DHT Holdings, Inc. (DHT): Business Model Canvas [Dec-2025 Updated]

You're looking past the daily spot rate headlines to understand the core engine of DHT Holdings, Inc. (DHT) in late 2025, and honestly, it's a masterclass in maritime finance. This company runs a tight ship, managing a 21-vessel VLCC fleet by balancing the stability of time charters against the upside of the spot market, all while sitting on $277 million in liquidity as of Q1 2025. I've mapped out their entire nine-block Business Model Canvas below, showing you exactly where their $18.4 million in quarterly operating costs go and how they structure their value proposition to major oil majors. Dive in to see the precise framework that lets DHT navigate these volatile waters with a defintely strong staying power.

DHT Holdings, Inc. (DHT) - Canvas Business Model: Key Partnerships

Shipyards for newbuilding and drydocking contracts

• - Sale of DHT Lotus completed April 29, 2025.
• - Sale of DHT Peony completed July 30, 2025.
• - Expected gain on sale of DHT Peony in Q3 2025: $15.5 million.

Financial institutions providing $302.8 million in debt (Q2 2025)

The capital structure as of June 30, 2025, shows the reliance on debt financing to support the asset base.

One of the facilities, the one for DHT Jaguar, bears interest at SOFR plus a margin of 1.75%, maturing in April 2031.

Classification societies ensuring vessel compliance

• - Fleet trades internationally, requiring adherence to multiple class standards.
• - Scheduled off-hire days in Q2 2025 were higher due to maintenance and repairs.

Bunker suppliers for global fuel procurement

Voyage expenses for the second quarter of 2025 were $35.1 million.

• - Decrease in bunker expenses in Q2 2025 compared to Q2 2024: $10.6 million.
• - Average Time Charter Equivalent (TCE) rate for spot market vessels in Q2 2025: $48,700 per day.
• - Average TCE rate for time charter vessels in Q2 2025: $42,800 per day.

DHT Holdings, Inc. (DHT) - Canvas Business Model: Key Activities

You're looking at the core engine room of DHT Holdings, Inc. (DHT), the activities that actually generate the cash and drive the strategy. For a tanker company, this boils down to how they manage their ships, allocate the resulting cash, and keep the fleet modern. It's all about operational excellence and disciplined financial moves.

Commercial management of VLCC fleet (spot and time charter) is the primary revenue driver. DHT Holdings, Inc. operates a fleet focused exclusively on Very Large Crude Carriers (VLCCs). As of the third quarter of 2025, the fleet stood at 21 vessels, all wholly owned, which gives management complete control. This fleet employs a dual revenue strategy, balancing the stability of fixed-rate contracts with the upside potential of the spot market. In Q3 2025, 1,068 of the 1,951 revenue days were spot days, while the remaining vessels were on time charter (TC) or had profit-sharing contracts. For the fourth quarter of 2025, thus far, 76% of available revenue days (spot and TC combined) were booked at an average rate of $50,600 per day.

The day rates achieved reflect the market conditions and the mix of employment. Here's a look at the Time Charter Equivalent (TCE) earnings per day for the recent quarters:

Spot bookings for Q4 2025 to date show significant strength, with available spot days booked at an average of $64,400 per day on a discharge-to-discharge basis.

Technical management via wholly-owned Goodwood Ship Management is another key activity, though it contributes less directly to the main shipping revenue. DHT Holdings, Inc. completed the acquisition of the remaining 46.8% stake in Goodwood Ship Management Pte Ltd. for $6.1 million in cash in April 2025, making it 100% owned. Goodwood Ship Management, headquartered in Singapore, provides a range of services including technical management, crew management, and new building supervision, and has 692 total employees. Other revenues derived from technical management services provided to third parties were minimal, reported at $0.4 million in both Q1 2025 and Q2 2025, reflecting a reduction in the fleet size for which they provide these external services.

