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• Maersk for crude oil.
• A global oil pipeline, but with ships instead of pipes.
• Like a major airline, but for crude oil tankers.

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• Crude Oil Transportation: DHT Holdings provides maritime shipping services for the global transportation of crude oil using its fleet of crude oil tankers.

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DHT Holdings, Inc. (symbol: DHT) sells its services primarily to other companies (Business-to-Business, or B2B). The company owns and operates a fleet of crude oil tankers, which it charters out to various entities in the global oil industry.

While DHT serves a diverse global customer base, it does not consistently disclose the specific names of its individual major customers in its public filings (such as its 10-K reports). For example, although a single customer may occasionally account for over 10% of DHT's total revenues in a given year, their specific identity is typically not publicly named.

However, DHT consistently describes its customer base as comprising the following categories of companies:

• Major oil companies
• National oil companies
• Crude oil trading and shipping companies

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Svein Moxnes Harfjeld, President & Chief Executive Officer

Mr. Harfjeld has over 30 years of experience in the global shipping industry. He joined DHT as President & CEO on September 1, 2010. Prior to DHT, he held senior management positions at the BW Group, including Group Executive Director, CEO of BW Offshore, Director of Bergesen dy, and Director of World-Wide Shipping. His previous experience also includes senior management roles at Andhika Maritime, Coeclerici, and Mitsui O.S.K., and he began his shipping career with The Torvald Klaveness Group.

Laila C. Halvorsen, Chief Financial Officer

Ms. Halvorsen joined DHT in 2014 and was appointed Chief Financial Officer in 2018. She possesses over 20 years of experience in international accounting and shipping. Before joining DHT, she spent 17 years at Western Bulk AS, where she served as an Accountant, Finance Manager, and later as Group Accounting Manager.

J. Stephen Eglin, Director of Chartering & Operations

Svenn Magne Edvardsen, Technical Director

Mr. Edvardsen joined DHT in 2010 and has 30 years of experience in the shipping industry.

Erik A. Lind, Class III Director and Chairman

Mr. Lind's professional background, dating back to 1980, spans corporate banking, structured finance, and investment & asset management, with a primary focus on the maritime shipping sector. He served as Chief Executive Officer of Oceanic Finance Group Limited (formerly Tufton Oceanic Finance Group Limited) from 2004 until April 2022. His past roles also include Managing Director of GATX Capital and Executive Vice President at IM Skaugen ASA, along with senior and executive positions at Manufacturers Hanover Trust Company and Oslobanken.

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The key risks to DHT Holdings, Inc.'s business are primarily linked to the highly cyclical and competitive nature of the crude oil tanker industry and the broader energy market dynamics.

1. Volatility of the Crude Oil Tanker Market and Freight Rates: DHT Holdings operates in a market highly sensitive to global oil demand, geopolitical events, and the supply of tankers, all of which directly influence spot and time charter rates. This inherent volatility can lead to significant fluctuations in the company's revenue, profitability, and dividend distributions. The industry's cyclicality has historically resulted in highly volatile earnings per share for DHT.

2. Intense Industry Competition: The crude oil tanker industry is characterized by significant competition. DHT faces rivals that may possess larger fleets or lower operating costs, which could exert downward pressure on charter rates and ultimately diminish DHT's profitability.

3. Regulatory Changes and the Global Energy Transition: The company faces risks from rising regulatory hurdles and the long-term global shift towards renewable energy sources. These factors could potentially constrain DHT's growth prospects and challenge its long-term revenue streams as demand for crude oil transportation evolves.

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The accelerating global energy transition and associated decarbonization mandates pose a clear emerging threat to DHT. As the world aims to reduce reliance on fossil fuels, the long-term demand for crude oil transportation, which is DHT's core business, is expected to decline. Concurrently, increasingly stringent environmental regulations (such as the IMO's Energy Efficiency Existing Ship Index (EEXI) and Carbon Intensity Indicator (CII), and the EU Emission Trading System (ETS) for shipping) necessitate significant investments in fleet modernization, adoption of alternative fuels, or potential operational slowdowns for existing vessels. This structural shift threatens to diminish the long-term value and competitiveness of DHT's conventional tanker fleet, potentially leading to reduced charter rates, increased operational costs, and impaired asset utility over time.

