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Company Presentation April 4, 2016
Disclaimer
This presentation 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 presentation 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 19, 2015.
The Company undertakes no obligation to publicly update or revise any forward-looking statements contained in this presentation, 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 presentation might not occur, and the Company's actual results could differ materially from those anticipated in these forward-looking statements.
April 4, 2016
Forward Looking Statements
2
DHT in a nutshell
Dedicated crude oil tanker company
• 20 ships in the water: 17 VLCCs, 1 Suezmaxes, 2 Aframaxes
• 3 VLCC newbuildings for delivery in 2016
• Average age of 7.4 years (including newbuildings)
• Fully integrated shipowning company
• 16 shore-side employees
• Registered in the Marshall Islands
• Listed on New York Stock Exchange under ticker DHT
DHT strives for excellence across the board:
• Quality ships built at quality yards
• Technical management and seafarers
• On-shore organization
• Vigilant operations
• Customer service
• Robust and prudent capital structure
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Publicly listed in New York
Listed on New York Stock Exchange under ticker DHT
3-month average daily trading volume: 2.4m shares*
Quarterly cash dividends
Open shareholder structure
Top 20 Shareholder as of Dec. 31, 2015 Position (%)**
1. Cerberus Capital Management, L.P.*** 10.90
2. Solus Alternative Asset Management L.P.*** 8.10
3. Dimensional Fund Advisors LP 6.65
4. LSV Asset Management 6.30
5. BlackRock, Inc. (NYSE:BLK) 5.45
6. RASMUSSENGRUPPEN AS 3.91
7. Tufton Oceanic 3.30
8. Anchorage Capital Group, L.L.C. 2.81
9. Soros Fund Management LLC 2.69
10. Canyon Capital Advisors, LLC 2.54
11. Point72 Asset Management, L.P. 1.95
12. Aristeia Capital, LLC 1.91
13. State Street Global Advisors, Inc. 1.51
14. UBS O'Connor LLC 1.30
15. Northern Trust Global Investments 1.29
16. Wellington Management Group LLP 1.29
17. KLP Kapitalforvaltning AS 1.27
18. Allianz Asset Management AG 1.25
19. Renaissance Technologies Corp. 1.13
20. Munthe, Trygve Preben (Co-Chief Executive Officer) 1.04
April 4, 2016 4 Source: NYSE
* As per March 31, 2016 ** Position calculated as of March 16, 2016 *** Position includes shares issuable upon conversion of convertible senior notes
Fully funded embedded growth
5
18% increase in VLCC fleet
over the next 6 months
April 4, 2016
17
20
0
5
10
15
20
25
Existing VLCCfleet
DHT Panther DHT Puma DHT Tiger Fully deliveredfleet
# o
f V
LCC
s
DHT VLCC fleet
Jul-16
Aug-16
Oct-16
Jul-16
Aug-16
Oct-16
Q4 Highlights
Extended time-charters on 3 VLCC’s to oil majors at higher rates Samco Europe extended 1 year at $53,200/day Samco Taiga extended 2 years at $45,000/day Samco Redwood extended 2 years at $47,300/day
Secured 1-year time-charter for DHT Phoenix (1999-built) at $45,000/day
Took delivery of two newbuilds; • DHT Jaguar (November 2015) • DHT Leopard (January 2016)
Sold Suezmax, DHT Trader (2000-built) for
$26.5m
Prepaid $84.9m of mortgage debt • Q4’15: $38.0m • Q1’16: $46.9m
Repurchased $3.0m of convertible senior note at 99% of par
April 4, 2016 6
2015 Financial Highlights
P&L FY 2015 USD Thousands, except per share amouns
Shipping Revenues $ 365,114
Voyage Expenses $ (68,864)
TC Revenues $ 296,250
Vessel operating expenses $ (59,795)
G&A $ (21,607)
EBITDA $ 214,848
Net Income $ 105,302
EPS 1.13
DPS 0.69
April 4, 2016 7
Shipping Revenues • Spot revenues: $242,232 • Time charter revenues: $122,882
Dividends
• Q1’15: $0.15 per share • Q2’15: $0.15 per share • Q3’15: $0.18 per share • Q4’15: $0.21 per share
2015 Financial Highlights
Balance Sheet as per Dec. 31, 2015 USD Thousands
Cash $ 166,775
Other Current Assets $ 51,477
Vessels $ 986,597
N/B $ 215,401
Other Assets $ 3,555
Total Assets $ 1,423,805
Current portion of long term debt $ 32,267
Other Liabilities $ 23,444
Long Term Debt $ 630,201
Equity $ 737,893
Total Equity and Liabilities $ 1,423,805
April 4, 2016 8
Interest Bearing Debt to Total Assets: 46.5%
Net Debt to Vessels: 41.2%
Remaining CapEx: $ 216m
• Committed debt: $ 191m
• Cash at hand: $ 25m
VLCC Earnings
April 4, 2016 9
USD/day Q1 Q2 Q3 Q4 FY
Spot Earnings $ 60,300 $ 52,300 $ 59,600 $ 62,200 $ 58,600
TC Earnings $ 35,500 $ 38,500 $ 38,800 $ 43,700 $ 39,100
Total $ 50,300 $ 46,300 $ 50,700 $54,500 $ 50,400
Managing the cycles Counter cyclical investment philosophy
RECOVERY
PHASE
HIGH MARKET PHASE
TROUGH / INVESTMENT
PHASE
• Aggressive growth
• Spot
• Nominal dividends
• Selective growth
• Spot Term
• Increased dividends
• Delevering
• Divestment of older tonnage
• Time charters
• Formula based dividends
• Delevering
Sale & Purchase: Chartering: Capital allocation:
April 4, 2016 10
Executing on our strategy
Q3 2013
Q4 2013
Q1 2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015
Q2 2015
Q3 2015
Q4 2015
Q1 2016
S&P Acquired 16 VLCC’s Sold 2000-
built Suezmax
Chartering Secured time charters for 5
vessels
Extended and
repriced time
charter for 1 vessel
Extended and
repriced time
charters for 3 vessels
Secured time charter for 1
vessel
Capital allocation
Dividends $0.02 $0.02 $0.02 $0.02 $0.02 $0.05 $0.15 $0.15 $0.18 $0.21
Debt prepayment
Prepaid $20.0m of bank debt
Prepaid $38.0m of bank debt
Prepaid $46.9m of bank debt
Securities repurchases
Repurchased $3.0m of CB
April 4, 2016 11
Updated Capital Allocation Policy DHT intends to return at least 60% of its ordinary net income (adjusted for extraordinary items) to shareholders as quarterly cash dividends. Further, DHT intends to allocate surplus cash flow, after paying such quarterly cash dividends, to delever its balance sheet, to repurchase its own securities, or for general corporate purposes. The extent and allocation will depend on market conditions and other corporate considerations. DHT will apply its updated capital allocation policy starting with the first quarter of 2016.
