^[1]

$ 94,944

$ 77,292

^[1],[2]

60,196

42,212

1,633

4,338

3,197

32,212

23,675

Asset held for sale

20,762

Net book value of vessels and time charter contracts

193,323

167,137

Non-current assets

1,665,810

1,444,146

Advances for vessels under construction

114,759

Other property, plant and equipment

335

464

4,388

3,992

1,670,533

1,563,360

Total assets

1,863,856

1,730,497

Derivative financial liabilities, current

^[1]

28,634

17,427

^[3]

1,250

545

^[1]

93,815

65,053

123,699

83,026

Non-current liabilities

Derivative financial liabilities, non-current

^[1]

873,460

721,151

^[3]

4,486

Other non-current liabilities

542

428

878,489

721,579

Total liabilities

1,002,188

804,605

Common stock at par value

1,427

1,424

Additional paid-in capital

1,145,107

1,140,794

(1,364)

(285,383)

(222,087)

Translation differences

Other reserves

1,848

5,676

Total liabilities and stockholders' equity

861,668

925,892

$ 1,863,856

$ 1,730,497

[1]	Amortized cost.
[2]	Cash and cash equivalents include $638 thousand in restricted cash in 2018 and $322 thousand in 2017, including employee withholding tax.
[3]	Fair value through profit or loss.

Consolidated Income Statement - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Profit or loss
Shipping revenues	$ 375,941	$ 355,052	$ 356,010
Operating expenses
Voyage expenses	(161,891)	(113,301)	(65,349)
Vessel operating expenses	(75,800)	(72,431)	(61,855)
Depreciation and amortization	(103,476)	(96,758)	(84,340)
Impairment charges	(3,500)	(8,540)	(84,700)
Profit/(loss), sale of vessel	75	(3,540)	138
General and administrative expense	(15,052)	(17,180)	(19,391)
Total operating expenses	(359,644)	(311,749)	(315,496)
Operating income/(loss)	16,297	43,303	40,514
Share of profit in associated companies	858	802	649
Interest income	345	140	66
Interest expense	(54,211)	(40,109)	(35,070)
Fair value gain/(loss) on derivative financial liabilities	(5,191)	2,154	3,235
Other financial (expense)/income	(4,943)	443	(40)
Profit/(loss) before tax	(46,845)	6,733	9,354
Income tax expense	(83)	(131)	(95)
Profit/(loss) for the year	(46,927)	6,602	9,260
Attributable to the owners of parent	$ (46,927)	$ 6,602	$ 9,260
Basic net income/(loss) per share	$ (0.33)	$ 0.05	$ 0.10
Diluted net income/(loss) per share	$ (0.33)	$ 0.05	$ 0.10
Weighted average number of shares (basic)	143,429,610	124,536,338	93,382,757
Weighted average number of shares (diluted)	143,434,921	124,536,338	93,389,610

Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Comprehensive income
Profit/(loss) for the year	$ (46,927)	$ 6,602	$ 9,260
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit obligation/(loss) net of tax	(148)	(166)	(49)
Items that may be reclassified subsequently to profit or loss:
Exchange gain/(loss) on translation of foreign currency denominated associate and subsidiary	(53)	193	28
Total comprehensive income/(loss)	(47,128)	6,628	9,239
Attributable to the owners of parent	$ (47,128)	$ 6,628	$ 9,239

Consolidated Statement of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Shares	Common Stock Amount	Paid-in Additional Capital	Treasury Shares	Accumulated Deficit	Translation Differences	Other Reserves	Total Equity
Balance at beginning of year at Dec. 31, 2015		$ 92,909,936	$ 929	$ 878,236		$ (147,945)	$ (232)	$ 6,904	$ 737,893
Profit for the year	$ (9,260)					9,260			9,260
Other comprehensive income/(loss)						(49)	28		(20)
Total comprehensive income/(loss)	9,239					9,211	$ 28		9,239
Cash dividends declared and paid						$ (66,365)			(66,365)
Purchase of treasury shares	(2,031)	(359,831)	(4)	(2,027)					(2,031)
Issuance of convertible bonds	0
Purchase of convertible bonds	0			(1,090)					(1,090)
Compensation related to options and restricted stock		$ 883,699	$ 9	$ 5,978				$ 1,378	$ 7,365
Balance at year end at Dec. 31, 2016		93,433,804	934	881,097		(205,099)	(203)	8,283	685,011
Profit for the year	(6,602)					$ 6,602			$ 6,602
Other comprehensive income/(loss)						(166)	$ 193		27
Total comprehensive income/(loss)	6,628					6,435	193		6,628
Adjustment						(95)	95		0
Cash dividends declared and paid						(23,328)			(23,328)
Issuance of stock		$ 47,724,395	$ 477	$ 254,367					254,845
Purchase of treasury shares	0
Issuance of convertible bonds	0
Purchase of convertible bonds	(1,035)			(2,213)					(2,213)
Compensation related to options and restricted stock		1,259,208	13	7,543				$ (2,607)	4,948
Balance at year end (Restated [member]) at Dec. 31, 2017		142,417,407	1,424	1,140,794		(226,821)	85	5,676	921,158
Balance at year end (Previously stated [member]) at Dec. 31, 2017		142,417,407	1,424	1,140,794		(222,087)	85	5,676	925,892
Balance at year end (Increase (decrease) due to changes in accounting policy required by IFRSs [member]) at Dec. 31, 2017						(4,734)			(4,734)
Balance at year end at Dec. 31, 2017	925,892	142,417,407	1,424	1,140,794		(222,087)	85	5,676	925,892
Profit for the year	46,927					(46,927)			(46,927)
Other comprehensive income/(loss)						(148)	(53)		(201)
Total comprehensive income/(loss)	(47,128)					(47,075)	(53)		(47,128)
Cash dividends declared and paid						(11,487)			(11,487)
Purchase of treasury shares	(5,026)				$ (5,026)				(5,026)
Retirement of treasury shares		(892,497)	(9)	(3,654)	3,662				0
Issuance of convertible bonds	38,945			3,165					3,165
Purchase of convertible bonds	3,589			(1,613)					(1,613)
Compensation related to options and restricted stock		1,175,136	12	6,414				(3,827)	2,599
Balance at year end at Dec. 31, 2018	$ 861,668	$ 142,700,046	$ 1,427	$ 1,145,107	$ (1,364)	$ (285,383)	$ 32	$ 1,848	$ 861,667

Consolidated Statement of Cash Flow - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Cash flows from operating activities

Profit/(loss) for the year

$ (46,927)

$ 6,602

$ 9,260

Items included in net income not affecting cash flows

Depreciation and amortization

103,476

96,758

84,340

Impairment charges

3,500

8,540

84,700

Amortization of upfront fees

11,559

7,375

7,997

Profit/(loss), sale of vessel

(75)

3,540

(138)

Fair value gain/(loss) on derivative financial liabilities

5,191

(2,154)

(3,235)

2,599

4,948

7,365

Share of profit in associated companies

3,589

(1,035)

(858)

(802)

(649)

Unrealized currency translation (gains)/losses

(255)

Changes in operating assets and liabilities

(25,421)

(9,869)

7,751

255

(1,141)

430

(1,087)

Deferred shipping revenues

8,234

5,407

(1,557)

(2,154)

(1,422)

Net cash provided by operating activities

(9,994)

(15,769)

938

53,985

101,817

194,008

Cash flows from investing activities

Investment in vessels

(11,845)

(165,649)

(13,260)

Investment in vessels under constuction

(223,033)

(132,536)

(222,104)

Proceeds from sale of vessels

46,393

111,418

22,233

Dividend received from associated company

409

415

242

Investment in property, plant and equipment

(88)

(193)

(144)

Net cash used in investing activities

(188,165)

(186,545)

(213,033)

Cash flows from financing activities

Cash dividends paid

(11,487)

(23,328)

(66,365)

Issuance of long-term debt

577,685

200,452

219,248

Purchase of treasury shares

(5,026)

(2,031)

Issuance of convertible bonds

38,945

Repayment of long-term debt

(17,104)

(25,334)

(448,285)

(107,295)

(163,972)

Net cash provided by/(used in) financing activities

151,832

52,725

(38,454)

Net increase/(decrease) in cash and cash equivalents

17,652

(32,003)

(57,480)

Cash and cash equivalents at beginning of period

77,292

^[1]

109,295

166,775

Cash and cash equivalents at end of period

94,944

^[1]

77,292

^[1]

109,295

Specification of items included in operating activities

Interest paid

40,040

32,253

27,539

Interest received

$ 345

$ 140

$ 66

[1]	Amortized cost.

General information	12 Months Ended
General information	Dec. 31, 2018
General information [Abstract]
General information	Note 1 - General information DHT Holdings, Inc. (“DHT” or the “Company”) is a 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 Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda. DHT Maritime, Inc. (formerly Double Hull Tankers, Inc.) was incorporated on April 14, 2005 under the laws of the Marshall Islands as a wholly owned indirect subsidiary of Overseas Shipholding Group, Inc. (“OSG”). In October 2005, DHT Maritime, Inc. completed its initial public offering. During the first half of 2007, OSG sold all of its common stock of the DHT Maritime, Inc. Subsequent to a corporate restructuring in March 2010, DHT Maritime, Inc. was a wholly owned subsidiary of DHT until it was dissolved November 2018. The Company has 35 material wholly owned subsidiaries of which 24 are Marshall Island companies, seven are Cayman Islands companies, three are Singapore companies and one is a Norwegian company. Twenty of the Marshall Islands subsidiaries and the seven Cayman Island subsidiaries are vessel-owning companies (the “Vessel Subsidiaries”). The primary activity of each of the Vessel Subsidiaries is the ownership and operation of a vessel. Our principal activity is the ownership and operation of a fleet of crude oil carriers. As of December 31, 2018 our fleet consisted of 27 very large crude carriers, or “VLCCs,” which are tankers ranging in size from 200,000 to 320,000 deadweight tons, or “dwt.” Our fleet principally operates on international routes and had a combined carrying capacity of 8,360,850 dwt. With regards to amounts in the financial statements, these are shown in USD thousands.

Significant accounting principles

12 Months Ended

Dec. 31, 2018

Significant accounting principles [Abstract]

Significant accounting principles

Note 2 - Significant accounting principles

Statement of compliance

The DHT Holdings, Inc. consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

Basis of preparation

The financial statements have been prepared on a historical cost basis, except for derivative financial instruments that have been measured at fair value. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

The principal accounting policies are set out below.

Basis of consolidation

The consolidated financial statements comprise the financial statements of the Company and entities controlled by the Company (and its subsidiaries). Unless otherwise specified, all subsequent references to the “Company” refer to DHT and its subsidiaries. Control is achieved where the Company has power over the investee, is exposed or has the rights to variable returns from its investment with an entity and has the ability to affect those returns through its power over the entity.

The results of subsidiaries acquired or disposed during the year are included in the consolidated financial statements from the effective date of acquisition or up to the effective date of disposal, as appropriate.

The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. All intercompany balances and transactions have been eliminated upon consolidation.

F-9

Acquisitions made by the Company which do not qualify as a business combination under IFRS 3, “Business Combinations,” are accounted for as asset acquisitions.

Business combinations

Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Company, liabilities incurred by the Company to the former owners of the acquiree and the equity interests issued by the Company in exchange for control of the acquiree. Acquisition-related costs are generally recognized in profit or loss as incurred.

At the acquisition date, the identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition are recognized at their fair value, except for non-current assets that are classified as held for sale and are recognized at the lower of carrying amount and fair value less cost to sell, and deferred tax assets and liabilities which are recognized at nominal value.

Goodwill arising on acquisition is recognized as an asset measured at the excess of the sum of the consideration transferred, the fair value of any previously held equity interest and the amount of any non-controlling interests in the acquiree over the net amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the Company's interest in the net fair value of the acquiree's identifiable assets, liabilities and contingent liabilities exceed the total consideration of the business combination, the excess is recognized in the income statement immediately.

If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Company reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period, or additional assets or liabilities are recognized, to reflect new information obtained about facts or circumstances that existed at the acquisition date that, if known, would have affected the amounts recognized at that date.

Investments in associates

An associated company is an entity over which the Company has significant influence and that is not a subsidiary or a joint arrangement. Significant influence is the power to participate in the financial and operating policy decisions of the investee but without the ability to have control over those policies. Significant influence normally exists when the Company has 20% to 50% of the voting rights unless other terms and conditions affect the Company's influence.

The investments in associates are accounted for using the equity method. Such investments are initially recognized at cost. Cost includes the purchase price and other costs directly attributable to the acquisition such as professional fees and transaction costs.

Under the equity method the interest in the investment is based on the Company's proportional share of the associate's equity, including any excess value and goodwill. The Company recognizes its share of net income, including depreciation and amortization of excess values and impairment losses, in “Share of profit from associated companies”.

The financial statements of the associate are prepared for the same reporting period as the Company. When necessary, adjustments are made to bring the accounting policies in line with those of the Company.

After application of the equity method, the Company determines whether it is necessary to recognize an impairment loss.

F-10

Cash and cash equivalents

Interest-bearing deposits that are highly liquid investments and have a maturity of three months or less when purchased are included in cash and cash equivalents. Cash and cash equivalents are recorded at their nominal amount on the statement of financial position.

Vessels

Vessels are stated at historical cost, less accumulated depreciation and accumulated impairment losses. For vessels purchased, these costs include expenditures that are directly attributable to the acquisition of these vessels. Depreciation is calculated on a straight-line basis over the useful life of the vessels, taking residual values into consideration, and adjusted for impairment charges or reversal of prior impairment charges, if any.

The estimated useful lives and residual values are reviewed at least at each year end, with the effect of any changes in estimate accounted for on a prospective basis. We assume an estimated useful life of 20 years. Each vessel's residual value is equal to the product of its lightweight tonnage and an estimated scrap rate per ton.

Capitalized drydocking costs are depreciated on a straight-line basis from the completion of a drydocking to the estimated completion of the next drydocking.

Capitalized scrubber costs are depreciated on a straight-line basis from the time of installation of the equiptment to the end of the estimated useful life.

Vessels under construction - pre-delivery installments

The initial pre-delivery installments made for vessels ordered in 2017 have been recorded in the statement of financial position as “Advances for vessels under construction” under Non-current assets. No vessels were ordered in 2016 or 2018. Vessels under construction are presented at cost less identified impairment losses, if any. Costs relating to vessels under construction include pre-delivery installments to the shipyard and other vessel costs incurred during the construction period that are directly attributable to construction of the vessels, including borrowing costs, if any, incurred during the construction period.

Docking and survey expenditure

The Company's vessels are required to be drydocked every 30 to 60 months. The Company capitalizes drydocking costs as part of the relevant vessel and depreciates those costs on a straight-line basis from the completion of a drydocking to the estimated completion of the next drydocking. The residual value of such capital expenses is estimated at nil. Drydock costs include a variety of costs incurred during the drydock project, including expenses related to the drydock preparations, tank cleaning, gas-freeing and re-inerting, purchase of spare parts, stores and services, port expenses at the drydock location, general shipyard expenses, expenses related to hull and outfitting, external surfaces and decks, cargo- and ballast tanks, engines, cargo systems, machinery, equipment and safety equipment on board the vessel as well as classification, Condition Assessment Programme (“CAP”) surveys and regulatory requirements. Costs related to ordinary maintenance performed during drydocking are charged to the income statement as part of vessel operating expenses for the period which they are incurred.

Vessels held for sale

Vessels are classified separately as held for sale as part of current assets in the statement of financial position when their carrying amount will be recovered through a sale of transaction rather than continuing use. For this to be the case, the asset must be available for immediate sale in its present condition and its sale must be highly probable. For the sale to be highly probable, the appropriate level of management must be committed to a plan to sell the asset, and an active programme to locate a buyer and complete the plan must have been initiated. Further, the asset must be actively marketed for sale at a price that is reasonable in relation to its current fair value. In addition, the sale should be expected to qualify for recognition as a completed sale within one year from the date of classification. The probability of shareholders' approval should be considered as part of the assessment of whether the sale is highly probable. Vessels classified as held for sale are measured at the lower of their carrying amount and fair value less cost to sell.

F-11

Impairment of vessels

The carrying amounts of vessels held and used are reviewed for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be fully recoverable. An asset's recoverable amount is the higher of an asset's or cash generating unit's (“CGU”) fair value less cost of disposal based on third-party broker valuations and its value in use and is determined for each individual asset, unless the asset does not generate cash inflows that are largely independent of those other assets or groups of assets. The Company views each vessel as a separate CGU. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. Such impairment is recognized in the income statement. In assessing value in use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

The Company assesses at each reporting date if there is any indication that an impairment recognized in prior period may no longer exist or may have decreased. A previously recognized impairment loss is reversed only if there has been a change in the estimates used to determine the recoverable amount, however, not to an extent higher than the carrying amount that would have been determined, had no impairment loss been recognized in prior years. Such reversals are recognized in the income statement.

Property, plant and equipment other than vessels

Property, plant and equipment are stated at historical cost less accumulated depreciation and any impairment charges. Depreciations are calculated on a straight-line basis over the assets expected useful life and adjusted for any impairment charges. Expected useful life is five years for furniture and fixtures and three years for computer equipment and software. Expected useful lives are reviewed annually. Ordinary repairs and maintenance costs are charged to the income statement during the financial period in which they are incurred. Major assets with different expected useful lives are reported as separate components. Property, plant and equipment are reviewed for potential impairment whenever events or changes in circumstances indicate that the carrying amount of an asset exceeds its recoverable amount. The difference between the assets carrying amount and its recoverable amount is recognized in the income statement as impairment. Property, plant and equipment that suffered impairment are reviewed for possible reversal of the impairment at each reporting date.

Bunkers

Bunkers is stated at the lower of cost and net realizable value. Cost is determined using the FIFO method and includes expenditures incurred in acquiring the bunkers and delivery cost less discounts.

Leases

The determination of whether an arrangement is, or contains a lease, is based on the substance of the arrangement at inception date: whether fulfillment of the arrangement is dependent on the use of a specific or assets or the arrangement conveys a right to use the asset. Time charters and bareboat charter arrangements are assessed to involve lease arrangements. Leases in which a significant portion of the risks and rewards of the ownership are retained by the lessor are classified as operating lease. The charter arrangements whereby the Company's vessels are leased are treated as operating leases. Payments received under operating leases are further described in the paragraph discussing revenue.

Revenue and expense recognition

The Company recognizes revenue from the following major sources:

●

Revenue from time charters

●

Revenue from spot charters

F-12

Revenues from time charters and bareboat charters are accounted for as operating leases and are thus recognized on a straight-line basis over the rental periods of such charters. Revenue is recognized from delivery of the vessel to the charterer until the end of the lease term.

Effective from January 1, 2018, the Company adopted the new accounting standard IFRS 15 Revenue from Contracts with Customers using the modified retrospective method. We recognized the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of accumulated deficit. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods.

Revenue is measured based on the consideration to which the Company expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. The Company recognizes revenue when it transfers control of a product or service to a customer.

For vessels operating on spot charters, voyage revenues are, under the new revenue standard, recognized ratably over the estimated length of each voyage, calculated on a load-to-discharge basis.

Voyage expenses are capitalized between the previous discharge port, or contract date if later, and the next load port if they qualify as fulfilment cost under IFRS 15. To recognize costs incurred to fulfil a contract as an asset, the following criteria shall be met; (i) the costs relate directly to the contract, (ii) the costs generate or enhance resources of the entity that will be used in satisfying performance obligations in the future and (iii) the costs are expected to be recovered. The impact on the Company's consolidated financial statements are described below.

Time charters continue to be accounted as operating leases in accordance with IAS 17 and related interpretations and the implementation of the new revenue standard therefore did not have an effect on income recognition from such contracts.

Vessel expenses are expensed when incurred and include crew costs, vessel stores and supplies, lubricating oils, maintenance and repairs, insurance and communication costs.

The Company has entered into time charters where the Company has the opportunity to earn additional hire when vessel earnings exceed the basic hire amounts set forth in the charters. Additional hire, if any, is calculated and paid either monthly, quarterly or semi-annually in arrears and recognized as revenue in the period in which the revenue recognition criteria in accordance with IAS 17 was met.

Financial liabilities

Financial liabilities are classified as either financial liabilities “at fair value through profit or loss” (FVTPL) or “other financial liabilities”. The FVTPL category comprises the Company's derivatives. Other financial liabilities of the Company are classified as “other financial liabilities”.

(a)	Other financial liabilities

Other financial liabilities, including debt, are initially measured at fair value, net of transaction costs. Other financial liabilities are subsequently measured at amortized cost using the effective interest method, with interest expense recognized on an effective yield basis.

The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that discounts estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period.

(b)	Derivatives

The Company uses interest rate swaps to convert part of the interest-bearing debt from floating to fixed rate.

F-13

Derivatives are initially recognized at fair value at the date a derivative contract is entered into and are subsequently re-measured to their fair value at each reporting date. The resulting gain and loss is recognized in profit or loss immediately.

Fair Value Measurement

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal (or most advantageous) market at the measurement date under current market conditions. Fair value is an exit price regardless of whether that price is directly observable or estimated using another valuation technique.

Financial assets - receivables

Trade receivables are measured at amortized cost using the effective interest method, less any impairment. Normally the interest element could be disregarded since the receivables are short term. The Company regularly reviews its accounts receivables and estimates the amount of uncollectible receivables each period and establishes an allowance for uncollectible amounts. The amount of the allowance is based on the age of unpaid amounts, information about the current financial strength of customers and other relevant information.

Derecognition of financial assets and financial liabilities

The Company derecognizes a financial asset only when the contractual rights to cash flows from the asset expire, or when it transfers the financial asset and substantially all risks and reward of ownership of the asset to another entity.

The Company derecognizes financial liabilities when, and only when, the Company's obligations are discharged, cancelled or expire.

Foreign currency

The functional currency of the Company and each of the Vessel Subsidiaries is the U.S. dollar. This is because the Company's vessels operate in international shipping markets, in which revenues and expenses are settled in U.S. dollars, and the Company's most significant assets and liabilities in the form of vessels and related liabilities are denominated in U.S. dollars. For the purposes of presenting these consolidated financial statements, the assets and liabilities of the Company's foreign operations are translated into U.S. dollar using exchange rates prevailing at the end of each reporting period. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuate significantly during the period, in which case the exchange rates at the date of the transactions are used. Exchange differences arising, if any, are recognized in other comprehensive income and accumulated in equity.

Classification in the Statement of Financial Position

Current assets and current liabilities include items due less than one year from the reporting date, and items related to the operating cycle, if longer, and those primarily held for trading. The current portion of long-term debt is included as current liabilities. Other assets than those described above are classified as non-current assets.

Where the Company holds a derivative as an economic hedge (even if hedge accounting is not applied) for a period beyond 12 months after the reporting date, the derivative is classified as non-current (or separated into current and non-current).

Related parties

Parties are related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are related if they are subject to common control or common significant influence. Key management personnel of the Company are also related parties. All transactions between the related parties are recorded at estimated market value.

F-14

Taxes

The Company is a foreign corporation that is not subject to United States federal income taxes. Further, the Company is not subject to income taxes or tax reporting requirements imposed by the Marshall Islands, the country in which it is incorporated.

The Norwegian management company, DHT Management AS, is subject to taxation in Norway and the companies in Singapore, DHT Ship Management (Singapore) Pte. Ltd., DHT Chartering (Singapore) Pte. Ltd. and DHT Management Pte. Ltd., are subject to taxation in Singapore.

Income tax expense represents the sum of the taxes currently payable and deferred tax. Taxes payable are provided based on taxable profits at the current tax rate. Deferred taxes are recognized on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all temporary differences and deferred tax assets are recognized to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilized.

Stock Compensation

Employees of the Company receive remuneration in the form of restricted common stock and stock options that are subject to vesting conditions. Equity-settled share-based payment is measured at the fair value of the equity instrument at the grant date.

The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the Company's estimate of equity instruments that will eventually vest.

Pension

For defined benefit retirement plans, the cost of providing benefits is determined using the projected unit credit method, with actuarial valuations being carried out at the end of each reporting period. Remeasurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if applicable) and the return on plan assets (excluding interest), is reflected immediately in the statement of financial position with a charge or credit recognized in other comprehensive income in the period in which it occurs. Remeasurement recognized in other comprehensive income is reflected immediately in retained earnings and will not be reclassified to profit or loss. Past service cost is recognized in profit or loss in the period of a plan amendment. Net interest is calculated by applying the discount rate at the beginning of the period to the net defined benefit liability or asset.

