Slides
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October 30, 2025
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DISCLAIMER 2 This presentation contains certain forward-looking statements and information relating to the Company that are based on beliefs of the Company's management as well as assumptions, expectations, projections, intentions and beliefs about future events, in particular regarding dividends (including our dividend plans, timing and the amount and growth of any dividends), daily charter rates, vessel utilization, the future number of newbuilding deliveries, oil prices and seasonal fluctuations in vessel supply and demand. When used in this document, words such as "believe," "intend," "anticipate," "estimate," "project," "forecast," "plan," "potential," "will," "may," "should" and "expect" and similar expressions are intended to identify forward- looking statements but are not the exclusive means of identifying such statements. These statements reflect the Company's current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. These forward-looking statements represent the Company's estimates and assumptions only as of the date of this presentation and are not intended to give any assurance as to future results. For a detailed discussion of the risk factors that might cause future results to differ, please refer to the Company's Annual Report on Form 20-F, filed with the Securities and Exchange Commission on March 20, 2025. The Company undertakes no obligation to publicly update or revise any forward-looking statements contained in this presentation, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this presentation might not occur, and the Company's actual results could differ materially from those anticipated in these forward-looking statements. Forward Looking Statements October 30, 2025
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P&L HIGHLIGHTS Average TCE Q3 2025 $40,500/d Fleet average $38,700/d Spot $42,800/d Time-charter 3October 30, 2025 Q3’25 Financials $ Thousands, except per share Q3 2025 Revenues on TCE basis $ 79,104 Vessel operating expenses $ (18,436) G&A $ (4,132) Adj. EBITDA $ 57,703 Interest expenses $ (2,586) Gain/(loss) sale of vessel $ 15,688 Net Income / (loss) after tax $ 44,805 EPS $ 0.28 Adj. EPS $ 0.18
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BALANCE SHEET HIGHLIGHTS Total liquidity of $298 million Cash $ 81.2 million RCF availability $ 216.5 million Interest bearing debt to total assets Marked to market: 12.4% Net debt per vessel as of 30.09.2025 $8.9 million 4October 30, 2025 Q3’25 Financials $ Thousands As per 30.09.2025 Cash $ 81,250 Other current assets $ 65,340 Vessels* $ 1,053,959 Advances for vessels under construction $ 190,884 Other assets $ 6,612 Total assets $ 1,398,045 Current portion of long-term debt $ 31,551 Other liabilities $ 33,850 Long-term debt $ 236,976 Equity $ 1,095,669 Total equity and liabilities $ 1,398,045 *Includes advances for vessel
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Q3 2025 CASH FLOW HIGHLIGHTS 5 Cash Bridge Q3 2025 Q3’25 Financials October 30, 2025 82.7 82.7 127.6 123.5 84.9 83.2 57.1 46.4 46.4 74.4 74.4 78.7 81.2 57.7 -12.7 -4.2 -38.6 -1.6 -26.2 -10.7 50.1 -22.1 4.3 2.5 0 25 50 75 100 125 150 175 200 30/06/25 Cash Balance EBITDA Debt repayment Cash interest Dividend Maintenance CapEx Investment in vessels under construction Deposit vessel acquisition Proceeds from sale of vessel Prepayment long-term debt Change in working capital Net Other 30/09/25 Cash Balance $m
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QUARTERLY HIGHLIGHTS Newbuilding financing of $308.4 million • SOFR + weighted average margin of 132 bps • 12-year tenor, no break-up clause, 20-year repayment profile Credit facility to finance DHT Nokota, built 2018 • $64 million reducing revolving credit facility • 7-year tenor and 20-year repayment profile • SOFR + 1. 50% • Otherwise in the line with “DHT-style financing” Debt prepayment of $22.1 million under the Nordea Facility • Covering installments for Q4 2025 and all of 2026 • Facility matures in Q1 2027, remaining $3.7 million • 8 VLCCs as collateral with current market value of about $650 million Entered into 3-year amortizing interest rate swap agreements totaling $200.6 million • Average fixed rate at 3.32% compared to current 3m term SOFR 3.84% Subsequent events: Svein Moxnes Harfjeld, President and CEO, appointed to the Board of Directors October 30, 2025 6 Business Update
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CAPITAL ALLOCATION Cash dividend of $0.18 per share Equals capital allocation policy: 100% of ordinary net income The 63rd consecutive quarterly cash dividend The shares will trade ex-dividend November 12, 2025 Cash dividend since dividend policy update from Q3 2022: $2.93 per share 7 Q3’25 Financials Cash dividend per share since updated dividend policy P&L and cash breakeven 2026, estimated discretionary cash flow October 30, 2025 $0.04 $0.38 $0.23 $0.35 $0.19 $0.22 $0.29 $0.27 $0.22 $0.17 $0.15 $0.24 $0.18 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $28,800 $27,300 $21,300 $18,500 $- $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 P&L BE P&L BE Spot Cash BE Cash BE Spot $/d $7,500
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Q4 OUTLOOK 8 Business Update Estimated Q4 2025 Total term time-charter days 901 Average term time-charter rate ($/day)* $42,200 Total spot days for the quarter 1,070 Spot days booked to date / % of total spot days 730 / 68% Average spot rate booked to date ($/d) $64,900 Spot P&L break-even for the quarter ($/day) $15,200 *The month of October includes profit-sharing. The months of November and December assume only the base rate October 30, 2025
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MARKET COMMENTARY October 30, 2025 9
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Q&A October 30, 2025 10