DHT Holdings, Inc. Reports First Quarter 2011 Results And Declares Quarterly Dividend Of $0.10 Per Share

DHT Holdings, Inc. (NYSE: DHT) (“DHT” or the “Company”) today announced:

Highlights

• The Company declared a cash dividend of $0.10 per share for the quarter payable on May 9, 2011 for shareholders of record as of April 29, 2011.
• On March 21, 2011 DHT announced the acquisition of a 2002 built VLCC for $67.0 million. The vessel will be delivered during the second quarter of 2011 and will be named DHT Eagle. The vessel will be employed on a two year time charter at $32,300 net per day. The company will finance the acquisition with cash at hand and bank debt.
• In February 2011, DHT issued a total of 15,425,300 shares of common stock for total net proceeds of $67.5 mill.
• Revenue of $22.3 million for the quarter is comprised of the base hire only for the nine vessels in operations in the quarter. These nine vessels are on charters until 2012 – 2018. The DHT Phoenix, which was delivered on March 2, 2011, will enter the Tankers International pool during April, 2011.
• Net income for the first quarter was $4.0 million, or $0.07 per share. Adjusted for non-cash interest rate swap related items, net income for the quarter was $3.8 million, or $0.07 per share.
• Vessel operating expenses for the quarter were $6.4 million including initial operating costs related to the DHT Phoenix, which was delivered on March 2, 2011.
• Voyage related expenses of $1.3 million relate to bunker consumption to reposition the newly acquired DHT Phoenix to enter the TI pool.
• G&A for the quarter was $2.4 million including non-cash cost related to restricted share agreements for management and board. G&A for the quarter includes a high level of activity related to capital raising, vessel inspections, vessel acquisitions and move of offices.
• Net financial expenses of $1.3 million include a net non-cash gain on interest rate swaps of $0.3 million.
• Cash on hand at quarter-end was $102.2 million. This does not include $6.7 million in deposit paid towards the acquisition of the DHT Eagle.

DHT will host a conference call at 8:00 a.m. EDT on Monday April 18, 2011 to present the results for the quarter. See below for further details.

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