DHT Maritime, Inc. Reports Second Quarter 2008 Results

ST. HELIER, Channel Islands--(Business Wire)--
DHT Maritime, Inc. (NYSE:DHT) today announced results for the
period from April 1 to June 30, 2008. Total revenues for this period
were $27.8 million and net income was $10.3 million, or $0.29 per
share (diluted). The Board of Directors of DHT has declared a dividend
of $0.25 per share in accordance with the currently declared fixed
dividend policy. The dividend will be paid on September 24, 2008 to
shareholders of record as of the close of business on September 15,
2008. DHT plans to host a conference call at 9 am ET on September 2,
2008 to discuss the results for the quarter. See below for further
details.

Second Quarter 2008 Results

Total revenues for the first quarter of $27.8 million (compared to
$20.7 million in the second quarter of 2007) consist of $22.6 million
in base charter hire and $5.2 million in additional hire under the
company's profit sharing arrangements with the charterer of the
vessels, Overseas Shipholding Group, Inc. ("OSG"). Of the total base
charter hire, $17.8 million relates to the seven vessels on time
charter and $4.8 million relates to the two vessels on bareboat
charter. Of the total additional hire, $2.9 million relates to DHT's
three Very Large Crude Carriers ("VLCCs"), $1.6 million relates to
DHT's four Aframax tankers and $0.7 million relates to one of DHT's
Suezmax tankers, the Overseas Newcastle.

In the quarter ended June 30, 2008, DHT's VLCCs achieved average
time charter equivalent ("TCE") earnings in the commercial pool of
$96,000 per day (compared to $96,100 per day in the first quarter of
2008 and $44,200 per day in the second quarter of 2007) and the
Aframax tankers achieved average TCE earnings of $48,800 per day
(compared to $33,600 per day in the first quarter of 2008 and $26,600
per day in the second quarter of 2007), according to data from the
commercial pools. The Suezmax tanker Overseas Newcastle achieved
average TCE earnings for the quarter of $58,000 per day compared to
$38,000 per day in the first quarter of 2008.

In general, through the profit sharing elements of the time
charter agreements for the VLCCs and the Aframax tankers, DHT earns an
additional amount equal to 40% of the excess of the vessels' actual
net TCE earnings in the commercial pools over the base charter hire
rates for the quarter, calculated on a fleet wide basis and on a four
quarter rolling average. The Overseas Newcastle has a profit sharing
arrangement whereby DHT earns an additional amount equal to 33% of the
vessel's TCE earnings above the TCE of $35,000 for the quarter
calculated on a four quarter rolling average.

In the quarter ended June 30, 2008, revenue days were 267 for the
VLCCs (compared to 270 revenue days in the second quarter of 2007) and
362 for the Aframaxes (compared to 348 revenue days in the second
quarter of 2007). The Suezmax tankers Overseas Newcastle and Overseas
London which are on bareboat charters to OSG, had a total of 182
revenue days in the quarter.

For the quarter ended June 30, 2008, DHT's vessel expenses,
including insurance costs, were $4.8 million, depreciation and
amortization expenses were $6.5 million, general and administrative
expenses were $1.0 million and net finance expenses, including
amortization of deferred debt issuance costs, were $5.2 million.

The operating result through the first half of 2008 has enabled
the Company to strengthen its balance sheet by an estimated $11
million from retention of operating cashflow. This assists the Company
in funding additional growth opportunities. Additionally, in late
April 2008 DHT raised approximately $92 million in a marketed follow
on public equity offering strengthening the balance sheet further.

Market Update

The second quarter of 2008 benefited from the surge in the freight
market that started at the end of 2007 and has continued through first
and second quarter. This is primarily a result of strong Far East
demand and ample supply of OPEC oil increasing the demand for long
haul transportation of crude oil. The demand for oil import to China
and the industrialization of the developing economies of the Far East
continue to be the key drivers for the growth in tanker demand.

Market fundamentals for transportation of crude oil remain solid.
The recent fall in the oil price is perceived good for the world
economies and is expected to encourage further consumption. Combined
with low inventories and high OPEC production this bodes well for a
continued strong demand for oil transportation by sea.

A balanced tanker demand and supply is keeping freight rates at
reasonable levels. The market appear to be positively affected by
supply factors such as slow down in speed and port delays increasing
the length of voyages and ton/mile demand. In addition, there is the
increased commercial obsolescence, scrapping and banning of single
hull tankers in advance of the mandatory phase out commencing in 2010.

Tankers with a double hull design continue to trade at a premium
rate to single hull tankers and the difference appears to be widening.
Additionally, tankers of double hull design experience shorter waiting
time between cargoes.