Disciplined capital allocation: dividends and share buybacks is how DHT Holdings, Inc. returns capital. The company declared a cash dividend of $0.18 per common share for the third quarter of 2025, payable in November 2025. This follows the Q2 2025 dividend of $0.24 per share and the Q1 2025 dividend of $0.15 per share. The reported annual dividend for 2025 is $0.95 per share, with an estimated payout ratio based on adjusted earnings of 53.8%. Regarding buybacks, the company did not execute any stock repurchases in the first nine months of 2025, though it spent $13.2 million on purchasing its own shares in 2024.

Fleet modernization and vessel sales for capital gains is a crucial activity supporting the balance sheet and fleet age profile. DHT Holdings, Inc. successfully sold two older vessels, DHT Lotus and DHT Peony (both built in 2011), for a combined price of $103.0 million. The sale of DHT Lotus was completed in Q2 2025, contributing a gain of $17.5 million to Q2 net profit, and the sale of DHT Peony was completed in Q3 2025, bringing a gain of $15.7 million in that quarter. Furthermore, the sale of DHT Scandinavia in Q1 2025 resulted in a gain of $19.8 million. These sales help fund the acquisition of newer tonnage; for instance, a secured credit agreement for $64 million was entered into in September 2025 to finance the acquisition of the vessel DHT Nokota, built in 2018, expected to deliver in Q4 2025.

The net debt position reflects these activities; as of September 30, 2025, net debt stood at $187.3 million, down significantly from $333.8 million as of September 30, 2024.

DHT Holdings, Inc. (DHT) - Canvas Business Model: Key Resources

The core of DHT Holdings, Inc. (DHT) business strength rests on tangible and intangible assets that enable its global crude oil transportation operations. These resources are fundamental to maintaining its position in the Very Large Crude Carrier (VLCC) segment.

The most significant physical resource is the owned fleet. As of Q3 2025, DHT Holdings operated a fleet of 21 crude oil tankers, all of which are VLCCs. A key differentiator is that DHT Holdings maintains 100% ownership in all of these vessels, which management suggests leads to smoother operations compared to industry norms involving venture partnerships. The total deadweight tonnage (dwt) for this fleet was reported as 6,521,196 as of September 30, 2025.

Financial strength provides operational flexibility. Total liquidity for DHT Holdings stood at $277 million at the end of Q1 2025. This figure comprised cash of $80.5 million and available credit facilities amounting to $196.2 million.

Operational reach is supported by a network of integrated management offices strategically placed to manage global trading activities. These centers are vital for executing the company's commercial and technical strategies.

The table below breaks down the operational status of the key asset base as of the third quarter of 2025.

Intangible resources include the human capital that drives performance. DHT Holdings relies on its experienced maritime and commercial personnel to navigate complex chartering markets and maintain high operational standards.

The physical locations supporting these operations include several key offices:

• - Management offices in Monaco
• - Management offices in Norway
• - Management offices in Singapore
• - Management offices in India

DHT Holdings, Inc. (DHT) - Canvas Business Model: Value Propositions

You're looking at how DHT Holdings, Inc. builds value, and honestly, it comes down to owning the right ships and managing the risk profile smartly.

Reliable, first-rate crude oil transportation in the VLCC segment

DHT Holdings, Inc. focuses exclusively on the Very Large Crude Carrier (VLCC) segment for international crude oil transport. As of Q3 2025, the company manages a fleet of 21 VLCCs, all 100% owned. This specialization gives them a clear advantage in that specific market niche. Their operational centers are in Monaco, Norway, Singapore, and India.

Dual-employment strategy balancing fixed income and market exposure

The core of the value proposition here is balancing stability with upside potential. They use a mix of long-term leases (Time Charter) and Spot market revenue. You can see the split in action with their Q3 2025 performance metrics:

This strategy lets them capture high rates when the market surges, like the Q4 2025 spot booking rate of $64,400/day, while the time charters provide a floor. As of Q3 2025, 11 vessels were reportedly generating revenue on spot rates.

