DHT Maritime, Inc. Reports First Quarter 2009 Results

ST. HELIER, Channel Islands--(Business Wire)--
DHT Maritime, Inc. (NYSE:DHT) today announced results for the period from
January 1 to March 31, 2009. Total revenues for this period were $29.8 million
and net income was $6.9 million, or $0.17 per share (diluted). Effective January
1, 2009 DHT no longer accounts for interest rate swaps as hedges for accounting
purposes and as a result, net income for the first quarter of 2009 includes
non-cash financial expenses related to interest rate swaps totaling $3.5
million. Adjusted for these non-cash financial expenses net income was $10.4
million and earnings per share was $0.26. Distributable cash flow per share for
the quarter was $0.431.

The Board of Directors of DHT has decided to pay a dividend of $0.25 per share
for the first quarter 2009. The dividend will be paid on June 16, 2009 to
shareholders of record as of the close of business on June 3, 2009.

DHT plans to host a conference call at 8:30 am ET on May 19, 2009 to present the
results for the quarter. See below for further details.

Accounting Changes

Effective January 1, 2009, DHT changed the basis on which it prepares its
financial statements from U.S. GAAP, to International Financial Reporting
Standards ("IFRS") as issued by the International Accounting Standards Board.
Previously reported financial statements have been converted to IFRS, but did
not result in any changes to the Statement of Operations for 2008, and the
changes to the Balance Sheet as of January 1, 2008 and December 31, 2008 are
immaterial. A conversion document has been prepared and includes a further
discussion of the change to IFRS including Balance Sheet as of January 1, 2008
and December 31, 2008 in accordance with IFRS. The conversion document has been
filed as an attachment to the interim financial report filed with the SEC on
form 6-K.

Note 1) Distributable cash flow is equal to net income plus depreciation plus
non-cash financial expenses related to interest rate swaps.

In addition, effective January 1, 2009, DHT changed the way it accounts for
interest rate swaps. The Company will no longer account for its interest rate
swaps as hedges for accounting purposes. Therefore, effective January 1, 2009,
changes in the fair value of our interest rate swaps and amortization of
unrealized loss on interest rate swaps of $26.4 million as of December 31, 2008
will be reflected in the Company`s statement of operations. In the quarter ended
March 31, 2009, non cash expenses related to the interest rate swaps totaled
$3.5 million, of which $2.7 million is included in interest expense.

First Quarter 2009 Results

Total revenues for the first quarter were $29.8 million, an increase of $4.9
million compared to the first quarter of 2008. Total revenues for the quarter
consisted of $22.5 million in base charter hire and $7.3 million in additional
hire under the company`s profit sharing arrangements with the charterer of DHT`s
vessels, Overseas Shipholding Group, Inc. ("OSG"). Of the total base charter
hire, $17.8 million relates to the seven vessels on time charter and $4.7
million relates to the two vessels on bareboat charter. Of the additional hire,
$4.6 million relates to the three Very Large Crude Carriers ("VLCCs"), $2.3
million relates to the four Aframax tankers and $0.4 million relates to one of
the Suezmax tankers, the Overseas Newcastle.

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 time charter equivalent ("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 $35,000 per
day.

In the quarter ended March 31, 2009, DHT`s VLCCs achieved average TCE earnings
in the commercial pool of $45,400 per day (compared to $62,300 per day in the
fourth quarter of 2008 and $96,100 per day in the first quarter of 2008) and the
three Aframax tankers which operate in the Aframax International pool achieved
average TCE earnings of $30,200 per day (compared to $35,200 per day in the
fourth quarter of 2008 and $33,600 per day in the first quarter of 2008). The
Suezmax tanker Overseas Newcastle achieved average TCE earnings for the first
quarter of $39,600 per day (compared to $45,100 per day in the fourth quarter
2008 and $38,000 per day in the first quarter of 2008).

The revenue days for the quarter were 269 for the VLCCs (compared to 270 revenue
days in the first quarter of 2008) and 348 for the Aframaxes (compared to 364
revenue days in the first quarter of 2008). The Aframax Overseas Rebecca had 11
off hire days in the quarter related to scheduled drydocking which is expected
to be completed in the second quarter 2009.

DHT`s vessel expenses for the quarter, including insurance costs, were $7.1
million reflecting the new technical management contracts effective January 16,
2009. Depreciation and amortization expenses were $6.5 million, general and
administrative expenses were $1.1 million and net finance expenses were $8.3
million of which $3.5 million were non cash expenses related to the interest
rate swaps.

