DHT Holdings Reports Fourth Quarter and Full Year 2024 Financial Results
HAMILTON, Bermuda, February 5, 2025 – DHT Holdings, Inc. (NYSE: DHT), an independent crude tanker company, announced its financial results for the quarter ended December 31, 2024. The Company reported a net income of $125.2 million for the quarter, compared to a net loss of $7.1 million in the same period last year.
Financial Highlights
The strong financial performance was driven by higher revenues and improved operating margins. Total revenues for the quarter were $242.8 million, up from $218.2 million in the fourth quarter of 2023. Operating income increased to $138.9 million from $103.3 million in the same period last year.
Operational Updates
The Company’s fleet utilization remained strong at 96.7%, and average daily time charter equivalents (TCE) increased by 19.3% compared to the fourth quarter of 2023. DHT’s fleet consists of 29 modern Very Large Crude Carriers (VLCCs) and one Front-Ahead Suezmax.
Dividend Announcement
DHT also announced a quarterly dividend of $0.20 per share, payable on March 15, 2025, to shareholders of record as of March 1, 2025. This represents a 15% increase compared to the previous quarterly dividend.
Impact on Individual Investors
DHT’s strong financial results and dividend increase are positive signs for individual investors holding shares in the company. The increased dividend, combined with the company’s solid financial performance, could lead to increased investor confidence and potential stock price appreciation.
Global Impact
The positive financial results from DHT Holdings are a reflection of the broader trend in the crude tanker market. Increased demand for crude oil and the ongoing OPEC+ production cuts have led to higher freight rates and improved financial performance for many tanker companies. This could lead to further consolidation in the industry, as well as increased investment in newbuildings and fleet expansion.
Conclusion
DHT Holdings’ strong fourth quarter financial results and dividend increase are positive signs for the company and its investors. The global trend in the crude tanker market, driven by increased demand for crude oil and OPEC+ production cuts, is likely to continue supporting strong financial performance for many tanker companies. As a result, individual investors and the industry as a whole could benefit from this positive trend.
- DHT Holdings reported strong financial results for the fourth quarter of 2024, with net income of $125.2 million and revenues of $242.8 million.
- The company’s fleet utilization remained high at 96.7%, and average daily TCE increased by 19.3% compared to the same period last year.
- DHT announced a quarterly dividend of $0.20 per share, payable on March 15, 2025, representing a 15% increase from the previous quarterly dividend.
- The strong financial performance and dividend increase are positive signs for individual investors and the industry as a whole, reflecting the ongoing trend of increased demand for crude oil and OPEC+ production cuts.