Quality, modern fleet with a focus on eco-design vessels

DHT Holdings, Inc. actively manages fleet quality by selling older assets and bringing in new tonnage. As of May 2025, the managed fleet had an average age of about 8 years, not counting four new builds scheduled for 2026 delivery. This is younger than the industry average of around 12 years. They generated a net cash proceed of approximately $89.5 million from the sale of two vessels, DHT Lotus and DHT Peony, in 2025. The gain on the sale of DHT Peony in Q3 2025 was $15.7 million. The four new vessels expected in early 2026 are large, with DWT between 319,000 and 320,000.

You see this focus on quality through their asset management:

• Fleet size as of Q3 2025: 21 VLCCs.
• New builds arriving in 2026: 4.
• Net cash proceeds from sales in 2025: approximately $89.5 million.
• Gain on sale of DHT Peony (Q3 2025): $15.7 million.

Prudent capital structure promoting defintely strong staying power

The company emphasizes a conservative financial footing to ensure it can weather market cycles. As of late 2025 data, the balance sheet shows a total shareholder equity of $1.1B against total debt of $268.9M. This results in a debt-to-equity ratio of 24.5%. Their EBIT was $188.6M, giving them an interest coverage ratio of 13.2x. They maintain liquidity with a cash balance of about $81.3M. Plus, they secured a $64 million reducing revolving credit facility in September 2025. Finance: draft the 13-week cash view by Friday.

DHT Holdings, Inc. (DHT) - Canvas Business Model: Customer Relationships

Long-term time charters providing stable, contractual income

• Seven-year time charter for DHT Appaloosa commenced in May 2025 with a base rate of $41,000 per day plus profit-sharing.
• One-year time charter for DHT Tiger commenced in March 2025 at a rate of $52,500 per day.
• One-year time charter for DHT Bauhinia commenced in May 2025 at a rate of $41,500 per day.
• For Q3 2025, VLCCs on time-charter earned an estimated time charter equivalent rate of $42,800 per day.

DHT Holdings operates with a dual revenue strategy, balancing fixed income contracts with market exposure. As of Q3 2025, the fleet consisted of 21 VLCCs, with 100% ownership in all vessels.

Direct, high-touch relationships with global energy companies

• New long-term contracts secured in Q1 and Q2 2025 were with a global energy firm.
• The company operates through integrated management companies in Monaco, Norway, Singapore, and India.
• DHT Holdings emphasizes its focus on first rate operations and customer service.

Transactional spot market engagement for short-term voyages

The spot market provides significant upside potential, as seen in forward bookings. For the fourth quarter of 2025, 56% of available spot days were booked at an average rate of $64,400 per day on a discharge-to-discharge basis.

Focus on solid customer relations and operational quality

• Adjusted EBITDA margin stabilized around 50%.
• For the first three quarters of 2025, shipping revenues were $353.3 million.
• For Q3 2025, net profit was $44.8 million, equating to $0.28 per basic share.
• For the first three quarters of 2025, net profit was $144.9 million, or income of $0.90 per basic share.

Overall, 76% of available revenue days for Q4 2025 (combined spot and time charter) were booked at an average rate of $50,600 per day as of October 14, 2025. Finance: draft 13-week cash view by Friday.

DHT Holdings, Inc. (DHT) - Canvas Business Model: Channels

You're looking at how DHT Holdings, Inc. gets its crude oil tankers-all Very Large Crude Carriers (VLCCs)-in front of the market to generate revenue. This is all about matching ship availability with charterer demand, using a blend of direct engagement and third-party access points.

DHT Holdings, Inc. operates a fleet of 21 VLCCs as of the third quarter of 2025, maintaining 100% ownership in all vessels, which gives them direct control over employment strategy. The company employs a dual revenue strategy, balancing market exposure with fixed income contracts. As of Q3 2025, approximately 11 vessels were generating revenue on spot rates, while the remainder were on time charter (TC) or profit-sharing agreements.

