HAMILTON, BERMUDA - DHT Holdings, Inc. (NYSE:DHT), a $1.8 billion market cap player in the crude oil tanker market, has announced its performance metrics for the fourth quarter of 2024 and provided an update for the first quarter of 2025. The company's stock has shown strong momentum with a 19.4% return year-to-date, according to InvestingPro data. The company revealed an estimated time charter equivalent (TCE) earnings of $38,800 per day for its fleet in Q4 2024, with Very Large Crude Carriers (VLCCs) in the spot market earning an average of $38,200 per day and those on time-charter bringing in $40,500 per day. With a healthy gross profit margin of 55.6% and an impressive dividend yield of 7.9%, DHT continues to reward shareholders while maintaining strong operational performance.
For the full year of 2024, DHT Holdings estimated its fleet's TCE earnings at $45,200 per day. This figure breaks down into $47,200 per day for VLCCs in the spot market and $38,900 per day for time-chartered vessels. The company's reported revenue days for 2024 stood at 8,595, with 6,520 being spot days.
Moving into the first quarter of 2025, DHT Holdings has booked 51% of its available spot days at an average rate of $31,400 per day. When combining both spot and time-charter days, 65% of the available revenue days have been booked at an average of $35,800 per day.
DHT Holdings operates a fleet of crude oil tankers in the VLCC segment, with international trade routes and management companies located in Monaco, Norway, Singapore, and India. The company is known for its focus on customer service, quality ships, and a capital structure designed to endure business cycles. InvestingPro analysis reveals the company's strong financial health with a current ratio of 2.41 and moderate debt levels, supporting its resilient business model. For detailed insights and comprehensive analysis of DHT's performance metrics, investors can access the full Pro Research Report, available exclusively on InvestingPro. Additionally, DHT maintains a transparent corporate structure with a commitment to high levels of integrity and governance.
The information disclosed is based on a press release statement and should be considered in the context of the forward-looking statements it contains, which involve known and unknown risks and uncertainties that could cause actual results to differ materially. These forward-looking statements are current as of the date of the press release and are subject to change.
In other recent news, DHT Holdings announced robust financial results for Q3 2024, with revenues of $92.6 million and a net income of $35.2 million. The company also declared its 59th consecutive quarterly cash dividend of $0.22 per share. In terms of fleet management, DHT Holdings sold one of its very large crude carriers, the DHT Scandinavia, for $43.4 million, a move aimed at reducing the average age of its fleet and improving its environmental efficiency.
In the wake of increased scrutiny of Chinese maritime companies, US-based shipping companies, including DHT Holdings, experienced a notable uptick in their stocks. The US government's decision to blacklist China's Cosco Shipping Holdings Co. and two shipbuilders is expected to increase scrutiny of marine transport and shipbuilding sectors. Analyst Kenneth Loh from Bloomberg Intelligence commented that while the blacklist might discourage US firms from dealing directly with Cosco, the fallout is likely to be limited.
These are recent developments that reflect DHT Holdings' solid financial performance and strategic moves. The company maintains a robust balance sheet and a healthy financial position, with a current ratio of 2.41, indicating strong liquidity, while offering shareholders a substantial dividend yield of 9.68%. Despite challenges in the tanker sale and purchase market and the negative impact of the Russia-Ukraine conflict on Very Large Crude Carriers, DHT Holdings expressed confidence in the resilience and future prospects of the tanker market.
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