With the spot market above the base charter hire rates there is
the basis for the vessels to earn additional hire and generate cash
flow over and above the base hire under the profit sharing
arrangement. For the third quarter the pools in which DHT's VLCCs and
Aframax tankers operate report booking of pool capacity at TCE rates
averaging $143,500 per day for the VLCCs with about half of the third
quarter revenue days booked, and $54,000 per day for the Aframax
tankers, with about one third of the third quarter revenue days
booked. Also, OSG has reported that as of July 18, 2008, about 40% of
the third quarter Suezmax days had been booked at an average TCE of
$69,500 per day.

Vessels' Charter Arrangements and Vessel Operations

Of the fleet of nine vessels, seven vessels are time chartered to
OSG until the end of 2010 to early 2012. The two recently delivered
Suezmax tankers are bareboat chartered to OSG until 2014 and 2018,
respectively. We believe that the base hire component of each of our
charters will provide for stable cash flows during any down turns in
the market, as the charters provide for fixed monthly base hire
payments regardless of prevailing market rates, so long as the vessel
is not off hire. In addition, with respect to eight of the nine
charters, if market rates exceed the daily base hire rates set forth
in such charters, we have the opportunity to participate in any such
excess under the profit sharing component of the applicable charter
arrangements.

DHT's two Suezmax tankers are bareboat chartered to OSG for terms
of seven years and ten years, respectively, with charter hire payable
365 days per year and no operating expenses for the account of DHT,
providing for stable earnings over the charters periods. One of the
two Suezmax tankers, the Overseas Newcastle has a profit sharing
arrangement.

The seven vessels on time charter are subject to scheduled
periodic dry docking for the purpose of special survey and other
interim inspections. In addition to scheduled off hire, these vessels
can be subject to unscheduled off hire for ongoing maintenance
purposes. Unlike vessels on bareboat charter, vessels on time charter
are not paid hire when off hire. Total days of offhire for running
repairs and mandatory inspections amounted to 8 days during the
quarter.

One of the Aframax tankers, the Overseas Ania has completed the
statutory class inspection in the second quarter of 2008 without
docking, but is expected to complete some repairs in the third quarter
that is estimated to result in 5-7 days off hire. The Aframaxes
Overseas Sophie and Overseas Cathy are scheduled for drydocking
(special survey) in late 2008 or early 2009. These special surveys are
expected to result in about 20 days off hire for each vessel.

Recent Developments

Following approval by the shareholders at the Company's Annual
General Meeting on June 18, 2008, the Company changed its name to DHT
Maritime, Inc. We considered this a more suitable name in light of the
majority of the operative world tanker fleet now being of double hull
construction.

Overseas Ania left the Aframax International Pool as of July 1,
2008 and is chartered by OSG to its wholly owned subsidiary OSG
Lightering at $29,000 per day for the remaining period of the initial
charter period terminating in October 2010. The rate of $29,000 per
day also serves as the basis for the vessel's profit sharing. The
remaining three Aframax tankers continue to trade in the Aframax
International Pool.

On August 8, 2008, the Company, in line with company policy, filed
a shelf registration with the SEC for a total of $200 million.

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*T
FINANCIAL INFORMATION

SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS
($ in thousands except per share amounts)

2Q 2008 2Q 2007 6 months 6 months
April 1 - June April 1-June Jan. 1 - June Jan. 1 - June
30, 2008 30, 2007 30, 2008 30, 2007
----------------------------------------------------------------------

----------------------------------------------------------------------
Shipping
revenues $27,835 $20,745 $52,725 $40,976
----------------------------------------------------------------------

----------------------------------------------------------------------
Vessel expenses 4,754 5,095 9,467 9,870
----------------------------------------------------------------------
Depreciation
and
amortization 6,537 4,217 12,730 8,388
----------------------------------------------------------------------
General and
administrative 993 746 1,994 1,553
---------------==============-============-=============-=============

----------------------------------------------------------------------
Total operating
expenses 12,284 10,058 24,191 19,811
---------------==============-============-=============-=============

----------------------------------------------------------------------
Income from
vessel
operations 15,551 10,686 28,534 21,165
----------------------------------------------------------------------

----------------------------------------------------------------------
Interest income 434 226 582 447
----------------------------------------------------------------------
Interest
expense and
amortization
of deferred
debt issuance
cost 5,645 3,495 11,151 6,988
---------------==============-============-=============-=============

----------------------------------------------------------------------
Net income 10,340 7,418 17,965 14,624
---------------==============-============-=============-=============

----------------------------------------------------------------------
Basic net
income per
share $0.29 $0.25 $0.55 $0.49
---------------==============-============-=============-=============
Diluted net
income per
share $0.29 $0.25 $0.55 $0.49
---------------==============-============-=============-=============

