SCHEDULE: Scorpio Tankers Exits DHT Holdings Stake

Scorpio Tankers and its affiliates have reduced their stake in DHT Holdings to below 5%, marking their exit as a significant beneficial owner.

Summary

• Scorpio Tankers Inc. and its affiliated reporting persons (Scorpio Holdings Limited, Annalisa Lolli-Ghetti, and Scorpio Services Holding Limited) filed an Amendment No. 2 to their Schedule 13D.
• Between June 23, 2025, and September 10, 2025, Scorpio sold an aggregate of 2,725,000 shares of DHT Holdings, Inc. common stock in open market transactions.
• As of the filing date, the reporting persons beneficially own 6,157,480 shares, representing approximately 3.83% of DHT Holdings' outstanding shares.
• The reporting persons ceased to be beneficial owners of more than five percent of the issued and outstanding shares as of September 8, 2025.
• This Amendment No. 2 is the final amendment to the Schedule 13D and constitutes an exit filing for the reporting persons.

Sentiment

Score: 4

Explanation: The sentiment is slightly negative for DHT Holdings due to a significant institutional investor reducing its stake and exiting as a major shareholder. While it's a transaction for the selling party, it can be perceived as a negative signal for the issuer.

Positives

• The reporting persons successfully divested a significant portion of their stake in DHT Holdings through open market transactions.
• The sales occurred at average prices ranging from $12.06 to $12.64 per share, indicating liquidity for their position.

Negatives

• A significant institutional investor group has reduced its stake in DHT Holdings to below the 5% threshold, potentially signaling a lack of conviction or a strategic shift away from the company.
• The sale of a large block of shares (2,725,000 shares) could exert downward pressure on DHT Holdings' stock price, especially if the market perceives it as a negative signal.

Risks

• Investor Confidence: The exit of a significant shareholder like Scorpio Tankers could be interpreted by the market as a negative signal, potentially impacting investor confidence in DHT Holdings.
• Share Price Volatility: The sale of a large block of shares could contribute to increased volatility or downward pressure on DHT Holdings' stock price in the short term.

Future Outlook

The filing does not contain specific forward-looking statements or guidance from DHT Holdings, Inc. It primarily details the past transactions and current ownership status of the reporting persons.

Management Comments

• The Reporting Persons specifically disclaim beneficial ownership of the securities reported herein except to the extent of their pecuniary interest therein.

Industry Context

This filing reflects a significant ownership change within the tanker shipping sector, as a prominent player, Scorpio Tankers, reduces its stake in a peer, DHT Holdings. Such divestments can occur due to strategic portfolio rebalancing, capital allocation decisions, or a shift in market outlook by the selling entity. While specific reasons are not disclosed, it suggests Scorpio Tankers is re-evaluating its investment in DHT Holdings, which could be a company-specific decision or part of a broader industry trend of consolidation or repositioning.

Related Party Transactions

• Scorpio Tankers Inc., a reporting person, sold 2,725,000 shares of DHT Holdings, Inc. in open market transactions between June 23, 2025, and September 10, 2025. While these are open market transactions, the reporting persons are considered 'related' in the context of beneficial ownership reporting.

Stakeholder Impact

• Shareholders: Existing shareholders of DHT Holdings may experience increased share price volatility or downward pressure due to the sale of a large block of shares and the perceived negative signal of a major investor's exit.
• Reporting Persons (Scorpio Tankers et al.): Successfully divested a significant portion of their investment, realizing proceeds from the sales.

Next Steps

• This Amendment No. 2 is the final amendment to the Schedule 13D and constitutes an exit filing for the Reporting Persons, indicating no further reporting obligations under this specific Schedule 13D for these parties.

Key Dates

Recommendation

While the exit of a significant shareholder like Scorpio Tankers could be seen as a negative signal, the filing itself only details a past transaction and a change in beneficial ownership. It does not provide new fundamental information about DHT Holdings' operations or future prospects. Investors should 'hold' and monitor DHT Holdings' upcoming financial reports and market developments to assess the long-term implications of this divestment rather than making an immediate 'sell' decision based solely on this ownership change. The average sale prices were in the $12.06-$12.64 range, which provides a recent market valuation reference for the shares.

Keywords

DHT Holdings, Scorpio Tankers, Schedule 13D/A, Share Sale, Institutional Investor, Tanker Shipping, Equity Stake, Divestment, Beneficial Ownership