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OPERATIONAL HIGHLIGHTS:

	Q4 2021	Q3 2021	Q2 2021	Q1 2021	Q4 2020	2021	2020
Operating days6	2,392.0	2,399.5	2,513.4	2,471.6	2,484.0	9,776.5	9,882.0
Scheduled off hire days	98.3	84.8	99.8	231.9	180.0	514.7	255.5
Unscheduled off hire days	6.2	1.0	2.6	1.4	4.1	11.2	77.7
Revenue days7	2,287.5	2,306.2	2,325.3	2,238.3	2,299.9	9,157.3	9,548.8
Spot exposure8	73.9%	57.2%	48.5%	38.2%	39.3%	54.7%	63.5%
VLCC time charter rate per day	$33,900	$27,600	$28,200	$39,400	$41,700	$32,600	$50,400
VLCC spot rate per day	$16,900	$7,400	$10,200	$18,700	$19,200	$13,200	$62,000

With respect to drydockings, 2021 was an active year as we took advantage of the low freight markets. During the year, we drydocked 13 ships, equal to 50% of our fleet. Some of the dockings included installation of ballast water treatment systems and scrubbers. With these installations we have marked the conclusion of our planned program to retrofit scrubbers and have optimized the company’s available trading days for 2022, with only 3 vessels due for drydocks.

Covid-19 continues to create operational challenges related to our seafarers and the ability to change crews at regular intervals and at convenient locations. There are still numerous restrictions affecting crew changes with strict transit and quarantine procedures and a limited number of geographical options to execute crew changes. We continue to do everything reasonably possible to facilitate safe and regular crew changes. As of the date of this report, all our seafarers are fully vaccinated at the time of joining a vessel, as is the majority of our onboard sailing crew.

Our market outlook remains cautiously optimistic, and we still note three key forces at play, creating a constructive market outlook for our services. Firstly, oil consumption, and hence demand, is recovering post the 2020 virus outbreak although hitting speedbumps with new outbreaks. Secondly, refiners are consuming from oil inventories which has lowered the inventory levels to levels targeted by leading oil producers. Thirdly, OPEC+ is gradually increasing supply of oil in response to the two preceding points, although with actual additional barrels being shy of announced increased quotas. In sum, this should slowly increase demand for transportation.

As of December 31, 2021, DHT had a fleet of 26 VLCCs, with a total dwt of 8,043,657. For more details on the fleet, please refer to the web site: https://www.dhtankers.com/fleetlist/

OUTLOOK:

¹Shipping revenues net of voyage expenses.

²Shipping revenues net of voyage expenses, vessel operating expenses and general and administrative expenses. As showed in the table for reconciliation of non-GAAP measures.

³Q4 2020 includes impairment charge of $7.6 million. 2020 includes impairment charge of $12.6 million.

⁴Diluted shares include the dilutive effect of the convertible senior notes and restricted shares granted to management and members of the board of directors.

⁵Per common share.

⁶Operating days are the aggregate number of calendar days in the period in which the vessels are owned by the Company or chartered by the Company.

⁷Revenue days are the aggregate number of calendar days in the period in which the vessels are owned by the Company or chartered by the Company less days on which a vessel is off hire.

⁸As % of total operating days in period.

The Company reported shipping revenues for the fourth quarter of 2021 of $83.8 million compared to shipping revenues of $91.0 million in the fourth quarter of 2020. The decrease from the 2020 period to the 2021 period includes $6.7 million attributable to lower tanker rates and $0.5 million attributable to a decrease in total revenue days as a result of scheduled off hire in connection with special surveys and scrubber installations.

Other income for the fourth quarter of 2021 was $4.6 million which related to the distribution of equity received from The Norwegian Shipowner’s Mutual War Risk Insurance Association.

Voyage expenses for the fourth quarter of 2021 were $34.6 million, compared to voyage expenses of $13.3 million in the fourth quarter of 2020. The increase was due to more vessels in the spot market and higher bunker prices, representing a $20.1 million increase in bunker expenses and a $1.6 million increase in port cost.

Vessel operating expenses for the fourth quarter of 2021 were $19.9 million compared to $22.1 million in the fourth quarter of 2020. The decrease was due to higher costs for crew changes in Q4 2020 due to Covid-19 and one less vessel in the fleet during Q4 2021 compared to Q4 2020.

Depreciation and amortization, including depreciation of capitalized survey expenses, was $32.8 million for the fourth quarter of 2021, compared to $32.0 million in the fourth quarter of 2020. The increase was due to increased depreciation related to scrubbers of $2.2 million, partially offset by a decrease in depreciation related to vessels and docking of $1.5 million.

No impairment charge was recorded in the fourth quarter of 2021. A non-cash impairment charge of $7.6 million was recorded in the fourth quarter of 2020 due to a decline in values for second-hand tankers.