The retirement benefit obligation recognized in the consolidated statement of financial position represents the actual deficit or surplus in the Group's defined benefit plan. Any surplus resulting from this calculation is limited to the present value of any economic benefit available in the form of refunds from the plans or reductions in future contributions to the plans.

Segment information

The Company has only one operating segment, and consequently does not provide segment information, except for the entity-wide disclosures required.

Use of estimates

The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Areas where significant estimates have been applied are:

●

Depreciation: As described above, the Company reviews estimated useful lives and residual values each year. Estimated useful lives may change due to changed end-user requirements, costs related to maintenance and upgrades, technological development and competition as well as industry, environmental and legal requirements. In addition, residual value may vary due to changes in market prices on scrap. The estimated depreciation period applied to the scrubbers is based on expected future economic life. The scrubbers, are fitted to meet requirements of the IMO Sulphur Cap that will be implemented from January 1, 2020 and they are expected to have a life of three years from that date.

F-15

	●	Drydock period: The drydock period impacts the depreciation rate applied to capitalized survey cost. The vessels are required by their respective classification societies to go through a dry dock at regular intervals. In general, vessels below the age of 15 years are docked every five years and vessels older than 15 years are docked every 2-1/2 years.

	●	Value in use: As described in note 6, in assessing “value in use,” the estimated future cash flows are discounted to their present value. In developing estimates of future cash flows, we must make significant assumptions about future charter rates, future use of vessels, ship operating expenses, drydocking expenditures, utilization rates, fixed commercial and technical management fees, residual value of vessels, the estimated remaining useful lives of the vessels and the discount rate.

Use of judgment

In the process of applying the Company's accounting policies, management has made the following judgments which have the most significant effect on the amounts recognized in the financial statements:

Impairment

Each of the Company's vessels has been treated as a separate Cash Generating Unit (“CGU”) as the vessels have cash inflows that are largely independent of the cash inflows from other assets and therefore can be subject to a value-in-use analysis.

Judgment has been applied in connection with the assessment of indicators of impairment or reversal of prior impairment.

Acquisition of 11 VLCCs from BW Group

In March 2017, the Company entered into a Vessel Acquisition Agreement (“VAA”) with BW Group Limited (“BW Group”) providing for the acquisition of BW's VLCC fleet. The fleet consisted of 11 VLCCs, including two newbuildings. All nine vessels in the water were delivered to DHT during the second quarter of 2017 and the two newbuildings were delivered to DHT during the second quarter of 2018. The vessels were delivered without contracts, except for one time-charter agreement lasting for a limited period of time. Ship management was transferred to our associate Goodwood Ship Management Pte Ltd using the same strategy as used for the rest of the DHT fleet. One vessel had a short term ship management agreement with BW Group until the time-charter agreement expired. None of the other vessels had any open contracts associated with them at the time of delivery to DHT. No employees were transferred to DHT as part of the VAA. On evaluation of the facts and circumstances of the acquisition, management concluded that the acquisition from BW Group did not constitute a business combination (as defined in IFRS 3 Business Combinations), and as such, treated the acquisition of the 11 VLCCs as an asset acquisition in accordance with IAS 16 Property, Plant and Equipment.

Application of new and revised International Financial Reporting Standards (“IFRSs”)

(a)	New and revised IFRSs, and interpretations mandatory for the first time for the financial year beginning January 1, 2018.

Adoption of IFRS 9 Financial Instruments

In July 2014, the IASB finalized the reform of financial instruments accounting and issued IFRS 9 Financial Instruments (as revised in 2014), which contains the requirements for a) the classification and measurement of financial assets and financial liabilities, b) impairment methodology and c) general hedge accounting. IFRS 9 (as revised in 2014) superseded IAS 39 Financial Instruments: Recognition and Measurement effective January 1, 2018.

F-16

Key requirements of IFRS 9:

The new standard requires all financial assets to be subsequently measured at amortized cost or fair value depending on the business model of the legal entity in relation to the management of the financial assets and the contractual cash flows of the financial assets. In relation to the impairment of financial assets, IFRS 9 uses an expected credit loss model that requires an entity to account for expected credit losses and changes in those expected credit losses at each reporting date to reflect changes in credit risk since initial recognition. The standard also requires financial liabilities to be classified as either at fair value through profit or loss or at amortized cost. IFRS 9 also introduced a new hedge accounting model that is designed to be more closely aligned with how entities undertake risk management activities when hedging financial and non-financial risk exposures. The company does not apply hedge accounting on its interest rate swaps in relation to its floating rate debt.

The application of IFRS 9 Financial Instruments did not have a material impact on the Company's consolidated financial statements.

Adoption of IFRS 15 Revenue from Contracts with Customers

Effective January 1, 2018, the Company adopted the new accounting standard IFRS 15 Revenue from Contracts with Customers using the modified retrospective method. We recognized the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of accumulated deficit. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods.

For vessel operating on spot charters, voyage revenues are, under the new revenue standard, recognized ratably over the estimated length of each voyage, calculated on a load-to discharge basis. Voyage expenses are capitalized between the previous discharge port, or contract date if later, and the next load port if they qualify as fulfillment cost under IFRS 15. To recognize cost incurred to fulfil a contract as an asset, the following criteria shall be met: (i) the costs relate directly to the contract, (ii) the cost generate or enhance resources of the entity that will be used in satisfying performance obligations in the future and (iii) the costs are expected to be recovered.

Time charters continue to be accounted as operating lease in accordance with IAS 17 and related interpretations and the implementation of the new revenue standard therefore did not have an effect on income recognition from such contracts.

F-17

The cumulative effect of the adjustments made to our consolidated statement of financial position at January 1, 2018 from the adoption of IFRS 15 Revenue from Contracts with Customers was as follows:

Condensed consolidated statement of financial position

(Dollars in thousands)	Balance at December 31, 2017			Adjustments due to IFRS 15			Balance at January 1, 2018
Assets
Accounts receivable and accrued revenues		42,212			(7,437	)		34,775
Capitalized voyage expenses		-			1,888			1,888
Liabilities
Accounts payable and accrued expenses		17,427			(815	)		16,613
Stockholders' equity
Accumulated deficit		(222,087	)		(4,734	)		(226,821	)

The impact of the adoption of IFRS 15 Revenue from Contracts with Customers on our consolidated statement of financial position as of December 31, 2018, consolidated income statement and consolidated statement of cash flow were as follows:

Condensed consolidated statement of financial position
	Balance as of December 31, 2018
		As reported			Adjustments due to IFRS 15			Balance without adoption of IFRS 15
Assets
Accounts receivable and accrued revenues		60,196			8,271			68,467
Capitalized voyage expenses		1,633			(1,633	)		0
Liabilities
Accounts payable and accrued expenses		28,634			602			29,236
Stockholders' equity
Accumulated deficit		(285,383	)		6,036			(279,347	)

Condensed consolidated income statement 2018

(Dollars in thousands)	As reported			Adjustments due to IFRS 15		Without adoption of IFRS 15
Shipping revenues		375,941			834		376,776
Voyage expenses		(161,891	)		468		(161,423	)
Profit/(loss) for the year		(46,927	)		1,302		(45,625	)

Condensed consolidated statement of cash flow 2018

(Dollars in thousands)	As reported			Adjustments due to IFRS 15			Without adoption of IFRS 15
Profit/(loss) for the year		(46,927	)		1,302			(45,625	)
Accounts receivable and accrued revenues		(25,421	)		(834	)		(26,255	)
Capitalized voyage expenses		255			(255	)		(0	)
Accounts payable and accrued expenses		8,234			(213	)		8,021
Net cash provided by operating activities		53,985			(0	)		53,985

Voyage expenses are capitalized between the previous discharge port, or contract date if later, and the next load port and amortized between load port and discharge port. The closing balance of assets recognized from the costs to obtain or fulfil a contract was $1.6 million as per December 31, 2018. During the twelve months of 2018, $1.5 million was amortized and no impairment losses were recognized in the period.

IFRS 15 requires disclosure of the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period and an explanation of when an entity expects to recognize these amounts as revenue. We have applied the practical expedient related to performance obligations with reference to IFRS 15:121(a), as the original expected duration of the underlying contract is one year or less. Consequently, no disclosure is presented in the notes to the consolidated financial statements.

According to IFRS 15:114 an entity shall disaggregate revenue recognized from contracts with customers into categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. DHT's business is to operate a fleet of crude oil tankers and management has organized the entity as one segment based upon on the service provided. Consequently, the Company does not disaggregate revenue recognized from contracts with customers.

F-18

(b) New and revised IFRSs that are not mandatorily effective (but allow early application) for the year ending December 31, 2018.

The Company has not applied the following new and revised IFRSs that have been issued but are not yet effective:

○

IFRS 16 Leases

○

Amendments to IFRS 9 Prepayment Features with Negative Compensation

○

Amendments to IAS 28 Long-term Interests in Associates and Joint Ventures

○

Annual Improvements to IFRS Standards 2015-2017 Cycle, Amendments to IFRS 3 Business Combinations, IFRS 11 Joint Arrangements, IAS 12 Income Taxes and IAS 23 Borrowing Costs

○

Amendments to IAS 19 Employee Benefits, Plan Amendment, Curtailments or Settlements

○

IFRS 10 Consolidated Financial Statements and IAS 28 (amendments), Sale or Contribution of Assets between an Investor and its Associate or Joint Venture

○

IFRIC 23 Uncertainty over Income Tax Treatments

IFRS 16 Leases

IFRS 16 Leases introduces a comprehensive model for the identification of lease arrangements and accounting treatments for both lessors and lessees. IFRS 16 will supersede the current lease guidance, including IAS 17 Leases and the related interpretations when it becomes effective. The Company will adopt the standard on January 1, 2019 by using the modified retrospective method.

IFRS 16 distinguishes leases and service contracts on the basis of whether an identified asset is controlled by a customer. Distinctions of operating leases (off balance sheet) and finance leases (on balance sheet) are removed for lessee accounting, and is replaced by a model where a right-of-use asset and a corresponding liability have to be recognized for all leases by lessees (i.e., all on balance sheet) except for short-term leases and leases of low-value assets.

The right-of-use asset is initially measured at cost and subsequently measured at cost (subject to certain exceptions) less accumulated depreciation and impairment losses, adjusted for any remeasurement of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at that date. Subsequently, the lease liability is adjusted for interest and lease payments, as well as the impact of lease modifications, amongst others. Furthermore, the classification of cash flows will also be affected as operating lease payments under IAS 17 are presented as operating cash flows; whereas under the IFRS 16 model, the lease payments will be split into a principal and an interest portion which will be presented as financing and operating cash flows, respectively.

In contrast to lessee accounting, IFRS 16 substantially carries forward the lessor accounting requirements in IAS 17, and continues to require a lessor to classify a lease either as an operating lease or a finance lease. As at December 31, 2018, the Company does not have any bareboat charters or pool arrangements. Voyage charters are not likely to meet the new definition, as the charterer typically does not have the right to direct the use of the vessel and similarly, contracts of affreightment are unlikely to meet the definition of a lease, since they are contracts for the provision of a service rather than the use of an identified asset. The implementation of IFRS 16 will not have a material impact on the Company's consolidated financial statements. The Company will recognize a lease liability and a corresponding lease asset of $1.5 million related to the two office rental contracts in Singapore and Norway that fall within the definition of a lease in accordance with IFRS 16. There will be no transition effect on the opening balance of equity.

Amendments to IFRS 9 Prepayment Features with Negative Compensation

The amendments to IFRS 9 clarify that for the purpose of assessing whether a prepayment feature meets the SPPI condition, the party exercising the option may pay or receive reasonable compensation for the prepayment irrespective of the reason for prepayment. In other words, prepayment features with negative compensation do not automatically fail SPPI.

F-19

The amendment applies to annual periods beginning on or after January 1, 2019, with earlier application permitted. There are specific transition provisions depending on when the amendments are first applied, relative to the initial application of IFRS 9.

The Company does not anticipate that the application of the amendments in the future will have a significant impact on the Company's consolidated financial statements.

Amendments to IAS 28 Long-term Interests in Associates and Joint Ventures

The amendment clarifies that IFRS 9, including its impairment requirements, applies to long‑term interests. Furthermore, in applying IFRS 9 to long‑term interests, an entity does not take into account adjustments to their carrying amount required by IAS 28 (i.e., adjustments to the carrying amount of long‑term interests arising from the allocation of losses of the investee or assessment of impairment in accordance with IAS 28).

The amendments apply retrospectively to annual reporting periods beginning on or after January 1, 2019. Earlier application is permitted. Specific transition provisions apply depending on whether the first‑time application of the amendments coincides with that of IFRS 9.

The Company does not anticipate that the application of the amendments in the future will have a significant impact on the Company's consolidated financial statements.

Annual Improvements to IFRS Standards 2015-2017 Cycle Amendments to IFRS 3 Business Combinations, IFRS 11 Joint Arrangements, IAS 12 Income Taxes and IAS 23 Borrowing Costs

The Annual Improvements include amendments to four Standards.

IAS Income Taxes

The amendments clarify that an entity should recognise the income tax consequences of dividends in profit or loss, other comprehensive income or equity according to where the entity originally recognised the transactions that generated the distributable profits. This is the case irrespective of whether different tax rates apply to distributed and undistributed profits.

IAS 23 Borrowing Costs

The amendments clarify that if any specific borrowing remains outstanding after the related asset is ready for its intended use or sale, that borrowing becomes part of the funds that an entity borrows generally when calculating the capitalisation rate on general borrowings.

IFRS 3 Business Combinations

The amendments to IFRS 3 clarify that when an entity obtains control of a business that is a joint operation, the entity applies the requirements for a business combination achieved in stages, including remeasuring its previously

held interest (PHI) in the joint operation at fair value. The PHI to be remeasured includes any unrecognised assets, liabilities and goodwill relating to the joint operation.

IFRS 11 Joint Arrangements

The amendments to IFRS 11 clarify that when a party that participates in, but does not have joint control of, a joint operation that is a business obtains joint control of such a joint operation, the entity does not remeasure its PHI in the joint operation.

All the amendments are effective for annual periods beginning on or after January 1, 2019 and generally require prospective application. Earlier application is permitted.

The Company does not anticipate that the application of the annual improvements in the future will have a significant impact on the Company's consolidated financial statements.

F-20

Amendments to IAS 19 Employee Benefits Plan Amendment, Curtailment or Settlement

The amendments clarify that the past service cost (or of the gain or loss on settlement) is calculated by measuring the defined benefit liability (asset) using updated assumptions and comparing benefits offered and plan assets before and after the plan amendment (or curtailment or settlement) but ignoring the effect of the asset ceiling (that may arise when the defined benefit plan is in a surplus position). IAS 19 is now clear that the change in the effect of the asset ceiling that may result from the plan amendment (or curtailment or settlement) is determined in a second

step and is recognised in the normal manner in other comprehensive income.

The paragraphs that relate to measuring the current service cost and the net interest on the net defined benefit liability (asset) have also been amended. An entity will now be required to use the updated assumptions from this remeasurement to determine current service cost and net interest for the remainder of the reporting period after the change to the plan. In the case of the net interest, the amendments make it clear that for the period post plan amendment, the net interest is calculated by multiplying the net defined benefit liability (asset) as remeasured under

IAS 19.99 with the discount rate used in the remeasurement (also taking into account the effect of contributions and benefit payments on the net defined benefit liability (asset)).

The amendments are applied prospectively. They apply only to plan amendments, curtailments or settlements that occur on or after the beginning of the annual period in which the amendments to IAS 19 are first applied. The amendments to IAS 19 must be applied to annual periods beginning on or after January 1, 2019, but they can be applied earlier if an entity elects to do so.

The Company does not anticipate that the application of the amendments in the future will have a significant impact on the Company's consolidated financial statements.

IFRS 10 Consolidated Financial Statements and IAS 28 (amendments) Sale or Contribution of Assets between an Investor and its Associate or Joint Venture

The amendments to IFRS 10 and IAS 28 deal with situations where there is a sale or contribution of assets between an investor and its associate or joint venture. Specifically, the amendments state that gains or losses resulting from the loss of control of a subsidiary that does not contain a business in a transaction with an associate or a joint venture that is accounted for using the equity method, are recognised in the parent's profit or loss only to the extent of the unrelated investors' interests in that associate or joint venture. Similarly, gains and losses resulting from the

remeasurement of investments retained in any former subsidiary (that has become an associate or a joint venture that is accounted for using the equity method) to fair value are recognised in the former parent's profit or loss only to the extent of the unrelated investors' interests in the new associate or joint venture.

The effective date of the amendments has yet to be set by the IASB; however, earlier application of the amendments is permitted.

The Company does not anticipate that the application of the amendments in the future will have a significant impact on the Company's consolidated financial statements.

IFRIC 23 Uncertainty over Income Tax Treatments

IFRIC 23 sets out how the accounting tax position when there is uncertainty over income tax treatments. The Interpretation requires an entity to:

(i)

Determine whether uncertain tax positions are assessed separately or as a group; and

(ii)

Assess whether it is probable that a tax authority will accept an uncertain tax treatment used, or proposed to be used, by an entity in its income tax filings:

If yes, the entity should determine its accounting tax position consistently with the tax treatment used or planned to be used in its income tax filings.

F-21

If no, the entity should reflect the effect of uncertainty in determining its accounting tax position.

The Interpretation is effective for annual periods beginning on or after January 1, 2019. Entities can apply the Interpretation with either full retrospective application or modified retrospective application without restatement of comparative retrospectively or prospectively.

The Company does not anticipate that the application of IFRIC 23 will have a significant impact on the Company's consolidated financial statements.

Segment information	12 Months Ended
Segment information	Dec. 31, 2018
Segment information [Abstract]
Segment information	Note 3 - Segment information Operating Segments: Since DHT's business is limited to operating a fleet of crude oil tankers, management has organized and manages the entity as one segment based upon the service provided. The Company's chief operating decision maker (“CODM”), being the Chief Executive Officers, reviews the Company's operating results on a consolidated basis as one operating segment as defined in IFRS 8, Operating Segments. Entity-wide disclosures: Information about major customers: As of December 31, 2018, the Company had 27 vessels in operation of which five were on time charters and 22 were vessels operating in the spot market. For the period from January 1, 2018 to December 31, 2018, five customers represented $76,015 thousand, $38,408 thousand, $19,269 thousand, 18,692 thousand and $18,679 thousand, respectively, of the Company's revenues. For the period from January 1, 2017 to December 31, 2017, five customers represented $48,192 thousand, $39,488 thousand, $36,109 thousand, $32,252 thousand and $18,855 thousand, respectively, of the Company's revenues. For the period from January 1, 2016 to December 31, 2016, five customers represented $69,521 thousand, $39,471 thousand, $35,209 thousand, $30,422 thousand and $25,685 thousand, respectively, of the Company's revenues.

Charter arrangements

12 Months Ended

Dec. 31, 2018

Charter arrangements [Abstract]

Charter arrangements

Note 4 - Charter arrangements

The below table details the Company's shipping revenues:

(Dollars in thousands)	2018		2017		2016
Time charter revenues*	$	64,462	$	100,310	$	118,997
Voyage charter revenues**		311,480		254,742		234,646
Other shipping revenues		-		-		2,366
Shipping revenues	$	375,941	$	355,052	$	356,010

*Revenue in accordance with IAS 17 Leases

**2018 revenue is presented in accordance with IFRS 15 Revenue from Contracts with Customers. The comparative information has not been restated.

F-22

The following summarizes the Company's vessel employment as of December 31, 2018:

Vessel	Type of Employment	Expiry
VLCC
DHT Amazon	Time charter with profit sharing	Q4 2021
DHT Bauhinia	Spot
DHT Bronco	Spot
DHT China	Time charter with profit sharing	Q2 2021
DHT Colt	Spot
DHT Condor	Spot
DHT Edelweiss	Time charter with profit sharing	Q1 2019
DHT Europe	Time charter with profit sharing	Q1 2022
DHT Falcon	Spot
DHT Hawk	Spot
DHT Jaguar	Spot
DHT Lake	Spot
DHT Leopard	Spot
DHT Lion	Spot
DHT Lotus	Time charter with profit sharing	Q1 2019
DHT Mustang	Spot
DHT Opal	Spot
DHT Panther	Spot
DHT Peony	Spot
DHT Puma	Spot
DHT Raven	Spot
DHT Redwood	Spot
DHT Scandinavia	Spot
DHT Stallion	Spot
DHT Sundarbans	Spot
DHT Taiga	Spot
DHT Tiger	Spot

Future charter payments:

The future revenues expected to be received from the time charters (not including any potential profit sharing) for the Company's vessels on existing charters as of the reporting date are as follows:

(Dollar in thousands)
Year	Amount
2019		34,044
2020		36,837
2021		26,293
2022		154
2023		-
Thereafter		-
Net charter payments:	$	97,327

F-23

Earnings per share ("EPS") [Abstract]

Any extension periods, unless already exercised as of December 31, 2018, are not included. Revenues from a time charter are not received when a vessel is off-hire, including time required for normal periodic maintenance of the vessel. In arriving at the minimum future charter revenues, an estimated time for off-hire to perform periodic maintenance on each vessel has been deducted, although there is no assurance that such estimate will be reflective of the actual off-hire in the future.

Contract balances:

Contract balances and related disclosures have been included in the following places in the notes to the Company's consolidated financial statements:

				Note
Accounts receivable and accrued revenues				note 8,9
Capitalized voyage expense				note 2

Deferred Shipping Revenues:

Deferred shipping revenues relates to next month charter hire payment paid in advance. No deferred shipping revenues were included as of December 31, 2018 or as of December 31, 2017.

Concentration of risk:

As of December 31, 2018, five of the Company's 27 vessels were chartered to four different counterparties and 22 vessels were operated in the spot market. As of December 31, 2017, six of the Company's 26 vessels were chartered to four different counterparties and 20 vessels were operated in the spot market. As of December 31, 2016, nine of the Company's 21 vessels were chartered to five different counterparties and 12 vessels were operated in the spot market. The Company believes that the concentration of risk is limited and can be adequately monitored.

Earnings per share ("EPS")

12 Months Ended

Dec. 31, 2018

Earnings per share ("EPS")

Note 5 - Earnings per share (“EPS”)

The computation of basic earnings per share is based on the weighted average number of common shares outstanding during the period. The computation of diluted earnings per share assumes the exercise of all dilutive stock options and restricted shares using the treasury stock method.

For the year ended December 31, 2017, the Company had an increase in earnings per share resulting from the assumption that convertible instruments are converted, thus any effect of common stock equivalents outstanding would be antidilutive. Antidilutive potential common shares are disregarded in the calculation of diluted EPS. The following potential ordinary shares are antidilutive and therefore excluded from the weighted average number of ordinary shares for the purpose of diluted earnings per shares: convertible instruments: 17,282,925 shares.

