EEXI), and the EU's Emissions Trading System (ETS) for maritime transport), represent clear emerging threats. These developments directly impact the long-term demand for crude oil transport and impose significant operational and capital expenditure challenges on existing tanker fleets, potentially increasing costs and reducing the economic lifespan of vessels.

Here are the expected drivers of future revenue growth for DHT Holdings, Inc. (DHT) over the next 2-3 years:

1. Strong VLCC Market Rates and Earnings: The crude tanker market, particularly for Very Large Crude Carriers (VLCCs) which DHT operates, is anticipated to remain strong. Research indicates that structural forces are expected to outweigh shorter-term geopolitical volatility, leading to a multi-year commodity cycle for tankers. McQuilling Services forecasts firm VLCC spot earnings, potentially averaging US$87,000 per day for eco tankers without scrubbers over 2026-2027. China Merchants Energy Shipping also expects the VLCC freight midpoint in 2026 to surpass that of 2025, with a strong market potentially extending into 2027-2028.
2. Limited Newbuilding Supply and Fleet Growth: The constrained supply of new VLCCs is a significant tailwind for future revenue growth. Shipyards in Northeast Asia face prolonged orderbook turnover due to reduced productivity, an aging workforce, and competition for yard slots from other vessel types. Global mainstream shipbuilding capacity for VLCCs is limited, with top-tier Chinese yard slots reportedly sold out until 2028. While there might be a notable increase in VLCC deliveries in 2026, these additions are not expected to materially pressure rates if demand remains robust. This limited new tonnage helps maintain a favorable supply-demand balance, supporting higher charter rates.
3. Increased Global Oil Demand and Longer Trade Routes: Global oil demand is forecast to grow, with the International Energy Agency projecting an average increase of 930 kb/d in 2026. This incremental demand, largely met by Middle East exports, is expected to support VLCC demand. Additionally, growing VLCC-related activity in the Americas, including improved logistics in Guyana and a potential new VLCC terminal in Argentina in late 2026 or 2027, will further boost demand. Longer average voyage distances, potentially influenced by refining capacity tightness and shifts in trade flows, also increase tonne-mile demand, thereby supporting revenue growth.
4. Oil Market Oversupply Leading to Inventory Expansion: An anticipated oversupply in the oil market during 2026 is likely to support continued inventory expansion. This scenario typically increases demand for crude oil tankers, as more oil needs to be transported to storage facilities or held as floating storage, directly benefiting companies like DHT.

Share Repurchases

• In December 2024, DHT purchased 1,481,383 of its own shares in the open market, equivalent to 0.9% of its outstanding shares, at an average price of $8.8899.
• From August 12, 2021, to August 23, 2021, the company purchased 1,230,302 of its shares, representing 0.7% of outstanding shares, at an average price of $5.466.
• Share buybacks are part of DHT's disciplined capital allocation strategy.

Share Issuance

• As of December 31, 2025, DHT Holdings, Inc. had 160,799,407 shares of common stock outstanding, an increase from 159,983,104 shares as of December 31, 2024.

Capital Expenditures

• DHT is undertaking a newbuilding program with four new Very Large Crude Carriers (VLCCs) scheduled for delivery in the first half of 2026.
• In July 2025, a $308.4 million senior secured credit facility was arranged for the post-delivery financing of these four newbuildings.
• The company engaged in fleet renewal by selling three older vessels (DHT Scandinavia, DHT Lotus, and DHT Peony) in 2025, generating a gain of $52.9 million, and agreed to sell DHT China and DHT Europe in late 2025/early 2026 for a combined price of $101.6 million, expected to generate approximately $95.0 million in net cash proceeds.