General and administrative expense (“G&A”) for the fourth quarter of 2021 was $1.9 million, consisting of $1.1 million cash and $0.8 million non-cash charge, compared to $4.5 million in the fourth quarter of 2020, consisting of $3.5 million cash and $1.0 million non-cash charge. Non-cash G&A includes accrual for social security tax.

Net financial expenses for the fourth quarter of 2021 were $2.0 million compared to $3.6 million in the fourth quarter of 2020. The decrease was mainly due to a non-cash gain of $4.5 million related to interest rate derivatives in the fourth quarter of 2021 compared to a non-cash gain of $2.4 million in the fourth quarter of 2020.

As a result of the foregoing, the Company had a net loss in the fourth quarter of 2021 of $2.9 million, or a loss of $0.02 per basic share and $0.02 per diluted share, compared to net income in the fourth quarter of 2020 of $7.6 million, or an income of $0.04 per basic share and $0.04 per diluted share. The decrease from the 2020 period to the 2021 period was mainly due to lower tanker rates.

Net cash provided by operating activities for the fourth quarter of 2021 was $18.9 million compared to $81.4 million for the fourth quarter of 2020. The decrease was due to a net loss of $2.9 million in the fourth quarter of 2021 compared to net income of $7.6 million in the fourth quarter of 2020, a $42.9 million decrease in changes in operating assets and liabilities and a $9.0 million decrease in non-cash items included in net income.

Net cash used in investing activities was $13.1 million in the fourth quarter of 2021 comprising $14.2 million related to investment in vessels, partially offset by $1.0 million related to a dividend received from associated company. Net cash used in investing activities was $10.6 million in the fourth quarter of 2020 comprising $11.4 million related to investment in vessels, partially offset by $0.8 million related to dividend received from associated company.

Net cash used in financing activities for the fourth quarter of 2021 was $9.6 million comprising $3.3 million related to cash dividend paid, $3.1 million related to scheduled repayment of long-term debt and $3.0 million related to purchase of treasury shares. Net cash used in financing activities for the fourth quarter of 2020 was $77.3 million comprising $34.2 million related to cash dividend paid, $25.8 million related to prepayment of long-term debt and $16.8 million related to scheduled repayment of long-term debt.

As of December 31, 2021, the cash balance was $60.7 million, compared to $68.6 million as of December 31, 2020.

The Company monitors its covenant compliance on an ongoing basis. As of December 31, 2021, the Company was in compliance with its financial covenants.

As of December 31, 2021, the Company had 166,126,770 shares of common stock outstanding compared to 170,798,328 shares as of December 31, 2020.

The Company declared a cash dividend of $0.02 per common share for the fourth quarter of 2021 payable on February 24, 2022 for shareholders of record as of February 17, 2022.

The Company reported shipping revenues for 2021 of $295.9 million compared to $691.0 million in 2020. The decrease from the 2020 period to the 2021 period includes $366.8 million attributable to lower tanker rates and $28.3 million attributable to a decrease in total revenue days as a result of scheduled off hire in connection with special surveys and scrubber installations.

Other income for 2021 was $4.6 million related to the distribution of equity received from The Norwegian Shipowner’s Mutual War Risk Insurance Association.

Voyage expenses for 2021 were $92.4 million compared to voyage expenses of $140.6 million in 2020. The decrease was due to fewer vessels in the spot market representing a $33.2 million decrease in bunker expenses, a $8.6 million decrease in port expenses and a $4.6 million decrease in broker commission.

Vessel operating expenses for 2021 were $77.8 million, compared to $82.2 million in 2020. The decrease was mainly related to up-storing of spares and consumables in 2020 in relation to IMO2020.

Depreciation and amortization, including depreciation of capitalized survey expenses, was $128.6 million for 2021, compared to $124.2 million in 2020. The increase was mainly due to increased depreciation related to scrubbers of $5.8 million, partially offset by a decrease in depreciation related to vessels of $1.5 million.

No impairment charge was recorded in 2021. A non-cash impairment charge of $12.6 million was recorded in 2020 due to a decline in values for second-hand tankers.

The Company recorded a gain of $15.2 million for 2021 related to the sale of DHT Raven, DHT Lake, and DHT Condor.

General and administrative expense (“G&A”) for 2021 was $16.6 million, consisting of $12.2 million cash and $4.4 million non-cash charge, compared to $17.9 million, consisting of $13.1 million cash and $4.8 million non-cash charge for 2020. Non-cash G&A includes accrual for social security tax.

Net financial expenses for 2021 were $11.3 million, compared to $46.4 million in 2020. The decrease was due to a non-cash gain of $12.5 million related to interest rate derivatives in 2021 compared to a non-cash loss of $8.1 million in 2020 and $12.7 million decrease in interest expenses due to reduced outstanding debt and a reduction in 3-Month Libor in 2021.