The components of the calculation of basic EPS and diluted EPS are as follows:

(Dollars in thousands)	2018			2017		2016
Profit/loss for the period used for calculation of EPS - basic	$	(46,927	)	$	6,602	$	9,260
Profit/loss for the period used for calculation of EPS - dilutive	$	(46,927	)	$	6,602	$	9,260

Basic earnings per share:
Weighted average shares outstanding - basic		143,429,610			124,536,338		93,382,757

Diluted earnings per share:
Weighted average shares outstanding - basic		143,929,610			124,536,338		93,382,757
Dilutive equity awards		5,311			-		6,853
Weighted average shares outstanding - dilutive		143,434,921			124,536,338		93,389,610

F-24

Vessels and subsidiaries

12 Months Ended

Dec. 31, 2018

Vessels and subsidiaries [Abstract]

Vessels and subsidiaries

Note 6 - Vessels and subsidiaries

The Vessels are owned by companies incorporated in the Marshall Islands or Cayman Islands. The Vessel Subsidiaries are wholly owned directly by the Company. The primary activity of each of the Vessel Subsidiaries is the ownership and operation of a Vessel. In addition, the Company has a vessel chartering subsidiary and two subsidiaries, DHT Management AS (Norway) and DHT Ship Management (Singapore) Pte. Ltd., which perform management services for DHT and its subsidiaries. The following table sets out the details of the Vessel Subsidiaries included in these consolidated financial statements:

Company	Vessel name	Dwt	Flag State	Year Built
DHT Mustang Inc	DHT Mustang	317,975	Hong Kong	2018
DHT Bronco Inc	DHT Bronco	317,975	Hong Kong	2018
DHT Colt Inc	DHT Colt	319,713	IOM	2018
DHT Stallion Inc	DHT Stallion	319,713	IOM	2018
DHT Tiger Limited	DHT Tiger	299,629	Hong Kong	2017
DHT Puma Limited	DHT Puma	299,629	Hong Kong	2016
DHT Panther Limited	DHT Panther	299,629	Hong Kong	2016
DHT Lion Limited	DHT Lion	299,629	Hong Kong	2016
DHT Leopard Limited	DHT Leopard	299,629	Hong Kong	2016
DHT Jaguar Limited	DHT Jaguar	299,629	Hong Kong	2015
DHT Opal Inc	DHT Opal	320,105	IOM	2012
Samco Theta Ltd	DHT Sundarbans	314,249	Hong Kong	2012
Samco Iota Ltd	DHT Taiga	314,249	Hong Kong	2012
DHT Peony Inc	DHT Peony	320,013	IOM	2011
DHT Lotus Inc	DHT Lotus	320,142	IOM	2011
Samco Eta Ltd	DHT Amazon	314,249	RIF	2011
Samco Kappa Ltd	DHT Redwood	314,249	Hong Kong	2011
DHT Edelweiss Inc	DHT Edelweiss	301,021	Hong Kong	2008
Samco Epsilon Ltd	DHT China	317,794	RIF	2007
Samco Delta Ltd	DHT Europe	317,713	RIF	2007
DHT Bauhinia Inc	DHT Bauhinia	301,019	IOM	2007
DHT Hawk Inc	DHT Hawk	298,923	Hong Kong	2007
Samco Gamma Ltd	DHT Scandinavia	317,826	Hong Kong	2006
DHT Falcon Inc	DHT Falcon	298,971	Hong Kong	2006
DHT Lake Inc	DHT Lake	298,564	IOM	2004
DHT Raven Inc	DHT Raven	298,563	IOM	2004
DHT Condor, Inc.	DHT Condor	320,050	Hong Kong	2004
DHT Eagle, Inc.	DHT Eagle **	309,064	Hong Kong	2002
DHT Utah, Inc	DHT Utah **	299,498	IOM	2001
DHT Utik, Inc	DHT Utik **	299,450	IOM	2001
Chris Tanker Corporation	DHT Chris ***	309,285	Hong Kong	2001
Ann Tanker Corporation	DHT Ann ****	309,327	Hong Kong	2001
DHT Phoenix, Inc.	DHT Phoenix *****	307,151	Hong Kong	1999
Cathy Tanker Corporation	DHT Cathy*	115,000	Marshall Islands	2004
Sophie Tanker Corporation	DHT Sophie*	115,000	Marshall Islands	2003

* DHT Sophie and DHT Cathy were sold to one buyer in October 2018. Both vessels were delivered to buyer during fourth quarter 2018.

** The DHT Eagle, DHT Utah and DHT Utik were sold to one buyer in November 2017. The DHT Eagle and DHT Utah were delivered to the buyer during the fourth quarter of 2017 and the DHT Utik was delivered to the buyer in January 2018.

*** The DHT Chris was sold and delivered to new owners in January 2017.

**** The DHT Ann was sold and delivered to new owners in May 2017.

***** The DHT Phoenix was sold and delivered to new owners in June 2017.

F-25

Vessels and time charter contracts

(Dollars in thousands)	Vessels			Drydock			Scrubbers			Time charter contracts			Total

Cost
As of January 1, 2018		1,767,117			36,441			-			6,600			1,810,158
Additions		113			7,695			7,566			-			15,373
Transferred from vessels under construction		325,004			6,800			5,086			-			336,890
Transferred to asset held for sale		-			-			-			-			-
Disposals		(84,848	)		(6,117	)		-			-			(90,965	)
As of December 31, 2018		2,007,385			44,818			12,652			6,600			2,071,456

Accumulated depreciation and impairment
As of January 1, 2018		(359,066	)		(3,731	)		-			(3,215	)		(366,013	)
Charge for the period		(91,551	)		(10,342	)		(388	)		(978	)		(103,259	)
Impairment charges		(3,500	)		-			-			-			(3,500	)
Transferred to asset held for sale					-			-			-			-
Disposals		62,224			4,902			-			-			67,125
As of December 31, 2018		(391,894	)		(9,171	)		(388	)		(4,193	)		(405,647	)

Net book value
As of December 31, 2018		1,615,492			35,647			12,264			2,407			1,665,810

Cost
As of January 1, 2017		1,534,496			27,632			-			6,600			1,568,729
Additions		366,064			24,406			-			-			390,471
Transferred from vessels under construction		91,264			1,700			-			-			92,964
Transferred to asset held for sale		(21,585	)		(1,736	)		-			-			(23,321	)
Disposals		(203,123	)		(15,562	)		-			-			(218,684	)
As of December 31, 2017		1,767,117			36,441			-			6,600			1,810,158

Accumulated depreciation and impairment
As of January 1, 2017		(384,520	)		(4,451	)					(2,237	)		(391,209	)
Charge for the period		(84,893	)		(10,497	)					(978	)		(96,367	)
Impairment charges		(8,540	)		-						-			(8,540	)
Transferred to asset held for sale		2,014			556						-			2,570
Disposals		116,873			10,661						-			127,534
As of December 31, 2017		(359,066	)		(3,731	)					(3,215	)		(366,013	)

Net book value
As of December 31, 2017		1,408,051			32,710						3,385			1,444,146


Vessels under construction
Cost
As of January 1, 2018		114,759			-						-			114,759
Additions		222,131			-						-			222,131
Transferred to vessels		(336,890	)		-						-			(336,890	)
As of December 31, 2018		-			-						-			-
Cost
As of January 1, 2017		43,638			-						-			43,638
Additions		164,085			-						-			164,085
Transferred to vessels		(92,964	)		-						-			(92,964	)
As of December 31, 2017		114,759			-						-			114,759

In March 2017, the Company acquired 11 VLCCs, including two newbuildings which were delivered in 2018.

F-26

Vessels under construction

On October 8, 2018, the Company took delivery of DHT Mustang, the last of its two VLCC newbuildings from HHI. The Company has no further vessels under construction and the cost of vessels under construction has been transferred to vessels for each of the four newbuildings delivered during 2018.

Depreciation

We have assumed an estimated useful life of 20 years for our vessels. Depreciation is calculated taking residual value into consideration. Each vessel's residual value is equal to the product of its lightweight tonnage and an estimated scrap rate per ton. Estimated scrap rate used as a basis for depreciation is $300 per ton. Capitalized drydocking costs are depreciated on a straight-line basis from the completion of a drydocking to the estimated completion of the next drydocking. Capitalized scrubber costs are depreciated on a straight-line basis from the time of installation through the accounting year 2022, reflecting the period they are expected to be of use providing economical values.

Impairment

A vessel's recoverable amount is the higher of the vessel's fair value less cost of disposal and its value in use. The carrying values of our vessels may not represent their fair market value at any point in time since the market prices of second-hand vessels tend to fluctuate with changes in charter rates and the cost of constructing new vessels. Historically, both charter rates and vessel values have been cyclical. The carrying amounts of vessels held and used by us are reviewed for potential impairment or reversal of prior impairment charges whenever events or changes in circumstances indicate that the carrying amount of a particular vessel may not accurately reflect the recoverable amount of a particular vessel. Each of the Company's vessels have been viewed as a separate Cash Generating Unit (CGU) as the vessels have cash inflows that are largely independent of the cash inflows from other assets and therefore can be subject to a value in use analysis. In assessing “value in use,” the estimated future cash flows are discounted to their present value. In developing estimates of future cash flows, we must make significant assumptions about future charter rates, future use of vessels, ship operating expenses, drydocking expenditures, utilization rate, fixed commercial and technical management fees, residual value of vessels, the estimated remaining useful lives of the vessels and the discount rate. These assumptions are based on current market conditions, historical trends as well as future expectations. Estimated outflows for ship operating expenses and drydocking expenditures are based on a combination of historical and budgeted costs and are adjusted for assumed inflation. Utilization, including estimated off-hire time, is based on historical experience. Although management believes that the assumptions used to evaluate potential impairment are reasonable and appropriate, such assumptions are subjective.

In the third quarter of 2018, we recorded an impairment charge of $3.5 million related to the sale of DHT Cathy and DHT Sophie which was agreed to be sold. The impairment charge reflected the difference between the carrying value of the vessels and the estimated net sales price. The vessels were delivered to the buyer in December 2018. As per December 31, 2018 no impairment test was performed as no indicators were found.

In the fourth quarter of 2017, we adjusted the carrying value of our fleet through a non-cash impairment charge totaling $7.9 million and a reversal of prior impairment totaling $7.4 million. The impairment test was performed on each individual vessel using an estimated weighted average cost of capital, or “WACC,” of 8.57%. As DHT operates in a non-taxable environment, the WACC is the same on a before- and after-tax basis. The rates used for the impairment testing are as follows: (a) the current Freight Forwards Agreements (“FFA”) for the first two years and (b) the 25-year historical average spot earnings as reported by Clarksons Shipping Intelligence thereafter. The time charter equivalent FFA rates used for the impairment test as of December 31, 2017 for the VLCCs was $15,154 per day for the first year and $21,349 per day for the second year. Thereafter, the time charter equivalent rate used for the VLCCs was $40,347. The time charter equivalent FFA rates used for the impairment test as of December 31, 2017 for the Aframaxes was $1,368 per day for the first year and $6,363 per day for the second year. Thereafter, the time charter equivalent rates used for the Aframaxes was $24,705 per day. The above rates are reduced by 20% for vessels above the age of 15 years. Also, reflecting the lower fuel consumption for modern vessels, $4,000 per day has been added through 2025 for VLCCs built 2015 and later and $1,400 per day has been added through 2021 for VLCCs built between 2011 and 2014. For vessels on charter we assumed the contractual rate for the remaining term of the charter. If the estimated WACC had been 1% higher, the impairment charge would have been $55.8 million. If the estimated future net cash flows after the expiry of fixed charter periods had been 10% lower, the impairment charge would have been $104.5 million. Had we used the one-, five-, and ten-year historical average for the average spot rate from year three for the expected life of the vessels, the impairment charge would have been $166.4 million, $124.8 million and $85.5 million, respectively. Also, had we used the three-year historical average for the average spot rate from year three for the expected life of the vessels, the reversal of prior impairment charge would have been $17.1 million.

F-27

In the first quarter of 2017, we recorded an impairment charge of $7.5 million related to the sale of DHT Ann and DHT Phoenix which was agreed to be sold. The impairment charge reflected the difference between the carrying value of the vessel and the estimated net sales price. The vessels were delivered to the buyers in May 2017 and June 2017, respectively.

In the third quarter of 2016, we adjusted the carrying value of our fleet through a non-cash impairment charge totaling $76.6 million due to the decline in values for second-hand tankers. The impairment test was performed on each individual vessel using an estimated weighted average cost of capital, or “WACC,” of 8.26%. As DHT operates in a non-taxable environment, the WACC is the same on a before- and after-tax basis. The rates used for the impairment testing are as follows: (a) the estimated current one-year time charter rate for the first three years and (b) the 10-year historical average one-year time charter rate thereafter with both (a) and (b) reduced by 20% for vessels above the age of 15 years. The time charter equivalent rates used for the impairment test as of September 30, 2016 for the first three years were $31,000 per day and $16,000 per day (being the current one-year time charter rate estimated by brokers), for VLCC and Aframax, respectively, and reduced by 20% for vessels above the age of 15 years. Thereafter, the time charter equivalent rates used were $39,409 per day and $22,014 per day (being the 10-year historical average one-year time charter rate), for VLCC and Aframax, respectively and reduced by 20% for vessels above the age of 15 years. For vessels on charter we assumed the contractual rate for the remaining term of the charter. If the estimated WACC had been 1% higher, the impairment charge would have been $136,300 thousand. If the estimated future net cash flows after the expiry of fixed charter periods had been 10% lower, the impairment charge would have been $178,900 thousand. Also, had we used the one-, three-, five-, and ten-year historical average for the one-year time charter rates for the expected life of the vessels reduced by 20% (those vessels being above the age of 15 years), the impairment charge would have been $7,600 thousand, $70,400 thousand, $200,800 thousand and $20,800 thousand, respectively.

In the first quarter of 2016, we recorded an impairment charge of $8.1 million related to the DHT Target which was agreed to be sold. The impairment charge reflected the difference between the carrying value of the vessel and the estimated net sales price. The vessel was delivered to the buyers in May 2016.

Intangible assets

Time charter contracts:

		Carrying amount		Carrying amount
(Dollars in thousands)	Expected useful life	2018		2017
DHT China charter	Finite		2,407		3,385
Total			2,407		3,385

Intangible assets with a finite expected useful life are as a general rule amortized on a straight-line basis over the expected useful life. The amortization period of the intangible assets are 2.5 years. Time charter contracts are presented on the same line as vessels in the statement of financial position.

Pledged assets

All of the Company's vessels have been pledged as collateral under the Company's secured credit facilities.

F-28

Technical Management Agreements

The Company has entered into agreements with technical managers which are responsible for the technical operation and upkeep of the vessels, including crewing, maintenance, repairs and dry-dockings, maintaining required vetting approvals and relevant inspections, and to ensure DHT's fleet complies with the requirements of classification societies as well as relevant governments, flag states, environmental and other regulations. Under the ship management agreements, each vessel subsidiary pays the actual cost associated with the technical management and an annual management fee for the relevant vessel.

Financial instruments

12 Months Ended

Dec. 31, 2018

Financial instruments [Abstract]

Financial instruments

Note 8 - Financial instruments

Categories of financial instruments

(Dollars in thousands)	Carrying amount
Financial assets	2018		2017
Cash and cash equivalents (1)(3)		94,944		77,292
Accounts receivable and accrued revenues (1)		60,196		42,212
Total	$	155,140	$	119,504

Financial liabilities
Accounts payables and accrued expenses (1)	$	28,634	$	17,427
Derivative financial liabilities, current (2)		1,250		545
Current portion long-term debt (1)		93,815		65,053
Long-term debt (1)		873,460		721,151
Derivative financial liabilities, non-current (2)		4,486		-
Total financial liabilities	$	1,001,645	$	804,177

(1)

Amortized cost.

(2)

Fair value through profit or loss.

(3)

Cash and cash equivalents include $638 thousand in restricted cash in 2018 and $322 thousand in 2017, including employee withholding tax.

F-29

Fair value of non-derivative financial instruments

It is assumed that fair value of non-derivative financial instruments is equal to the nominal amount for all financial assets and liabilities. With regards to trade receivables, the credit risk is not viewed as significant. With regards to the credit facilities, these are floating rate with terms and conditions considered to be according to market terms and no material change in credit risk; consequently, it is assumed that carrying value has no material deviation from fair value.

Measurement of fair value

It is only derivatives that are classified within a fair value measurement category and recognized at fair value in the statement of financial position. Fair value measurement is based on Level 2 in the fair value hierarchy as defined in IFRS 13 Fair Value Measurement. Such measurement is based on techniques for which all inputs that have a significant effect on the recorded fair value are observable. Future cash flows are estimated based on forward interest rates (from observable yield curves at the end of the reporting period) and contract interest rates, discounted at a rate that reflects the credit risk of various counterparties.

Derivatives - interest rate swaps

		Notional amount				Fair value
(Dollars in thousands)	Expires	2018		2017		2018		2017
Swap pays 3.315%, receive floating	Jun. 29, 2018	$	-		19,396		-		156
Swap pays 3.565%, receive floating	Jun. 29, 2018	$	-		20,417		-		187
Swap pays 2.865%, receive floating	Jun. 29, 2018	$	-		35,729		-		202
Swap pays 2.987%, receive floating	Apr. 20, 2023	$	46,800		-		699		-
Swap pays 3.012%, receive floating	Apr. 20, 2023	$	46,800		-		743		-
Swap pays 3.019%, receive floating	Sept. 29, 2023	$	35,877		-		580		-
Swap pays 3.019%, receive floating	Sept. 29, 2023	$	34,963				563
Swap pays 2.8715%, receive floating	Jul. 24, 2023	$	51,400		-		606		-
Swap pays 2.8785%, receive floating	Jun. 30, 2023	$	45,807		-		503		-
Swap pays 2.895%, receive floating	Sept. 29, 2023	$	50,115		-		653		-
Swap pays 2.897%, receive floating	Sept. 30, 2023	$	45,986		-		597		-
Swap pays 3.020%, receive floating	Sept. 29, 2023	$	44,301		-		793		-
Total carrying amount		$	402,049		75,542		5,736		545

Interest-bearing debt

				Remaining		Carrying amount
(Dollars in thousands)	Interest			notional		2018		2017
Nordea Samco Credit Facility	LIBOR + 2.50		%		-		-		217,921
Credit Agricole Credit Facility	LIBOR + 2.19		%		62,717		62,166		68,591
Danish Ship Finance Credit Facility	LIBOR + 2.25		%		41,600		41,437		43,937
Nordea/DNB Credit Facility	LIBOR + 2.25		%		-		-		44,647
Nordea/DNB Credit Facility	LIBOR + 2.75		%		-		-		9,884
ABN Amro Credit Facility	LIBOR + 2.60		%		-		-		119,844
Nordea BW VLCC Acquisition Credit Facility	LIBOR + 2.40		%		258,483		254,870		183,119
ABN Amro Credit Facility	LIBOR + 2.40		%		469,639		464,826		-
Convertible Senior Notes due 2019		4.50	%		32,860		32,009		98,262
Convertible Senior Notes due 2021		4.50	%		125,000		111,968		-
Total carrying amount					990,299		967,275		786,204

Interest on all our credit facilities is payable quarterly in arrears except the Danish Ship Finance Credit Facility and the Convertible Notes which have interest payable semi-annual in arrears. The credit facilities are principally secured by the first-priority mortgages on the vessels financed by the credit facility, assignments of earnings, pledge of shares in the borrower, insurances and the borrowers' rights under charters for the vessels, if any, as well as a pledge of the borrowers' bank account balances.

F-30

Financial risk management, objectives and policies [Abstract]

Reconciliation of liabilities arising from financing activities

The table below details changes in liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Company's consolidated statement of cash flows as cash flows from financing activities.

											Non-cash changes
	As of January 1		Financing cash flows (1)		Fair value changes (2)			Repurchase convertible notes			Amortization		Equity component of convertible notes			Other changes (3)			As of December 31
2018
Bank loans		687,942		129,400								6,826					(869	)		823,299
Convertible Senior Notes due 2019		98,262				(74,644	)		-			3,188		1,613			3,589			32,009
Convertible Senior Notes due 2021				38,945		74,644			-			1,545		(3,165	)					111,968
Total (4)		786,204		168,345		-			-			11,559		(1,553	)		2,720			967,275

2017
Bank loans		591,579		93,157		-						3,206								687,942
Convertible Senior Notes due 2019		109,916				-			(17,104	)		4,170		2,213			(932	)		98,262
Total (4)		701,495		93,157		-			(17,104	)		7,375		2,213			(932	)		786,204

(1)

The cash flows from bank loans make up the net amount of issuance of long-term debt and repayment of long-term debt in the statement of cash flows. In 2018 the cash flows from the transaction related to the exchange of convertible senior notes due 2019 of $38.9 million consists of $41.6 million cash received upon issue, less transaction costs of $2.7 million.

(2)

Fair value changes reflects the loss arising from the exchange of the convertible senior notes due 2019 to convertible senior notes due 2021 below market fair value.

(3)

Other changes represents the (gain)/loss on extinguishment of debt, including previously capitalized fees.

(4)

The reconciliation does not include interest rate swaps, which are described in note 8.

Financial risk management, objectives and policies

12 Months Ended

Dec. 31, 2018

Financial risk management, objectives and policies

Note 9 - Financial risk management, objectives and policies

Financial risk management

The Company's principal financial liabilities consist of long-term debt, and, when applicable, current portion of long-term debt and derivatives. The main purpose of these financial liabilities is to finance the Company's operations. The Company's financial assets mainly comprise cash.

The Company is exposed to market risk, credit risk and liquidity risk. The Company's senior management oversees the management of these risks.

Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices comprise four types of risk: interest rate risk, currency risk, commodity price risk and other price risk. Financial instruments affected by market risk are debt, deposits and derivative financial instruments.

a) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company's exposure to the risk of changes in interest rates relates primarily to the Company's long-term debt with floating interest rates. To manage this risk, the Company has at times entered into interest rate swaps in which the Company agrees to exchange, at specified intervals, the difference between fixed and variable rate interest amounts calculated by reference to an agreed-upon notional principal amount. As of December 31, 2018, the Company had nine interest rate swaps with a total aggregate notional amount of $402,049 thousand as discussed in Note 8.

F-32

Interest rate risk sensitivity

The sensitivity analyses below have been determined based on the exposure to interest rates for both derivatives and floating rate long-term debt. For floating rate long-term debt, the analysis is prepared assuming the amount of liability outstanding at the reporting date was outstanding for the whole year.

2018: If interest rates had been 50 basis points higher/lower and all other variables were held constant, the Company's:

●	loss for the year ended December 31, 2018 would decrease/increase by $2,152 thousand

●	other comprehensive income would not be affected.

2017: If interest rates had been 50 basis points higher/lower and all other variables were held constant, the Company's:

●	profit for the year ended December 31, 2017 would decrease/increase by $3,099 thousand

●	other comprehensive income would not be affected.

2016: If interest rates had been 50 basis points higher/lower and all other variables were held constant, the Company's:

●	profit for the year ended December 31, 2016 would decrease/increase by $2,355 thousand

●	other comprehensive income would not be affected.

b) Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company has only immaterial currency risk since all revenue and major expenses, including all vessel expenses and financial expenses, are in US dollars. Consequently, no sensitivity analysis is prepared.

Credit risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations, resulting in financial loss to the Company. The Company is exposed to credit risk from its operating activities (primarily for trade receivables) and from its financing activities, including deposits with banks and financial institutions.

Credit risks related to receivables

During 2018, The Company's vessels were either trading in the spot market or on short to medium term time charters to different counterparties. As of December 31, 2018, five of the Company's 27 vessels are chartered to four different counterparties and 22 vessels are operated in the spot market.

During 2017, the Company's vessels were either trading in the spot market or on short to medium term time charters to different counterparties. As of December 31, 2017, six of the Company's 26 vessels are chartered to four different counterparties and 20 vessels are operated in the spot market.

During 2016, the Company's vessels were either trading in the spot market or on short to medium term time charters to different counterparties. As of December 31, 2016, nine of the Company's 21 vessels are chartered to five different counterparties and 12 vessels are operated in the spot market.

See Note 5 for further details on employment of the Company's vessels. Time charter hire is paid to DHT monthly in advance.

F-33

Credit risk related to cash and cash equivalents and accounts receivables

The Company seeks to diversify credit risks on cash by holding the majority of the cash in four financial institutions, namely, DNB, Nordea, Credit Agricole and ABN Amro.

As of December 31, 2018, five customers represented $9,401 thousand, $5,795 thousand, $5,628 thousand, $4,831 thousand and $4,689 thousand, respectively, of the Company's accounts receivables.

The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting dates was:

(Dollars in thousands)	2018		2017
Cash and cash equivalents	$	94,944	$	77,292
Accounts receivable and accrued revenues		60,196		42,212
Maximum credit exposure	$	155,140	$	119,504

F-34

Liquidity risk

The Company manages its risk of a shortage of funds by continuously monitoring maturity of financial assets and liabilities, and projected cash flows from operations such as charter hire, voyage revenues and vessel operating expenses. Certain of our credit agreements contain financial covenants requiring that at all times the borrowings under the credit facilities plus the actual or notional cost of terminating any of their interest rates swaps not exceed a certain percentage of the charter-free market value of the vessels that secure each of the credit facilities. Vessel values are volatile and a decline in vessel values could result in prepayments under the Company's credit facilities.

The following are contractual maturities of financial liabilities, including estimated interest payments on an undiscounted basis. Swap payments are the net effect from paying fixed rate/ receive LIBOR. The LIBOR interest spot rate at December 31, 2018 (and spot rate at December 31, 2017 for comparatives) is used as a basis for preparation.

