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    A Look At DHT Holdings (NYSE:DHT) Valuation After New VLCC Delivery And Fleet Renewal Moves

    Simply Wall St·01/07/2026 14:30:40
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    DHT Holdings (NYSE:DHT) has just received the new Very Large Crude Carrier DHT Antelope from Hanwha Ocean. This is the first of four fully funded VLCC newbuildings scheduled for delivery in the first half of 2026.

    See our latest analysis for DHT Holdings.

    The delivery of DHT Antelope comes after DHT Holdings agreed to sell two older VLCCs for about US$101.6 million. The stock’s 1 day share price return of 3.26% contrasts with a 30 day share price return decline of 5.8%. However, the 1 year total shareholder return of 27.94% and 5 year total shareholder return of 182.66% indicate momentum that has been building over the longer term.

    If this kind of fleet reshaping interests you, it can be worth seeing what else is moving in related areas via aerospace and defense stocks.

    With fully funded new vessels coming in, recent share price softness, long term returns, and a value score of 6, the key question is whether DHT is still trading at a discount or if the market is already pricing in future growth?

    Most Popular Narrative: 21.5% Undervalued

    With DHT Holdings closing at US$12.02 against a narrative fair value of US$15.32, the current pricing sits well below that assessment. That view hinges on how earnings and margins evolve from here.

    Current limited global newbuild VLCC supply, shipyard constraints, and regulatory favor for newer, eco-efficient ships provide a supportive industry backdrop; DHT's modern fleet is described as well-positioned to operate in an environment of tightening supply and potentially rising vessel day rates, which the narrative connects to future profitability.

    Read the complete narrative.

    Want to see what is behind that confidence in future profitability? The narrative leans heavily on margin expansion, cash flow strength and a lower future earnings multiple. Curious which earnings and revenue assumptions line up with that 21.5% gap to fair value? The full breakdown lays out the step by step path that gets to US$15.32.

    Result: Fair Value of $15.32 (UNDERVALUED)

    Have a read of the narrative in full and understand what's behind the forecasts.

    However, that story can change quickly if crude demand trends weaken faster than expected, or if volatile spot tanker rates undercut the earnings and margin assumptions behind the target.

    Find out about the key risks to this DHT Holdings narrative.

    Build Your Own DHT Holdings Narrative

    If you are not fully on board with this view or simply want to test your own assumptions against the data, you can build a custom narrative in just a few minutes, starting with Do it your way.

    A great starting point for your DHT Holdings research is our analysis highlighting 5 key rewards and 1 important warning sign that could impact your investment decision.

    Looking for more investment ideas?

    If you are serious about building a stronger portfolio, you should not stop at a single stock when you can quickly scan focused sets of ideas.

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.