DHT HLDG : DHT Holdings, Inc. Reports Fourth Quarter 2010 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 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.?

EARNINGS CONFERENCE CALL INFORMATION

DHT will host a conference call at 8:00 a.m. EST Friday January 14, 2011 to discuss the results for the fourth quarter. All shareholders and other interested parties are invited to join the conference call, which may be accessed by calling 1 888 935 4577 within the United States and [phone] for international callers. The passcode is ?DHT?. A live webcast of the conference call will be available in the Investor Relations section on DHT's website at http://www.dhtankers.com.

1) Free cash flow from operations after contractual debt service represents the sum of net income, amortization of unrealized loss of interest rate swaps, fair value (gain)/loss on derivative financial instrument and depreciation and amortization. Please refer to the table on page 8 for reconciliation between net income and free cash flow from operations after contractual debt service.

An audio replay of the conference call will be available through January 20, 2011. To access the replay, dial 1 866 932 5017 within the United States or [phone] for international callers and enter 5884514#. A webcast of the replay will be available in the Investor Relations section on DHT's website at http://www.dhtankers.com.

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 25, 2010.

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.

FINANCIAL INFORMATION
CONDENSED CONSOLIDATED INCOME STATEMENT
($ in thousands except per share amounts)
			4Q 2010		4Q 2009		Year		Year
			Oct. 1 - Dec.		Oct. 1 - Dec.		Jan. 1 - Dec.		Jan. 1 - Dec.
			31, 2010		31, 2010		31, 2010		31, 2009
			Unaudited		Unaudited		Unaudited		Audited
Shipping revenues			$22,879		$23,882		$89,681		$102,576
Operating expenses
Vessel expenses			7,351		7,702		30,221		30,034
Depreciation and amortization			7,152		6,952		28,392		26,762
General and administrative expenses			1,578		1,518		7,869		4,588
Total operating expenses			16,081		16,172		66,482		61,384
Income from vessel operations			6,798		7,710		23,199		41,192
Interest income			30		28		131		298
Interest expense			(1,904)		(4,011)		(13,478)		(18,130)
Fair value gain/(loss) on derivative instruments			2,144		167		268		(4,062)
Other financial income/(expenses)			-		-		(3,710)		(2,452)
Taxation			(33)		-		(33)		-
Net income / (loss) for the period			7,035		3,894		6,377		16,846
Basic net income per share			0.14		0.08		0.13		0.36
Diluted net income per share			0.14		0.08		0.13		0.36
Weighted average number of shares (basic)			48,921,961		48,675,897		48,776,270		46,321,404
Weighted average number of shares (diluted)			48,935,305		48,675,897		48,779,606		46,321,404
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Profit for the period			$7,035		$3,894		6,377		16,846
Other comprehensive income:
Cash flow hedges			776		2,406		11,868		12,055
Total comprehensive income for the period			$7,811		$6,300		18,245		28,901

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
($ in thousands)
		Dec. 31, 2010			Dec. 31, 2009
		Unaudited			Audited
ASSETS
Current assets
Cash and cash equivalents		58,569			72,664
Voyage receivables from OSG		-			-
Prepaid expenses and accrued charter hire		1,199			1,329
Prepaid technical management fee to OSG		1,978			1,958
Total current assets		61,746			75,951
Vessels, net of accumulated depreciation		412,744			441,036
Other assets		21			-
Vessel acquisition deposits		5,500			-
Other long-term receivables		844			984
Total assets		480,855			517,971
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued expenses		4,449			6,250
Derivative financial instruments		3,065			11,779
Deferred shipping revenues		8,088			7,898
Total current liabilities		15,602			25,927
Long term liabilities
Long-term debt		265,231			293,041
Derivative financial instruments		3,224			6,646
Other long term-liabilities		457			433
Total long-term liabilities		268,912			300,120
Total liabilities		284,514			326,047
Stockholders' equity
Common stock		487			487
Paid-in additional capital		240,537			239,624
Retained earnings/(deficit)		(42,188	)		(33,824	)
Accumulated other comprehensive income/(loss)		(2,495	)		(14,363	)
Total stockholders' equity		196,341			191,924
Total liabilities and stockholders' equity		480,855			517,971