(Dollars in thousands)
			2 to 5		More than
	1 year		years		5 years		Total
As of December 31, 2018
Interest bearing loans	$	146,574	$	723,031	$	307,692	$	1,177,298
Interest rate swaps		593		1,832		-		2,424
Total	$	147,167	$	724,863	$	307,692	$	1,179,722

As of December 31, 2017
Interest bearing loans	$	91,232	$	636,059	$	130,148	$	857,439
Interest rate swaps		550		-		-		550
Total	$	91,782	$	636,059	$	130,148	$	857,989

Capital management

A key objective in relation to capital management is to ensure that the Company maintains a strong capital structure in order to support its business. The Company evaluates its capital structure in light of current and projected cash flow, the relative strength of the shipping markets, new business opportunities and the Company's financial commitments. In order to maintain or adjust the capital structure, the Company may adjust or eliminate the amount of dividends paid to shareholders, issue new shares or sell assets to reduce debt.

The Company is within its financial covenants stipulated in its credit agreements.

The Credit Agricole Credit Facility

On June 22, 2015, we entered into the Credit Agricole Credit Facility with Credit Agricole to refinance the outstanding amount under a credit agreement with Credit Agricole that financed the DHT Scandinavia (“Tranche A”) as well as a financing commitment of up to $50 million to fund the acquisition of one VLCC from HHI (“Tranche B”). The Credit Agricole Credit Facility is between and among Credit Agricole, as lender, the Credit Agricole Borrowers, and DHT Holdings, Inc., as guarantor. Samco Gamma Ltd. was permitted to borrow the full amount of Tranche A. In 2016, in advance of the delivery of the DHT Tiger from HHI on January 16, 2017, we borrowed $48.7 million under Tranche B. Borrowings bear interest at a rate equal to LIBOR + 2.1875%. Tranche A is repayable in 34 consecutive quarterly installments of $1.1 million from September 2015 to December 2023. Subsequent to a voluntary prepayment of $5.0 million in June 2016, Tranche A is repayable with quarterly installments of $1.0 million each. Tranche B is repayable in 28 quarterly installments of $0.7 million from March 2017 to December 2023 and a final payment of $29.7 million in December 2023. The Credit Agricole Credit Facility contains a covenant requiring that at all times the charter-free market value of the vessels that secure the Credit Agricole Credit Facility be no less than 135% of borrowings. Also, DHT covenants that, throughout the term of the Credit Agricole Credit Facility, DHT, on a consolidated basis, shall maintain a value adjusted tangible net worth of $200 million, the value adjusted tangible net worth shall be at least 25% of the value adjusted total assets, unencumbered consolidated cash shall be at least the higher of (i) $20 million and (ii) 6% of our gross interest-bearing debt and DHT, on a consolidated basis shall have working capital greater than zero. “Value adjusted” is defined as an adjustment to reflect the difference between the carrying amount and the market valuations of the Company's vessels (as determined quarterly by an approved broker). The Credit Agricole Credit Facility is secured by, among other things, a first-priority mortgage on the DHT Scandinavia and the DHT Tiger, a first-priority assignment of earnings, insurances and intercompany claims, a first-priority pledge of the balances of the Borrowers' bank accounts and a first-priority pledge over the shares in the Borrowers. The Credit Agricole Credit Facility contains covenants that prohibit the Borrowers from, among other things, incurring additional indebtedness without the prior consent of the lender, permitting liens on assets, merging or consolidating with other entities or transferring all or any substantial part of their assets to another person.

F-35

The Nordea Samco Credit Facility

In December 2014, we entered into a credit facility in the amount of $302,000 thousand with Nordea, DNB and DVB as lenders, and DHT Holdings, Inc. as guarantor for the re-financing of the DHT Europe, DHT China, DHT Amazon, DHT Redwood, DHT Sundarbans and DHT Taiga as well as the financing of the DHT Condor (the “Nordea Samco Credit Facility”). Borrowings would bear interest at a rate equal to LIBOR + 2.50% and was repayable in 20 quarterly installments of $5.1 million from March 2015 to December 2019 and a final payment of $199.8 million in December 2019. The Nordea Samco Credit Facility was secured by, among other things, a first-priority mortgage on the vessels financed by the Nordea Samco Credit Facility, a first-priority assignment of earnings, insurances and intercompany claims, a first-priority pledge of the balances of each of the borrower's bank accounts and a first-priority pledge over the shares in each of the borrowers. The Nordea Samco Credit Facility contained covenants that prohibited the borrowers from, among other things, incurring additional indebtedness without the prior consent of the lender, permitting liens on assets, merging or consolidating with other entities or transferring all or any substantial part of their assets to another person.

The Nordea Samco Credit Facility contained a covenant requiring that at all times the charter-free market value of the vessels that secured the Nordea Samco Credit Facility be no less than 135% of borrowings. Also, on a consolidated basis, the Company should maintain a value adjusted tangible net worth of $200,000 thousand, the value adjusted tangible net worth should be at least 25% of the value adjusted total assets and unencumbered consolidated cash should be at least the higher of (i) $20,000 thousand and (ii) 6% of our gross interest-bearing debt. “Value adjusted” was defined as an adjustment to reflect the difference between the carrying amount and the market valuations of the Company's vessels (as determined quarterly by one approved broker).

In July 2016, the credit facility was amended whereby the DHT Amazon and the DHT Europe were replaced by DHT Hawk, DHT Falcon and DHT Eagle and the quarterly installments changed to $5.8 million with a final payment of $190.4 million in December 2019.

Subsequent to the repayment of $16.4 million in connection with the sale of the DHT Eagle in December 2017, the quarterly installments were $5.0 million with a final payment of $180.1 million in December 2019.

In April 2018, we entered into a $484 million secured credit facility agreement for the refinancing of 13 of the Company's VLCCs. A non-cash finance expense in total of $4.3 million, related to upfront fees was expensed in second quarter 2018 in connection with the refinancing. The Nordea Samco Credit Facility was refinanced and the new credit facility is described below.

The ABN AMRO Credit Facility

In July 2014, we executed a credit facility to fund the acquisition of three VLCCs to be constructed at HHI through a secured term loan facility between and among ABN AMRO, DVB and Nordea as lenders, three vessel-owning companies as borrowers, and DHT Holdings, Inc. as guarantor. The borrowers were permitted to borrow up to $141.0 million across three tranches under the ABN AMRO Credit Facility. The ABN AMRO Credit Facility would be for a five-year term from the date of the first drawdown, but in any event the final maturity date would be no later than December 31, 2021, subject to earlier repayment in certain circumstances. Borrowings would bear interest at a rate equal to LIBOR + 2.60% and each tranche was repayable in 20 quarterly installments totaling approximately $2.0 million and a final payment of $31.3 million in the first quarter of 2021 and $60.2 million in the third quarter of 2021 (assuming no additional repayments discussed below). In addition, each of the three borrowers should the first three years make additional repayments of a variable amount equal to free cash flow in the prior quarter capped at $0.3 million per quarter to be applied against the balloon. Free cash flow was defined as an amount calculated as of the last day of each quarter equal to the positive difference, if any, between (a) the sum of the earnings of the vessels during the quarter and (b) the sum of ship operating expenses, voyage expenses, estimated capital expenses for the following two quarters, general & administrative expenses, interest expenses and change in working capital.

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The ABN AMRO Credit Facility was secured by, among other things, a first-priority mortgage on the vessels financed by the ABN AMRO Credit Facility, a first-priority assignment of earnings, insurances and intercompany claims, a first-priority pledge of the balances of each of the borrower's bank accounts and a first-priority pledge over the shares in each of the borrowers. The ABN AMRO Credit Facility contained covenants that prohibited the borrowers from, among other things, incurring additional indebtedness without the prior consent of the lender, permitting liens on assets, merging or consolidating with other entities or transferring all or any substantial part of their assets to another person.

The ABN AMRO Credit Facility contained a covenant requiring that at all times the charter-free market value of the vessels that secured the ABN AMRO Credit Facility be no less than 135% of borrowings. Also, on a consolidated basis, the Company should maintain value adjusted tangible net worth of $300 million, value adjusted tangible net worth should be at least 25% of value adjusted total assets and unencumbered consolidated cash should be at least the higher of (i) $30 million and (ii) 6% of our gross interest-bearing debt. “Value adjusted” was defined as an adjustment to reflect the difference between the carrying amount and the market valuations of the company's vessels (as determined quarterly by an approved broker).

In April 2018, we entered into a $484 million secured credit facility agreement for the refinancing of 13 of the Company's VLCCs. A non-cash finance expense in total of $4.3 million, related to upfront fees was expensed in second quarter 2018 in connection with the refinancing. The ABN AMRO Credit Facility was refinanced and the new credit facility is described below.

The Danish Ship Finance Credit Facility

In November 2014, we entered into a credit facility to fund the acquisition of one of the VLCCs to be constructed at HHI through a secured term loan facility between and among Danish Ship Finance A/S, as lender, a vessel-owning company, as borrower, and DHT Holdings, Inc., as guarantor. The borrower is permitted to borrow up to $49.4 million under the Danish Ship Finance Credit Facility. The Danish Ship Finance Credit Facility is for a five-year term from the date of the first drawdown in November 2015, subject to earlier repayment in certain circumstances. Borrowings bear interest at a rate equal to LIBOR + 2.25% and are repayable in 10 semiannual installments of $1.3 million each commencing six months after drawdown and a final payment of $36.4 million at final maturity.

The Danish Ship Finance Credit Facility is secured by, among other things, a first-priority mortgage on the vessel financed by the Danish Ship Finance Credit Facility, a first-priority assignment of earnings, insurances and intercompany claims, a first-priority pledge of the balances of the borrower's bank accounts and a first-priority pledge over the shares in the borrower. The Danish Ship Finance Credit Facility contains covenants that prohibit the borrower from, among other things, incurring additional indebtedness without the prior consent of the lender, permitting liens on assets, merging or consolidating with other entities or transferring all or any substantial part of its assets to another person.

The Danish Ship Finance Credit Facility contains a covenant requiring that at all times the charter-free market value of the vessel that secures the Danish Ship Finance Credit Facility be no less than 130% of borrowings. Also, we covenant that, throughout the term of the Danish Ship Finance Credit Facility, DHT, on a consolidated basis, shall maintain a value adjusted tangible net worth of $300 million, the value adjusted tangible net worth shall be at least 25% of value adjusted total assets and unencumbered consolidated cash shall be at least the higher of (i) $30 million and (ii) 6% of our gross interest-bearing debt. “Value adjusted” is defined as an adjustment to reflect the difference between the carrying amount and the market valuations of the Company's vessels (as determined quarterly by an approved broker).

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The Nordea/DNB Credit Facility

In October 2015, we entered into the Nordea/DNB Credit Facility, which allowed borrowings up to $50.0 million to fund the acquisition of one of the VLCCs to be constructed at HHI. The Nordea/DNB Credit Facility was between and among Nordea Bank Norge ASA and DNB Bank ASA, as lenders, a vessel-owning company, as borrower, and DHT Holdings, Inc., as guarantor. The full amount of the Nordea/DNB Credit Facility was borrowed in December 2015. The Nordea/DNB Credit Facility had a five-year term from the date of the first drawdown, subject to earlier repayment in certain circumstances. Borrowings would bear interest at a rate equal to LIBOR + 2.25% and was repayable in 10 semiannual installments of $0.6 million, each commencing three months after drawdown and a final payment of $37.5 million at final maturity.

The Nordea/DNB Credit Facility was secured by, among other things, a first-priority mortgage on the vessel financed by the Nordea/DNB Credit Facility, a first-priority assignment of earnings, insurances and intercompany claims, a first-priority pledge of the balances of the borrower's bank accounts and a first-priority pledge over the shares in the borrower. The Nordea/DNB Credit Facility contained covenants that prohibited the borrower from, among other things, incurring additional indebtedness without the prior consent of the lender, permitting liens on assets, merging or consolidating with other entities or transferring all or any substantial part of its assets to another person.

The Nordea/DNB Credit Facility contained a covenant requiring that at all times the charter-free market value of the vessel that secures the Nordea/DNB Credit Facility be no less than 135% of borrowings. Also, on a consolidated basis, the Company should maintain a value adjusted tangible net worth of $300 million, the value adjusted tangible net worth should be at least 25% of value adjusted total assets, unencumbered consolidated cash should be at least the higher of (i) $30 million and (ii) 6% of our gross interest-bearing debt and the borrower and DHT, on a consolidated basis, should have working capital greater than zero. “Value adjusted” was defined as an adjustment to reflect the difference between the carrying amount and the market valuations of the Company's vessels (as determined quarterly by an approved broker).

In September 2016, the remaining four vessels financed under the RBS Credit Facility (DHT Ann, DHT Chris, DHT Cathy and DHT Sophie) were included in the Nordea/DNB Credit Facility as a separate tranche totaling $40.0 million. Borrowings under the $40.0 million tranche bear interest at a rate equal to LIBOR + 2.75% and was repayable in 11 quarterly installments of $2.1 million from December 2016 to June 2019 and a final payment of $17.3 million in August 2019. Subsequent to the sale of DHT Chris and DHT Ann in 2017, the separate tranche was repayable in quarterly installments of $0.4 million with a final payment of $6.9 million in August 2019.

The Nordea/DNB Credit Facility was repaid in full in connection with the sale of DHT Cathy and DHT Sophie in December 2018.

The ABN AMRO Revolving Credit Facility

In November 2016, the Company entered into a secured five-year revolving credit facility with ABN Amro totaling $50.0 million to be used for general corporate purposes including security repurchases and acquisition of ships (the “ABN AMRO Revolving Credit Facility”) between and among ABN AMRO Bank N.V. Oslo Branch (“ABN AMRO”) or any of their affiliates, as lender, Samco Delta Ltd. and Samco Eta Ltd. as borrowers (each, a direct wholly owned subsidiary of us, collectively, the “Borrowers”), and DHT Holdings, Inc., as guarantor. The financing bears interest at a rate equal to LIBOR + 2.50%. In April 2018, we entered into an agreement with ABN Amro to increase the revolving credit facility to $57.3 million with a quarterly reduction of $1.8 million starting July 31, 2018. As of December 31, 2018, there were no amounts outstanding under the ABN AMRO Revolving Credit Facility. The credit facility contains a covenant requiring that at all times the charter-free market value of the vessels that secure the credit facility be no less than 135% of borrowings. Also, DHT covenants that, throughout the term of the credit facility, DHT, on a consolidated basis, shall maintain a value adjusted tangible net worth of $300 million, the value adjusted tangible net worth shall be at least 25% of value adjusted total assets, unencumbered consolidated cash shall be at least the higher of (i) $30 million and (ii) 6% of our gross interest-bearing debt and the borrower and DHT, on a consolidated basis, shall have working capital greater than zero. “Value adjusted” is defined as an adjustment to reflect the difference between the carrying amount and the market valuations of the company's vessels (as determined quarterly by an approved broker).

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The Nordea/DNB Newbuilding Credit Facility

In June 2017, we entered into the Nordea/DNB Newbuilding Credit Facility, which allowed borrowings up to $82.5 million to fund the acquisition of two VLCCs to be constructed at HHI. The Nordea/DNB Newbuilding Credit Facility was between and among Nordea Bank Norge ASA and DNB Bank ASA, as lenders, two vessel-owning companies, as borrowers, and DHT Holdings, Inc., as guarantor. The Nordea/DNB Newbuilding Credit Facility had a five-year term from the date of the first drawdown, subject to earlier repayment in certain circumstances. Borrowings bear interest at a rate equal to LIBOR + 2.50% and was repayable in 20 quarterly installments of $1.0 million each commencing three months after drawdown and a final payment of $61.9 million at final maturity.

The Nordea/DNB Newbuilding Credit Facility was secured by, among other things, a first-priority mortgage on the vessels financed by the Nordea/DNB Newbuilding Credit Facility, a first-priority assignment of earnings, insurances and intercompany claims, a first-priority pledge of the balances of the borrower's bank accounts and a first-priority pledge over the shares in the borrower. The Nordea/DNB Newbuilding Credit Facility contained covenants that prohibited the borrower from, among other things, incurring additional indebtedness without the prior consent of the lender, permitting liens on assets, merging or consolidating with other entities or transferring all or any substantial part of its assets to another person. The Nordea/DNB Newbuilding Credit Facility contained a covenant requiring that at all times the charter-free market value of the vessels that secure the Nordea/DNB Newbuilding Credit Facility be no less than 135% of borrowings. Also, , on a consolidated basis, the Company should maintain a value adjusted tangible net worth of $300 million, the value adjusted tangible net worth should be at least 25% of value adjusted total assets, unencumbered consolidated cash should be at least the higher of (i) $30 million and (ii) 6% of our gross interest-bearing debt and the borrower and DHT, on a consolidated basis, should have working capital greater than zero. “Value adjusted” was defined as an adjustment to reflect the difference between the carrying amount and the market valuations of the Company's vessels (as determined quarterly by an approved broker).

In April 2018, we entered into a $484 million secured credit facility agreement for the refinancing of 13 of the Company's VLCCs. A non-cash finance expense in total of $4.3 million, related to upfront fees was expensed in second quarter 2018 in connection with the refinancing. The undrawn Nordea/DNB Newbuilding Credit Facility was refinanced and the new credit facility is described below.

The Nordea BW VLCC Acquisition Credit Facility

In April 2017, we entered into a six-year credit facility in the amount of $300 million with Nordea, DNB, ABN Amro, Danish Ship Finance, ING, SEB and Swedbank as lenders, and DHT Holdings, Inc. as guarantor for the financing of the cash portion of the acquisition of BW's VLCC fleet as well as the remaining installments under the two newbuilding contracts. $204 million of the $300 million credit facility was borrowed during the second quarter of 2017 in connection with delivery of the nine VLCCs in water from BW. The remaining $96 million was borrowed in connection with the delivery of DHT Stallion and DHT Colt in the second quarter of 2018. Borrowings bear interest at a rate equal to LIBOR + 2.40%.

The Nordea BW VLCC Acquisition Credit Facility is secured by, among other things, a first-priority mortgage on the vessels financed by the credit facility, a first-priority assignment of earnings, insurances and intercompany claims, a first-priority pledge of the balances of each of the borrower's bank accounts and a first-priority pledge over the shares in each of the borrowers. The credit facility contains covenants that prohibit the borrowers from, among other things, incurring additional indebtedness without the prior consent of the lender, permitting liens on assets, merging or consolidating with other entities or transferring all or any substantial part of their assets to another person.

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The Nordea BW VLCC Acquisition Credit Facility contains a covenant requiring that at all times the charter-free market value of the vessels that secure the credit facility be no less than 135% of borrowings. Also, we covenant that, throughout the term of the credit facility, DHT, on a consolidated basis, shall maintain a value adjusted tangible net worth of $300 million, the value adjusted tangible net worth shall be at least 25% of the value adjusted total assets and unencumbered consolidated cash shall be at least the higher of (i) $30 million and (ii) 6% of our gross interest-bearing debt. “Value adjusted” is defined as an adjustment to reflect the difference between the carrying amount and the market valuations of the Company's vessels (as determined quarterly by one approved broker).

Subsequent to the sale of the DHT Utah in November 2017 and the DHT Utik in January 2018, and the delivery of DHT Stallion in April 2018 and DHT Colt in May 2018, the quarterly installments are $5.4 million with a final payment of $156.3 million in the second quarter of 2023.

In September 2018 DHT secured commitment to a $50 million scrubber financing structured through an increase of the existing $300 million secured credit facility entered into in the second quarter of 2017. The increased facility bear the same interest rate equal to LIBOR + 2.40%. As per December 31, 2018, a total of $5.0 million was drawn and $45.0 million is available. The facility will have quarterly installments of $2.5 million commencing second quarter 2020. Other terms and conditions remain unchanged.

ABN Amro Credit Facility

In April 2018 we entered into a credit facility with ABN Amro, Nordea, Credit Agricole, DNB, ING, Danish Ship Finance, SEB, DVB and Swedbank as lenders and DHT Holdings, Inc. as guarantor for the financing of eleven VLCCs and two newbuildings. Borrowings bear interest at a rate equal to LIBOR + 2.40% and the loan is repayable in quarterly installments of $8.3 million through Q2 2024 and a final payment of $286.1 with the last installment. The credit facility contains a covenant requiring that at all times the charter-free market value of the vessels that secure the credit facility be no less than 135% of borrowings. Also, DHT covenants that, throughout the term of the credit facility, DHT, on a consolidated basis, shall maintain a value adjusted tangible net worth of $300 million, value adjusted tangible net worth shall be at least 25% of value adjusted total assets and unencumbered consolidated cash of at least the higher of (i) $30 million and (ii) 6% of our gross interest bearing debt. “Value adjusted” is defined as an adjustment to reflect the difference between the carrying amount and the market valuations of the Company's vessels (as determined quarterly by an approved broker).

Convertible Senior Notes due 2019

In September 2014, in connection with the acquisition of the shares in Samco, we issued $150,000 thousand principal amount of convertible senior notes due 2019 in a private placement. We pay interest at a fixed rate of 4.50% per annum, payable semiannually in arrears. The convertible senior notes due 2019 are convertible into common stock of DHT at any time until one business day prior to their maturity. The initial conversion price for the convertible senior notes due 2019 is $8.125 per share of common stock (equivalent to an initial conversion rate of 123.0769 shares of common stock per $1,000 thousand aggregate principal amount of convertible senior notes), subject to customary anti-dilution adjustments. The conversion price is subject to adjustment based on cash dividends paid on our common stock and as of December 31, 2018 the conversion price was $6.2599. We received net proceeds of approximately $145,500 thousand (after placement agent expenses, but before other transaction expenses). The convertible senior notes due 2019 were initially recognized at fair value, but are carried at amortized cost. The value of the conversion option is being calculated using a Black & Scholes model. Fees related to the issue of the convertible senior notes due 2019 are amortized over the life of the convertible senior notes. In 2016, we acquired in the open market $27.0 million of our convertible senior notes due 2019 at an average price of 91.7% of par and in 2017 we acquired in the open market $17.2 million of our convertible senior notes due 2019 at an average price of 99.0% of par. In August 2018, approximately $73.0 million of the convertible senior notes due 2019 were exchanged for approximately $80.3 million aggregate principal amount of the convertible senior notes due 2021. The repurchased convertible senior notes due 2019 have been cancelled and the subsequent outstanding amount is then $32.9 million.

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Convertible Senior Notes due 2021

In August 2018, the Company entered into separate, privately negotiated exchange agreements with certain holders of its outstanding 4.5% convertible senior notes due 2019 to exchange approximately $73.0 million aggregate principle amount of the 2019 Notes for approximately $80.3 million aggregate principal amount of the Company's new 4.5% convertible senior notes due 2021. The Company also entered into private placement purchase agreements with investors to issue approximately $44.7 million aggregate principal amount of the Company's new 4.5% convertible senior notes due 2021 for gross proceeds of approximately $41.6 million. Upon the completion of the private exchanges and private placement, the aggregate principal amount of 2021 Notes outstanding was 125.0 million and approximately $32.9 million aggregate principal amount of 2019 Notes outstanding. We pay interest at fixed rate of 4.50% per annum, payable semiannually in arrears. The convertible senior notes due 2021 are convertible at the option of the holder and may be converted at any time prior to the business day immediately preceding the maturity date of the 2021 Notes as specified in the indenture. Upon conversion, holders will receive shares of the Company's common stock. The initial conversion price for the Convertible Senior Noted due 2021 is $6.2599 per share of common stock (equivalent to an initial conversion rate of 159.7470 shares of common stock per $1,000 aggregate principal amount of convertible senior notes), subject to customary anti-dilution adjustments. We received net proceeds of approximately $38.9 million after the payment of placement agent fees.

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Stockholders' equity and dividend payment [Abstract]

Stockholders' equity and dividend payment

12 Months Ended

Dec. 31, 2018

Stockholders' equity and dividend payment

Note 10 - Stockholders' equity and dividend payment

Stockholders' equity:

(Dollars in thousands, except per share data)	Common stock			Preferred stock
Issued at December 31, 2016		93,433,804
Restricted stock issued		1,259,208
New shares issued *		47,724,395
Issued at December 31, 2017		142,417,407
Restricted stock issued		1,175,136
Retirement of treasury shares		(892,497	)
Issued at December 31, 2018		142,700,046
Par value	$	0.01		$	0.01
Shares to be issued assuming conversion of convertible notes due 2019**		6,562,001
Shares to be issued assuming conversion of convertible notes due 2021**		29,761,913
Number of shares authorized for issue at December 31, 2018		250,000,000

* On March 23, 2017, we announced that we entered into the VAA, to acquire nine VLCCs and newbuild contracts for two VLCCs due for delivery in 2018 from BW Group, in exchange for aggregate cash consideration in an amount equal to $177,360,000 and an aggregate equity consideration consisting of 32,024,395 shares of the Company's common stock and 15,700 shares of the Series D Preferred Stock. Subsequent to the conversion of each share of the Series D Preferred Stock into 1,000 shares of Company common stock in 2017, a total of 47,724,395 shares of common stock were issued.