The Company had a net loss for 2021 of $11.5 million, or a loss of $0.07 per basic share and $0.07 per diluted share compared to net income of $266.3 million, or income of $1.71 per basic share and $1.61 per diluted share in 2020. The difference between the two periods mainly reflects lower tanker rates in 2021.

Net cash provided by operating activities for 2021 was $60.6 million compared to $529.9 million for 2020. The decrease was due to a net loss of $11.5 million in 2021 compared to net income of $266.3 million in 2020, a $140.8 million decrease in changes in operating assets and liabilities and a $50.7 million decrease in non-cash items included in net income.

Net cash used in investing activities for 2021 was $86.5 million comprising $174.6 million related to investment in vessels, partially offset by $87.1 million related to sale of vessels and $1.0 million related to dividend received from associated company. Net cash used in investing activities for 2020 was $26.7 million comprising $27.1 million related

to investment in vessels and $0.4 million related to investment in other property, plant and equipment, partially offset by $0.8 million related to dividend received from associated company.

Net cash provided by financing activities for 2021 was $18.0 million comprising $355.8 million related to issuance of long-term debt, which includes debt issued for the acquisition of DHT Harrier and DHT Osprey. The $355.8 million provided by the issuance of long-term debt is partially offset by $175.9 million related to repayment of long-term debt in connection with refinancing, $93.4 million related to prepayment of long-term debt, $32.2 million related to purchase of treasury shares, $22.1 million related to cash dividends paid, $7.6 million related to scheduled repayment of long-term debt and $6.1 million related to repayment of long-term debt in connection with sale of DHT Condor. Net cash used in financing activities for 2020 was $501.9 million comprising $292.4 million related to prepayment of long-term debt, $214.7 million related to cash dividends paid, $65.2 million related to scheduled repayment of long-term debt, partially offset by $70.9 million related to issuance of long-term debt.

As of December 31, 2021, the cash balance was $60.7 million, compared to $68.6 million as of December 31, 2020.

As of December 31, 2021, the Company had 166,126,770 shares of our common stock outstanding compared to 170,798,328 as of December 31, 2020.

The Company assesses the financial performance of its business using a variety of measures. Certain of these measures are termed “non-GAAP measures” because they exclude amounts that are included in, or include amounts that are excluded from, the most directly comparable measure calculated and presented in accordance with IFRS, or are calculated using financial measures that are not calculated in accordance with IFRS. These non-GAAP measures include “Adjusted Net Revenue”, “Adjusted EBITDA” and “Adjusted spot time charter equivalent per day”. The Company believes that these non-GAAP measures provide useful supplemental information for its investors and, when considered together with the Company’s IFRS financial measures and the reconciliation to the most directly comparable IFRS financial measure, provide a more complete understanding of the factors and trends affecting the Company’s operations. In addition, DHT’s management measures the financial performance of the Company, in part, by using these non-GAAP measures, along with other performance metrics. The Company does not regard these non-GAAP measures as a substitute for, or as superior to, the equivalent measures calculated and presented in accordance with IFRS. Additionally, these non-GAAP measures may not be comparable to other similarly titled measures used by other companies and should not be considered in isolation or as a substitute for analysis of the Company’s operating results as reported under IFRS.

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EARNINGS CONFERENCE CALL AND WEBCAST INFORMATION

The Company will host a conference call and webcast which will include a slide presentation at 8:00 a.m. EST/14:00 CET on Tuesday February 8, 2022 to discuss the results for the quarter.

All shareholders and other interested parties are invited to join the conference call, which may be accessed by calling +1 646 741 3167 within the United States, +47 21 56 30 15 within Norway and +44 (0) 207 192 8338 for international callers. The passcode is “6173527”.

The webcast, which will include a slide presentation, will be available on the following link: https://edge.media-server.com/mmc/p/j628874j and can also be accessed in the Investor Relations section on DHT’s website at http://www.dhtankers.com.

An audio replay of the conference call will be available until February 15, 2022 at 19:00 CET. To access the replay, dial +1 917 677 7532 within the United States, +47 21 03 42 35 within Norway or +44 (0) 333 300 9785 for international callers and enter “6173527” as the confirmation code.

ABOUT DHT HOLDINGS, INC.

DHT is an independent crude oil tanker company. Our fleet trades internationally and consists of crude oil tankers in the VLCC segment. We operate through our integrated management companies in Monaco, Singapore and Norway. You may recognize us by our renowned business approach as an experienced organization with focus on first rate operations and customer service; our quality ships; our prudent capital structure that promotes staying power through the business cycles; our combination of market exposure and fixed income contracts for our fleet; our counter cyclical philosophy with respect to investments, employment of our fleet, and capital allocation; and our transparent corporate structure maintaining a high level of integrity and good governance. For further information please visit http://www.dhtankers.com.