The effectiveness of these channels is clearly seen in the realized rates, which show a premium for spot exposure when the market is strong. For instance, in the second quarter of 2025, the spot market VLCCs achieved time charter equivalent (TCE) earnings of $48,700 per day, compared to $42,800 per day for those on time charter. This split is central to their channel strategy.

Here's a look at the employment mix and associated rates across recent periods:

The company actively secures longer-term contracts, which represent a direct chartering channel, often with major energy companies. These are secured via their internal commercial teams, which is a key part of their direct approach. For example, in May 2025, DHT entered a one-year time charter for the DHT Bauhinia at a rate of $41,500 per day. Also, in April 2025, the DHT Appaloosa was fixed on a seven-year contract with a base rate of $41,000 per day plus an index-based profit-sharing structure.

The spot market exposure, which is accessed heavily through global tanker brokers for fixtures, allows DHT Holdings, Inc. to capture short-term rate spikes. The high Q4 2025 spot booking rate of $64,400 per day, achieved by booking 56% of available spot days thus far, shows the success of this channel when market conditions are favorable.

The physical and operational backbone supporting these channels involves the company's structure for international trade facilitation. DHT Holdings, Inc. operates through integrated management centers located in key maritime hubs:

• - Monaco
• - Norway
• - Singapore
• - India

These centers help manage the international trade logistics and chartering execution, whether for direct deals or broker-assisted spot market movements. The company's strategy is explicitly about maintaining a fleet employment mix with a combination of market exposure and fixed income contracts.

Finance: draft 13-week cash view by Friday.

DHT Holdings, Inc. (DHT) - Canvas Business Model: Customer Segments

DHT Holdings, Inc. focuses its Very Large Crude Carrier (VLCC) fleet on serving large, established entities in the global energy and trading markets.

• - Major global energy companies and oil majors
• - International crude oil traders and commodity houses
• - National oil companies and government entities

The company's revenue stream shows a high concentration among its top clients, which aligns with securing long-term or high-value contracts with these major players. For the third quarter of 2025, which ended September 30, 2025, the customer base exhibited the following revenue distribution:

The total shipping revenues for DHT Holdings, Inc. for the third quarter of 2025 were $107.2 million. This data clearly shows that a significant majority of the revenue comes from a small number of charterers. The fleet, consisting of 21 VLCCs as of Q3 2025, is employed through a mix of spot market exposure and fixed income contracts, which are often with these large entities.

Specific examples of contracts secured with major global energy firms illustrate the nature of these relationships:

• One-year time charter for DHT Tiger with a global energy firm commenced in March 2025 at a daily rate of $52,500.
• Seven-year charter for DHT Appaloosa with a global energy company began in May 2025 at a fixed base rate of $41,000 per day plus profit-sharing.
• One-year time charter for DHT Bauhinia with a global energy company was secured in May 2025 at a rate of $41,500 per day.

DHT Holdings, Inc. (DHT) - Canvas Business Model: Cost Structure

When you look at the Cost Structure for DHT Holdings, Inc. (DHT), you see a business heavily weighted toward the capital-intensive nature of owning and operating a fleet of Very Large Crude Carriers (VLCCs). The costs break down clearly into fixed operational expenses, variable voyage-related costs that swing with market activity, and the significant drag of financing that comes with owning high-value assets.

The fixed costs associated with keeping the ships ready to sail are substantial, even when the market is quiet. For the third quarter of 2025, the vessel operating expenses were reported at $18.4 million. These cover the day-to-day running costs like crew wages, insurance, and routine maintenance, regardless of whether the vessel is earning revenue or sitting idle. To be fair, this figure was slightly lower than the $19.0 million seen in Q3 2024, mainly due to a smaller fleet size following vessel sales.

The variable component, voyage expenses, is directly tied to how the fleet is employed. These costs spike when vessels are trading in the spot market, which involves paying for bunkers (fuel) and port charges for each trip. For the second quarter of 2025, these expenses totaled $35.1 million, which is a key indicator of the level of operational activity during that period. This contrasts with the Q3 2025 figure of $28.0 million, showing how quickly variable costs adjust based on trading patterns.