----------------------------------------------------------------------
Weighted
average number
of shares
(basic) 35,577,095 30,026,431 32,819,274 30,020,192
----------------------------------------------------------------------
Weighted
average number
of shares
(diluted) 35,577,095 30,044,038 32,819,274 30,035,738
----------------------------------------------------------------------
*T

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*T
SUMMARY CONSOLIDATED BALANCE SHEETS
($ in thousands)

June 30, 2008 Dec. 31, 2007
----------------------------------------------------------------------

----------------------------------------------------------------------
Current Assets
==========================================----------------------------
Cash and Cash Equivalents $119,594 $10,365
----------------------------------------------------------------------
Voyage receivables from OSG 5,239 1,547
----------------------------------------------------------------------
Unrealized gain on interest rate swap
----------------------------------------------------------------------
Prepaid Expenses 565 452
----------------------------------------------------------------------
Prepaid Technical Management Fee to OSG 1,357 1,357
-------------------------------------------=============-=============
Total Current Assets 126,755 13,721
----------------------------------------------------------------------

----------------------------------------------------------------------
Vessels, net 475,605 398,005
----------------------------------------------------------------------
Other assets incl. deferred debt issuance
cost 1,243 1,337
----------------------------------------------------------------------
Vessel acquisition deposits 9,145
----------------------------------------------------------------------

----------------------------------------------------------------------
Total Assets $603,603 $422,208
-------------------------------------------=============-=============

----------------------------------------------------------------------
Current Liabilities
==========================================----------------------------
Accounts payable and accrued expenses $5,350 $4,409
----------------------------------------------------------------------
Unrealized loss on interest rate swap 11,603 10,218
----------------------------------------------------------------------
Deferred shipping revenues 7,833 7,006
----------------------------------------------------------------------
Current portion of long term debt 75,000 75,000
----------------------------------------------------------------------
Total Current liabilities 99,786 96,633
----------------------------------------------------------------------

----------------------------------------------------------------------
Long term debt 344,000 253,700
----------------------------------------------------------------------

----------------------------------------------------------------------
Total Stockholders equity 159,817 71,875
----------------------------------------------------------------------

----------------------------------------------------------------------
Total Liabilities and Stockholders' Equity $603,603 $422,208
-------------------------------------------=============-=============
*T

EARNINGS CONFERENCE CALL INFORMATION

DHT plans to host a conference call at 9 am ET on September 2,
2008 to discuss the results for the second quarter. All shareholders
and other interested parties are invited to call into the conference
call, which may be accessed by calling (866) 700-6067 within the
United States and +1-617-213-8834 for international calls. The
passcode is "DHT Maritime". A live webcast of the conference call will
be available in the Investor Relations section on DHT's website at
http://www.dhtmaritime.com.

An audio replay of the conference call will be available from 4:00
p.m. ET on September 2, 2008 through September 9, 2008 by calling toll
free (888) 286-8010 within the United States or +1-617-801-6888 for
international callers. The passcode for the replay is 43113410. A
webcast of the replay will be available in the Investor Relations
section on DHT's website at http://www.dhtmaritime.com.

Forward Looking Statements

This press release contains assumptions, expectations,
projections, intentions and beliefs about future events, in particular
regarding daily charter rates, vessel utilization, the future number
of newbuildings, 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 are intended as "forward-looking statements." All
statements in this document that are not statements of historical fact
are forward-looking statements.

The forward-looking statements included in this press release
reflect DHT's current views with respect to future events and are
subject to certain risks, uncertainties and assumptions. We caution
that assumptions, expectations, projections, intentions and beliefs
about future events may and often do vary from actual results and the
differences can be material. The reasons for this include the risks,
uncertainties and factors described under the section of our latest
annual report on Form 20-F entitled "Risk Factors," a copy of which is
available on the SEC's website at www.sec.gov. These include the risk
that DHT may not be able to pay dividends; the highly cyclical nature
of the tanker industry; global demand for oil and oil products; the
number of newbuilding deliveries and the scrapping rate of older
vessels; the risks associated with acquiring additional vessels;
changes in trading patterns for particular commodities significantly
impacting overall tonnage requirements; risks related to terrorist
attacks and international hostilities; expectations about the
availability of insurance; our ability to repay our credit facility or
obtain additional financing; our ability to find replacement charters
for our vessels when their current charters expire; compliance costs
with environmental laws and regulations; risks incident to vessel
operation, including discharge of pollutants; and unanticipated
changes in laws and regulations.

Should one or more of these risks or uncertainties materialize, or
should underlying assumptions prove incorrect, actual results may vary
materially from those described in the forward-looking statements
included in this press release. DHT does not intend, and does not
assume any obligation, to update these forward-looking statements.

DHT Maritime, Inc.
Eirik Uboe, +44 1534 639 759 and +47 412 92 712
info@dhtmaritime.com and eu@tankersservices.com

Copyright Business Wire 2008