** Assuming the maximum fundamental change conversion rate.

Common stock

Each outstanding share of common stock entitles the holder to one vote on all matters submitted to a vote of stockholders.

Convertible Notes Offering

Please see note 9 for information on the convertible senior notes.

Preferred stock:

Terms and rights of preferred shares will be established by the board when or if such shares would be issued.

Series C Participating Preferred stock

In January 2017, our board of directors adopted a shareholder rights plan (“Rights Plan”) and declared a dividend of one preferred share purchase right (a “Right”) for each outstanding share of common stock, par value $0.01 per share, of DHT to purchase from DHT one ten-thousandth of a share of Series C Junior Participating Preferred Stock, par value $0.01 per share, of DHT at a price of $22.00 per one ten-thousandth of a share of Series C Junior Participating Preferred Stock, subject to adjustment as provided in the Rights Agreement dated as of January 29, 2017 (as the same may be amended from time to time, the “Rights Agreement”), between DHT and American Stock Transfer & Trust Company, LLC, as Rights Agent. The description and terms of the Rights are set forth in the Rights Agreement. The Rights Plan and the preferred share purchase rights expired on January 28, 2018 in accordance with its and their terms, and have not been replaced or renewed.

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General & Administrative Expenses [Abstract]

Series D Junior Participating Preferred stock

In connection with the Company's acquisition of BW Group's VLCC fleet by DHT announced on March 23, 2017, the Company agreed to 15,700 shares of Series D Junior Participating Preferred stock that were mandatorily convertible into 15.7 million shares of DHT common stock subject to DHT shareholder approval. All outstanding shares of Series D Junior Participating Preferred stock were mandatorily converted into 15.7 million shares of DHT common stock during the second quarter of 2017.

Dividend payment:

Dividend payment as of December 31, 2018:		Per share
Payment date:	Total payment	Common
February 28, 2018	$ 2.9 million	$	0.02
May 30, 2018	$ 2.9 million	$	0.02
August 31, 2018	$ 2.9 million	$	0.02
November 23, 2018	$ 2.9 million	$	0.02
Total payment as of December 31, 2018:	$ 11.5 million	$	0.08

Dividend payment as of December 31, 2017:
Payment date:
February 22, 2017	$ 7.6 million	$	0.08
May 31, 2017	$ 10.1 million	$	0.08
August 31, 2017	$ 2.8 million	$	0.02
December 6, 2017	$ 2.8 million	$	0.02
Total payment as of December 31, 2017:	$ 23.3 million	$	0.20

Dividend payment as of December 31, 2016:
Payment date:
February 24, 2016	$ 19.7 million	$	0.21
May 25, 2016	$ 23.3 million	$	0.25
August 31, 2016	$ 21.5 million	$	0.23
November 23, 2016	$ 1.9 million	$	0.02
Total payment as of December 31, 2016:	$ 66.4 million	$	0.71

On February 26, 2019, DHT paid a dividend of $0.05 per common share to shareholders of record as of February 19, 2019, resulting in a total dividend payment of approximately $7.1 million.

General and administrative expenses

12 Months Ended

Dec. 31, 2018

General & Administrative Expenses

Note 11 - General & Administrative Expenses

General and Administrative Expenses:

(Dollars in thousands)	2018		2017		2016
Total Compensation to Employees and Directors	$	11,289	$	11,655	$	15,998
Office and Administrative Expenses		2,449		2,147		2,213
Audit, Legal and Consultancy		1,314		3,377		1,180
Total General and Administrative Expenses	$	15,052	$	17,180	$	19,391

Stock Compensation

The Company has an Incentive Compensation Plan (“Plan”) for the benefit of Directors and senior management. Different awards may be granted under this Plan, including stock options, restricted shares/restricted stock units and cash incentive awards.

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Stock Options

The exercise price for options cannot be less than the fair market value of a common stock on the date of grant.

Restricted shares

Restricted shares can neither be transferred nor assigned by the participant.

Vesting conditions

Awards issued vest subject to continued employment or office. The awards have graded vesting. For some of the awards there is an additional vesting condition requiring certain market conditions to be met.

The Plan may allow for different criteria for new grants.

Stock Compensation Series

	Number of shares/options		Vesting Period	Fair value at grant date
(1) Granted October 2005, stock options		965	10 years	$	144.00
(2) Granted March 2012, restricted shares		14,515	3 years		13.80
(3) Granted June 2013, restricted shares		155,000	4 years		4.15
(4) Granted June 2013, stock options		155,000	5 years		1.31
(5) Granted June 2013, stock options		155,000	5 years		0.97
(6) Granted February 2014, restricted shares		29,333	3 years		6.92
(7) Granted February 2014, restricted shares		29,333	3 years		6.33
(8) Granted February 2014, restricted shares		29,333	3 years		5.63
(9) Granted February 2014, restricted shares		88,000	3 years		7.61
(10) Granted June 2014, restricted shares		95,666	3 years		6.41
(11) Granted June 2014, restricted shares		95,666	3 years		5.74
(12) Granted June 2014, restricted shares		95,666	3 years		5.13
(13) Granted June 2014, restricted shares		287,000	3 years		7.15
(14) Granted January 2015, restricted shares		850,000	3 years		8.81
(15) Granted January 2016, restricted shares		824,000	2 years		6.65
(16) Granted January 2017, restricted shares		900,000	2 years		4.61
(17) Granted January 2018, restricted shares		355,000	1 year		3.92
(18) Granted January 2018, restricted shares		212,000	3 years	$	2.30

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The following reconciles the number of outstanding restricted common stock and share options:

	Restricted common stock		Share options		Weighted average exercise price **
Outstanding at December 31, 2015		1,385,832		310,000		9.64
Granted		824,000
Exercised*		833,012
Forfeited				-
Outstanding at December 31, 2016		1,376,820		310,000	$	9.64

Outstanding at December 31, 2016		1,376,820		310,000		9.64
Granted		900,000
Exercised*		1,132,988
Forfeited		57,501
Outstanding at December 31, 2017		1,086,331		310,000	$	9.64

Outstanding at December 31, 2017		1,086,331		310,000		9.64
Granted		567,000
Exercised*		1,085,331
Forfeited		22,500		310,000		9.64
Outstanding at December 31, 2018		545,500		-	$	-

*Does not include shares in lieu of dividends

**To be adjusted for dividends declared and paid subsequent to the respective grant dates.

Stock Compensation Expense

(Dollars in thousands)		2018				2017				2016
Expense recognized from stock compensation			2,458				4,806				6,936

The fair value on the vesting date for shares that vested in 2018 was $3.38 for 891,136 shares, $3.50 for 264,000 shares and 4.30 for 20,000 shares. The fair value on the vesting date for shares that vested in 2017 was $4.83 for 1,189,100 shares and $3.68 for 70,108 shares. The fair value on the vesting date for shares that vested in 2016 was $5.67 for 285,362 shares, $5.78 for 530,594 shares and $3.86 for 67,744 shares. All share-based compensation is equity-settled and no payments were made for the vested shares. The average contractual life for the outstanding stock compensation series was 0.11 years as of December 31, 2018.

Valuation of Stock Compensation

For the year 2017, a total of 567,000 shares of restricted stock were awarded to management and the board of directors in January 2018, of which 264,000 shares vested in February 2018 and 78,500 shares vested in February 2019, while 12,500 shares were forfeited in October 2018. The remaining 202,000 shares will vest subject to certain market conditions prior to February 8, 2021, while 10,000 shares were forfeited in October 2018. The above vesting is subject to continued employment or office, as applicable, as of the relevant vesting date. The estimated fair value at grant date was equal to the share price at grant date for 355,000 shares and $2.30 for 212,000 shares. For the year 2016, a total of 900,000 shares of restricted stock were awarded to management and the board of directors in January 2017, vesting in equal amounts on February 4, 2017, 2018 and 2019, respectively, subject to continued employment or office, as applicable. The calculated fair value at grant date was equal to the share price at grant date. The grants of restricted stock to management and the board of directors described above were generally granted in the beginning of the year following the year to which they relate.

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Compensation of Executives and Directors

Remuneration of Executives and Directors as a group:

(Dollars in thousands)	2018		2017		2016
Cash compensation	$	3,989	$	4,171	$	4,162
Pension cost		202		155		158
Share compensation *		2,250		4,107		6,227
Total remuneration	$	6,441	$	8,433	$	10,547

*Share compensation reflects the expense recognized.

** Compensation for 2018 includes full year compensation for both current and former chief financial officer.

Shares held by Executives and Directors:

		2018				2017				2016
Executives and Directors as a group*			3,155,503				2,729,680				2,416,385

*Includes 465,000 (2017: 906,666, 2016: 1,184,155) shares of restricted stock subject to vesting conditions.

In connection with termination of an Executive's employment, the Executives of the Company may be entitled to an amount equal to 18 months base salary and any unvested equity awards may become fully vested in certain circumstances.

Related parties	12 Months Ended
Related parties	Dec. 31, 2018
Related parties [Abstract]
Related parties	Note 12 - Related parties Related party transactions relate to the Company's subsidiaries, associated company, employees and members of the board of directors. Transactions between the Company and its subsidiaries have been eliminated on consolidation and are not disclosed in this note. Subsequent to DHT's acquisition of the shares in Samco, the Company owns 50% of Goodwood. As of December 31, 2018, Goodwood is the technical manager for 24 of the Company's vessels. In 2018, total technical management fees paid to Goodwood were $3,305 thousand. In 2017, total technical management fees paid to Goodwood were $3,031 thousand. In 2016, total technical management fees paid to Goodwood were $2,234 thousand. Further, DHT has issued certain guarantees for certain of its subsidiaries. This mainly relates to the Company's credit facilities, which are all guaranteed by DHT Holdings.

Pensions

12 Months Ended

Dec. 31, 2018

Pensions [Abstract]

Pensions

Note 13 - Pensions

The Company is required to have an occupational pension scheme in accordance with the Norwegian law on required occupational pension (“lov om obligatorisk tjenestepensjon”) for the employees in DHT Management AS. The company's pension scheme satisfies the requirements of this law and comprises a closed defined benefit scheme. At the end of the year, there were 15 participants in the benefit plan.

F-46

Defined benefit pension

The Company established a defined benefit plan for qualifying employees in 2010. Under the plan, the employees, from the age 67, are entitled to 70% of the base salary at retirement date. Parts of the pension are covered by payments from the National Insurance Scheme in Norway. The defined benefit plan is insured through an insurance company.

Calculation of this year's pension costs:

	2018		2017		2016
(Dollars in thousands)
Current service cost		403		329		344
Financial costs		10		6		6
Pension costs for the year		413		335		350

The amounts recognised in the statement of financial position at the reporting date are as follows:

	2018		2017		2016
Present value of the defined benefit obligation		1,971		1,481		1,128
Fair value of plan assets		1,614		1,266		963
Net pension obligation		357		215		165
Remeasurement loss		182		211		60
Net balance sheet recorded pension liability December 31		539		425		225

	2018			2017			2016
Change in gross pension obligation:
Gross obligation January 1		1,708			1,111			945
Current service cost		398			325			360
Interest charge on pension liabilities		42			31			27
Past service cost - curtailment/plan amendment		-			-			(19	)
Settlement (gain)		-			-			(128	)
Social security expenses		(57	)		(44	)		(48	)
Remeasurements loss/(gain)		119			227			(18	)
Exchange rate differences		(119	)		58			(8	)
Gross pension obligation December 31		2,090			1,708			1,111

	2018			2017		2016
Change in gross pension assets:
Fair value plan asset January 1		1,282			886		744
Interest income		27			20		17
Settlement		-			-		(128	)
Employer contribution		404			313		338
Remeasurements (loss)/gain		(63	)		16		(79	)
Exchange rate differences		(99	)		47		(7	)
Fair value plan assets December 31		1,551			1,282		886

The Company expects to contribute $345 thousand to its defined benefit pension plan in 2019.

Assumptions	2018			2017			2016
Discount rate		2.60	%		2.40	%		2.60	%
Yield on pension assets		2.60	%		2.40	%		2.60	%
Wage growth		2.75	%		2.50	%		2.50	%
G regulation*		2.50	%		2.25	%		2.25	%
Pension adjustment		0.80	%		0.50	%		0.00	%
Average remaining service period		18			18			19

*Increase of social security base amount ("G") as per Norwegian regulations.

F-47

Disclosure of tax effects for the company explanatory

Tax

12 Months Ended

Dec. 31, 2018

Tax [Abstract]

Note 14 - Tax

The Company is a foreign corporation that is not subject to United States federal income taxes. Further, the Company is not subject to income taxes imposed by the Marshall Islands, the country in which it is incorporated. The Norwegian management company, DHT Management AS, is subject to income taxation in Norway and the subsidiaries in Singapore, DHT Ship Management (Singapore) Pte. Ltd., DHT Chartering (Singapore) Pte. Ltd. and DHT Management Pte. Ltd. are subject to income taxation in Singapore. The tax effects for the Companies are disclosed below.

Specification of income tax:


(Dollars in thousands)	2018		2017			2016
Income tax payable	$	74	$	132		$	100
Tax expenses related to previous year		1		8			(10	)
Change in deferred tax		8		(8	)		4
Total income tax expense	$	83	$	131		$	95

Specification of temporary differences and deferred tax:

	December 31,			December 31,			December 31,
(Dollars in thousands)	2018			2017			2016
Property, plant and equipment	$	(164	)	$	(164	)	$	(89	)
Pensions		(539	)		(425	)		(225	)
Total basis for deferred tax		(703	)		(590	)		(314	)
Deferred tax liability ^{1) 2)}	$	(155	)	$	(136	)	$	(75	)

¹⁾ Due to materiality, not recognized on a separate line in the statements of financial position.

²⁾ The general income tax rate is reduced from 23% to 22%, effective from fiscal year 2019, reduced from 24% to 23%, effective from fiscal year 2018 and reduced from 25% to 24%, effective from fiscal year 2017.

Reconciliation of effective tax rate:


(Dollars in thousands)	2018			2017		2016
Profit/(loss) before income tax	$	(46,845	)	$	6,733	$	9,354
Expected income tax assessed at the tax rate for the Parent company (0%)		-			-		-
Adjusted for tax effect of the following items:
Income in subsidiary, subject to income tax		83			131		95
Total income tax expense	$	83		$	131	$	95

F-48

Condensed Financial Information of DHT Holdings, Inc. [Abstract]

Condensed Financial Information of DHT Holdings, Inc.

12 Months Ended

Dec. 31, 2018

Condensed Financial Information of DHT Holdings, Inc.

Note 16 - Condensed Financial Information of DHT Holdings, Inc. (parent company only)

SEC Rule 12-04 Condensed Financial Information of Registrant requires DHT to disclose condensed financial statements of the parent company when the restricted net assets of consolidated subsidiaries exceeds 25% of consolidated net assets as of the end of the most recently completed fiscal year. For purposes of the test, restricted net assets of consolidated subsidiaries shall mean that amount of the registrant's proportionate share of net assets of consolidated subsidiaries (after intercompany eliminations), which as of the end of the most recent fiscal year may not be transferred to the parent company by subsidiaries in the form of loans, advances or cash dividends without the consent of a third party (i.e., lender, regulatory agency, foreign government, etc.).

The restricted net assets of consolidated subsidiaries exceeded 25% of the consolidated net assets of the parent company as of December 31, 2018, 2017 and 2016. The restricted assets mainly relate to assets restricted by covenants in our secured credit agreements entered into by the Company's vessel-owning subsidiaries.

F-49

FINANCIAL POSITION

(Dollars in thousands)

ASSETS	December 31,			December 31,
Current assets	2018			2017
Cash and cash equivalents	$	17,783		$	11,540
Accounts receivable and prepaid expenses		374			249
Deposit for vessel acquisition		-			114,759
Amounts due from related parties		36,216			7,992
Total current assets	$	54,372		$	134,540

Investments in subsidiaries	$	468,941		$	521,801
Loan to subsidiaries		563,349			481,012
Investment in associate company		201			201
Total non-current assets	$	1,032,491		$	1,003,014

Total assets	$	1,086,864		$	1,137,555

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued expenses	$	3,733		$	1,454
Current portion long-term debt		32,009			-
Total current liabilities	$	35,742		$	1,454

Non-current liabilities
Long-term debt		111,968			98,262
Total non-current liabilities	$	111,968		$	98,262

Total liabilities	$	147,710		$	99,716

Stockholders' equity
Stock	$	1,427		$	1,424
Treasury shares		(1,364	)		-
Paid-in additional capital		1,097,099			1,096,793
Accumulated deficit		(158,009	)		(60,379	)
Total stockholders equity	$	939,154		$	1,037,838

Total liabilities and stockholders' equity	$	1,086,864		$	1,137,555

F-50

INCOME STATEMENT

(Dollars in thousands)	Jan. 1 - Dec. 31,			Jan. 1 - Dec. 31,			Jan. 1 - Dec. 31,
	2018			2017			2016

Revenues	$	-		$	-		$	6,770
Impairment charge		(93,452	)		(4,948	)		(18,132	)
Dividend income		9,909			25,415			16,900
General and administrative expense		(13,735	)		(13,764	)		(14,525	)
Operating income/(loss)	$	(97,279	)	$	6,703		$	(8,987	)

Interest income	$	24,893		$	21,798		$	14,559
Interest expense		(10,341	)		(9,229	)		(11,494	)
Other financial income/(expenses)		(3,416	)		1,020			693
Profit/(loss) for the year	$	(86,143	)	$	20,293		$	(5,228	)

Statement of Comprehensive Income

(Dollars in thousands)	Jan. 1 - Dec. 31,			Jan. 1 - Dec. 31,		Jan. 1 - Dec. 31,
	2018			2017		2016
Profit/(loss) for the year	$	(86,143	)	$	20,293	$	(5,228	)
Other comprehensive income/(loss):
Items that will not be reclassified subsequently to profit or loss:		-			-		-
Items that may be reclassified subsequently to profit or loss:		-			-		-
Total comprehensive income/(loss) for the period	$	(86,143	)	$	20,293	$	(5,228	)

Attributable to the owners	$	(86,143	)	$	20,293	$	(5,228	)

In the condensed financial statement of parent company, the parent company's investments in subsidiaries were recorded at cost less any impairment. An assessment for impairment was performed when there was an indication that the investment had been impaired or the impairment losses recognized in prior years no longer existed.

F-51

CASH FLOW

(Dollars in thousands)	Jan. 1 - Dec. 31,			Jan. 1 - Dec. 31,			Jan. 1 - Dec. 31,
	2018			2017			2016

Cash Flows from Operating Activities:
Profit/(loss) for the year	$	(86,143	)	$	20,293		$	(5,228	)
Items included in net income not affecting cash flows:
Amortization		4,733			4,170			4,982
Impairment charge		93,452			4,948			18,132
Compensation related to options and restricted stock		663			4,948			7,365
(Gain)/loss purchase convertible bond		3,589			(1,035	)		-
Changes in operating assets and liabilities:
Accounts receivable and prepaid expenses		(125	)		4,305			(4,148	)
Accounts payable and accrued expenses		2,279			(291	)		(148	)
Amounts due to related parties		(72,365	)		11,782			122,401
Net cash (used in)/provided by operating activities	$	(53,917	)	$	49,119		$	143,357

Cash flows from Investing Activities
Investments in subsidiaries	$	-		$	-		$	(1,022	)
Loan to subsidiaries		58,990			82,814			(63,985	)
Investment in vessels under construction		(21,263	)		(86,004	)		(32,219	)
Net cash provided by/(used in) investing activities	$	37,727		$	(3,191	)	$	(97,227	)

Cash flows from Financing Activities
Cash dividends paid		(11,487	)		(23,328	)		(66,365	)
Purchase of treasury shares		(5,026	)		-			(2,031	)
Issuance of convertible bonds		38,945			-			-
Purchase of convertible bonds		-			(17,104	)		(25,334	)
Net cash provided by/(used in) financing activities	$	22,432		$	(40,431	)	$	(93,731	)

Net increase/(decrease) in cash and cash equivalents	$	6,242		$	5,497		$	(47,602	)
Cash and cash equivalents at beginning of period		11,540			6,043			53,645
Cash and cash equivalents at end of period	$	17,783		$	11,540		$	6,043

The condensed financial information of DHT Holdings Inc. has been prepared using the same accounting policies as set out in the accompanying consolidated financial statements except that the cost method has been used to account for investments in its subsidiaries.

F-52

Disclosure of Significant accounting principles (Tables) [Abstract]

A reconciliation of the profit/(loss) and equity of the parent company only between cost method of accounting and equity method of accounting for investments in its subsidiaries are as follows:

Profit/(Loss) Reconciliation

(Dollars in thousands)	Jan. 1 - Dec. 31,			Jan. 1 - Dec. 31,			Jan. 1 - Dec. 31,
	2018			2017			2016

Profit/(loss) of the parent company only under cost method off accounting	$	(86,143	)	$	20,293		$	(5,228	)
Additional profit/(loss) if subsidiaries had been accounted for using equity method of accounting as opposed to cost method of accounting		39,014			(13,664	)		14,467
Profit/(loss) of the parent company only under equity method of accounting	$	(47,128	)	$	6,628		$	9,239

Equity Reconciliation

(Dollars in thousands)	December 31,		December 31,
	2018		2017
Equity of the parent company only under cost method of accounting	$	939,154	$	1,037,838
Additional profit if subsidiaries had been accounted for using equity method of accounting as opposed to cost method of accounting		22,762		(16,253	)
Equity of the parent company only under equity method of accounting	$	961,915	$	1,021,586

Dividends from subsidiaries are recognized when they are authorized. During the year ended December 31, 2018, the parent company recorded dividend income from its subsidiaries of $ 9,500 thousand. During the year ended December 31, 2017, the parent company recorded dividend income from its subsidiaries of $25,000 thousand. During the year ended December 31, 2016, the parent company recorded dividend income from its subsidiaries of $16,900 thousand.

During the year ended December 31, 2018, the parent company was a guarantor for all of its credit facilities. Please refer to Notes 8 and 9 for a listing and summary of the credit facilities.