General overhead, while smaller than the operational costs, is still a necessary fixed component. General and administrative (G&A) expenses for Q3 2025 were $4.1 million. This covers the corporate functions managed out of their offices in Monaco, Norway, Singapore, and India.

The final major cost category is financing. DHT Holdings, Inc. maintains a prudent capital structure, but owning a fleet of modern VLCCs requires significant debt. As of September 30, 2025, the interest bearing debt stood at $268.5 million. This debt load translates directly into interest expense. For Q3 2025, the reported net financial expenses, which include interest costs, were $2.586 million. You'll note this was a significant decrease from the $7.0 million reported in Q3 2024, partly due to debt prepayments and the use of interest rate swaps to fix rates, like the 3-year swaps totaling $200.6 million at an average fixed rate of 3.32%.

Here's a quick look at how these key costs compare across recent quarters:

The structure shows a clear operational leverage point: while fixed costs like G&A and vessel operating expenses are relatively stable, the variable voyage expenses can swing the overall cost base significantly depending on chartering strategy. Also, the management of the $268.5 million in interest-bearing debt is critical to keeping the net financial expenses manageable, especially when SOFR is at 3.84%.

You should track these elements closely:

• Vessel Operating Expenses: $18.4 million in Q3 2025.
• Voyage Expenses: $35.1 million in Q2 2025.
• General & Administrative: $4.1 million in Q3 2025.
• Net Financial Expenses: $2.586 million in Q3 2025.

Finance: review the impact of the $22.1 million debt prepayment made in Q3 2025 on the Q4 2025 interest expense forecast by Friday.

DHT Holdings, Inc. (DHT) - Canvas Business Model: Revenue Streams

DHT Holdings, Inc. generates revenue primarily through the operation of its fleet of Very Large Crude Carriers (VLCCs), employing a dual strategy of time charters and spot market voyages to balance revenue stability and upside potential.

The Time Charter Equivalent (TCE) earnings from VLCC operations reflect the blended daily rate achieved across the entire fleet, which is sensitive to the mix of contracted versus open business. For the third quarter of 2025, DHT Holdings reported revenues on a TCE basis of $79.1 million, with an average combined TCE achieved for the quarter of $40,500 per day. This compares to an average combined TCE of $46,300/d reported for the second quarter of 2025.

Fixed-rate time charters provide a predictable income floor. You see this clearly in the recent contract structuring. For instance, the DHT Appaloosa entered a seven-year time charter contract with a fixed base rate of $41,000 per day plus an index-based profit-sharing structure. Another example is the one-year time charter for DHT Tiger, which secured a rate of $52,500 per day, commencing at the end of March 2025. Looking ahead to the fourth quarter of 2025 guidance, DHT anticipates 901 time charter days at a rate of $42,200 per day.

Variable spot market earnings capture the upside when freight rates surge. For the fourth quarter of 2025, DHT Holdings provided guidance that 68% of the expected 1,070 spot days had already been booked at a strong average rate of $64,900 per day. This forward booking rate is significantly higher than the spot market average TCE of $38,700 per day achieved in the third quarter of 2025. In the second quarter of 2025, the average spot rate was reported at $48,700 per day.

Gains on sale of vessels contribute to non-operating income, often used to refresh the fleet profile. DHT Holdings expected to record a gain of $17.5 million in the second quarter of 2025 from the sale of the DHT Lotus and DHT Peony. The Q2 2025 financial results specifically reported a Gain/(loss) on sale of vessel of $17,459 thousand. Furthermore, the Q3 2025 net income adjustment included a $15.7 million gain on the sale of the DHT Peony. Separately, the sale of the DHT Scandinavia earlier in 2025 booked a gain of $19.8 million.

• Q2 2025 Gain on Sale of Vessels: $17.5 million
• Q3 2025 Gain on Sale of Vessel (DHT Peony): $15.7 million
• Gain on Sale of DHT Scandinavia: $19.8 million