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

Forward Looking Statements

This press release contains assumptions, expectations, projections, intentions and beliefs about future events, in particular regarding daily charter rates, vessel utilization, the future number of newbuilding deliveries, oil prices and seasonal fluctuations in vessel supply and demand. When used in this document, words such as “believe,” “intend,” “anticipate,” “estimate,” “project,” “forecast,” “plan,” “potential,” “will,” “may,” “should” and “expect” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. These statements reflect the Company’s current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. These forward-looking statements represent the Company’s estimates and assumptions only as of the date of this press release and are not intended to give any assurance as to future results. For a detailed discussion of the risk factors that might cause future results to differ, please refer to the Company’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission on March 31, 2011.

The Company undertakes no obligation to publicly update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur, and the Company’s actual results could differ materially from those anticipated in these forward-looking statements.

DHT HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
($ in thousands)
ASSETS	Note		Sep. 30 2011		Dec. 31 2010
Current assets			Unaudited		Audited
Cash and cash equivalents		$	45,393		58,569
Accrued charter hire			4,520		464
Prepaid expenses			2,182		2,713
Total current assets			52,095		61,746
Vessels	5		459,981		412,744
Other assets			559		21
Other long term receivables			118		844
Deposit for vessel acquisition	5		-		5,500
Total assets			512,752		480,855
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued expenses			4,514		4,449
Derivative financial instruments	4		3,413		3,065
Current portion long term debt	4		4,938		-
Prepaid charter hire			150		8,088
Total current liabilities			13,014		15,602
Non-current liabilities
Long term debt	4		294,789		265,231
Derivative financial instruments	4		1,038		3,224
Other long term liabilities			327		457
Total non-current liabilities			296,154		268,912
Total liabilities			309,168		284,514
Stockholders' equity
Common stock	6.7		640		487
Paid-in additional capital	6.7		308,485		240,537
Retained earnings/(deficit)			(104,383)		(42,188)
Other components of equity			(1,158)		(2,495)
Total stockholders equity			203,584		196,341
Total liabilities and stockholders' equity			512,752		480,855

DHT HOLDINGS, INC.
CONDENSED CONSOLIDATED INCOME STATEMENT
($ in thousands, except per share amounts)
				3Q 2011			3Q 2010			9 months			9 months
				Jul. 1 - Sep. 30			Jul. 1 - Sep. 30			Jan. 1 - Sep. 30			Jan. 1 - Sep. 30
	Note			2011			2010			2011			2010
				Unaudited			Unaudited			Unaudited			Unaudited
Gross revenues			$	26,639		$	23,304		$	74,811		$	66,801
Operating expenses
Voyage expenses				-			-			(1,294)			-
Vessel expenses				(8,197)			(6,803)			(23,187)			(22,870)
Charter hire expense				(2,484)			-			(3,687)			-
Depreciation and amortization	5			(8,445)			(7,152)			(22,985)			(21,240)
Impairment charge	5			(56,000)			-			(56,000)			-
General and administrative expense				(2,349)			(2,094)			(7,021)			(6,290)
Total operating expenses			$	(77,476)		$	(16,049)		$	(114,174)		$	(50,400)
Operating income/(loss)			$	(50,837)		$	7,255		$	(39,363)		$	16,401
Interest income				17			50			80			100
Interest expense				(1,979)			(3,821)			(5,352)			(11,574)
Fair value gain/(loss) on derivative financial
instruments	4			327			94			501			(1,875)
Other Financial income/(expenses)				(260)			-			(260)			(3,710)
Profit/(loss) before tax			$	(52,732)		$	3,578		$	(44,394)		$	(658)
Income tax expense				(22)			-			(72)			-
Net income/(loss) after tax			$	(52,754)		$	3,578		$	(44,465)		$	(658)
Attributable to the owners of parent			$	(52,754)		$	3,578		$	(44,465)		$	(658)
Basic net income per share				(0.82)			0.07			(0.72)			(0.01)
Diluted net income per share				(0.82)			0.07			(0.72)			(0.01)
Weighted average number of shares (basic)				64,450,762			48,762,255			62,172,378			48,727,580
Weighted average number of shares (diluted)				64,450,762			48,762,255			62,190,586			48,727,580
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Profit for the period			$	(52,754)		$	3,578			(44,465)			(658)
Other comprehensive income:
Reclassification adjustment from
previous cash flow hedges				423			2,002			1,337			11,092
Total comprehensive income for the period			$	(52,331)		$	5,580		$	(43,128)		$	10,434
Attributable to the owners of parent			$	(52,331)		$	5,580		$	(43,128)		$	10,434