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DHT Holdings, Inc. (symbol: DHT) operates primarily in the crude oil tanker industry, specializing in the ownership and operation of Very Large Crude Carriers (VLCCs) for the global transportation of crude oil.

The addressable market for DHT's main services is the global crude oil carriers market.

The global Crude Oil Carriers Market was valued at approximately USD 263.73 billion in 2024. This market is projected to grow to USD 391.72 billion by 2035, with a Compound Annual Growth Rate (CAGR) of 3.66% from 2025 to 2035. Another estimate indicates the global Crude Oil Carriers Market was valued at USD 257.37 billion in 2024 and is expected to reach nearly USD 357.68 billion by 2032, with a CAGR of 4.2% from 2025 to 2032. The Very Large Crude Carriers (VLCC) segment led the crude oil carriers market in 2024.

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Here are 3-5 expected drivers of future revenue growth for DHT Holdings (symbol: DHT) over the next 2-3 years:

1. Fleet Expansion with New VLCCs: DHT is poised for significant revenue growth with the delivery of four new Very Large Crude Carriers (VLCCs) scheduled for the first half of 2026. These newbuilds, including DHT Addax, DHT Antelope, DHT Gazelle, and DHT Impala, are among the largest in the fleet by deadweight tonnage (DWT) and are expected to enhance the company's carrying capacity and revenue-generating potential.
2. Leveraging Strong VLCC Spot Market Rates: A substantial portion of DHT's fleet (approximately 50%) operates on spot rates, allowing the company to directly capitalize on the currently surging and anticipated to remain robust VLCC spot market. As existing time charters expire over the next 6 months to a year, DHT is well-positioned to re-charter these vessels at higher prevailing rates, significantly boosting its top line.
3. Favorable VLCC Market Fundamentals: The demand for VLCCs is expected to remain strong due to several market factors. These include sustained global crude oil demand, increased oil stockpiling, and higher crude oil imports from China. Furthermore, geopolitical tensions are creating strong tailwinds for charter rates and profitability. The supply side is also favorable, characterized by a rapidly aging global tanker fleet and a low order book for new vessels, which is expected to lead to a tighter vessel supply and higher rates.
4. Young and Efficient Fleet: DHT's strategy of maintaining a young and modern fleet through the acquisition of high-specification VLCCs, some equipped with exhaust gas cleaning systems, and the strategic sale of older vessels, enhances operational efficiency and competitiveness. A younger, more efficient fleet typically incurs lower operating expenses and can command premium charter rates, contributing to stronger revenue generation.

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Share Repurchases

• In December 2024, DHT purchased 1,481,383 of its own shares in the open market for approximately $13.17 million.
• Share buybacks are a component of the company's disciplined capital allocation strategy.

Share Issuance

• The number of common shares outstanding increased from 159,983,104 as of December 31, 2024, to 160,799,407 as of June 30, 2025.

Inbound Investments

• In October 2024, Scorpio Tankers acquired a 4.9% stake in DHT for $89.1 million, at a purchase price of $11.17 per share.

Capital Expenditures

• DHT secured a $308.4 million senior secured credit facility in July 2025 for the post-delivery financing of four newbuilding vessels, which are scheduled for delivery in the first half of 2026.
• In the third quarter of 2025, the company invested $26.2 million in its newbuilding program and made a $10.7 million deposit for the acquisition of DHT Nokota.
• During the second quarter of 2025, DHT invested $38.7 million in vessels under construction and $1.1 million in other vessel investments, and also acquired a modern 2018-built vessel for $107 million.