Hosking Partners LLP on DHT Holdings, Inc.
Thesis
Hosking owns DHT through a basket of oil tanker operators favored for their capital-cycle dynamics. Extended underinvestment has constrained available vessel supply, while disruptions in global energy shipping increased utilization and day rates. The investment thesis has played out over several years as tanker companies became more strategically important. Hosking is trimming gradually because the sector's strong returns are beginning to attract new capital and orders.
“strong performance from Hafnia, DHT and International Seaways”
Key risks
- New shipbuilding orders are beginning to increase supply over time.
- Energy-flow disruptions could reverse, reducing demand for ton-mile shipping.
- Freight rates are cyclical and may decline as additional tankers enter service.