Tanker Co. Secures Major US$250M Credit Facility for Global Fleet

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Independent crude oil tanker company DHT Holdings Inc. (DHT:NYSE) announced the establishment of a new US$250 million reducing revolving credit facility managed by Nordea Bank Abp, which will also serve as the agent and security agent, according to a June 4 release.

The facility will mature in June 2033, has a seven-year tenor, and is structured with a 20-year repayment profile. It carries an interest rate of SOFR plus a margin of 135 basis points and includes a US$250 million uncommitted accordion feature, enhancing the financial adaptability of the company.

The syndicate of lenders involved includes prominent financial institutions such as ING Bank N.V., DNB Bank ASA, ABN AMRO Bank N.V., Crédit Agricole Corporate and Investment Bank, Danish Ship Finance A/S, and Skandinaviska Enskilda Banken AB, the release said.

“We are pleased to complete this refinancing together with our strong and supportive group of leading shipping banks," DHT President and Chief Executive Officer Svein Moxnes Harfjeld said. "The facility strengthens our liquidity profile and extends maturities at attractive terms.”

The facility is designated for general corporate purposes, which include the refinancing of existing debts, thereby further optimizing DHT's capital structure.

Shareholders Elect Director, Appoint Accounting Firm

In a June 22 release, the company announced the results of its 2026 Annual Meeting of Shareholders on June 18 to vote on the election of a director and the appointment of an accounting firm.

While oil prices have seen volatility since the start of the conflict in the Middle East, DHT has seen some success recently, with shares going up about 20% this month.

At the meeting, shareholders representing approximately 63.03% of DHT's issued and outstanding common shares as of April 23, the record date, were present or represented by proxy, totaling 101,497,532 common shares.

Firstly, Jeremy Kramer was elected to DHT's Board of Directors as a Class I director for a three-year term. The election saw 70,975,622 votes in favor, which represented 69.93% of the total votes cast, with 26,847,647 votes withheld and 3,674,263 broker non-votes.

Secondly, the shareholders ratified the appointment of Ernst & Young AS as DHT's independent registered public accounting firm for the fiscal year ending December 31. This decision received overwhelming support with 101,354,521 votes in favor, representing 99.86% of the votes cast, alongside 80,357 votes against and 62,654 abstentions.

DHT is known for its international operations primarily within the VLCC (Very Large Crude Carrier) segment and is managed through integrated offices located in Monaco, Norway, Singapore, and India. DHT is recognized for its seasoned approach to business, focusing on operations and customer service, quality vessels, and a prudent capital structure that navigates through business cycles effectively, the release noted.

The company's strategic fleet employment includes a mix of market exposure and fixed income contracts.

'Our Tanker Stock Is Breaking Out'

Ron Struthers noted in the June 24 edition of his Struthers Report that when the energy sector surged during the Ukraine war, it retained much of its gains even as oil prices dropped from US$115 to US$70 in 2022. Throughout 2023 to 2025, energy stocks remained elevated but exhibited little movement, essentially trading sideways.

Currently, the next phase of the energy bull market appears to be underway, though many view it as a temporary spike and anticipate a subsequent decline.

"AI and data center demand is going to be bullish for energy in the years to come," wrote Struthers. "However, when the AI bubble pops, energy will still be trying to catch up and should remain bullish."

DHT is a case in point, he said. "Despite oil prices coming down, our tanker stock is breaking out to new highs."

Struthers said he entered at US$17.48 per share before it made a run to US$19.96 on June 23. The stock was at US$18.17 at the time of writing. He recommended buying the stock only "on weakness."

The tanker market has been tight due to years of underinvestment and industry consolidation. Although the order book for new builds is at record levels, it will take years for these new tankers to enter the market. DHT Holdings has capitalized on this situation with excellent timing, taking delivery of four new builds in 2026, three of which are already operational and benefiting from the current high tanker rates, Struthers said. DHT maintains close relationships with several major oil companies and is considered a preferred tanker service provider.

"We are not out of the woods yet with the Iran war. Anything can still happen, and regardless, strategic inventories will have to be rebuilt and no doubt expanded," Struthers wrote. "Tight markets for VLCC bunker fuels and high fuel costs are a big obstacle for new players to start up and enter the market. I expect high tanker rates for at least two or three years with inventory rebuilding and before the large order book of new builds starts to come on the market."

