DHT Holdings Raises Quarterly Dividend 56.1% to $0.64
DHT’s quarterly payout rose to $0.64 as stronger tanker earnings lifted ordinary net income, but its variable policy and D safety grade signal volatility.
DHT — DHT Holdings, Inc.
Key takeaways
- DHT raised its quarterly dividend 56.1% to $0.64 from $0.41.
- The $0.64 payment traded ex-dividend on May 21, 2026, followed by a $1.22 payment with an August 17, 2026 ex-dividend date.
- The earnings payout ratio is 50%, while the dividend has a safety score of 43 and a D grade.
- DHT’s forward yield is 22.93%, compared with the Energy sector median of 4.23%.
DHT Holdings raised its quarterly dividend for the first quarter of 2026 to $0.64 a share from $0.41, an increase of 56.1%. The shares traded ex-dividend on May 21, 2026. The increase lifted the payment, but it did not establish a fixed quarterly rate.
Why the dividend changed
DHT links its quarterly distribution to ordinary net income, so the May increase followed the earnings generated by its fleet rather than a conventional commitment to a steadily rising dividend. In the first quarter, average combined time-charter-equivalent earnings reached $78,800 a day, including $91,700 a day from spot-market VLCCs. Adjusted EBITDA was $133.3 million, while ordinary net income was $103.4 million, or $0.64 a share, after excluding vessel-sale and derivative gains. DHT’s first-quarter filing ties the declared payment to that adjusted result.
Fleet renewal and asset sales also shaped the quarter’s cash position. DHT took delivery of three newbuildings and paid $158.3 million of related installments, while the sales of DHT Europe and DHT China produced about $95.0 million of net cash proceeds after associated debt repayment. The company’s earnings presentation said term-charter earnings were expected to exceed forecast costs for the balance of 2026 and described a strategy of balancing spot exposure with selective term employment.
The cycle strengthened further after the May declaration. DHT called the second quarter its strongest quarter on record, with average combined time-charter-equivalent earnings of $126,700 a day and ordinary net income of $197.0 million. The subsequent payment was $1.22, with an August 17, 2026 ex-dividend date. Those second-quarter results reinforce that the May increase was one step in a variable payout tied closely to tanker earnings.
Dividend track record
The recent payment sequence shows rapid changes. DHT paid $0.41 with a February 19, 2026 ex-dividend date, then $0.64 on May 21, 2026 and $1.22 on August 17, 2026. The progression reflects stronger earnings, but it also shows why one quarter’s distribution is not a dependable base rate.
Annual totals have moved sharply in both directions. Payments totaled $1.35 a share in 2020, then fell 90.4% to $0.13 in 2021 and another 7.7% to $0.12 in 2022. The total rebounded 858.3% to $1.15 in 2023 before falling 13.0% to $1.00 in 2024. The 2025 record contains two payments totaling $0.32, down 68.0% from the prior-year total.
DHT has 0 consecutive years of dividend growth, and its last annual cut was in 2024. The pattern is consistent with a cyclical tanker company distributing variable profits, not a company smoothing its dividend through freight-rate downturns.
Is the dividend covered?
The dividend equals 50% of earnings under the payout-ratio measure. That indicates reported earnings cover the distribution on this measure, with earnings above the amount attributed to dividends.
SmarterDividends gives the dividend a safety score of 43 and a grade of D, meaning unsafe (36-49). The grade reflects elevated cut risk despite current earnings coverage because the payment has varied with shipping income and the record includes substantial annual reductions. Coverage in a strong tanker quarter does not remove exposure to a weaker rate environment.
Yield and valuation
At a share price of $21.64, DHT’s annual dividend per share is $4.88 and its forward yield is 22.93%. That compares with a 4.23% median forward yield for the Energy sector. The unusually high yield is consistent with annualizing a variable recent distribution and should not be read as a fixed commitment.
SmarterDividends estimates fair value at $27.53 and classifies the shares as undervalued, with 18% upside to that estimate. The stock has recorded a 75.2% gain over one year. The valuation assessment and the yield measure address different issues: one compares price with estimated value, while the other reflects the current annual dividend figure.
What to watch
Freight rates and the mix of spot and time-charter employment remain the immediate dividend drivers. DHT reported that the second quarter’s spot fleet earned $162,600 a day and that two vessels entered one-year charters at an average $109,000 a day. Future quarterly ordinary net income will show how those rates flow through the company’s variable distribution policy. The second-quarter filing provides the latest operating baseline.
Capital demands also matter. DHT agreed in June to order another VLCC for delivery in August 2028 and arranged a new $250 million revolving credit facility. The company said the vessel would be financed with operating cash flow, available liquidity and projected mortgage debt, while the facility extended its maturity profile. DHT’s June filing details both transactions.
The next quarterly report will be the key scheduled update for ordinary net income, charter coverage, fleet spending and the following dividend decision. No later ex-dividend date is included in the current payment record after August 17, 2026.
DHT dividend data
From the SmarterDividends dataset, updated daily
- Forward yield
- 19.84%
- Payout ratio
- 50%
- Growth streak
- 0 yrs
- Safety grade
- D · 46/100
| Ex-dividend date | Amount | Change |
|---|---|---|
| Aug 17, 2026 | $1.2200 | special |
| May 21, 2026 | $0.6400 | +56.1% |
| Feb 19, 2026 | $0.4100 | +173.3% |
| May 21, 2025 | $0.1500 | -11.8% |
| Feb 18, 2025 | $0.1700 | -22.7% |
| Nov 22, 2024 | $0.2200 | special |
| Aug 23, 2024 | $0.2700 | special |
| May 23, 2024 | $0.2900 | special |
Frequently asked questions
When did DHT trade ex-dividend for the $0.64 payment?
DHT traded ex-dividend on May 21, 2026, for the $0.64 quarterly payment.
Is DHT’s dividend safe?
SmarterDividends gives DHT a safety score of 43 and a grade of D, meaning unsafe (36-49). Its earnings payout ratio is 50%.
How much is DHT’s annual dividend?
DHT’s annual dividend per share is $4.88. That represents annual income of $488.00 for 100 shares.
What is DHT’s dividend yield?
DHT’s forward yield is 22.93%, compared with a 4.23% median forward yield for the Energy sector.
Has DHT cut its dividend before?
DHT’s last annual cut was in 2024, and it has 0 consecutive years of dividend growth. The 2024 annual total was $1.00, down 13.0%.
Sources
See DHT's full dividend profile
Yield, payout, safety score, history and the next ex-dividend date.
View DHTEvery dividend increases this month, with the data behind it: Dividend Increases, June 2026.
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