A process for upgrading a hydrocarbon feedstock containing waxy components and having an end boiling point exceeding 650° F., which includes contacting the feedstock at superatmospheric hydrogen partial pressure with an isomerization dewaxing catalyst that includes ZSM-48 and contacting the feedstock with a hydrocracking catalyst to produce an upgraded product with a reduced wax content. Each catalyst is present in an amount sufficient to reduce the cloud point and the pour point of the feedstock at a conversion of greater than about 10%, and an overall distillate yield of greater than about 10% results from the process.