Market Update

DHT`s policy of employing the vessels on medium to long term charters is
benefitting the Company in a period where there is a significant downward trend
on freight rates. A significant number of vessels are used for storage as a
result of an oil price contango. This, together with an increase in
transportation distances and reduced viability of single hull tankers, has
helped to better balance the demand and supply factors although not sufficiently
to offset the increase in the fleet from newbuilding deliveries and the effect
of cuts in OPEC production.

With the profit sharing arrangement for DHT`s vessels based on a four quarter
rolling average, there is potential for the vessels to also earn additional hire
and generate cash flow over and above the base hire in the second quarter of
2009.

The strength of DHT`s balance sheet is serving the Company well at a time when
there is pressure on vessel values. With its current liquidity position of
approximately $100 million and steady future cash flow from period charters with
OSG, the Company is well positioned in the current economic downturn.

For the second quarter of 2009 the pools in which DHT`s VLCCs and Aframax
tankers operate report booking of pool capacity as of April 17, 2009 at TCE
rates averaging $37,000 per day for the VLCCs with 44% the second quarter
revenue days booked and $22,500 per day for the Aframax tankers with 33% of the
second quarter revenue days booked. Also, OSG has reported that 44% of the
second quarter Suezmax days have been booked at an average TCE of $23,000 per
day.

Vessels` Charter Arrangements and Vessel Operations

Of the fleet of nine vessels, seven vessels are time chartered to OSG until the
second quarter of 2012 to the second quarter of 2013. The two Suezmax tankers
are bareboat chartered to OSG until 2014 and 2018, respectively.

The Company expects the base hire component of each of its charters will provide
for stable cash flow during the current volatile and uncertain 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, DHT will have the opportunity to participate in any
such excess under the profit sharing component of the applicable charter
arrangements.

DHT`s two Suezmax tankers which are bareboat chartered to OSG, have their
charter hire payable 365 days per year, and no operating expenses for the
account of DHT. The vessels provide for stable earnings over the period of the
charters. One of the two Suezmax tankers, the Overseas Newcastle, has a profit
sharing arrangement.

Unlike the vessels on bareboat charter, vessels on time charter may go off-hire.
The seven vessels on time charter are subject to scheduled periodic dry docking
for the purpose of special survey and other interim inspections that result in
off-hire. In addition to scheduled off-hire, these vessels may be subject to
unscheduled off-hire for ongoing maintenance purposes. Total off-hire for
running repairs and mandatory inspections amounted to 13 days during the first
quarter of 2009, of which 11 days relate to the Overseas Rebecca`s which is
currently undergoing Class Special Survey at Gdansk, Poland as well as ensuring
compliance with the charterers` requirements.

Overseas Ania is scheduled to undergo Class Special Survey in the third quarter
of 2009, and is expected to be off-hire for approximately 40 days.

Overseas Ann is currently scheduled to undergo Class Interim Survey mid-May in
Fujairah, followed by Overseas Chris in the third quarter and Overseas Regal in
early 2010. It is estimated that each vessel will be off-hire for approximately
5 - 10 days.

Following completion of the above surveys no vessel is expected to undergo any
mandatory Class Survey until 2011.

Recent Developments

In April 2009 DHT issued 9.4 million shares in a follow-on public offering of
common stock which included the exercise of an overallotment option granted to
the underwriters. DHT raised approximately $38.6 million from the offer after
expenses and fees. The offering saw strong demand from investors and was
increased from 6.5 million shares. The new capital strengthened DHT`s balance
sheet and has positioned the Company for future potential growth and enhanced
its ability to weather the current difficult economic environment.

Effective April 20, 2009, American Stock Transfer & Trust Company, LLC become
the new registrar and transfer agent for the Company's common stock.

FINANCIAL INFORMATION

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

1Q 2009 1Q 2008 2008
Jan 1- March Jan 1- March Jan 1 - Dec
31, 2009 31, 2008 31, 2008

Shipping revenues 29,810 24,889 114,603

Vessel expenses 7,090 4,713 21,409
Depreciation and amortization 6,465 6,193 25,948
General and administrative 1,109 1,001 4,766
Total operating expenses 14,664 11,907 52,123

Income from vessel operations 15,146 12,982 62,480

Interest income 94 148 1,572
Interest expense (1) 7,541 5,505 21,904
Fair value gain/(loss) on derivative financial instrument
(840 )

Net income 6,859 7,625 42,148

Basic net income per share 0.17 0.25 1.17
Diluted net income per share 0.17 0.25 1.17

Weighted average number of shares (basic) 39,254,558 30,030,811 36,055,422
Weighted average number of shares (diluted) 39,254,558 30,030,811 36,055,422

CONDENSED STATEMENT OF COMPREHENSIVE INCOME

Profit for the period 6,859 7,625 42,148
Other comprehensive income:
Cash flow hedges 2,669 (11,726 ) (16,208 )

