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 is a pure-play crude oil tanker company operating exclusively in the Very Large Crude Carrier (VLCC) segment. The company owns and operates a fleet of over 20 VLCCs, each with carrying capacity of approximately 319,000 to 320,000 deadweight tonnes, transporting crude oil from production regions in the Middle East, West Africa, and the North Sea to refineries worldwide. In February 2024, DHT ordered four new Super Eco-design VLCCs from Hyundai Samho and Hanwha Ocean in South Korea for delivery in the first half of 2026, expanding its fleet capacity. Three of four newbuildings had been delivered by early 2026. DHT's entire business model is fossil fuel transport — it has no diversified revenue streams and exists solely to move crude oil across oceans.
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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.
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