DHT Holdings owns and operates a fleet of 23 VLCCs — Very Large Crude Carriers, tankers of 270,000–320,000 deadweight tons — that transport crude oil on major international routes, primarily between the Middle East, Atlantic Basin, and Asia. DHT's fleet is entirely VLCC; the company does not operate any other vessel type. DHT manages its vessels through Goodwood Ship Management, a wholly-owned subsidiary that handles crewing, maintenance, and technical operations. DHT sells transportation capacity to oil majors, commodity traders, and large energy companies, either on the spot market (single-voyage contracts at prevailing rates) or on time charters (fixed-rate contracts ranging from one to several years, some with profit-sharing provisions above a base rate). As of early 2026, roughly half the fleet is on time charter and half trades spot, though DHT is actively shifting toward greater spot exposure, targeting roughly three-quarters of fleet capacity on the spot market by Q2 2026. Revenue is measured on a time-charter equivalent (TCE) basis to normalize for voyage costs. DHT is actively renewing its fleet, selling older vessels and contracting four newbuildings at South Korean shipyards for delivery in early 2026, funded without issuing new equity. DHT pays 100% of ordinary net income as a quarterly cash dividend. The company runs a conservatively leveraged balance sheet, targeting low leverage to preserve organic investment capacity.