Total comprehensive income for the period 9,528 (4,101 ) 25,940

(1) 1Q 2009 includes $2,669 related to amortization of unrealized loss on interest rate swaps

SUMMARY CONSOLIDATED BALANCE SHEETS
($ in thousands)

March 31, 2009 Dec. 31, 2008

ASSETS
Current assets
Cash and cash equivalents 60,936 59,020
Voyage receivables from OSG 7,272 8,791
Prepaid expenses 1,076 382
Prepaid technical management fee to OSG 768
Total current assets 69,284 68,961

Vessels, net of accumulated depreciation 455,921 462,387
Total assets 525,205 531,348

LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities
Accounts payable and accrued expenses 9,168 6,400
Derivative Financial Instruments 12,833 10,945
Deferred shipping revenues 7,855
Total current liabilities 22,001 25,200

Long term liabilities
Long term debt 342,899 342,852
Derivative Financial Instruments 14,425 15,473
Total long term liabilities 357,324 358,325

Shareholders' equity
Preferred stock 0
Common stock 392 392
Paid-in additional capital 200,879 200,570
Retained earnings/(deficit) (31,642 ) (26,721 )
Accumulated other comprehensive income/(loss) (23,749 ) (26,418 )
0
Total stockholders' equity 145,880 147,823

Total liabilities and stockholders' equity 525,205 531,348

SUMMARY CONSOLIDATED STATEMENT OF CASH FLOWS
($ in thousands)

1Q 2009 1Q 2008
Jan 1- March Jan 1- March
31, 2009 31, 2008

Cash Flows from Operating Activities:
Net income 6,859 7,625
Depreciation and amortization 6,513 6,240
Deferred compensation related to options and restricted stock granted
309 100
Amortisation and swap expense 3,509 0
Changes in operating assets and liabilities:
Receivables 1,519 (1,254 )
Prepaid expenses 74 (336 )
Accounts payable, accrued expenses and deferred revenue
(5,087 ) 1,141
Net cash provided by operating activities 13,696 13,516

Cash flows from Investing Activities:
Expenditures for vessels 0 (90,330 )
Decrease/(increase) in vessel acquisition deposits 0 9,145
Net cash (used in) investing activities 0 (81,185 )

Cash flows from Financing Activities
Issuance of long-term debt, net of acquisition costs 0 90,300
Cash dividends paid (11,780 ) (10,511 )
Net cash provided by/ (used in) financing activities (11,780 ) 79,789

Net increase/(decrease) in cash and cash equivalents 1,916 12,120
Cash and cash equivalents at beginning of period 59,020 10,365
Cash and cash equivalents at end of period 60,936 22,485

Interest paid 4,614 3,975

SUMMARY CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY
($ in thousands except shares)

Common Stock
Shares Amount Paid-in Retained Cash Total
Additional Flow
Capital Earnings Hedges equity
Balance at January 1, 2008 30,030,811 300 108,760 (26,967 ) (10,218 ) 71,875
Cash dividends declared and paid (10,510 ) (10,510 )
Issue of Common stock -
Compensation related to options and restricted stock 100 100
Issue of restricted stock awards -
Total comprehensive income 7,625 (11,726 ) (4,101 )
Balance at March 31, 2008 30,030,811 300 108,860 (29,852 ) (21,944 ) 57,364

Balance at January 1, 2009 39,238,807 392 200,570 (26,721 ) (26,418 ) 147,823
Cash dividends declared and paid (11,780 ) (11,780 )
Issue of Common stock -
Compensation related to options and restricted stock 28,609 309 309
Issue of restricted stock awards -
Total comprehensive income 6,859 2,669 9,528
Balance at March 31, 2009 39,267,416 392 200,879 (31,642 ) (23,749 ) 145,880

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED
MARCH 31, 2009

Basis for preparation

The condensed financial statements have been prepared in accordance with
International Accounting Standard 34 Interim Financial Reporting.

Significant accounting policies

The condensed financial statements have been prepared under historical cost
convention, except for the revaluation of certain financial instruments. The
accounting policies that have been followed in these condensed financial
statements are the same as presented in the attached IFRS conversion document.

EARNINGS CONFERENCE CALL INFORMATION

DHT plans to host a conference call at 8:30 am ET on Tuesday May 19, 2009 to
discuss the results for the first quarter. All shareholders and other interested
parties are invited to call into the conference call, which may be accessed by
calling (866) 713 8565 within the United States and +1-617-597-5324 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 11:30 a.m. ET on
May 19, 2009 through May 26, 2009 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 71341557. 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 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 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 Ubøe, +44 1534 639 759 and +47 412 92 712
info@dhtmaritime.com and eu@tankersservices.com

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