Events after the reporting date	12 Months Ended
Events after the reporting date	Dec. 31, 2018
Events after the reporting date [Abstract]
Events after the reporting date	Note 17 - Events after the reporting date Restricted Shares In January 2019, for the year 2018, a total of 560,000 shares of restricted stock were awarded to management pursuant to the Plan, of which 120,000 shares will vest in January 2020, 120,000 shares will vest in January 2021 and 120,000 shares will vest in January 2022. The remaining 200,000 shares will vest subject to certain market conditions prior to February 8, 2022. The above vesting is subject to continued employment or office, as applicable, as of the relevant vesting date. The estimated fair value at grant date was equal to the share price at grant date for 360,000 shares and $3.04 per share for 200,000 shares. In March 2019, a total of 210,000 shares of restricted stock were awarded to the board of directors pursuant to the Plan. The estimated fair value at grant date was equal to the share price at grant date and the shares will vest in June 2020. Dividend On February 6, 2019, DHT announced that it would pay a dividend of $0.05 per common share on February 26, 2019, to shareholders of record as of February 19, 2019. This resulted in a total dividend payment of $7.1 million. Approval of financial statements The financial statements were approved by the board of directors on March 13, 2019, and authorized for issue. F-52

Significant accounting principles (Tables)

12 Months Ended

Dec. 31, 2018

Condensed consolidated statement of financial position

(Dollars in thousands)	Balance at December 31, 2017			Adjustments due to IFRS 15			Balance at January 1, 2018
Assets
Accounts receivable and accrued revenues		42,212			(7,437	)		34,775
Capitalized voyage expenses		-			1,888			1,888
Liabilities
Accounts payable and accrued expenses		17,427			(815	)		16,613
Stockholders' equity
Accumulated deficit		(222,087	)		(4,734	)		(226,821	)

The impact of the adoption of IFRS 15 Revenue from Contracts with Customers on our consolidated statement of financial position as of December 31, 2018, consolidated income statement and consolidated statement of cash flow were as follows:

Condensed consolidated statement of financial position
	Balance as of December 31, 2018
		As reported			Adjustments due to IFRS 15			Balance without adoption of IFRS 15
Assets
Accounts receivable and accrued revenues		60,196			8,271			68,467
Capitalized voyage expenses		1,633			(1,633	)		0
Liabilities
Accounts payable and accrued expenses		28,634			602			29,236
Stockholders' equity
Accumulated deficit		(285,383	)		6,036			(279,347	)

Condensed consolidated income statement 2018

(Dollars in thousands)	As reported			Adjustments due to IFRS 15		Without adoption of IFRS 15
Shipping revenues		375,941			834		376,776
Voyage expenses		(161,891	)		468		(161,423	)
Profit/(loss) for the year		(46,927	)		1,302		(45,625	)

Condensed consolidated statement of cash flow 2018

(Dollars in thousands)	As reported			Adjustments due to IFRS 15			Without adoption of IFRS 15
Profit/(loss) for the year		(46,927	)		1,302			(45,625	)
Accounts receivable and accrued revenues		(25,421	)		(834	)		(26,255	)
Capitalized voyage expenses		255			(255	)		(0	)
Accounts payable and accrued expenses		8,234			(213	)		8,021
Net cash provided by operating activities		53,985			(0	)		53,985

Charter arrangements (Tables)

12 Months Ended

Dec. 31, 2018

Charter arrangements (Tables) [Abstract]

Shipping revenues

The below table details the Company's shipping revenues:

(Dollars in thousands)	2018		2017		2016
Time charter revenues*	$	64,462	$	100,310	$	118,997
Voyage charter revenues**		311,480		254,742		234,646
Other shipping revenues		-		-		2,366
Shipping revenues	$	375,941	$	355,052	$	356,010

Vessel employment

The following summarizes the Company's vessel employment as of December 31, 2018:

Vessel	Type of Employment	Expiry
VLCC
DHT Amazon	Time charter with profit sharing	Q4 2021
DHT Bauhinia	Spot
DHT Bronco	Spot
DHT China	Time charter with profit sharing	Q2 2021
DHT Colt	Spot
DHT Condor	Spot
DHT Edelweiss	Time charter with profit sharing	Q1 2019
DHT Europe	Time charter with profit sharing	Q1 2022
DHT Falcon	Spot
DHT Hawk	Spot
DHT Jaguar	Spot
DHT Lake	Spot
DHT Leopard	Spot
DHT Lion	Spot
DHT Lotus	Time charter with profit sharing	Q1 2019
DHT Mustang	Spot
DHT Opal	Spot
DHT Panther	Spot
DHT Peony	Spot
DHT Puma	Spot
DHT Raven	Spot
DHT Redwood	Spot
DHT Scandinavia	Spot
DHT Stallion	Spot
DHT Sundarbans	Spot
DHT Taiga	Spot
DHT Tiger	Spot

Future charter payments

The future revenues expected to be received from the time charters (not including any potential profit sharing) for the Company's vessels on existing charters as of the reporting date are as follows:

(Dollar in thousands)
Year	Amount
2019		34,044
2020		36,837
2021		26,293
2022		154
2023		-
Thereafter		-
Net charter payments:	$	97,327

Earnings per share ("EPS") (Tables)

12 Months Ended

Dec. 31, 2018

Earnings per share ("EPS") (Tables) [Abstract]

Calculation of basic and diluted Earnings Per Share

The components of the calculation of basic EPS and diluted EPS are as follows:

(Dollars in thousands)	2018			2017		2016
Profit/loss for the period used for calculation of EPS - basic	$	(46,927	)	$	6,602	$	9,260
Profit/loss for the period used for calculation of EPS - dilutive	$	(46,927	)	$	6,602	$	9,260

Basic earnings per share:
Weighted average shares outstanding - basic		143,429,610			124,536,338		93,382,757

Diluted earnings per share:
Weighted average shares outstanding - basic		143,929,610			124,536,338		93,382,757
Dilutive equity awards		5,311			-		6,853
Weighted average shares outstanding - dilutive		143,434,921			124,536,338		93,389,610

Vessels and subsidiaries (Tables)

12 Months Ended

Dec. 31, 2018

Vessels and subsidiaries (Tables) [Abstract]

Vessel subsidiaries

Company	Vessel name	Dwt	Flag State	Year Built
DHT Mustang Inc	DHT Mustang	317,975	Hong Kong	2018
DHT Bronco Inc	DHT Bronco	317,975	Hong Kong	2018
DHT Colt Inc	DHT Colt	319,713	IOM	2018
DHT Stallion Inc	DHT Stallion	319,713	IOM	2018
DHT Tiger Limited	DHT Tiger	299,629	Hong Kong	2017
DHT Puma Limited	DHT Puma	299,629	Hong Kong	2016
DHT Panther Limited	DHT Panther	299,629	Hong Kong	2016
DHT Lion Limited	DHT Lion	299,629	Hong Kong	2016
DHT Leopard Limited	DHT Leopard	299,629	Hong Kong	2016
DHT Jaguar Limited	DHT Jaguar	299,629	Hong Kong	2015
DHT Opal Inc	DHT Opal	320,105	IOM	2012
Samco Theta Ltd	DHT Sundarbans	314,249	Hong Kong	2012
Samco Iota Ltd	DHT Taiga	314,249	Hong Kong	2012
DHT Peony Inc	DHT Peony	320,013	IOM	2011
DHT Lotus Inc	DHT Lotus	320,142	IOM	2011
Samco Eta Ltd	DHT Amazon	314,249	RIF	2011
Samco Kappa Ltd	DHT Redwood	314,249	Hong Kong	2011
DHT Edelweiss Inc	DHT Edelweiss	301,021	Hong Kong	2008
Samco Epsilon Ltd	DHT China	317,794	RIF	2007
Samco Delta Ltd	DHT Europe	317,713	RIF	2007
DHT Bauhinia Inc	DHT Bauhinia	301,019	IOM	2007
DHT Hawk Inc	DHT Hawk	298,923	Hong Kong	2007
Samco Gamma Ltd	DHT Scandinavia	317,826	Hong Kong	2006
DHT Falcon Inc	DHT Falcon	298,971	Hong Kong	2006
DHT Lake Inc	DHT Lake	298,564	IOM	2004
DHT Raven Inc	DHT Raven	298,563	IOM	2004
DHT Condor, Inc.	DHT Condor	320,050	Hong Kong	2004
DHT Eagle, Inc.	DHT Eagle **	309,064	Hong Kong	2002
DHT Utah, Inc	DHT Utah **	299,498	IOM	2001
DHT Utik, Inc	DHT Utik **	299,450	IOM	2001
Chris Tanker Corporation	DHT Chris ***	309,285	Hong Kong	2001
Ann Tanker Corporation	DHT Ann ****	309,327	Hong Kong	2001
DHT Phoenix, Inc.	DHT Phoenix *****	307,151	Hong Kong	1999
Cathy Tanker Corporation	DHT Cathy*	115,000	Marshall Islands	2004
Sophie Tanker Corporation	DHT Sophie*	115,000	Marshall Islands	2003

Vessels and time charter contracts

(Dollars in thousands)	Vessels			Drydock			Scrubbers			Time charter contracts			Total

Cost
As of January 1, 2018		1,767,117			36,441			-			6,600			1,810,158
Additions		113			7,695			7,566			-			15,373
Transferred from vessels under construction		325,004			6,800			5,086			-			336,890
Transferred to asset held for sale		-			-			-			-			-
Disposals		(84,848	)		(6,117	)		-			-			(90,965	)
As of December 31, 2018		2,007,385			44,818			12,652			6,600			2,071,456

Accumulated depreciation and impairment
As of January 1, 2018		(359,066	)		(3,731	)		-			(3,215	)		(366,013	)
Charge for the period		(91,551	)		(10,342	)		(388	)		(978	)		(103,259	)
Impairment charges		(3,500	)		-			-			-			(3,500	)
Transferred to asset held for sale					-			-			-			-
Disposals		62,224			4,902			-			-			67,125
As of December 31, 2018		(391,894	)		(9,171	)		(388	)		(4,193	)		(405,647	)

Net book value
As of December 31, 2018		1,615,492			35,647			12,264			2,407			1,665,810

Cost
As of January 1, 2017		1,534,496			27,632			-			6,600			1,568,729
Additions		366,064			24,406			-			-			390,471
Transferred from vessels under construction		91,264			1,700			-			-			92,964
Transferred to asset held for sale		(21,585	)		(1,736	)		-			-			(23,321	)
Disposals		(203,123	)		(15,562	)		-			-			(218,684	)
As of December 31, 2017		1,767,117			36,441			-			6,600			1,810,158

Accumulated depreciation and impairment
As of January 1, 2017		(384,520	)		(4,451	)					(2,237	)		(391,209	)
Charge for the period		(84,893	)		(10,497	)					(978	)		(96,367	)
Impairment charges		(8,540	)		-						-			(8,540	)
Transferred to asset held for sale		2,014			556						-			2,570
Disposals		116,873			10,661						-			127,534
As of December 31, 2017		(359,066	)		(3,731	)					(3,215	)		(366,013	)

Net book value
As of December 31, 2017		1,408,051			32,710						3,385			1,444,146


Vessels under construction
Cost
As of January 1, 2018		114,759			-						-			114,759
Additions		222,131			-						-			222,131
Transferred to vessels		(336,890	)		-						-			(336,890	)
As of December 31, 2018		-			-						-			-
Cost
As of January 1, 2017		43,638			-						-			43,638
Additions		164,085			-						-			164,085
Transferred to vessels		(92,964	)		-						-			(92,964	)
As of December 31, 2017		114,759			-						-			114,759

Time charter contracts

Time charter contracts:

		Carrying amount		Carrying amount
(Dollars in thousands)	Expected useful life	2018		2017
DHT China charter	Finite		2,407		3,385
Total			2,407		3,385

Financial instruments (Tables)

12 Months Ended

Dec. 31, 2018

Financial instruments (Tables) [Abstract]

Categories of financial instruments

(Dollars in thousands)	Carrying amount
Financial assets	2018		2017
Cash and cash equivalents (1)(3)		94,944		77,292
Accounts receivable and accrued revenues (1)		60,196		42,212
Total	$	155,140	$	119,504

Financial liabilities
Accounts payables and accrued expenses (1)	$	28,634	$	17,427
Derivative financial liabilities, current (2)		1,250		545
Current portion long-term debt (1)		93,815		65,053
Long-term debt (1)		873,460		721,151
Derivative financial liabilities, non-current (2)		4,486		-
Total financial liabilities	$	1,001,645	$	804,177

(1)

Amortized cost.

(2)

Fair value through profit or loss.

(3)

Cash and cash equivalents include $638 thousand in restricted cash in 2018 and $322 thousand in 2017, including employee withholding tax.

Derivatives - interest rate swaps

		Notional amount				Fair value
(Dollars in thousands)	Expires	2018		2017		2018		2017
Swap pays 3.315%, receive floating	Jun. 29, 2018	$	-		19,396		-		156
Swap pays 3.565%, receive floating	Jun. 29, 2018	$	-		20,417		-		187
Swap pays 2.865%, receive floating	Jun. 29, 2018	$	-		35,729		-		202
Swap pays 2.987%, receive floating	Apr. 20, 2023	$	46,800		-		699		-
Swap pays 3.012%, receive floating	Apr. 20, 2023	$	46,800		-		743		-
Swap pays 3.019%, receive floating	Sept. 29, 2023	$	35,877		-		580		-
Swap pays 3.019%, receive floating	Sept. 29, 2023	$	34,963				563
Swap pays 2.8715%, receive floating	Jul. 24, 2023	$	51,400		-		606		-
Swap pays 2.8785%, receive floating	Jun. 30, 2023	$	45,807		-		503		-
Swap pays 2.895%, receive floating	Sept. 29, 2023	$	50,115		-		653		-
Swap pays 2.897%, receive floating	Sept. 30, 2023	$	45,986		-		597		-
Swap pays 3.020%, receive floating	Sept. 29, 2023	$	44,301		-		793		-
Total carrying amount		$	402,049		75,542		5,736		545

Interest-bearing debt

				Remaining		Carrying amount
(Dollars in thousands)	Interest			notional		2018		2017
Nordea Samco Credit Facility	LIBOR + 2.50		%		-		-		217,921
Credit Agricole Credit Facility	LIBOR + 2.19		%		62,717		62,166		68,591
Danish Ship Finance Credit Facility	LIBOR + 2.25		%		41,600		41,437		43,937
Nordea/DNB Credit Facility	LIBOR + 2.25		%		-		-		44,647
Nordea/DNB Credit Facility	LIBOR + 2.75		%		-		-		9,884
ABN Amro Credit Facility	LIBOR + 2.60		%		-		-		119,844
Nordea BW VLCC Acquisition Credit Facility	LIBOR + 2.40		%		258,483		254,870		183,119
ABN Amro Credit Facility	LIBOR + 2.40		%		469,639		464,826		-
Convertible Senior Notes due 2019		4.50	%		32,860		32,009		98,262
Convertible Senior Notes due 2021		4.50	%		125,000		111,968		-
Total carrying amount					990,299		967,275		786,204

Reconciliation of liabilities arising from financing activities

											Non-cash changes
	As of January 1		Financing cash flows (1)		Fair value changes (2)			Repurchase convertible notes			Amortization		Equity component of convertible notes			Other changes (3)			As of December 31
2018
Bank loans		687,942		129,400								6,826					(869	)		823,299
Convertible Senior Notes due 2019		98,262				(74,644	)		-			3,188		1,613			3,589			32,009
Convertible Senior Notes due 2021				38,945		74,644			-			1,545		(3,165	)					111,968
Total (4)		786,204		168,345		-			-			11,559		(1,553	)		2,720			967,275

2017
Bank loans		591,579		93,157		-						3,206								687,942
Convertible Senior Notes due 2019		109,916				-			(17,104	)		4,170		2,213			(932	)		98,262
Total (4)		701,495		93,157		-			(17,104	)		7,375		2,213			(932	)		786,204

(1)

(2)

Fair value changes reflects the loss arising from the exchange of the convertible senior notes due 2019 to convertible senior notes due 2021 below market fair value.

(3)

Other changes represents the (gain)/loss on extinguishment of debt, including previously capitalized fees.

(4)

The reconciliation does not include interest rate swaps, which are described in note 8.

Financial risk management, objectives and policies (Tables)

12 Months Ended

Dec. 31, 2018

Financial risk management, objectives and policies (Tables) [Abstract]

Maximum credit exposure

The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting dates was:

(Dollars in thousands)	2018		2017
Cash and cash equivalents	$	94,944	$	77,292
Accounts receivable and accrued revenues		60,196		42,212
Maximum credit exposure	$	155,140	$	119,504

Contractual maturities of financial liabilities

(Dollars in thousands)
			2 to 5		More than
	1 year		years		5 years		Total
As of December 31, 2018
Interest bearing loans	$	146,574	$	723,031	$	307,692	$	1,177,298
Interest rate swaps		593		1,832		-		2,424
Total	$	147,167	$	724,863	$	307,692	$	1,179,722

As of December 31, 2017
Interest bearing loans	$	91,232	$	636,059	$	130,148	$	857,439
Interest rate swaps		550		-		-		550
Total	$	91,782	$	636,059	$	130,148	$	857,989

Stockholders' equity and dividend payment (Tables)

12 Months Ended

Dec. 31, 2018

Stockholders' equity and dividend payment (Tables) [Abstract]

Stockholders' equity

Stockholders' equity:

(Dollars in thousands, except per share data)	Common stock			Preferred stock
Issued at December 31, 2016		93,433,804
Restricted stock issued		1,259,208
New shares issued *		47,724,395
Issued at December 31, 2017		142,417,407
Restricted stock issued		1,175,136
Retirement of treasury shares		(892,497	)
Issued at December 31, 2018		142,700,046
Par value	$	0.01		$	0.01
Shares to be issued assuming conversion of convertible notes due 2019**		6,562,001
Shares to be issued assuming conversion of convertible notes due 2021**		29,761,913
Number of shares authorized for issue at December 31, 2018		250,000,000

Dividend payment

Dividend payment:

Dividend payment as of December 31, 2018:		Per share
Payment date:	Total payment	Common
February 28, 2018	$ 2.9 million	$	0.02
May 30, 2018	$ 2.9 million	$	0.02
August 31, 2018	$ 2.9 million	$	0.02
November 23, 2018	$ 2.9 million	$	0.02
Total payment as of December 31, 2018:	$ 11.5 million	$	0.08

Dividend payment as of December 31, 2017:
Payment date:
February 22, 2017	$ 7.6 million	$	0.08
May 31, 2017	$ 10.1 million	$	0.08
August 31, 2017	$ 2.8 million	$	0.02
December 6, 2017	$ 2.8 million	$	0.02
Total payment as of December 31, 2017:	$ 23.3 million	$	0.20

Dividend payment as of December 31, 2016:
Payment date:
February 24, 2016	$ 19.7 million	$	0.21
May 25, 2016	$ 23.3 million	$	0.25
August 31, 2016	$ 21.5 million	$	0.23
November 23, 2016	$ 1.9 million	$	0.02
Total payment as of December 31, 2016:	$ 66.4 million	$	0.71

General and administrative expenses (Tables)

12 Months Ended

Dec. 31, 2018

General & Administrative Expenses (Tables) [Abstract]

General and Administrative Expenses

General and Administrative Expenses:

(Dollars in thousands)	2018		2017		2016
Total Compensation to Employees and Directors	$	11,289	$	11,655	$	15,998
Office and Administrative Expenses		2,449		2,147		2,213
Audit, Legal and Consultancy		1,314		3,377		1,180
Total General and Administrative Expenses	$	15,052	$	17,180	$	19,391

Stock Compensation Series

	Number of shares/options		Vesting Period	Fair value at grant date
(1) Granted October 2005, stock options		965	10 years	$	144.00
(2) Granted March 2012, restricted shares		14,515	3 years		13.80
(3) Granted June 2013, restricted shares		155,000	4 years		4.15
(4) Granted June 2013, stock options		155,000	5 years		1.31
(5) Granted June 2013, stock options		155,000	5 years		0.97
(6) Granted February 2014, restricted shares		29,333	3 years		6.92
(7) Granted February 2014, restricted shares		29,333	3 years		6.33
(8) Granted February 2014, restricted shares		29,333	3 years		5.63
(9) Granted February 2014, restricted shares		88,000	3 years		7.61
(10) Granted June 2014, restricted shares		95,666	3 years		6.41
(11) Granted June 2014, restricted shares		95,666	3 years		5.74
(12) Granted June 2014, restricted shares		95,666	3 years		5.13
(13) Granted June 2014, restricted shares		287,000	3 years		7.15
(14) Granted January 2015, restricted shares		850,000	3 years		8.81
(15) Granted January 2016, restricted shares		824,000	2 years		6.65
(16) Granted January 2017, restricted shares		900,000	2 years		4.61
(17) Granted January 2018, restricted shares		355,000	1 year		3.92
(18) Granted January 2018, restricted shares		212,000	3 years	$	2.30

Outstanding restricted common stock and share options

The following reconciles the number of outstanding restricted common stock and share options:

	Restricted common stock		Share options		Weighted average exercise price **
Outstanding at December 31, 2015		1,385,832		310,000		9.64
Granted		824,000
Exercised*		833,012
Forfeited				-
Outstanding at December 31, 2016		1,376,820		310,000	$	9.64

Outstanding at December 31, 2016		1,376,820		310,000		9.64
Granted		900,000
Exercised*		1,132,988
Forfeited		57,501
Outstanding at December 31, 2017		1,086,331		310,000	$	9.64

Outstanding at December 31, 2017		1,086,331		310,000		9.64
Granted		567,000
Exercised*		1,085,331
Forfeited		22,500		310,000		9.64
Outstanding at December 31, 2018		545,500		-	$	-

Stock Compensation Expense

(Dollars in thousands)		2018				2017				2016
Expense recognized from stock compensation			2,458				4,806				6,936

Remuneration of Executives and Directors

Remuneration of Executives and Directors as a group:

(Dollars in thousands)	2018		2017		2016
Cash compensation	$	3,989	$	4,171	$	4,162
Pension cost		202		155		158
Share compensation *		2,250		4,107		6,227
Total remuneration	$	6,441	$	8,433	$	10,547

Shares held by Executives and Directors

Shares held by Executives and Directors:

		2018				2017				2016
Executives and Directors as a group*			3,155,503				2,729,680				2,416,385

Pensions (Tables)

12 Months Ended

Dec. 31, 2018

Pensions (Tables) [Abstract]

Calculation of annual pension costs

Calculation of this year's pension costs:

	2018		2017		2016
(Dollars in thousands)
Current service cost		403		329		344
Financial costs		10		6		6
Pension costs for the year		413		335		350

Amounts Recognised in the Statement of Financial Position at the Reporting Date

The amounts recognised in the statement of financial position at the reporting date are as follows:

	2018		2017		2016
Present value of the defined benefit obligation		1,971		1,481		1,128
Fair value of plan assets		1,614		1,266		963
Net pension obligation		357		215		165
Remeasurement loss		182		211		60
Net balance sheet recorded pension liability December 31		539		425		225

Change in Gross Pension Obligations

	2018			2017			2016
Change in gross pension obligation:
Gross obligation January 1		1,708			1,111			945
Current service cost		398			325			360
Interest charge on pension liabilities		42			31			27
Past service cost - curtailment/plan amendment		-			-			(19	)
Settlement (gain)		-			-			(128	)
Social security expenses		(57	)		(44	)		(48	)
Remeasurements loss/(gain)		119			227			(18	)
Exchange rate differences		(119	)		58			(8	)
Gross pension obligation December 31		2,090			1,708			1,111

Change in Gross Pension Assets

	2018			2017		2016
Change in gross pension assets:
Fair value plan asset January 1		1,282			886		744
Interest income		27			20		17
Settlement		-			-		(128	)
Employer contribution		404			313		338
Remeasurements (loss)/gain		(63	)		16		(79	)
Exchange rate differences		(99	)		47		(7	)
Fair value plan assets December 31		1,551			1,282		886

Company pension contributions assumptions

The Company expects to contribute $345 thousand to its defined benefit pension plan in 2019.

Assumptions	2018			2017			2016
Discount rate		2.60	%		2.40	%		2.60	%
Yield on pension assets		2.60	%		2.40	%		2.60	%
Wage growth		2.75	%		2.50	%		2.50	%
G regulation*		2.50	%		2.25	%		2.25	%
Pension adjustment		0.80	%		0.50	%		0.00	%
Average remaining service period		18			18			19

Tax (Tables)

12 Months Ended

Dec. 31, 2018

Tax (Tables) [Abstract]

Specification of income tax

Specification of income tax:


(Dollars in thousands)	2018		2017			2016
Income tax payable	$	74	$	132		$	100
Tax expenses related to previous year		1		8			(10	)
Change in deferred tax		8		(8	)		4
Total income tax expense	$	83	$	131		$	95

Specification of temporary differences and deferred tax

Specification of temporary differences and deferred tax:

	December 31,			December 31,			December 31,
(Dollars in thousands)	2018			2017			2016
Property, plant and equipment	$	(164	)	$	(164	)	$	(89	)
Pensions		(539	)		(425	)		(225	)
Total basis for deferred tax		(703	)		(590	)		(314	)
Deferred tax liability ^{1) 2)}	$	(155	)	$	(136	)	$	(75	)

¹⁾ Due to materiality, not recognized on a separate line in the statements of financial position.

