DHT Holdings, Inc. Reports Second 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 August 4, 2011 for shareholders of record as of July 28, 2011.
• On May 31, 2011, the Company announced that it will offer to acquire all the shares of Saga Tankers. Saga is a Norwegian based tanker company listed on the Oslo Stock Exchange which owns a fleet of four VLCCs, three of which are built in 2000 and one of which is built in 1995. Three vessels are operating in the spot market while one vessel is on time charter until the third quarter of 2012. Provided the offer is successful, the transaction is expected to close in August.
• On May 16, 2011, the Company announced that it has time chartered in the Venture Spirit, a 2003 built VLCC, for a period of 16 to 18 months at a rate of USD 27,000 per day. DHT has a continuous option during the charter to purchase the vessel at USD 65 million for the first 6 month period, USD 66 million for the second 6 month period and USD 67 million for the third 6 month period. The vessel was delivered on May 16, 2011 and is employed in the Tankers International Pool.
• Revenue for the quarter was $25.9 million. Ten vessels are on charters until 2012 – 2018 and the DHT Phoenix and Venture Sprit are employed in the Tankers International pool.
• Net income for the second quarter was $4.3 million, or $0.07 per share. Adjusted for non-cash interest rate swap related items, net income for the quarter was $4.3 million, or $0.07 per share.
• Vessel operating expenses for the quarter were $8.6 million including start-up and delivery costs related to the DHT Eagle, which was delivered on May 27, 2011, expensed costs related to the special survey and dry-docking of DHT Ann and costs related to the transfer of two vessels to a new technical manager.
• G&A for the quarter was $2.2 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 the offer to acquire Saga Tankers, vessel inspections and vessel acquisitions.
• Net financial expenses of $1.8 million include a net non-cash loss on interest rate swaps of $0.1 million.
• Cash on hand at quarter-end was $73.3 million.

DHT will host a conference call at 8:00 a.m. EDT on Thursday July 14, 2011 to present the results for the quarter. See below for further details.

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