FORWARD LOOKING STATEMENTS

This press release contains certain forward-looking statements and information relating to the Company that are based on beliefs of the Company’s management as well as assumptions, expectations, projections, intentions and beliefs about future events, in particular regarding dividends (including our dividend plans, timing and the amount and growth of any dividends), daily charter rates, vessel utilization, the future number of newbuilding deliveries, oil prices and seasonal fluctuations in vessel supply and demand. When used in this document, words such as “believe,” “intend,” “anticipate,” “estimate,” “project,” “forecast,” “plan,” “potential,” “will,” “may,” “should” and “expect” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. These statements reflect the Company’s current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. These forward-looking statements represent the Company’s estimates and assumptions only as of the date of this press release and are not intended to give any assurance as to future results. For a detailed discussion of the risk factors that might cause future results to differ, please refer to the Company’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission on March 25, 2021.

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

Laila C. Halvorsen, CFO

Phone: +1 441 295 1422 and +47 984 39 935

E-mail: lch@dhtankers.com

DHT HOLDINGS, INC.

UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021

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($ in thousands)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

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($ in thousands except per share amounts)

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($ in thousands except per share amounts)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

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($ in thousands)

			Q4 2021	Q4 2020	12 months 2021	12 months 2020
	Note		Oct. 1 - Dec. 31, 2021	Oct. 1 - Dec. 31, 2020	Jan. 1 - Dec. 31, 2021	Jan. 1 - Dec. 31, 2020
CASH FLOW FROM OPERATING ACTIVITIES
Net income / (loss) after tax		$	(2,895)	7,627	(11,507)	266,281
Items included in net income not affecting cash flows			29,422	38,464	103,607	154,331
Depreciation and amortization			32,750	32,028	128,639	124,245
Impairment charges			-	7,640	-	12,560
Amortization of upfont fees			640	561	2,550	5,538
(Gain) / loss, sale of vessel			-	-	(15,153)	-
Fair value (gain) / loss on derivative financial liabilities			(4,456)	(2,403)	(12,450)	8,074
Compensation related to options and restricted stock			783	982	4,347	5,106
(Gain) / loss modification of debt			-	-	(3,049)	-
Share of profit in associated companies			(295)	(344)	(1,278)	(1,193)
Income adjusted for non-cash items		$	26,528	46,091	92,100	420,611
Changes in operating assets and liabilities			(7,627)	35,261	(31,537)	109,258
Accounts receivable and accrued revenues			(13,012)	31,857	(301)	77,788
Capitalized voyage expenses			(484)	93	(356)	3,111
Prepaid expenses			275	(2,765)	523	(2,265)
Accounts payable and accrued expenses			8,755	6,771	1,551	(6,967)
Deferred shipping revenues			819	(2,066)	(11,372)	15,306
Bunkers, lube oils and consumables			(3,974)	1,313	(21,542)	22,231
Pension liability			(5)	59	(41)	53
Net cash provided by operating activities		$	18,901	81,352	60,562	529,870
CASH FLOW FROM INVESTING ACTIVITIES
Investment in vessels			(14,157)	(11,352)	(174,558)	(27,117)
Proceeds from sale of vessels			-	-	87,063	-
Dividend received from associated company			1,031	835	1,031	835
Investment in other property, plant and equipment			-	(44)	(48)	(435)
Net cash used in investing activities		$	(13,125)	(10,560)	(86,512)	(26,717)
CASH FLOW FROM FINANCING ACTIVITIES
Cash dividends paid	7		(3,334)	(34,160)	(22,083)	(214,669)
Repayment principal element of lease liability			(154)	(128)	(611)	(467)
Issuance of long-term debt			(1)	(400)	355,840	70,862
Purchase of treasury shares	7		(2,971)	-	(32,178)	-
Scheduled repayment of long-term debt			(3,139)	(16,770)	(7,629)	(65,151)
Prepayment of long-term debt	5		-	(25,800)	(93,378)	(292,443)
Repayment of long-term debt refinancing	5		-	-	(175,933)	-
Repayment of long-term debt, sale of vessels	5		-	-	(6,061)	-
Net cash (used in)/provided by financing activities		$	(9,599)	(77,258)	17,967	(501,868)
Net (decrease)/increase in cash and cash equivalents			(3,823)	(6,466)	(7,983)	1,285
Cash and cash equivalents at beginning of period			64,481	75,107	68,641	67,356
Cash and cash equivalents at end of period		$	60,658	68,641	60,658	68,641
Specification of items included in operating activities:
Interest paid			5,732	6,172	23,196	35,404
Interest received			1	12	6	212