Reconciliation of effective tax rate

Reconciliation of effective tax rate:


(Dollars in thousands)	2018			2017		2016
Profit/(loss) before income tax	$	(46,845	)	$	6,733	$	9,354
Expected income tax assessed at the tax rate for the Parent company (0%)		-			-		-
Adjusted for tax effect of the following items:
Income in subsidiary, subject to income tax		83			131		95
Total income tax expense	$	83		$	131	$	95

Investment in associate company (Tables)

12 Months Ended

Dec. 31, 2018

Investment in associate company (Tables) [Abstract]

Share of Profit of the Associate (Equity Method)

Note 15 - Investment in associate company

(Dollars in thousands)		2018				2017
Investment in associate company		$	4,388			$	3,992

Details of associate

Details of associate are as follows:

Name of associate	Principal activities	Place of incorporation and business	Effective equity interest
			2018	2017
Goodwood Ship Management Pte. Ltd.	Ship management	Singapore	50%	50%

The following summarizes the share of profit of the associate that are accounted for using the equity method:

(Dollars in thousands)
Company's share of	2018			2017
- Profit after taxation	$	858		$	802
- Other comprehensive income for the year, net of tax	$	(53	)	$	193
- Total comprehensive income for the year	$	805		$	995

Condensed Financial Information of DHT Holdings, Inc. (Tables)

12 Months Ended

Dec. 31, 2018

Condensed Financial Information of DHT Holdings, Inc. (Tables) [Abstract]

Financial Position

(Dollars in thousands)

ASSETS	December 31,			December 31,
Current assets	2018			2017
Cash and cash equivalents	$	17,783		$	11,540
Accounts receivable and prepaid expenses		374			249
Deposit for vessel acquisition		-			114,759
Amounts due from related parties		36,216			7,992
Total current assets	$	54,372		$	134,540

Investments in subsidiaries	$	468,941		$	521,801
Loan to subsidiaries		563,349			481,012
Investment in associate company		201			201
Total non-current assets	$	1,032,491		$	1,003,014

Total assets	$	1,086,864		$	1,137,555

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued expenses	$	3,733		$	1,454
Current portion long-term debt		32,009			-
Total current liabilities	$	35,742		$	1,454

Non-current liabilities
Long-term debt		111,968			98,262
Total non-current liabilities	$	111,968		$	98,262

Total liabilities	$	147,710		$	99,716

Stockholders' equity
Stock	$	1,427		$	1,424
Treasury shares		(1,364	)		-
Paid-in additional capital		1,097,099			1,096,793
Accumulated deficit		(158,009	)		(60,379	)
Total stockholders equity	$	939,154		$	1,037,838

Total liabilities and stockholders' equity	$	1,086,864		$	1,137,555

INCOME STATEMENT

(Dollars in thousands)	Jan. 1 - Dec. 31,			Jan. 1 - Dec. 31,			Jan. 1 - Dec. 31,
	2018			2017			2016

Revenues	$	-		$	-		$	6,770
Impairment charge		(93,452	)		(4,948	)		(18,132	)
Dividend income		9,909			25,415			16,900
General and administrative expense		(13,735	)		(13,764	)		(14,525	)
Operating income/(loss)	$	(97,279	)	$	6,703		$	(8,987	)

Interest income	$	24,893		$	21,798		$	14,559
Interest expense		(10,341	)		(9,229	)		(11,494	)
Other financial income/(expenses)		(3,416	)		1,020			693
Profit/(loss) for the year	$	(86,143	)	$	20,293		$	(5,228	)

Statement of Comprehensive Income

(Dollars in thousands)	Jan. 1 - Dec. 31,			Jan. 1 - Dec. 31,		Jan. 1 - Dec. 31,
	2018			2017		2016
Profit/(loss) for the year	$	(86,143	)	$	20,293	$	(5,228	)
Other comprehensive income/(loss):
Items that will not be reclassified subsequently to profit or loss:		-			-		-
Items that may be reclassified subsequently to profit or loss:		-			-		-
Total comprehensive income/(loss) for the period	$	(86,143	)	$	20,293	$	(5,228	)

Attributable to the owners	$	(86,143	)	$	20,293	$	(5,228	)

CASH FLOW

(Dollars in thousands)	Jan. 1 - Dec. 31,			Jan. 1 - Dec. 31,			Jan. 1 - Dec. 31,
	2018			2017			2016

Cash Flows from Operating Activities:
Profit/(loss) for the year	$	(86,143	)	$	20,293		$	(5,228	)
Items included in net income not affecting cash flows:
Amortization		4,733			4,170			4,982
Impairment charge		93,452			4,948			18,132
Compensation related to options and restricted stock		663			4,948			7,365
(Gain)/loss purchase convertible bond		3,589			(1,035	)		-
Changes in operating assets and liabilities:
Accounts receivable and prepaid expenses		(125	)		4,305			(4,148	)
Accounts payable and accrued expenses		2,279			(291	)		(148	)
Amounts due to related parties		(72,365	)		11,782			122,401
Net cash (used in)/provided by operating activities	$	(53,917	)	$	49,119		$	143,357

Cash flows from Investing Activities
Investments in subsidiaries	$	-		$	-		$	(1,022	)
Loan to subsidiaries		58,990			82,814			(63,985	)
Investment in vessels under construction		(21,263	)		(86,004	)		(32,219	)
Net cash provided by/(used in) investing activities	$	37,727		$	(3,191	)	$	(97,227	)

Cash flows from Financing Activities
Cash dividends paid		(11,487	)		(23,328	)		(66,365	)
Purchase of treasury shares		(5,026	)		-			(2,031	)
Issuance of convertible bonds		38,945			-			-
Purchase of convertible bonds		-			(17,104	)		(25,334	)
Net cash provided by/(used in) financing activities	$	22,432		$	(40,431	)	$	(93,731	)

Net increase/(decrease) in cash and cash equivalents	$	6,242		$	5,497		$	(47,602	)
Cash and cash equivalents at beginning of period		11,540			6,043			53,645
Cash and cash equivalents at end of period	$	17,783		$	11,540		$	6,043

Profit/(Loss) Reconciliation

(Dollars in thousands)	Jan. 1 - Dec. 31,			Jan. 1 - Dec. 31,			Jan. 1 - Dec. 31,
	2018			2017			2016

Profit/(loss) of the parent company only under cost method off accounting	$	(86,143	)	$	20,293		$	(5,228	)
Additional profit/(loss) if subsidiaries had been accounted for using equity method of accounting as opposed to cost method of accounting		39,014			(13,664	)		14,467
Profit/(loss) of the parent company only under equity method of accounting	$	(47,128	)	$	6,628		$	9,239

Equity Reconciliation

(Dollars in thousands)	December 31,		December 31,
	2018		2017
Equity of the parent company only under cost method of accounting	$	939,154	$	1,037,838
Additional profit if subsidiaries had been accounted for using equity method of accounting as opposed to cost method of accounting		22,762		(16,253	)
Equity of the parent company only under equity method of accounting	$	961,915	$	1,021,586

Significant accounting principles - Condensed consolidated statement of financial position (Details) - USD ($)
$ in Thousands

Dec. 31, 2018

Dec. 31, 2017

ASSETS

^[1],[2]

$ 60,196

$ 42,212

1,633

^[1]

28,634

17,427

Adjustment, IFRS 15 [Member]

(285,383)

(222,087)

ASSETS

8,271

(7,437)

(1,633)

1,888

602

(815)

Restated Balance [Member]

6,036

(4,734)

ASSETS

68,467

34,775

1,888

29,236

16,613

$ (279,347)

$ (226,821)

[1]	Amortized cost.
[2]	Cash and cash equivalents include $638 thousand in restricted cash in 2018 and $322 thousand in 2017, including employee withholding tax.

Significant accounting principles - Condensed consolidated income statement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Condensed Income Statement
Shipping revenues	$ 375,941	$ 355,052	$ 356,010
Voyage expenses	(161,891)	(113,301)	(65,349)
Profit/(loss) for the year	(46,927)	$ 6,602	$ 9,260
Adjustment, IFRS 15 [Member]
Condensed Income Statement
Shipping revenues	834
Voyage expenses	468
Profit/(loss) for the year	1,302
Balance without adoption of IFRS 15 [Member]
Condensed Income Statement
Shipping revenues	376,776
Voyage expenses	(161,423)
Profit/(loss) for the year	$ (45,625)

Significant accounting principles - Condensed consolidated statement of cash flow (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities
Profit/(loss) for the year	$ (46,927)	$ 6,602	$ 9,260
Accounts receivable and accrued revenues	(25,421)	(9,869)	7,751
Capitalized voyage expenses	255	0	0
Accounts payable and accrued expenses	8,234	5,407	(1,557)
Net cash provided by/(used in) operating activities	53,985	$ 101,817	$ 194,008
Adjustment, IFRS 15 [Member]
Cash flows from operating activities
Profit/(loss) for the year	1,302
Accounts receivable and accrued revenues	(834)
Capitalized voyage expenses	(255)
Accounts payable and accrued expenses	(213)
Net cash provided by/(used in) operating activities	0
Balance without adoption of IFRS 15 [Member]
Cash flows from operating activities
Profit/(loss) for the year	(45,625)
Accounts receivable and accrued revenues	(26,255)
Capitalized voyage expenses	0
Accounts payable and accrued expenses	8,021
Net cash provided by/(used in) operating activities	$ 53,985

- Definition

The total of income less expenses, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 7
-IssueDate 2017-01-01
-Paragraph 18
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=7&date=2017-03-01&anchor=para_18_b&doctype=Standard
-URIDate 2017-03-09

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2017-01-01
-Paragraph 24
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&num=1&date=2017-03-01&anchor=para_24_b&doctype=Standard
-URIDate 2017-03-09

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2017-01-01
-Paragraph 32
-Subparagraph a
-Clause ii
-URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&num=1&date=2017-03-01&anchor=para_32_a_ii&doctype=Standard
-URIDate 2017-03-09

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2017-01-01
-Paragraph 28
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&num=8&date=2017-03-01&anchor=para_28_b&doctype=Standard
-URIDate 2017-03-09

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2017-01-01
-Paragraph 23
-URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&num=8&date=2017-03-01&anchor=para_23&doctype=Standard
-URIDate 2017-03-09

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2017-01-01
-Paragraph B10
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&num=12&date=2017-03-01&anchor=para_B10_b&doctype=Appendix&seq=2
-URIDate 2017-03-09

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2017-01-01
-Paragraph 106
-Subparagraph d
-Clause i
-URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=1&date=2017-03-01&anchor=para_106_d_i&doctype=Standard
-URIDate 2017-03-09

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Note Effective on first application of IFRS 9
-Name IFRS
-Number 4
-IssueDate 2017-01-01
-Paragraph 39L
-Subparagraph e
-URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&num=4&date=2017-03-01&anchor=para_39L_e&doctype=Standard
-URIDate 2017-03-09

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2017-01-01
-Paragraph 81A
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=1&date=2017-03-01&anchor=para_81A_a&doctype=Standard
-URIDate 2017-03-09

+ Details

Charter arrangements - Shipping revenues (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Shipping Revenues [Abstract]

Time charter revenues

^[1]

$ 64,462

$ 100,310

$ 118,997

Voyage charter revenues

^[2]

311,480

254,742

234,646

Other shipping revenues

2,366

Shipping revenues

$ 375,941

$ 355,052

$ 356,010

[1]	Revenue in accordance with IAS 17 Leases
[2]	2018 revenue is presented in accordance with IFRS 15 Revenue from Contracts with Customers. The comparative information has not been restated.

Charter arrangements - Summary of vessel employment (Details) - VLCC	12 Months Ended
	Dec. 31, 2018
DHT Amazon
Vessel employment
Type of Employment	Time charter with profit sharing
Expiry	Q4 2021
DHT Bauhinia
Vessel employment
Type of Employment	Spot
DHT Bronco
Vessel employment
Type of Employment	Spot
DHT China
Vessel employment
Type of Employment	Time charter with profit sharing
Expiry	Q2 2021
DHT Colt
Vessel employment
Type of Employment	Spot
DHT Condor
Vessel employment
Type of Employment	Spot
DHT Edelweiss
Vessel employment
Type of Employment	Time charter with profit sharing
Expiry	Q1 2019
DHT Europe
Vessel employment
Type of Employment	Time charter with profit sharing
Expiry	Q1 2022
DHT Falcon
Vessel employment
Type of Employment	Spot
DHT Hawk
Vessel employment
Type of Employment	Spot
DHT Jaguar
Vessel employment
Type of Employment	Spot
DHT Lake
Vessel employment
Type of Employment	Spot
DHT Leopard
Vessel employment
Type of Employment	Spot
DHT Lion
Vessel employment
Type of Employment	Spot
DHT Lotus
Vessel employment
Type of Employment	Time charter with profit sharing
Expiry	Q1 2019
DHT Mustang
Vessel employment
Type of Employment	Spot
DHT Opal
Vessel employment
Type of Employment	Spot
DHT Panther
Vessel employment
Type of Employment	Spot
DHT Peony
Vessel employment
Type of Employment	Spot
DHT Puma
Vessel employment
Type of Employment	Spot
DHT Raven
Vessel employment
Type of Employment	Spot
DHT Redwood
Vessel employment
Type of Employment	Spot
DHT Scandinavia
Vessel employment
Type of Employment	Spot
DHT Stallion
Vessel employment
Type of Employment	Spot
DHT Sundarbans
Vessel employment
Type of Employment	Spot
DHT Taiga
Vessel employment
Type of Employment	Spot
DHT Tiger
Vessel employment
Type of Employment	Spot

Charter arrangements - Future charter payments (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Future Charter Payments [Abstract]
2019	$ 34,044
2020	36,837
2021	26,293
2022	154
Net charter payments	$ 97,327

Earnings per share ("EPS") (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Calculation Of Basic And Diluted Earnings Per Share [Abstract]
Profit/loss for the period used for calculation of EPS - basic	$ (46,927)	$ 6,602	$ 9,260
Profit/loss for the period used for calculation of EPS - dilutive	$ (46,927)	$ 6,602	$ 9,260
Basic earnings per share
Weighted average number of shares (basic)	143,429,610	124,536,338	93,382,757
Diluted earnings per share
Dilutive equity awards	5,311		6,853
Weighted average number of shares (dilutive)	143,434,921	124,536,338	93,389,610

Vessels and subsidiaries (Details)

12 Months Ended

Dec. 31, 2018

DHT Mustang Inc [Member]

DHT Mustang

317,975

Hong Kong

2018

DHT Bronco Inc [Member]

DHT Bronco

317,975

Hong Kong

2018

DHT Colt Inc [Member]

DHT Stallion Inc [Member]

DHT Colt

319,713

IOM

2018

DHT Tiger Limited [Member]

DHT Stallion

319,713

IOM

2018

DHT Puma Limited [Member]

DHT Tiger

299,629

Hong Kong

2017

DHT Panther Limited [Member]

DHT Puma

299,629

Hong Kong

2016

DHT Lion Limited [Member]

DHT Panther

299,629

Hong Kong

2016

DHT Leopard Limited [Member]

DHT Lion

299,629

Hong Kong

2016

DHT Jaguar Limited [Member]

DHT Leopard

299,629

Hong Kong

2016

DHT Jaguar

299,629

Hong Kong

2015

DHT Opal Inc. [Member]

DHT Opal

320,105

IOM

2012

Samco Theta Ltd [Member]

DHT Sundarbans

314,249

Hong Kong

2012

Samco Iota Ltd [Member]

DHT Taiga

314,249

Hong Kong

2012

DHT Peony Inc. [Member]

DHT Peony

320,013

IOM

2011

DHT Lotus Inc. [Member]

DHT Lotus

320,142

IOM

2011

Samco Eta Ltd [Member]

DHT Amazon

314,249

RIF

2011

Samco Kappa Ltd [Member]

DHT Edelweiss Inc. [Member]

DHT Redwood

314,249

Hong Kong

2011

Samco Epsilon Ltd [Member]

DHT Edelweiss

301,021

Hong Kong

2008

DHT China

317,794

RIF

2007

Samco Delta Ltd [Member]

DHT Bauhinia Inc. [Member]

DHT Europe

317,713

RIF

2007

DHT Bauhinia

301,019

IOM

2007

DHT Hawk Inc. [Member]

DHT Hawk

298,923

Hong Kong

2007

Samco Gamma Ltd [Member]

DHT Scandinavia

317,826

Hong Kong

2006

DHT Falcon Inc. [Member]

DHT Falcon

298,971

Hong Kong

2006

DHT Lake Inc. [Member]

DHT Lake

298,564

IOM

2004

DHT Raven Inc. [Member]

DHT Condor, Inc. [Member]

DHT Raven

298,563

IOM

2004

DHT Condor

320,050

Hong Kong

2004

DHT Eagle, Inc. [Member]

DHT Eagle

^[1]

309,064

Hong Kong

2002

DHT Utah, Inc. [Member]

DHT Utah

^[1]

299,498

IOM

2001

DHT Utik, Inc. [Member]

DHT Utik

^[1]

299,450

IOM

Chris Tanker Corporation [Member]

2001

DHT Chris

^[2]

309,285

Hong Kong

Ann Tanker Corporation [Member]

2001

DHT Ann

^[3]

309,327

Hong Kong

DHT Phoenix, Inc. [Member]

2001

DHT Phoenix

^[4]

307,151

Hong Kong

Cathy Tanker Corporation [Member]

1999

DHT Cathy

^[5]

115,000

Marshall Islands

Sophie Tanker Corporation [Member]

2004

DHT Sophie

^[5]

115,000

Marshall Islands

Accounts payable and accrued expenses [Abstract]

2003

[1]	The DHT Eagle, DHT Utah and DHT Utik were sold to one buyer in November 2017. The DHT Eagle and DHT Utah were delivered to the buyer during the fourth quarter of 2017 and the DHT Utik was delivered to the buyer in January 2018.
[2]	The DHT Chris was sold and delivered to new owners in January 2017
[3]	The DHT Ann was sold and delivered to new owners in May 2017.
[4]	The DHT Phoenix was sold and delivered to new owners in June 2017.
[5]	DHT Sophie and DHT Cathy were sold to one buyer in October 2018. Both vessels were delivered to buyer during fourth quarter 2018.

Vessels and subsidiaries - Vessels and time charter contracts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment
As of end of period	$ 0	$ 114,759
Net book value of vessels and time charter contracts	1,665,810	1,444,146
Total Cost [Member]
Property, Plant and Equipment
As of beginning of period	1,810,158	1,568,729
Additions	15,373	390,471
Transferred from vessels under construction	336,890	92,964
Transferred to asset held for sale	0	(23,321)
Disposals	(90,965)	(218,684)
As of end of period	2,071,456	1,810,158
Total Accumulated Depreciation and Impairment [Member]
Property, Plant and Equipment
Transferred to asset held for sale	0	2,570
Disposals	67,125	127,534
As of end of period	(405,647)	(366,013)
As of beginning of period	(366,013)	(391,209)
Charge for the period	(103,259)	(96,367)
Impairment charges	(3,500)	(8,540)
Vessel Cost [Member]
Property, Plant and Equipment
Transferred from vessels under construction	325,004	91,264
Transferred to asset held for sale	0	(21,585)
Disposals	(84,848)	(203,123)
As of end of period	2,007,385	1,767,117
As of beginning of period	1,767,117	1,534,496
Additions	113	366,064
Vessel Accumulated Depreciation and impairment [Member]
Property, Plant and Equipment
Transferred to asset held for sale	0	2,014
Disposals	62,224	116,873
As of end of period	(391,894)	(359,066)
As of beginning of period	(359,066)	(384,520)
Charge for the period	(91,551)	(84,893)
Impairment charges	(3,500)	(8,540)
Vessel Net Book Value [Member]
Property, Plant and Equipment
As of end of period	1,615,492	1,408,051
Drydock Cost [Member]
Property, Plant and Equipment
Transferred from vessels under construction	6,800	1,700
Transferred to asset held for sale	0	(1,736)
Disposals	(6,117)	(15,562)
As of end of period	44,818	36,441
As of beginning of period	36,441	27,632
Additions	7,695	24,406
Drydock Accumulated Depreciation and impairment [Member]
Property, Plant and Equipment
Transferred to asset held for sale	0	556
Disposals	4,902	10,661
As of end of period	(9,171)	(3,731)
As of beginning of period	(3,731)	(4,451)
Charge for the period	(10,342)	(10,497)
Drydock Net Book Value [Member]
Property, Plant and Equipment
As of end of period	35,647	32,710
Scrubbers Cost [Member]
Property, Plant and Equipment
Transferred from vessels under construction	5,086	0
As of end of period	12,652	0
As of beginning of period	0	0
Additions	7,566	0
Scrubbers Accumulated Depreciation and Impairment [Member]
Property, Plant and Equipment
As of beginning of period	0	0
Charge for the period	(388)	0
As of end of period	(388)	0
Scrubbers Net Book Value [Member]
Property, Plant and Equipment
As of end of period	12,264	0
Time Charter Contracts Cost [Member]
Property, Plant and Equipment
As of beginning of period	6,600	6,600
As of end of period	6,600	6,600
Time Charter Contracts Accumulated Depreciation and impairment [Member]
Property, Plant and Equipment
As of beginning of period	(3,215)	(2,237)
Charge for the period.	(978)	(978)
As of end of period	(4,193)	(3,215)
Time Charter Contracts Net Book Value [Member]
Property, Plant and Equipment
As of end of period	2,407	3,385
Vessels Under Construction [Member]
Property, Plant and Equipment
As of beginning of period	114,759	43,638
Additions	222,131	164,085
Transferred to vessels	(336,890)	(92,964)
As of end of period	$ 0	$ 114,759

Vessels and subsidiaries - Time charter contracts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Time charter contracts
Total carrying amount	$ 2,407	$ 3,385
DHT China charter [Member]
Time charter contracts
Finite	$ 2,407	$ 3,385

Accounts payable and accrued expenses (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Accounts payable

$ 10,885

$ 8,883

Accrued interest

5,460

3,026

Accrued voyage expenses

3,237

2,274

Accrued employee compensation

3,043

2,566

Other

6,009

^[1]

679

Total accounts payable and accrued expenses

$ 28,634

$ 17,427

[1]	Other includes accrued OPEX and accrued CAPEX in 2018

Financial instruments - Categories of financial instruments (Details) - USD ($)
$ in Thousands

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Financial assets

$ 94,944

^[1]

$ 77,292

^[1]

$ 109,295

$ 166,775

^[1],[2]

60,196

42,212

Total financial assets

155,140

119,504

Financial liabilities

Derivative financial liabilities, current

^[1]

28,634

17,427

^[3]

1,250

545

^[1]

93,815

65,053

Derivative financial liabilities, non-current

^[1]

873,460

721,151

^[3]

4,486

Total

$ 1,001,645

$ 804,177

[1]	Amortized cost.
[2]	Cash and cash equivalents include $638 thousand in restricted cash in 2018 and $322 thousand in 2017, including employee withholding tax.
[3]	Fair value through profit or loss.

