DHT Holdings, Inc. DHT

Competitive advantage analysis · energy

Corporate Default
Overall moat score
66/100
Moderate

Ranked against 67 peers in Oil & Gas Midstream

About DHT Holdings, Inc.

DHT Holdings, Inc., through its subsidiaries, owns and operates crude oil tankers primarily in Monaco, Singapore, Norway, and India. The company also offers technical management services. As of March 15, 2025, it had a fleet of 23 very large crude carriers. The company was incorporated in 2005 and is headquartered in Hamilton, Bermuda. Full DHT analysis →

Key strengths

  • ROIC Sustainably Above Peers ROIC at 91.7th percentile exceeds peers and WACC, demonstrating superior capital allocation.
  • Strong Interest Coverage & Conservative Leverage Debt serviceability is strong (score 0.87), with robust interest coverage.

Key risks

  • Volatile Margins Suggest Cyclicality Margin volatility is high (stability score 0.30), suggesting cyclical exposure or competitive pressure.
  • Inconsistent Cash Generation Cash generation is inconsistent (score 0.48), indicating operational challenges.

The dashed ring is the peer median. Defense scores are percentile ranks against peers, so 50 is roughly the typical company in this group.

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Pricing Power

Moderate
51
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Signals, strengths and risks for Pricing Power

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Signals, strengths and risks for Cost Advantage

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Signals, strengths and risks for Customer Stickiness

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Signals, strengths and risks for Capital Efficiency

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Signals, strengths and risks for Resilience

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Signals, strengths and risks for Scale & Market Position

Where DHT ranks in Oil & Gas Midstream

DHT Holdings, Inc. ranks #10 of 56 scored companies in Oil & Gas Midstream by moat score — the top 18%. The widest moat in the group is Hess Midstream LP (HESM) at 84/100.

# Company Moat score Rating
6 Dynagas LNG Partners LP DLNG 72/100 Moderate
7 Permian Basin Royalty Trust PBT 71/100 Moderate
8 Western Midstream Partners, LP WES 69/100 Moderate
9 3273 MARPS 67/100 Moderate
10 DHT Holdings, Inc. DHT 66/100 Moderate
11 FLEX LNG Ltd. FLNG 62/100 Moderate
12 Cheniere Energy, Inc. LNG 62/100 Moderate
13 Williams Companies, Inc. (The) WMB 61/100 Moderate
14 Cheniere Energy Partners, LP CQP 61/100 Moderate

See every Commodities & Mining company ranked by moat score →

How DHT scores on the Corporate Default defenses

Pricing Power

Score 51 · 20% of the moat score

Pricing power is the ability to raise prices without losing volume.

Cost Advantage

Score 68 · 15% of the moat score

A cost advantage means delivering the same product for structurally less — better purchasing, denser distribution, a more automated process.

Customer Stickiness

Score 53 · 15% of the moat score

Stickiness is what makes revenue repeat without being re-won every year.

Capital Efficiency

Score 78 · 18% of the moat score

Capital efficiency asks what the company earns on the money tied up in the business.

Resilience

Score 77 · 17% of the moat score

Resilience is the capacity to get through a bad year on its own terms — enough liquidity, enough interest cover, and enough cash generation to avoid a rescue financing or a forced sale.

Scale & Market Position

Score 71 · 15% of the moat score

Scale matters only when it converts into economics.

How each Corporate Default defense is measured, in full →

Understanding DHT's moat

What is DHT Holdings, Inc.'s moat score?

DHT Holdings, Inc. (DHT) scores 66 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as moderate. It ranks #10 of 56 scored companies in Oil & Gas Midstream, the top 18%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 67 companies in Oil & Gas Midstream. Its strongest defense is Capital Efficiency (78/100) and its weakest is Pricing Power (51/100).

How does DHT Holdings, Inc. compare with other Oil & Gas Midstream companies?

DHT Holdings, Inc. ranks #10 of 56 scored companies in Oil & Gas Midstream by moat score. The widest moat in Oil & Gas Midstream is Hess Midstream LP (HESM) at 84/100. The companies ranked closest are 3273 (MARPS) at 67 just above it and FLEX LNG Ltd. (FLNG) at 62 just below it.

How is the moat score calculated?

Each company is scored with an industry-specific template — Corporate Default in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 67 companies in Oil & Gas Midstream. The defenses are then weighted to produce the overall score out of 100.

Why is DHT Holdings, Inc. scored with the Corporate Default template?

Most public companies sell a product or a service at a margin, so the moat question is whether that margin survives contact with competitors. The Corporate template scores the six defenses that show up in a general operating company's financial signature: whether it can hold price, produce more cheaply than rivals, keep its customers, earn a return above its cost of capital, withstand a downturn, and turn size into economics.

Which competitive defenses are measured for DHT Holdings, Inc.?

The Corporate Default template measures 6 defenses, and DHT scores: Pricing Power (51), Cost Advantage (68), Customer Stickiness (53), Capital Efficiency (78), Resilience (77), Scale & Market Position (71). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.

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