Website: Is DHT Holdings Undervalued?

According to a general report on the company by Simply Wall St. that was published by Sahm Capital on June 18, the new US$250 million credit facility is designed to reshape the company's debt maturity profile and enhance liquidity for general corporate purposes, including refinancing.

The company's share price has shown strong performance over broad timeframes, with a seven-day return of 9.1%, a year-to-date return of 54.26%, and a one-year total shareholder return of 66.35%, the piece noted.

The recent financial restructuring raises a critical question for investors and market watchers: Is DHT Holdings currently undervalued, or does the current price already reflect anticipated future growth? The most popular narrative among analysts suggests that DHT Holdings is significantly undervalued, with a fair value estimation of US$36, based on tanker rate strength and earnings power, Simply Wall St. said. This valuation represents a potential 95% gain from its price at the time the story was written and was calculated using a conservative 10x multiple (trough-cycle trading) on annualized earnings per share, adjusted by average industry multiples.

"However, investors still need to weigh risks, including a sharp pullback in tanker day rates or quicker than expected normalization of shipping routes that reduces earnings power," the story said.

The Catalyst: Oil Prices Returning to Earth?

Oil prices have returned to levels seen before the onset of the Iran war, driven by an increase in oil tanker activity through the Strait of Hormuz, Julia Kollewe and Graeme Wearden wrote for The Guardian on June 25.

Brent crude, the international benchmark, dipped to US$72.24 a barrel on Thursday, marking a slight decrease from the day before the U.S. and Israel initiated missile strikes on Tehran on February 28. This month alone, prices have plummeted by more than 20%. The price for Brent crude for August delivery was trading lower than that for September, which was priced at US$73.59, suggesting an ample short-term supply.

The volume of vessel traffic in the Strait of Hormuz, a crucial maritime route, has doubled in the past 24 hours, reaching its highest level since late February, as reported by CNN and MarineTraffic, The Guardian said.

Ipek Ozkardeskaya, a senior analyst at Swissquote, noted that the visible transit of vessels with their satellite signals turned on has contributed to the downward pressure on oil prices. She explained that a mix of strategic inventory releases, reduced demand from China, and a significant number of tankers leaving the Persian Gulf undetected had led to a slight oversupply in key markets.

Susannah Streeter, chief investment strategist at Wealth Club, commented on the broader implications of the easing tensions, stating, "Fears of a long-lasting global energy crunch induced by the Iran conflict are slinking away, with oil prices sinking back towards pre-crisis levels."

She said this decline in oil prices has alleviated concerns about another inflationary shock, positively impacting stock markets in Europe and the United States, the article said. The pan-European Stoxx 600 and the Dow Jones both reached record highs on Thursday.

This year's oil shock is the worst since the Arab oil embargo against the U.S. and other Western nations over their support for Israel in the 1973 Mideast war, said Paul Sankey, an independent analyst at Sankey Research, according to a report by Spencer Kimball for CNBC on March 28.

"This is the worst I've seen," said Sankey, who started his career at the International Energy Agency in 1990. "We've seen nothing like this, possibly since 1973. We've never seen the Straits of Hormuz shut."

As the US-Israel war in Iran unfolds, its repercussions are being felt globally, impacting the financial stability of firms, families, and governments due to the rising cost of living, as reported by Archie Mitchell for the BBC on May 8.

The oil and gas sector has experienced the most pronounced economic impact from the war, witnessing a sharp increase in energy prices. This surge has notably benefited some of the world's largest oil and gas companies, particularly European giants with trading divisions capable of capitalizing on the rapid price fluctuations to boost their earnings significantly. For instance, BP reported a more than doubling of its profits to US$3.2 billion for the first quarter of the year, attributing it to an "exceptional" performance by its trading division.

Ownership and Share Structure¹

About 1.5% of the company is owned by management insiders, about 81% by institutions, and about 4% by holding companies. The rest is retail.

Its market cap is US$3.12 billion with 161.04 million shares outstanding. It trades in a 52-week range of US$10.61 and US$20.55.