Slide 1: Second Quarter 2025 Results
SECOND QUARTER 2025 RESULTS August 7, 2025
Slide 2: Disclaimer
DISCLAIMER Forward Looking Statements This presentation contains certain forward-looking statements and information relating to the Company that are based on beliefs of the Company's management as well as assumptions, expectations, projections, intentions and beliefs about future events, in particul
Slide 3: P&L Highlights
Q2’25 Financials P&L HIGHLIGHTS Q2 2025 $ Thousands, except per share Revenues on TCE basis $ 92,819 Average TCE Q2 2025 Vessel operating expenses $ (19,605) ▪ $48,700/d Spot ▪ $42,800/d Time-charter G&A $ (4,587) ▪ $46,300/d Fleet average Adj. EBITDA $ 68,992 Interest expenses $ (4,186) Gain/(loss)
Slide 4: Balance Sheet Highlights
Q2’25 Financials BALANCE SHEET HIGHLIGHTS $ Thousands As per 30.06.2025 Cash $ 82,660 Total liquidity of $299 million Other current assets $ 76,619 ▪ Cash $ 82.7 million Vessels* $ 1,101,896 ▪ RCF availability $ 216.5 million Advances for vessels under construction $ 161,326 Other assets $ 7,904 Tot
Slide 5: Q2 2025 Cash Flow Highlights
Q2’25 Financials Q2 2025 CASH FLOW HIGHLIGHTS Cash Bridge Q2 2025 $m 200 175 69.0 -14.0 150 -4.8 -24.1 125 50.9 -52.6 -6.1 -1.1 -38.7 100 16.5 2.7 75 135.5 4.5 130.7 50 106.6 100.4 99.3 80.5 80.5 80.0 82.7 60.6 60.6 58.9 58.9 63.5 25 0 31/03/25 EBITDA Debt Cash interest Dividend Acquisition Maintena
Slide 6: Quarterly Highlights
Business Update QUARTERLY HIGHLIGHTS ▪ DHT Appaloosa, built 2018, fixed on long-term timecharter • 7- to 9-year timecharter with global energy major • Fixed base rate at $41,000 p/d + 50/50 index-based profit sharing • Delivered in May ▪ Entered into agreement to acquire modern VLCC • Built at Hyund
Slide 7: Quarterly Highlights cont.
Business Update QUARTERLY HIGHLIGHTS cont. ▪ DHT Bauhinia, built 2007, fixed on timecharter • 1-year timecharter with global energy major • $41,500 p/d • Delivered end of May 2025 ▪ Acquired legacy minority shareholder positions in Goodwood Ship Management • $6.1 million • Company is now 100% owned
Slide 8: Newbuilding Financing Update
Business Update NEWBUILDING FINANCING UPDATE ▪ Entered into $308.4 million secured credit facility • Co-arranged by ING and Nordea with backing from K-Sure • SOFR + weighted average margin of 132 bps • 12-year tenor, no break-up clause • 20-year repayment profile ✓ Underscores lender confidence in D
Slide 9: Capital Allocation
Q2’25 Financials CAPITAL ALLOCATION Cash dividend of $0.24 per share ▪ Equals capital allocation policy: 100% of ordinary net income ▪ The 62nd consecutive quarterly cash dividend ▪ The shares will trade ex-dividend August 18, 2025 ▪ Cash dividend since dividend policy update from Q3 2022: $2.75 per
Slide 10: Q3 Outlook
Business Update Q3 OUTLOOK Estimated Q3 2025 Total term time-charter days 805 Average term time-charter rate ($/day)* $40,500 Total spot days for the quarter 1,150 Spot days booked to date / % of total spot days 845 / 73% Average spot rate booked to date ($/d) $38,500 Spot P&L break-even for the qua
Slide 11: Market Commentary
MARKET COMMENTARY ▪ US imposing tariffs on Indian imports of Russian crude oil ▪ Expected rise in OPEC exports from late Q3 ▪ Supportive refining margins ▪ Brazil’s increased crude exports to China to support VLCC demand ▪ Lowered Russian oil price cap and stricter enforcement on sanctioned oil flow
Slide 12: Q&A
Q&A August 7, 2025 12