DHT Holdings Minor model adjustments
We have updated our estimates following DHT’s Q4 report. We still view the VLCC segment as attractive given strong fundamentals, with ~4% deliveries in 2025–2026e compared with ~23% of the fleet set to be 21+ years (average scrapping age since 2015) at end-2026. This, combined with potential catalysts such as sanctions and the Trump administration’s ‘maximum pressure’ policy on Iran could disrupt oil flows in favour of compliant shipowners, and further limit older vessels’ ability to extend their operating life via the shadow fleet. We do not consider these changes to be material, and we have not changed our BUY recommendation. We have edged up our target price to USD14.1 (14.0).
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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