DHT HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW
($ in thousands)
			3Q 2011			3Q 2010			9 months			9 months
	Note		Jul. 1 -Sep.30 2011			Jul. 1 -Sep.30 2010			Jan. 1 - Sep. 30, 2011			Jan. 1 - Sep. 30, 2010
			Unaudited			Unaudited			Unaudited			Unaudited
Cash Flows from Operating Activities:
Net income/(loss)		$	(52,754)		$	3,578		$	(44,465)		$	(658)
Items included in net income not affecting cash flows:
Depreciation and amortization	5		8,490			7,197			23,077			21,380
Impairment charge	5		56,000			-			56,000			-
Amortization related to interest and swap expense			(327)			(94)			(501)			1,875
Deferred compensation related to options and
restricted stock			272			404			648			751
Changes in operating assets and liabilities:
Accrued charter hire, prepaid expenses and long
term receivables			2,040			43			(2,798)			748
Accounts payable, accrued expenses, prepaid charter hire and
long term liabilities			(8,133)			(2,243)			(7,951)			(869)
Net cash provided by operating activities		$	5,589		$	8,885		$	24,010		$	23,227
Cash Flows from Investing Activities:
Decrease/(increase) in vessel acquisitions deposits			-			-			5,500			-
Investment in vessels			(1,755)			-			(126,158)			-
Investment in fixtures and fittings			(67)			-			(625)			-
Net cash used in investing activities		$	(1,823)		$	-		$	(121,282)		$	-
Cash flows from Financing Activities
Issuance of common stock	6.7		-			-			67,540			-
Cash dividends paid	7		(6,445)			(4,876)			(17,772)			(9,848)
Issuance of long term debt	4		-			-			60,169			-
Repayment of long-term debt	4		(25,234)			-			(25,843)			(28,000)
Net cash provided by/(used) in financing activities		$	(31,679)		$	(4,876)		$	84,094		$	(37,848)
Net increase/(decrease) in cash and cash equivalents			(27,913)			4,009			(13,179)			(14,621)
Cash and cash equivalents at beginning of period			73,305			54,034			58,569			72,664
Cash and cash equivalents at end of period		$	45,392		$	58,043		$	45,390		$	58,043
Specification of items included in operating activities:
Interest paid			1,915			3,704			5,087			11,681
Interest received			17			50			80			100

DHT HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY
($ in thousands except shares)
Unaudited
			Common Stock				Paid-in		Retained			Cash Flow			Total
	Note		Shares		Amount		Additional Capital		Earnings			Hedges			equity
Balance at January 1, 2010			48,675,897	$	487	$	239,624	$	(33,824	)	$	(14,363	)	$	191,924
Total comprehensive income									(658	)		11,092			10,434
Cash dividends declared and paid	7								(9,848	)					(9,848	)
Issue of common stock															-
Compensation related to options
and restricted stock			86,358				751								751
Balance at September 30, 2010			48,762,255		487		240,375		(44,330	)		(3,271	)		193,261
Balance at January 1, 2011			48,921,961	$	487	$	240,537	$	(42,188	)	$	(2,495	)	$	196,341
Total comprehensive income									(44,465	)		1,337			(43,128	)
Cash dividends declared and paid	7								(17,772	)					(17,772	)
Issue of common stock	6		15,425,300		154		67,342								67,496
Compensation related to options and restricted stock			103,501				647								647
Balance at Sept 30, 2011			64,450,762		641		308,526		(104,425	)		(1,158	)		203,584

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED SEPTEMBER 30, 2011

Note 1 – General information

DHT Holdings, Inc. (“DHT” or the “Company”) is a limited company incorporated under the laws of the Marshall Islands whose shares are listed on the New York Stock Exchange. The Company’s principal executive office is located at 26 New Street, St Helier, Jersey, Channel Islands. The Company’s principal activity is the ownership and operation of a fleet of crude oil carriers. Our strategy is to employ our vessels in a combination of charters with stable cash flow and market exposure.

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