Record-low fleet growth and winter is coming

Winter is all we need

Record-low fleet growth

Record-low fleet growth and winter is coming. ABGSC '25e EBITDA 22% above cons. TP of NOK 478 (457) – BUY.

Poised for a seasonal upswing

Record-low fleet growth and winter is coming. ABGSC '25e EBITDA of USD 658m (+39% vs. consensus). BUY, TP of USD 17 (16).

20% dividend yield and 26% discount to NAV

Record-low fleet growth and winter is coming. ABGSC 13% above cons. EBITDA for 2025e. TP of NOK 109 (111) – BUY reiterated.

Solid rates ahead

Record-low fleet growth and winter is coming. ABGSC '25e EBITDA of USD 961m (+10% vs. consensus). TP of DKK 286 (297) – BUY.

Now is when the market turns

Short-term estimates down. ABGSC +66% vs. consensus '25e EBITDA. BUY, TP NOK 345 (344).

Q2 as expected, weak guiding for Q3

Q2 EBITDA of USD 340m (-3% vs. ABGSCe, +5% vs. cons). Underlying Q3e guidance below expectations, note recent drop in rates. Share price down 1-3% relative to peers.

Still going strong

Q3e up, long term reiterated. ABGSC 27% above cons. EBITDA for 2025e. TP of NOK 111 (107) – BUY reiterated.

Slight beat on Q2 and solid Q3 guiding

EBITDA USD 317m (2% vs. ABGSC, 4% vs. cons.). 3% upside to cons. Q3'24 EBITDA. Share to trade up 1-3% vs. peers.

DHT Holdings Inc: 1 director

A director at DHT Holdings Inc sold 27,027 shares at 11.360USD and the significance rating of the trade was 71/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearl...

Q3'24e EBITDA 8% higher

Oil in transit on the rise

Seasonal weakness, not structural decline

Lift lower-end of FY guidance, but weaker in Q3e

Adj. EBITDA of USD 241m (-6% vs. ABGSCe, -5% vs cons.). FY'24 guidance narrowed, ~11% downside to cons Q3 EBITDA. Q2 below expectations, slightly better FY'24 guidance, share to down vs. peers.

DHT Holdings Minor model adjustments

We have revised our estimates owing to the Q2 report and our updated fuel spreads. After accounting for the Q3 guidance, we forecast Q3 EBITDA of ~USD63m, ~9% below consensus. Further, consensus’ Q4 figures imply an average TCE of ~USD70k/day, hence reflecting a marked improvement to current levels and possibly downward revisions if markets fail to accommodate expectations. However, we believe supportive fundamentals remain intact as we move towards the seasonally stronger year-end. We do not co...

'26e up on earlier deliveries

More VLCCs trading clean than crude