DHT Holdings has reported a record-breaking six-month profit of $362.9 million, equivalent to $2.25 per share, breaking its 2020 record of $266.3 million.

The Bermudian-domiciled oil tanker operator firm said this marked a new earnings milestone in its history.

The company also revealed a second quarter-profit of $198.3 million, its strongest quarterly result to date.

The positive results were attributed to exceptionally good tanker market conditions and commercial performance.

First-half shipping revenue rose 91 per cent, from $246.1 million to $471.1 million. DHT attributed $229.5 million of the increase to higher revenue per day. In the second quarter alone, its spot-market very large crude carrier rate averaged $162,600 per day, compared with $48,700 a year earlier.

Conflict and security risks in the Middle East forced vessels to take longer routes. This year, many shipowners have avoided high-risk areas, particularly the Persian Gulf, while those entering them demanded substantial risk premiums.

There was also disruption from the “shadow fleet” with sanctioned or noncompliant tankers transporting Iranian and other restricted oil. This reduced the amount of business available to conventional operators such as DHT and complicated the legitimate tanker market.

DHT said a resolution of the US-Iran conflict could return Iranian exports to legitimate shipping companies, but continued conflict could preserve longer routes and security risks, making future demand difficult to predict.

The strong market appears to have continued into the third quarter.

DHT booked 58 per cent of its available Q3 spot days at an average $152,700 per day. Across spot and time-charter business, 79 per cent of available days had been booked at an average $104,400 per day.

Shareholders are receiving almost all ordinary Q2 earnings.

DHT declared a $1.22-a-share quarterly dividend, reflecting its policy of paying out 100 per cent of ordinary net income. It is the company’s 66th consecutive quarterly dividend.

Meanwhile, the firm is renewing and modernising its fleet while strengthening its finances.

Four new VLCCs were delivered during 2026 while two vessels built in 2007 were sold in the first half, generating sales of approximately $95 million in net cash proceeds and a $60 million accounting gain.

The company ordered an additional VLCC in June. The large-capacity, scrubber-fitted vessel will be built by Hanwha Ocean and is scheduled for delivery in August 2028.