Fleet Employment
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2016 2017 2018
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
DHT Phoenix VLCC
DHT Ann VLCC
DHT Chris VLCC
DHT Eagle VLCC
DHT Condor VLCC
DHT Falcon VLCC
Samco Scandinavia VLCC
DHT Hawk VLCC
Samco China VLCC
Samco Europe VLCC
Samco Amazon VLCC
Samco Redwood VLCC
Samco Sundarbans VLCC
Samco Taiga VLCC
DHT Jaguar VLCC
DHT Leopard VLCC
DHT Lion VLCC
DHT Panther VLCC
DHT Puma VLCC
DHT Tiger VLCC
DHT Target Suezmax
DHT Sophie Aframax
DHT Cathy Aframax
% spot 60 % 67 % 69 % 74 % 86 % 87 % 88 % 93 % 96 % 96 % 96 %
% TC 40 % 33 % 31 % 26 % 14 % 13 % 12 % 7 % 4 % 4 % 4 %
Spot TC Index
Fixed Income
7 VLCC’s due for Dry Dock in second half 2016
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2016 2017
# Fixed Days % of Days
Fixed Fixed
Income Average TC
rate # Fixed Days
% of Days Fixed
Fixed Income
Average TC rate
VLCC 1,905 31% $ 83.8m $ 44,600 1,090 15% $ 46.5m $ 44,800
Suezmax 69 21% $ 2.0m $ 30,000 - - - -
Aframax 726 100% $ 15.9m $ 22,500 212 29% $ 4.7m $ 22,500
Total 2,700 37% $ 101.7m 1,302 16% $ 51.2m
VLCC Fixed 31 %
VLCC Spot 69 %
VLCC Operating Days 2016
Estimated Cash Breakeven
Fixed TC Fixed TC
$-
$50
$100
$150
$200
$250
$300
$350
$400
$450
$500
Cash costs Cash break-evenrates
Required ratesfor spot ships
Cash generationcapacity
USDm Estimated cash break-even 2016
MaintenanceCAPEX
Cash G&A
Debt repayment
Interest
OPEX
V: $ 22,500 S: $ 18,600 A: $ 11,200
V: $ 13,400 S: $ 10,700
If VLCC spot: $ 42,500
If VLCC spot: $ 60,000
April 4, 2016 14
Estimated cash costs of approx. $163 million
If VLCC spot earnings: $60,000/day Estimated cash flow: $213m
If VLCC spot earnings: $42,500/day Estimated cash flow: $133m
Fixed TC Fixed TC
$-
$50
$100
$150
$200
$250
$300
$350
$400
$450
$500
Cash costs Cash break-evenrates
Required ratesfor spot ships
Cash generationcapacity
USDm Estimated cash break-even 2017
MaintenanceCAPEX
Cash G&A
Debt repayment
Interest
OPEX
V: $ 23,200 S: $ 18,500 A: $ 11,800
V: $ 20,100 S: $ 16,100 A: $ 12,100
If VLCC spot: $ 42,500
If VLCC spot: $ 60,000 Estimated cash costs of approx.
$184 million
If VLCC spot earnings: $60,000/day Estimated cash flow: $263m
If VLCC spot earnings: $42,500/day Estimated cash flow: $148m
“Cash sweep” on the 5 RBS ships not included.
Tanker Market Scenarios
April 4, 2016 15
2016 2017
VLCC Spot Rate EBITDA (USDm)
Net Income (USDm)
EPS EBITDA (USDm)
Net Income (USDm)
EPS
Low Case $30,000/day $ 146 $ 19 0.20 $ 149 $ 7 0.08
Historical Average $42,500/day $ 203 $ 76 0.82 $ 232 $ 90 0.96
High Case $75,000/day $ 350 $ 223 2.40 $ 447 $ 305 3.24
VLCC Seasonality in Spot Rates
April 4, 2016 16 Source: Clarksons.
$-
$20 000
$40 000
$60 000
$80 000
$100 000
$120 000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
USD/day
20-year average
2014
2015
2016
VLCC Speed
April 4, 2016 17 Source: Fearnley Consultants
Key Customers
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Key Lending Banks
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Summary
DHT has become a significant shipowner in the large tanker market with 20 VLCCs, 1 Suezmax and 2 Aframaxes
We will actively manage the cycles:
Buying and selling vessels
Spot vs. term chartering
Capital allocation
We endeavor to be best in class – both “hardware” and “software”
We do not aim to be the biggest, but we endeavor to be one of the most respected tanker companies in the world
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