DHT : 210505 1Q21 Earnings call presentation

FIRST QUARTER 2021 RESULTS

May 5, 2021

DISCLAIMER

Forward Looking Statements

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 25, 2021.

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.

May 5, 2021

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Q1'21 Financials

P&L HIGHLIGHTS

$ Thousands, except per share		1Q 2021		1Q 2020			2020
Revenues on TCE basis	$	71 278	$	152 524		$	550 475
Vessel Operating Expenses	$	(19 055)	$	(19 827)		$	(82 188)
G&A	$	(5 555)	$	(4 296)		$	(17 890)
Impairment Charge	$	-		-		$	(12 560)

EBITDA	$	46 668	$	128 401	$	450 397
Interest expenses	$	(6 033)	$	(12 226)		$	(38 408)
Net Income	$	11 611	$	72 158		$	266 281
EPS	$	0.07	$	0.49		$	1.71

Q1'21: Adjusted for a non-cash gain in fair value related to interest rate derivatives of $3.4 million, net income would be $8.2 million, equivalent to $0.05 per basic share

May 5, 2021

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Q1'21 Financials

BALANCE SHEET HIGHLIGHTS

		As per			As per
$ Thousands		31.03.2021			31.12.2020
Cash	$	53 978		$	68 641
Other Current Assets	$	56 683		$	49 638
Vessels*	$	1 610 124		$	1 493 705
Other Assets	$	10 022		$	10 005
Total Assets	$	1 730 807		$	1 621 989
Current Portion of Long Term Debt	$	11 761		$	3 396
Other Liabilities	$	42 269		$	63 090
Long Term Debt	$	562 957		$	446 562
Equity	$	1 113 819		$	1 108 940
Total Equity and Liabilities	$	1 730 807		$	1 621 989

Interest bearing debt to total assets

• Marked to market: 35%

Net debt per vessel as of 31.03.2021

• $18.0 million

*Including advances for vessels and vessel upgrades

May 5, 2021

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Q1'21 Financials

Q1'21 CASH FLOW HIGHLIGHTS

250

200							125.0	136.1
150
			0.7
				5.3
100						8.6
		46.7
									5.0
50										31.3	0.6
	68.6
												54.0
0
31/12/20	EBITDA	Debt	Cash interest Dividend	RCF	Vessel	Maintenance	Change in	Net Other	31/03/21
		Cash Balance		repayment			drawdown	acquisitions	CapEx	working		Cash Balance
										capital

May 5, 2021

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