Company Presentation January 31, 2017

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.

January 31, 2017

Forward Looking Statements

2

DHT in a nutshell

January 31, 2017 3

Dedicated crude oil tanker company

• 21 ships in the water: 19 VLCCs and 2 Aframaxes

• 2 VLCC newbuildings for delivery in 2018

• Average age of 6.8 years

• Fully integrated shipowning company

• 15 shore-side employees

• Registered in the Marshall Islands

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

Publicly listed in New York

Listed on New York Stock Exchange under ticker DHT

3-month average daily trading volume: 2.5m shares

Defined capital allocation policy

Open shareholder structure

January 31, 2017 4 Source: NYSE

Highlights

Extended the time-charter for DHT Europe for 12 months from January 2017 at $31,250/day.

Repurchased $23.0m of convertible senior note at an average price of 90.4%.

Took delivery of the DHT Tiger on January 16. The vessel is trading in the spot market.

DHT Chris was delivered to the new buyers on January 11 and is expected to retire from the trading fleet. $12m of the net proceeds has been applied to repay debt.

In January, DHT entered into an agreement with HHI to order two VLCC’s of 319,000 dwt for delivery in July and September 2018.

January 31, 2017 5

P&L Highlights

Q4 2016 USD Thousands, except per share amounts

Revenues on TCE basis $ 66,962

Vessel operating expenses $ 15,988

G&A $ 4,309

EBITDA $ 46,665

Net Income $ 17,830

EPS $ 0.19

January 31, 2017 6

DHT will pay a cash dividend of $0.08 per share on February 22, 2017 to shareholders of record as of February 14, 2017.

Robust Balance Sheet

Cash reflects $48.6m bank loan drawn down during Q4’16 to finance DHT Tiger delivered on January 16, 2017.

Interest bearing debt to total assets

• Book values: 50%

• Marked to market: 54.1%

January 31, 2017 7

USD Thousand 31.12.2016

Cash $ 109,295

Other Current Assets $ 45,994

Vessels $ 1,221,159

Asset held for sale $ 23,216

Other Assets $ 4,073

Total Assets $ 1,403,737

Current portion of long term debt $ 57,521

Other Liabilities $ 17,231

Long Term Debt $ 643,974

Equity $ 685,011

Total Equity and Liabilities $ 1,403,737

VLCC Earnings

January 31, 2017 8

USD/day Q1’16 Q2’16 Q3’16 Q4’16 FY’16

Spot Earnings $ 62,600 $ 53,300 $ 20,300 $ 34,300 $ 42,600

TC Earnings $ 44,800 $ 46,700 $ 46,700 $ 41,400 $ 44,800

Average $ 56,900 $ 51,000 $ 29,700 $ 37,100 $ 43,400

As per January 31, we have booked 60% of our VLCC spot days in Q1’17 at an average rate of $48,300/day

Managing the cycles Counter cyclical investment philosophy

RECOVERY

PHASE

HIGH MARKET PHASE

TROUGH / INVESTMENT

PHASE

• Aggressive growth

• Spot

• Nominal

• Selective growth

• Spot Term

• Increased

• Delevering

• Divestment of older tonnage

• Time charters

• Formula based

• Delevering

Sale & Purchase: Chartering: Capital allocation:

January 31, 2017 9

0

20,000

40,000

60,000

80,000

100,000

120,000

Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17

USD/day

VLCC Spot TCE

Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017

S&P Acquired 16 VLCC’s Sold 2000-

built Suezmax

Sold 2001-built

Suezmax

Sold 2001-built VLCC

Contracted 2 VLCC’s

Chartering Secured time charters for 5

vessels

Extended time charter for 1 vessel

Extended time charters for 3 vessel

Secured time charter for 1

vessel

Extended time

charter for 1 vessel

Extended time charter for 1 vessel

Capital allocation

Div

iden

ds

$0.02 $0.02 $0.02 $0.02 $0.02 $0.05 $0.15 $0.15 $0.18 $0.21 $0.25 $0.23 $0.02 $0.08

Deb

t p

rep

aym

ent

Prepaid $20m of

bank debt

Prepaid $38m of

bank debt

Prepaid $46.9m of bank debt

Prepaid $16.1m of bank debt

Secu

riti

es

re-p

urc

has

es $3m of

convertible bond.

$2m of common

stock

$1m of convertible

bond

$23m of convertible

bond

Executing On Our Strategy

10 January 31, 2017

Capital Allocation

January 31, 2017 11

Capital Allocation Policy

DHT intends to return at least 60% of its ordinary net income (adjusted for non-recurring items) to shareholders in the form of quarterly cash dividends and/or through buybacks of its own securities. Further, DHT intends to allocate surplus cash flow, after dividends and/or security buybacks, to acquire ships 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 fourth quarter of 2016.

