DHT Holdings Declares Quarterly Dividend of $0.10 Per Share

DHT Holdings, Inc.

) today announced: Highlights The Company declared a cash dividend of $0.10 per share for the quarter payable on February 11, 2011 for shareholders of record as of February 4, 2011. On December 14, 2010 DHT announced the acquisition of a 1999 built VLCC for $55.0 Million. The vessel will be delivered during the first quarter of 2011 and will be named DHT Phoenix. The company will finance the acquisition with cash at hand and bank debt and the vessel will be employed in the Tankers International Pool. Revenue of $22.9 million 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. Net income for the fourth quarter was $7.0 million, or $0.14 per share. Adjusted for non-cash interest rate swap related items, net income for the quarter was $4.9 million, or $0.10 per share. Vessel expenses for the quarter were $7.4 million. G&A for the quarter was $1.6 million including non-cash cost related to restricted share agreements for management and board. Net interest expense for the fourth quarter was $1.9 million. Cash on hand at quarter-end was $58.6 million providing DHT with the flexibility to enter into acquisitions. This does not include $5.5 million in deposit paid towards the acquisition of the DHT Phoenix. DHT will host a conference call at 8:00 a.m. EST Friday January 14, 2011 to present the results for the quarter. See below for further details. Fourth Quarter Results The Company today reported revenues for the period from October 1 to December 31, 2010, of $22.9 million, compared to revenues of $23.9 million for the prior-year period. Of the $22.9 million of revenues for the quarter, $18.1 million relates to the seven vessels on time charter and $4.8 million relates to the two vessels on bareboat charter. For the quarter there was no profit sharing under the Company's profit-sharing arrangements. The Company's seven vessels on time charter contracts were on-hire 98.7 % for the quarter. Following the completion of two interim surveys in the first half of 2010, the next scheduled class surveys are special surveys for one VLCC in the second quarter of 2011 and one VLCC in the third quarter of 2011. In addition, two Aframax vessels are scheduled for interim surveys in the fourth quarter of 2011. DHT's vessel expenses for the quarter, including insurance costs, were $7.4 million. Depreciation and amortization expenses, including depreciation of capitalized dry docking costs, were $7.2 million. General and administrative expenses were $1.6 million including non-cash cost related to restricted share agreements for management and board. Net financial income of $0.2 million included a net non-cash gain on interest rate swaps of $2.1 million. The Company had net income for the quarter of $7.0 million or $0.14 per diluted share, compared to net income of $3.9 million, or $0.08 per diluted share, for the fourth quarter of 2009. After adjusting for non-cash financial items related to interest rate swaps, net income for the fourth quarter of 2010 was $4.9 million, or $0.10 per share. Free cash flow from operations was $12.0 million, or $0.25 per share1. At the end of the fourth quarter, the Company's cash balance was $58.6 million not including $5.5 million in deposit paid towards the acquisition of the DHT Phoenix. The Company remains in compliance with its financial covenants. Svein Moxnes Harfjeld, CEO, stated, ”We continue to enjoy the charter coverage of our fleet allowing us to both build cash for investments and again declare a dividend of $0.10 per share. We are pleased with our recent vessel acquisition and believe 2011 will provide additional opportunities for growth.”