This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
DHT Holdings: crude oil tanker company transporting crude from production regions to refineries globally. Core fossil fuel transport function.
DHT Holdings Inc operates a fleet of crude oil tankers that transport unrefined petroleum across international waters. The company's entire business model is built around the seaborne crude oil trade, providing the maritime transportation infrastructure necessary to move fossil fuels from extraction points to refineries and markets. According to its own sustainability reporting, the company engaged energy research firms in 2023 specifically to analyze long-term demand for seaborne crude oil, indicating a strategic commitment to this fossil fuel ancillary service.
The company's vessels carry inherent environmental risks, as noted in its investor materials, with each vessel exposed to potential liability for fuel pollution damage. While the provided evidence includes a 2016 consent decree involving fuel oil violations at a refinery, this document does not appear to directly involve DHT Holdings. The available evidence confirms DHT's role in the fossil fuel value chain but lacks specific, material incidents of regulatory misconduct or pollution events directly attributable to the company's operations. This record relies on the company's core business activity as a crude oil shipping service provider.
Research Sources
6 organizations
Related Exclusions
Wondering what we do invest in?
The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.