DHT vs INSW: Which Is the Better Buy in 2026?
Last updated August 2026
Short answer
DHT and INSW are similarly sized, but DHT trades noticeably cheaper on forward earnings (10.28x vs 15.45x): the market is paying up for INSW's profile and pricing DHT more conservatively, or for faster growth. Which you prefer comes down to the drivers you believe, and whether adding either over-concentrates what you already own.
DHT vs INSW: the tie-breaker metrics
Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.
| Metric | DHT | INSW | What it tells you |
|---|---|---|---|
| Forward P/E | 10.28 | 15.45 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Trailing P/E | 9.01 | 8.76 | Valuation on the last 12 months. A big drop from trailing to forward means the market expects earnings to jump, so more growth is already in the price. |
| Beta | -0.13 | -0.09 | Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through. |
| Price vs 52-week range | 80% of range | 98% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
| Price / book | 2.43 | 2.17 | How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price. |
Reading it: DHT is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.
Before you buy: how DHT and INSW affect your concentration
The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. DHT and INSW share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.
This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined DHT and INSW exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.
What does DHT Holdings (DHT) do?
DHT Holdings owns and operates a fleet of very large crude carriers (VLCCs), the largest class of oil tankers, moving crude oil on long-haul routes for oil majors, national oil companies, and traders. As of late 2025 the fleet numbered roughly 22 VLCCs, run from offices in Monaco, Singapore, Norway, and India. DHT earns money two ways: employing ships in the volatile spot market and locking in steadier cash flow through multi-year time charters, and it has been renewing its fleet by taking delivery of newbuild VLCCs (including the DHT Gazelle and DHT Addax) while selling older vessels.
What does International Seaways (INSW) do?
International Seaways owns and operates a fleet of roughly 70 oceangoing vessels that transport crude oil and refined petroleum products in international trade. The business runs across two segments, Crude Tankers (VLCCs, Suezmaxes, and Aframaxes) and Product Carriers (MRs, LR1s, and LR2s), and also provides ship-to-ship lightering support services. Revenue is driven almost entirely by daily spot charter rates, which swing sharply with global oil demand, ton-mile trade patterns, and geopolitical disruption.
DHT vs INSW: how do they differ?
Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.
- DHT drivers: VLCC spot rates and tanker cycle; Fleet renewal and chartering strategy.
- INSW drivers: Strong tanker spot rates; Diversified fleet mix.
Which fits which kind of investor
A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The central risk is the tanker rate cycle: VLCC spot rates are highly volatile and can collapse on weaker oil demand, OPEC supply cuts, shorter voyage distances, or a wave of newbuild deliveries, taking earnings and the variable dividend down with them. For INSW, iNSW's earnings are highly cyclical and depend on spot charter rates that can fall sharply and unpredictably.
DHT or INSW: which should you pick?
DHT vs INSW: the full fundamentals
DHT. DHT's Q1 2026 shipping revenue jumped to about $186 million with net income near $165 million as VLCC spot rates averaged roughly $91,700 per day. Full-year 2025 revenue on a TCE basis was about $369 million with net income near $211 million. Because DHT pays out 100 percent of ordinary earnings, the headline yield is high in strong quarters but the dividend scales down when rates weaken.
INSW. INSW posted record Q1 2026 results, with revenue up roughly 78% year over year and adjusted EPS of about $3.90 beating consensus. Tanker operators typically trade at low single-digit to high single-digit forward earnings multiples to reflect the cyclicality of spot rates. Reported earnings can swing widely quarter to quarter with the rate environment.
Headline figures (approximate, Q1 2026): DHT shows revenue (ttm) ~$470M, q1 2026 shipping revenue ~$186M, q1 2026 net income ~$165M, fy2025 net income ~$211M; INSW shows revenue (q1 2026) ~$325M, revenue (fy2025) ~$1.0B, net income (q1 2026) ~$286M, diluted eps (fy2025) ~$6.23.
The bottom line: DHT vs INSW
DHT and INSW are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined DHT and INSW exposure against your real portfolio. It is not an investment adviser.
Wondering how DHT or INSW fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in DHT Holdings with AI
Connect the broker you already use and ask Walnut's AI how DHT fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is the difference between DHT and INSW?
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DHT Holdings owns and operates a fleet of very large crude carriers (VLCCs), the largest class of oil tankers, moving crude oil on long-haul routes for oil majors, national oil companies, and traders. International Seaways owns and operates a fleet of roughly 70 oceangoing vessels that transport crude oil and refined petroleum products in international trade. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is DHT or INSW the better stock?
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Neither is universally better; they suit different views and risk levels. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, DHT or INSW?
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On forward P/E (as of August 2026), DHT trades at 10.28x and INSW at 15.45x, so DHT is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both DHT and INSW?
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Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of DHT vs INSW?
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DHT: The central risk is the tanker rate cycle: VLCC spot rates are highly volatile and can collapse on weaker oil demand, OPEC supply cuts, shorter voyage distances, or a wave of newbuild deliveries, taking earnings and the variable dividend down with them. Geopolitical events (sanctions, shadow-fleet dynamics, Middle East disruptions, and shifts in crude trade routes) swing rates sharply in both directions. Fleet age and the capital cost of newbuilds are ongoing pressures, and DHT's dollar earnings depend on global crude flows it cannot influence. The stock has historically traded at a large premium or discount to net asset value depending on where the market thinks the cycle is heading. INSW: INSW's earnings are highly cyclical and depend on spot charter rates that can fall sharply and unpredictably. A downturn in oil demand, a wave of newbuild vessel deliveries, or a normalization of trade routes could compress rates and cut cash flow quickly. The variable dividend can shrink dramatically in weak quarters because most of the payout is supplemental rather than base. Geopolitical shocks cut both ways, boosting rates in some scenarios and disrupting operations in others. Long-term demand for seaborne oil transport also faces uncertainty from the energy transition.
Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell DHT or INSW; figures are approximate and dated (as of August 2026). Verify current data before investing.