DHT Holdings, Inc. Reports Third Quarter 2011 Results And Declares Quarterly Dividend Of $0.03 Per Share

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

Highlights

• Net income for the quarter after adjusting for a non-cash impairment charge of $56.0 million, was $3.3 million, or $0.05 per share, compared to net income of $3.6 million or $0.07 per diluted share for the third quarter of 2010. The Company declared a cash dividend of $0.03 per share for the quarter payable on November 16, 2011 for shareholders of record as of November 8, 2011.
• The Company had a net loss for the quarter of $52.8 million or $0.82 per diluted share. Due to the weak tanker markets and decline in values for second hand tankers, the company adjusted the carrying value of its fleet through a non-cash impairment charge of $56.0 million, or $0.87 per share.
• The Company made a voluntary prepayment of $24 million under its credit facility with RBS reflecting the decline in values for second hand tankers and to remain in compliance with its covenants.Svein Moxnes Harfjeld and Trygve Munthe stated: ”Due to the decline in second hand values for tankers, we prepaid $24 million of debt and made an impairment charge of $56.0 million during the quarter. We enjoyed steady operations and good charter cover that resulted in an EBITDA of $13.6 million.

• On August 5, 2011, the Company announced that it had decided to withdraw its offer for all of the issued and outstanding shares of Saga Tankers as the conditions set out in the transaction agreement were not fulfilled.
• Revenue for the third quarter was $26.6 million. Ten vessels are on period charters until 2012 – 2018 and the DHT Phoenix and Venture Sprit are employed in the Tankers International pool.
• Vessel operating expenses for the quarter were $8.2 million compared to $6.8 million in the same quarter last year. The increase is a direct reflection of fleet expansion during the first half of 2011.
• G&A for the quarter was $2.3 million including non-cash cost related to restricted share agreements for management and board. G&A for the quarter includes $0.3 million related to the offer to acquire Saga Tankers.
• Net financial expenses of $1.9 million include net non-cash gain on interest rate swaps of $0.7 million as well as amortization of unrealized loss of interest swap of $0.4 million.
• Adjusted for the non-cash impairment charge and non-cash interest rate swap related items, net income for the quarter was $2.9 million, or $0.05 per share.
• Cash on hand at quarter-end was $45.4 million. The difference in cash from June 30, 2011 was mainly due to the voluntary prepayment of $24 million under the credit agreement with RBS.

DHT will host a conference call at 8:00 a.m. EDT on Tuesday October 25, 2011 to present the results for the quarter. See below for further details.

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