Financial instruments - Derivatives - Interest rate swaps (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Receive floating
Total carrying amount (notional amount)	$ 402,049	$ 75,542
Total carrying amount (fair value)	$ 5,736	$ 545
Swap expires Jun. 29, 2018 1 [Member]
Receive floating
Fixed Interest Rate		3.315%
Notional amount		$ 19,396
Fair Value		$ 156
Swap expires Jun. 29, 2018 2 [Member]
Receive floating
Fixed Interest Rate		3.565%
Notional amount		$ 20,417
Fair Value		$ 187
Swap expires Jun. 29, 2018 3 [Member]
Receive floating
Fixed Interest Rate		2.865%
Notional amount		$ 35,729
Fair Value		$ 202
Swap expires Apr. 20, 2023 1 [Member]
Receive floating
Fixed Interest Rate	2.987%
Notional amount	$ 46,800
Fair Value	$ 699
Swap expires Apr. 20, 2023 2 [Member]
Receive floating
Fixed Interest Rate	3.012%
Notional amount	$ 46,800
Fair Value	$ 743
Swap expires Sept. 29, 2023 1 [Member]
Receive floating
Fixed Interest Rate	3.019%
Notional amount	$ 35,877
Fair Value	$ 580
Swap expires Sept. 29, 2023 2 [Member]
Receive floating
Fixed Interest Rate	3.019%
Notional amount	$ 34,963
Fair Value	$ 563
Swap expires Jul. 24, 2023 [Member]
Receive floating
Fixed Interest Rate	2.8715%
Notional amount	$ 51,400
Fair Value	$ 606
Swap expires Jun. 30, 2023 [Member]
Receive floating
Fixed Interest Rate	2.8785%
Notional amount	$ 45,807
Fair Value	$ 503
Swap expires Sept. 29, 2023 3 [Member]
Receive floating
Fixed Interest Rate	2.895%
Notional amount	$ 50,115
Fair Value	$ 653
Swap expires Sept. 30, 2023 [Member]
Receive floating
Fixed Interest Rate	2.897%
Notional amount	$ 45,986
Fair Value	$ 597
Swap expires Sept. 29, 2023 4 [Member]
Receive floating
Fixed Interest Rate	3.02%
Notional amount	$ 44,301
Fair Value	$ 793

Financial instruments - Interest bearing debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Interest bearing debt
Remaining notional	$ 990,299
Carrying amount	$ 967,275	$ 786,204
Nordea Samco Credit Facility [Member]
Interest bearing debt
Interest rate	LIBOR+2.5%
Remaining notional	$ 0
Carrying amount	$ 0	217,921
Credit Agricole Credit Facility [Member]
Interest bearing debt
Interest rate	LIBOR+2.19%
Remaining notional	$ 62,717
Carrying amount	$ 62,166	68,591
Danish Ship Finance Credit Facility [Member]
Interest bearing debt
Interest rate	LIBOR+2.25%
Remaining notional	$ 41,600
Carrying amount	$ 41,437	43,937
Nordea/DNB Credit Facility One [Member]
Interest bearing debt
Interest rate	LIBOR+2.25%
Remaining notional	$ 0
Carrying amount	$ 0	44,647
Nordea/DNB Credit Facility Two [Member]
Interest bearing debt
Interest rate	LIBOR+2.75%
Remaining notional	$ 0
Carrying amount	$ 0	9,884
ABN Amro Credit Facility One [Member]
Interest bearing debt
Interest rate	LIBOR+2.6%
Remaining notional	$ 0
Carrying amount	$ 0	119,844
Nordea BW VLCC Acquisition Credit Facility [Member]
Interest bearing debt
Interest rate	LIBOR+2.40
Remaining notional	$ 258,483
Carrying amount	$ 254,870	183,119
ABN Amro Credit Facility Two [Member]
Interest bearing debt
Interest rate	LIBOR+2.4%
Remaining notional	$ 469,639
Carrying amount	464,826
Convertible Senior Notes due 2019 [Member]
Interest bearing debt
Remaining notional	32,860
Carrying amount	$ 32,009	$ 98,262
Interest rate	4.50%
Convertible Senior Notes due 2021 [Member]
Interest bearing debt
Remaining notional	$ 125,000
Carrying amount	$ 111,968
Interest rate	4.50%

Financial instruments - Reconciliation of liabilities arising from financing activities (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Reconciliation of liabilities arising from financing activities

Repurchase convertible notes

^[1]

$ 786,204

$ 701,495

^[1]

(17,104)

Financing cash flows

^[1],[2]

168,345

93,157

^[1]

967,275

786,204

Equity component of convertible notes

^[1]

11,559

7,375

^[1]

(1,553)

2,213

Other Changes

^[1],[3]

2,720

(932)

Bank Loans [Member]

Reconciliation of liabilities arising from financing activities

687,942

591,579

Financing cash flows

^[2]

129,400

93,157

823,299

687,942

Convertible Senior Notes due 2019 [Member]

6,826

3,206

Other Changes

^[3]

(869)

Reconciliation of liabilities arising from financing activities

Repurchase convertible notes

98,262

109,916

(17,104)

Fair value changes

^[4]

(74,644)

32,009

98,262

Equity component of convertible notes

3,188

4,170

1,613

2,213

Other Changes

^[3]

3,589

(932)

Convertible Senior Notes due 2021 [Member]

Reconciliation of liabilities arising from financing activities

Fair value changes

^[4]

74,644

Financing cash flows

^[2]

38,945

111,968

Equity component of convertible notes

1,545

$ (3,165)

$ 0

[1]	The reconciliation does not include interest rate swaps, which are described in note 8.
[2]	The cash flows from bank loans make up the net amount of issuance of long-term debt and repayment of long-term debt in the statement of cash flows. In 2018 the cash flows from the transaction related to the exchange of convertible senior notes due 2019 of $38.9 million consists of $41.6 million cash received upon issue, less transaction costs of $2.7 million.
[3]	Other changes represents the (gain)/loss on extinguishment of debt, including previously capitalized fees.
[4]	Fair value changes reflects the loss arising from the exchange of the convertible senior notes due 2019 to convertible senior notes due 2021 below market fair value.

Financial risk management, objectives and policies - Maximum exposure to credit risk (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Disclosure of credit risk exposure [abstract]
Cash and cash equivalents	$ 94,944	$ 77,292
Accounts receivable and accrued revenues	60,196	42,212
Maximum credit exposure	$ 155,140	$ 119,504

Financial risk management, objectives and policies - Contractual maturities of financial liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Contractual Maturities of Financial Liabilities
Total Interest bearing loans	$ 1,177,298	$ 857,439
Total Interest rate swaps	2,424	550
Total interest bearing loans and interest rate swaps	1,179,722	857,989
1 year
Contractual Maturities of Financial Liabilities
Interest bearing loans	146,574	91,232
Interest rate swaps	593	550
Total	147,167	91,782
2 to 5 years
Contractual Maturities of Financial Liabilities
Interest bearing loans	723,031	636,059
Interest rate swaps	1,832	0
Total	724,863	636,059
More than 5 years
Contractual Maturities of Financial Liabilities
Interest bearing loans	307,692	130,148
Interest rate swaps	0	0
Total	$ 307,692	$ 130,148

Stockholders' equity and dividend payment - Stockholders' equity (Details) - $ / shares

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Common Stock [Member]

Retirement of treasury shares

Common stock issued

142,700,046

142,417,407

93,433,804

Restricted stock issued

1,175,136

1,259,208

(892,497)

New shares issued

^[1]

47,724,395

Par value

$ 0.01

Shares to be issued assuming conversion of convertible notes due 2019

^[2]

6,562,001

Shares to be issued assuming conversion of convertible notes due in 2021

^[2]

29,761,913

Number of shares authorized for issue

250,000,000

Preferred Stock [Member]

Outstanding beginning of period

Par value

$ 0.01

[1]

On March 23, 2017, we announced that we entered into the VAA, to acquire nine VLCCs and newbuild contracts for two VLCCs due for delivery in 2018 from BW Group, in exchange for aggregate cash consideration in an amount equal to $177,360,000 and an aggregate equity consideration consisting of 32,024,395 shares of the Company's common stock and 15,700 shares of the Series D Preferred Stock. Subsequent to the conversion of each share of the Series D Preferred Stock into 1,000 shares of Company common stock in 2017, a total of 47,724,395 shares of common stock were issued.

[2]

Assuming the maximum fundamental change conversion rate.

Stockholders' equity and dividend payment - Dividend payment (Details) - USD ($)	3 Months Ended													12 Months Ended
	Feb. 26, 2019	Nov. 23, 2018	Aug. 31, 2018	May 30, 2018	Feb. 28, 2018	Dec. 06, 2017	Aug. 31, 2017	May 31, 2017	Feb. 22, 2017	Nov. 23, 2016	Aug. 31, 2016	May 25, 2016	Feb. 24, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Dividend payment
Payment	$ 7,100,000
Total payment														$ 11,500,000	$ 23,300,000	$ 66,400,000
Per share Common	$ 0.05													$ 0.08	$ 0.20	$ 0.71
Quarterly dividend [Member]
Dividend payment
Payment		$ 2,900,000	$ 2,900,000	$ 2,900,000	$ 2,900,000	$ 2,800,000	$ 2,800,000	$ 10,100,000	$ 7,600,000	$ 1,900,000	$ 21,500,000	$ 23,300,000	$ 19,700,000
Per share Common		$ 0.02	$ 0.02	$ 0.02	$ 0.02	$ 0.02	$ 0.02	$ 0.08	$ 0.08	$ 0.02	$ 0.23	$ 0.25	$ 0.21

General and administrative expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
General And Administrative Expenses [Abstract]
Total Compensation to Employees and Directors	$ 11,289	$ 11,655	$ 15,998
Office and Administrative Expenses	2,449	2,147	2,213
Audit, Legal and Consultancy	1,314	3,377	1,180
General and Administrative Expenses	$ 15,052	$ 17,180	$ 19,391

General and administrative expenses - Stock compensation series (Details)	12 Months Ended
	Dec. 31, 2018 $ / shares
October 2005 [Member]
Stock Compensation Series
Number of stock options	965
Vesting period	10 years
Fair value at grant date	$ 144.00
March 2012 [Member]
Stock Compensation Series
Vesting period	3 years
Fair value at grant date	$ 13.80
Number of restricted shares	14,515
June 2013 One [Member]
Stock Compensation Series
Vesting period	4 years
Fair value at grant date	$ 4.15
Number of restricted shares	155,000
June 2013 Two [Member]
Stock Compensation Series
Number of stock options	155,000
Vesting period	5 years
Fair value at grant date	$ 1.31
June 2013 Three [Member]
Stock Compensation Series
Number of stock options	155,000
Vesting period	5 years
Fair value at grant date	$ 0.97
February 2014 One [Member]
Stock Compensation Series
Vesting period	3 years
Fair value at grant date	$ 6.92
Number of restricted shares	29,333
February 2014 Two [Member]
Stock Compensation Series
Vesting period	3 years
Fair value at grant date	$ 6.33
Number of restricted shares	29,333
February 2014 Three [Member]
Stock Compensation Series
Vesting period	3 years
Fair value at grant date	$ 5.63
Number of restricted shares	29,333
February 2014 Four [Member]
Stock Compensation Series
Vesting period	3 years
Fair value at grant date	$ 7.61
Number of restricted shares	88,000
June 2014 One [Member]
Stock Compensation Series
Vesting period	3 years
Fair value at grant date	$ 6.41
Number of restricted shares	95,666
June 2014 Two [Member]
Stock Compensation Series
Vesting period	3 years
Fair value at grant date	$ 5.74
Number of restricted shares	95,666
June 2014 Three [Member]
Stock Compensation Series
Vesting period	3 years
Fair value at grant date	$ 5.13
Number of restricted shares	95,666
June 2014 Four [Member]
Stock Compensation Series
Vesting period	3 years
Fair value at grant date	$ 7.15
Number of restricted shares	287,000
January 2015 [Member]
Stock Compensation Series
Vesting period	3 years
Fair value at grant date	$ 8.81
Number of restricted shares	850,000
January 2016 [Member]
Stock Compensation Series
Vesting period	2 years
Fair value at grant date	$ 6.65
Number of restricted shares	824,000
January 2017 [Member]
Stock Compensation Series
Vesting period	2 years
Fair value at grant date	$ 4.61
Number of restricted shares	900,000
January 2018 One [Member]
Stock Compensation Series
Vesting period	1 year
Fair value at grant date	$ 3.92
Number of restricted shares	355,000
January 2018 Two [Member]
Stock Compensation Series
Vesting period	3 years
Fair value at grant date	$ 2.30
Number of restricted shares	212,000

General and administrative expenses - Summary of activity for restricted stock awards (Details)

12 Months Ended

Dec. 31, 2018

USD ($)

Dec. 31, 2017

USD ($)

Dec. 31, 2016

USD ($)

Restricted common stock

1,086,331

1,376,820

1,385,832

Outstanding end of period

545,500

1,086,331

1,376,820

Granted

567,000

900,000

824,000

Exercised

^[1]

1,085,331

1,132,988

833,012

Forfeited

22,500

57,501

Share options

Outstanding

310,000

Forfeited

310,000

Weighted average exercise price

Outstanding

^[2]

$ 0

$ 9.64

Forfeited

$ 9.64

$ 0

[1]	Does not include shares in lieu of dividends.
[2]	To be adjusted for dividends declared and paid subsequent to the respective grant dates.

General and administrative expenses - Compensation of executives and directors (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Key Management Personnel Compensation [Abstract]

Cash compensation

$ 3,989

^[1]

$ 4,171

$ 4,162

Pension cost

202

^[1]

155

158

^[2]

2,250

4,107

6,227

Total remuneration

$ 6,441

$ 8,433

$ 10,547

[1]	Compensation for 2018 includes full year compensation for both current and former chief financial officer.
[2]	Share compensation reflects the expense recognized.

Pensions - Year's pension costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Calculation Of This Years Pension Costs [Abstract]
Current service cost	$ 403	$ 329	$ 344
Financial costs	10	6	6
Pension costs for the year	$ 413	$ 335	$ 350

Pensions - Defined benefit obligation (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Defined Benefit Plan As Recognized In The Statement Of Financial Position [Abstract]
Present value of the defined benefit obligation	$ 1,971	$ 1,481	$ 1,128
Fair value of plan assets	1,614	1,266	963
Net pension obligation	357	215	165
Remeasurement loss	182	211	60
Net balance sheet recorded pension liability December 31	$ 539	$ 425	$ 225

Pensions - Changes in gross benefit obligation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Change In Gross Pension Obligation [Abstract]
Gross obligation January 1	$ 1,708	$ 1,111	$ 945
Current service cost	398	325	360
Interest charge on pension liabilities	42	31	27
Past service cost - curtailment/plan amendment			(19)
Settlement (gain)			(128)
Social security expenses	(57)	(44)	(48)
Remeasurements loss/(gain)	119	227	(18)
Exchange rate differences	(119)	58	(8)
Gross pension obligation December 31	$ 2,090	$ 1,708	$ 1,111

Pensions - Changes in gross defined benefit plan assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Change In Gross Defined Benefit Plan Assets [Abstract]
Fair value plan asset beginning of period		$ 1,282	$ 886	$ 744
Interest income		27	20	17
Settlement				(128)
Employer contribution		404	313	338
Remeasurements (loss)/gain		(63)	16	(79)
Exchange rate differences		(99)	47	(7)
Fair value plan assets end of period		$ 1,551	$ 1,282	$ 886
Estimated employer contribution for the coming year	$ 345

Pensions - Assumptions (Details)

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Defined Benefit Plan Weighted Average Assumptions Used In Calculating Benefit Obligation [Abstract]

Discount rate

2.60%

2.40%

2.60%

Yield on pension assets

2.60%

2.40%

2.60%

Wage growth

2.75%

2.50%

G regulation

^[1]

2.50%

2.25%

Pension adjustment

0.80%

0.50%

0.00%

Average remaining service period

[1]	Increase of social security base amount ('G') as per Norwegian regulations.

Tax - Specification of income tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Major components of tax expense (income) [abstract]
Income tax payable	$ 74	$ 132	$ 100
Tax expenses related to previous year	1	8	(10)
Change in deferred tax	8	(8)	4
Total income tax expense	$ 83	$ 131	$ 95

Tax - Specification of temporary differences and deferred tax (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Temporary Differences And Deferred Tax [Abstract]

Property, plant and equipment

$ (164)

$ (89)

Pensions

(539)

(425)

(225)

Total basis for deferred tax

(703)

(590)

(314)

Deferred tax liability

^[1],[2]

$ (155)

$ (136)

$ (75)

[1]	Due to materiality, not recognized on a separate line in the statements of financial position.
[2]	The general income tax rate is reduced from 23% to 22%, effective from fiscal year 2019, reduced from 24% to 23%, effective from fiscal year 2018 and reduced from 25% to 24%, effective from fiscal year 2017.

Tax - Reconciliation of effective tax rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Reconciliation of average effective tax rate and applicable tax rate [abstract]
Profit/(loss) before income tax	$ (46,845)	$ 6,733	$ 9,354
Adjusted for tax effect of the following items:
Income in subsidiary, subject to income tax	83	131	95
Total income tax expense	$ 83	$ 131	$ 95

Investment in associate company - Details of associate (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure Of Details Of Associate [Abstract]
Name of associate	Goodwood Ship Management Pte. Ltd.
Principal activities	Ship management
Place of incorporation and business	Singapore
Effective equity interest	50.00%	50.00%

Investment in associate company - Company's share of profit of associate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share of profit (loss) of associates and joint ventures accounted for using equity method [abstract]
Share of profit in associated companies	$ 858	$ 802	$ 649
Other comprehensive income for the year, net of tax	(53)	193
Total comprehensive income for the year	$ 805	$ 995

Condensed Financial Information of DHT Holdings, Inc. - Financial Position (Details) - USD ($)
$ in Thousands

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Current assets

$ 94,944

^[1]

$ 77,292

^[1]

$ 109,295

$ 166,775

193,323

167,137

^[1],[2]

60,196

42,212

1,633

4,338

3,197

32,212

23,675

Asset held for sale

20,762

Net book value of vessels and time charter contracts

193,323

167,137

Non-current assets

1,665,810

1,444,146

Advances for vessels under construction

114,759

Other property, plant and equipment

335

464

4,388

3,992

1,670,533

1,563,360

1,670,533

1,563,360

Total assets

1,863,856

1,730,497

^[1]

28,634

17,427

Derivative financial liabilities, current

28,634

17,427

^[3]

1,250

545

^[1]

93,815

65,053

123,699

83,026

123,699

83,026

Non-current liabilities

^[1]

873,460

721,151

Derivative financial liabilities, non-current

878,489

721,579

^[3]

4,486

Other non-current liabilities

542

428

878,489

721,579

Total liabilities

1,002,188

804,605

Common stock at par value

1,427

1,424

Additional paid-in capital

1,364

1,145,107

1,140,794

(1,364)

(285,383)

(222,087)

861,668

925,892

Translation differences

Other reserves

1,848

5,676

Total liabilities and stockholders' equity

861,668

925,892

1,863,856

1,730,497

Parent Company [Member]

Current assets

Accounts receivable and prepaid expenses

17,783

11,540

$ 6,043

$ 53,645

374

249

Deposit for vessel acquisition

114,759

Amounts due from related parties

36,216

7,992

Investments in subsidiaries

54,372

134,540

468,941

521,801

Loans to subsidiaries

563,349

481,012

54,372

134,540

Non-current assets

201

1,032,491

1,003,014

1,032,491

1,003,014

Total assets

1,086,864

1,137,555

3,733

1,454

32,009

35,742

1,454

35,742

1,454

Non-current liabilities

111,968

98,262

111,968

98,262

111,968

98,262

Total liabilities

147,710

99,716

Common stock at par value

1,427

1,424

Additional paid-in capital

(1,364)

1,097,099

1,096,793

1,364

(158,009)

(60,379)

939,154

1,037,838

Total liabilities and stockholders' equity

939,154

1,037,838

$ 1,086,864

$ 1,137,555

[1]	Amortized cost.
[2]	Cash and cash equivalents include $638 thousand in restricted cash in 2018 and $322 thousand in 2017, including employee withholding tax.
[3]	Fair value through profit or loss.

Condensed Financial Information of DHT Holdings, Inc. - Income Statement (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Condensed Income Statement
Shipping revenues	$ 375,941	$ 355,052	$ 356,010
Operating expenses
Voyage expenses	(161,891)	(113,301)	(65,349)
Vessel operating expenses	(75,800)	(72,431)	(61,855)
Depreciation and amortization	(103,476)	(96,758)	(84,340)
Impairment charges	(3,500)	(8,540)	(84,700)
Profit/(loss), sale of vessel	75	(3,540)	138
General and administrative expense	(15,052)	(17,180)	(19,391)
Total operating expenses	(359,644)	(311,749)	(315,496)
Operating income/(loss)	16,297	43,303	40,514
Share of profit in associated companies	858	802	649
Interest income	345	140	66
Interest expense	(54,211)	(40,109)	(35,070)
Fair value gain/(loss) on derivative financial liabilities	(5,191)	2,154	3,235
Other financial income/(expenses)	(4,943)	443	(40)
Profit/(loss) before income tax	(46,845)	6,733	9,354
Income tax expense	(83)	(131)	(95)
Profit/(loss) for the year	(46,927)	6,602	9,260
Attributable to the owners of parent	$ (46,927)	$ 6,602	$ 9,260
Basic net income/(loss) per share	$ (0.33)	$ 0.05	$ 0.10
Diluted net income/(loss) per share	$ (0.33)	$ 0.05	$ 0.10
Weighted average number of shares (basic)	143,429,610	124,536,338	93,382,757
Weighted average number of shares (diluted)	143,434,921	124,536,338	93,389,610
Parent Company [Member]
Operating expenses
Impairment charges	$ (93,452)	$ (4,948)	$ (18,132)
Dividend income	9,909	25,415	16,900
General and administrative expense	(13,735)	(13,764)	(14,525)
Operating income/(loss)	(97,279)	6,703	(8,987)
Interest income	24,893	21,798	14,559
Interest expense	(10,341)	9,229	(11,494)
Other financial income/(expenses)	(3,416)	1,020	693
Profit/(loss) for the year	(86,143)	20,293	(5,228)
Revenues	$ 0	$ 0	$ 6,770

Condensed Financial Information of DHT Holdings, Inc. - Statement of Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Items that will not be reclassified subsequently to profit or loss:
Profit/(loss) for the year	$ (46,927)	$ 6,602	$ 9,260
Remeasurement of defined benefit obligation/(loss) net of tax	(148)	(166)	(49)
Items that may be reclassified subsequently to profit or loss:
Exchange gain/(loss) on translation of foreign currency denominated associate and subsidiary	(53)	193	28
Total comprehensive income/(loss)	(47,128)	6,628	9,239
Attributable to the owners of parent	(47,128)	6,628	9,239
Attributable to the owners of parent	(47,128)	6,628	9,239
Parent Company [Member]
Items that will not be reclassified subsequently to profit or loss:
Profit/(loss) for the year	(86,143)	20,293	(5,228)
Items that may be reclassified subsequently to profit or loss:
Total comprehensive income/(loss)	(86,143)	20,293	(5,228)
Attributable to the owners of parent	(86,143)	20,293	(5,228)
Attributable to the owners of parent	$ (86,143)	$ 20,293	$ (5,228)

Condensed Financial Information of DHT Holdings, Inc. - Cash Flow (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Cash flows from operating activities

Profit/(loss) for the year

$ (46,927)

$ 6,602

$ 9,260

Items included in net income not affecting cash flows

Depreciation and amortization

103,476

96,758

84,340

Impairment charges/(reversal of impairment charges)

3,500

8,540

84,700

Amortization of upfront fees

11,559

7,375

7,997

Profit/(loss), sale of vessel

(75)

3,540

(138)

Fair value gain/(loss) on derivative financial liabilities

5,191

(2,154)

(3,235)

2,599

4,948

7,365

(Gain)/loss purchase convertible bond

3,589

(1,035)

Share of profit in associated companies

(858)

(802)

(649)

Unrealized currency translation (gains)/losses

(255)

Changes in operating assets and liabilities

(25,421)

(9,869)

7,751

255

(1,141)

430

(1,087)

Deferred shipping revenues

8,234

5,407

(1,557)

(2,154)

(1,422)

Net cash provided by operating activities

(9,994)

(15,769)

938

53,985

101,817

194,008

Cash flows from investing activities

Investment in vessels

(11,845)

(165,649)

(13,260)

Investment in vessels under constuction

(223,033)

(132,536)

(222,104)

Proceeds from sale of vessels

46,393

111,418

22,233

Dividend received from associated company

409

415

242

Investment in property, plant and equipment

(88)

(193)

(144)

Net cash used in investing activities

(188,165)

(186,545)

(213,033)

Cash flows from financing activities

Cash dividends paid

(11,487)

(23,328)

(66,365)

Issuance of long term debt

577,685

200,452

219,248

Purchase of treasury shares

(5,026)

(2,031)

Issuance of convertible bonds

(17,104)

(25,334)

38,945

Repayment of long-term debt

(448,285)

(107,295)

(163,972)

Net cash provided by/(used in) financing activities

151,832

52,725

(38,454)

Net increase/(decrease) in cash and cash equivalents

17,652

(32,003)

(57,480)

Cash and cash equivalents at beginning of period

77,292

^[1]

109,295

166,775

Cash and cash equivalents at end of period

94,944

^[1]

77,292

^[1]

109,295

Specification of items included in operating activities

Interest paid

40,040

32,253

27,539

Interest received

345

140

Parent Company [Member]

Cash flows from operating activities

Profit/(loss) for the year

(86,143)

20,293

(5,228)

Items included in net income not affecting cash flows

Impairment charges/(reversal of impairment charges)

4,733

4,170

4,982

93,452

4,948

18,132

663

4,948

7,365

(Gain)/loss purchase convertible bond

3,589

(1,035)

Changes in operating assets and liabilities

Accounts receivable and prepaid expenses

(125)

4,305

(4,148)

Amounts due to related parties

2,279

(291)

(148)

(72,365)

11,782

122,401

Net cash provided by operating activities

(53,917)

49,119

143,357

Cash flows from investing activities

Investment in subsidiary, net of cash acquired

(1,022)

Loans to subsidiaries classified as investing activities

58,990

82,814

(63,985)

Investment in vessels

(21,263)

(86,004)

(32,219)

Net cash used in investing activities

37,727

(3,191)

(97,227)

Cash flows from financing activities

Cash dividends paid

(11,487)

(23,328)

(66,365)

Purchase of treasury shares

(5,026)

(2,031)