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
($ in thousands)
			4Q 2010			4Q 2009			Year			Year
			Oct. 1 - Dec.			Oct. 1 - Dec.			Jan. 1 - Dec.			Jan. 1 - Dec.
			31, 2010			31, 2010			31, 2010			31, 2009
			Unaudited			Unaudited			Unaudited			Audited
Cash Flows from Operating Activities:
Net income / (loss)			$7,035			$3,894			$6,377			$16,846
Items Included in net income not effecting cash flow:
Depreciation and amortization			7,152			6,999			28,391			26,762
Amortization related to interest and swap expense			(2,097	)		(166	)		(78	)		4,251
Deferred compensation related to options and restricted stock
			162			149			913			749
Changes in operating assets and liabilities:
Receivables			-			560			-			8,791
Prepaid expenses			(498	)		(1,958	)		250			(3,121	)
Accounts payable, accrued expenses and deferred revenue
			(716	)		1,730			(1,587	)		326
Net cash provided by operating activities			11,038			11,208			34,266			54,604
Cash Flows from Investing Activities:
Investments in vessels			(99	)		(3,929	)		(99	)		(5,411	)
Investments in fixtures and fittings			(21	)		-			(21	)		-
Decrease/(increase) in vessel acquisition deposits			(5,500	)		-			(5,500	)		-
Net cash used in investing activities			(5,620	)		(3,929	)		(5,620	)		(5,411	)
Cash flows from Financing Activities
Issuance/(buy back) of common stock			-			-			-			38,400
Cash dividends paid			(4,892	)		-			(14,741	)		(23,949	)
Repayment of long-term debt			-			-			(28,000	)		(50,000	)
Net cash provided by / (used in) financing activities			(4,892	)		-			(42,741	)		(35,549	)
Net increase/(decrease) in cash and cash equivalents			526			7,279			(14,095	)		13,644
Cash and cash equivalents at beginning of period			58,043			65,385			72,664			59,020
Cash and cash equivalents at end of period			58,569			72,664			58,569			72,664
Interest paid			$3,667			$4,157			$15,348			$18,238

CONDENSED CONSOLIDATED STATEMENT OF CHANGES
IN SHAREHOLDERS EQUITY
($ in thousands except shares)
Unaudited
			Common Stock				Paid-in					Cash
			Shares		Amount		Additional		Retained			Flow			Total
							Capital		Earnings			Hedges			equity
Balance at January 1, 2009			39,238,807		$392		$200,570		($26,721	)		($26,418	)		$147,823
Total comprehensive income									16,846			12,055			28,901
Cash dividends declared and paid									(23,949	)					(23,949	)
Issue of common stock			9,408,481		95		38,305								38,400
Compensation related to options and restricted stock			28,609				749								749
Balance at December 31, 2009			48,675,897		$487		$239,624		($33,824	)		($14,363	)		$191,924
Balance at January 1, 2010			48,675,897		$487		$239,624		($33,824	)		($14,363	)		$191,924
Total comprehensive income									6,377			11,868			18,245
Cash dividends declared and paid									(14,741	)					(14,741	)
Issue of common stock															-
Compensation related to options and restricted stock			246,064				913								913
Balance at December 31, 2010			48,921,961		$487		$240,537		($42,188	)		($2,495	)		$196,341

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED DECEMBER 31, 2010

Basis for preparation

The condensed financial statements have been prepared in accordance with International Financial Reporting Standards (?IFRS?) as issued by the International Accounting Standards Board.

Significant accounting policies

The condensed financial statements have been prepared in accordance with historical cost convention, except for the revaluation of certain financial instruments. The accounting policies that have been followed in these condensed financial statements are the same as presented in the 2009 audited financial statements.

Reconciliation between IFRS and U.S. GAAP

Effective January 1, 2009, DHT changed the basis on which it prepares its financial statements from U.S. Generally Accepted Accounting Principles (?U.S. GAAP?) to IFRS. There are no differences in the statements of operations and equity between IFRS and U.S. GAAP.

Reconciliation of non-IFRS financial measures ($ in thousands except shares and per share amounts)

			4Q 2010			4Q 2010			Year			Year
			Oct. 1 - Dec.			Oct. 1 - Dec.			Jan. 1 - Dec.			Jan. 1 - Dec.
			31, 2010			31, 2009			31, 2010			31, 2009
			Unaudited			Unaudited			Unaudited			Audited
Net Income			7,035			3,894			6,377			16,846
Amortization of unrealized loss of interest rate swaps			776			2,406			11,868			12,055
Fair value (gain)/loss on derivative financial instrument			(2,920	)		(2,573	)		(12,136	)		(7,993	)
Net Income adjusted for non-cash financial items			4,891			3,727			6,109			20,908
Weighted average number of shares (diluted)			48,935,305			48,675,897			48,779,606			46,321,404
Net Income adjusted for non-cash financial items
per share			0.10			0.08			0.13			0.45
Net income			$7,035			$3,894			6,377			16,846
Amortization of unrealized loss of interest rate swaps			776			2,406			11,868			12,055
Fair value (gain)/loss on derivative financial instruments			(2,920	)		(2,573	)		(12,136	)		(7,993	)
Depreciation and amortization			7,152			6,952			28,392			26,762
Free cash flow from operations after contractual debt service			$12,043			$10,679			$34,501			$47,670
Free cash flow from operations after contractual
debt service per share			0.25			0.22			0.71			1.03

DHT Holdings, Inc.
Eirik Ubøe, [phone] and [phone]
[e-mail]