Fleet Overview

January 31, 2017 12

12 VLCCs with

BWTS* installed

* Ballast water treatment system

Vessel Built Yard DWT Class P&I Club Flag Employment Ownership Technical manager

VLCC

DHT Phoenix 1999 Daewoo 307,151 LR Skuld HK TC 100 % Goodwood

DHT Ann 2001 Hyundai 309,327 LR Gard HK Spot 100 % Goodwood

DHT Eagle 2002 Samsung 309,064 ABS Gard HK Spot 100 % Goodwood

DHT Condor 2004 Daewoo 320,050 ABS Skuld HK Spot 100 % Goodwood

DHT Falcon 2006 NACKS 298,971 LR Gard HK Spot 100 % Goodwood

DHT Scandinavia 2006 Hyundai 317,826 ABS Gard HK Spot 100 % Goodwood

DHT Hawk 2007 NACKS 298,923 LR Gard HK Spot 100 % Goodwood

DHT China 2007 Huyndai 317,794 ABS Gard RIF TC 100 % V-Ships France

DHT Europe 2007 Huyndai 317,713 DNV Gard RIF TC 100 % V-Ships France

DHT Amazon 2011 Huyndai 318,129 DNV Gard RIF TC 100 % V-Ships France

DHT Redwood 2011 Huyndai 314,249 DNV Gard HK TC 100 % Goodwood

DHT Sundarbans 2012 Huyndai 314,249 ABS Gard HK Spot 100 % Goodwood

DHT Taiga 2012 Huyndai 314,249 ABS Gard HK TC 100 % Goodwood

DHT Jaguar 2015 Hyundai 299,900 ABS Skuld HK Spot 100 % Goodwood

DHT Leopard 2016 Hyundai 299,900 ABS Gard HK Spot 100 % Goodwood

DHT Lion 2016 Hyundai 299,900 ABS Gard HK Spot 100 % Goodwood

DHT Panther 2016 Hyundai 299,900 ABS Gard HK Spot 100 % Goodwood

DHT Puma 2016 Hyundai 299,900 ABS Gard HK Spot 100 % Goodwood

DHT Tiger 2017 Huyndai 299,900 ABS Gard HK Spot 100 % Goodwood

Newbuilding 1 2018 Huyndai 319,000 ABS HK 100 % Goodwood

Newbuilding 2 2018 Huyndai 319,000 ABS HK 100 % Goodwood

Aframax

DHT Sophie 2003 Hyundai 115,000 ABS Skuld MI TC 100 % Goodwood

DHT Cathy 2004 Hyundai 115,000 ABS Gard MI TC 100 % Goodwood

Total 6,725,095

Valuable Fleet Employment

26% of available days in 2017 are fixed.

Total time charter income of $76.0m for 2017.

44% of total cash cost covered by time charter income.

January 31, 2017 13

0 %

25 %

50 %

75 %

100 %

Q117 Q217 Q317 Q417

Time Charter Cover 2017

Time Charter

Spot

2017 Cash Break-Even:

$18,000/day for spot VLCCs

January 31, 2017 14

Fixed TC Fixed TC

$-

$50

$100

$150

$200

$250

$300

$350

$400

$450

Cash costs Cash break-evencost

Required ratesfor spot ships

Cash generationcapacity

USDm

Maintenance CAPEX

Cash G&A

Debt repayment

Interest

OPEX

V: $ 23,400

A: $ 14,000

V: $ 18,000

A: $ 11,500

If VLCC spot: $ 30,000

If VLCC spot: $ 60,000

If VLCC spot: $ 45,000

Attractive downside protection…

January 31, 2017 15 Source: Clarkson

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

110,000

USD/day

VLCC spot TCE vs. DHT cash break-even

VLCC Spot Earnings

DHT cash B/E 2017

… yet plenty of upside participation

January 31, 2017 16 Source: Clarkson, company

$-

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

$20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000

Fre

e c

ash

flo

w 2

01

7 (

pe

r sh

are

)

VLCC spot rates

VLCC spot rates vs. Free cash flow 2017

Key Customers

17 January 31, 2017

Key Lending Banks

18 January 31, 2017

Summary

DHT has become a significant shipowner in the large tanker market with 21 VLCCs and 2 Aframaxes

We strive to be among the best in class – both hardware and software

We don’t aim to be the biggest, but we shall strive to become one of the most respected tanker companies in the world

January 31, 2017 19