COMPANY PRESENTATION AUGUST 2018

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 April 24, 2018.

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.

Forward Looking Statements

August 2018 2

THIS IS DHT

LARGE, MODERN, QUALITY VLCC FLEET

STRONG BALANCE SHEET

ROBUST DOWNSIDE PROTECTION, YET PLENTY

UPSIDE POTENTIAL

VERY COMPETITIVE COST STRUCTURE

DHT WELL POSITIONED FOR

THE NEXT UPCYCLE

August 2018 3

LARGE, MODERN, QUALITY VLCC FLEET

August 2018 4

27 VLCCs (incl. 1 newbuildings delivering 2Q-3Q’18) and 2 Aframaxes

Avg. age of VLCC fleet: 6.8 years

14 VLCCs with Ballast Water Treatment System installed (incl. newbuildings)

14 VLCCs to have scrubbers installed before January 1st, 2020

Spot 77 %

Time Charters

23 %

Fleet Employment

VLCC FLEET COMPOSITION

Eco vessel

15

12

Vessel Classification

0-5 years old; 10

6-10 years old; 7

11-14 years

old; 10

Age Distribution

FLEET OVERVIEW

5 August 2018

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

BWTS*

VLCC

DHT Bronco 2018 Hyundai 319,000 ABS Gard HK Spot 100 % Goodwood Yes

DHT Colt 2018 Daewoo 318,000 ABS Skuld HK Spot 100 % Goodwood Yes

DHT Stallion 2018 Daewoo 318,000 ABS Skuld HK Spot 100 % Goodwood Yes

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

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

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

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

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

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

DHT Taiga 2012 Hyundai 314,249 ABS Gard HK Spot 100 % Goodwood Yes

DHT Opal 2012 Daewoo 320,105 LR Skuld IOM Spot 100 % Goodwood

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

DHT Redwood 2011 Hyundai 314,249 DNV Gard HK Spot 100 % Goodwood Yes

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

DHT Peony 2011 Bohai 320,014 DNV Gard IOM TC 100 % Goodwood

DHT Lotus 2011 Bohai 320,142 DNV Gard IOM Spot 100 % Goodwood

DHT Edelweiss 2008 Daewoo 301,021 LR Gard HK TC 100 % Goodwood

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

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

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

DHT Bauhinia 2007 Daewoo 301,021 LR Gard IOM 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 Condor 2004 Daewoo 320,050 ABS Skuld HK Spot 100 % Goodwood

DHT Raven 2004 Daewoo 298,563 DNV Skuld IOM Spot 100 % Goodwood

DHT Lake 2004 Daewoo 298,564 DNV Skuld IOM Spot 100 % Goodwood

VLCC Newbuildings

NB DHT Mustang 2018-09 Hyundai 319,000 ABS Skuld HK 100 % Goodwood Yes

Aframax

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

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

Total 8,594,983

*Ballast water treatment system

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:

August 2018 6

0

20,000

40,000

60,000

80,000

100,000

120,000

Oct

-13

No

v-1

3

Dec

-13

Jan

-14

Feb

-14

Mar

-14

Ap

r-1

4

May

-14

Jun

-14

Jul-

14

Au

g-1

4

Sep

-14

Oct

-14

No

v-1

4

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Au

g-1

5

Sep

-15

Oct

-15

No

v-1

5

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-1

6

Dec

-16

Jan

-17

Feb

-17

Mar

-17

Ap

r-1

7

May

-17

Jun

-17

Jul-

17

Au

g-1

7

Sep

-17

Oct

-17

No

v-1

7

Dec

-17

Jan

-18

Feb

-18

Mar

-18

Ap

r-1

8

May

-18

Jun

-18

Jul-

18

Au

g-1

8

USD/day

VLCC Spot TCE

August 2018 7

FOLLOWING OUR STRATEGY

Source: Clarksons

2017 2016 2015 2014 2013

ACQUIRED 16 VLCCs

SECURED AND EXTENDED 11 TC CONTRACTS

EXTENDED 5 TC CONTRACTS PREPAID TOTAL

$121mill. IN BANK DEBT

REPURCHASED $44.2mill. OF CB AT A DISCOUNT

ACQUIRED 13 VLCCs

SOLD 8 OLDEST TANKERS

2018

PAID QUARTERLY CASH DIVIDENDS TOTALLING $1.40/share

August 2018 8

LEAN AND COMPETENT ORGANIZATION 17 shore-side employees

Newbuilding Supervision

Krishna Shankar Mehanathan

Technical Manager

Svein Moxnes Harfjeld & Trygve P. Munthe Co-CEOs

Stephen Eglin Director

Chartering & Operations

Rune Mortensen Operations Manager

Eirik Ole Rynning Operations Manager

Narvinder Singh Operations Manager

Erica Binde Manager

IR & Business Analysis

Karin Berthels Executive Assistant

Thomas Teigland Chartering Manager

Miriam Strand Edding Accountant & Controller

Ida Myrvang Accountant

Laila Cecilie Halvorsen CFO

Svenn Magne Edvardsen Technical Management

and Newbuilding

Fredrik Sandrud Operations Manager

Technical Managers

Eddie Han Sanghoon Chartering Manager

Susanne Krogh Jacobsen Accountant

KEY CUSTOMERS

August 2018 9

JX Nippon Oil & Energy

http://www.google.no/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwin2d_ywfvTAhUHXCwKHYxeBH0QjRwIBw&url=http://seeklogo.com/vector-logo/141201/total&psig=AFQjCNFBhhcmLRQ7xYTnGLkpTr6UiNyJQg&ust=1495268100752616https://www.google.no/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwjWsOXvwvvTAhUE3SwKHVI5D9IQjRwIBw&url=https://commons.wikimedia.org/wiki/File:Chevron_Logo.svg&psig=AFQjCNG5nGCP17pXUrd7fCK34zPIq8l1dg&ust=1495268363342267http://www.google.no/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwiizOW47dXTAhWBmywKHaR7CjEQjRwIBw&url=http://logos-download.com/4781-statoil-logo-download.html&psig=AFQjCNG9neA1W26KZJx7WdLrNCfdwhokuw&ust=1493974091260928http://www.google.no/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwiQ3uDWwfvTAhWJFiwKHV68C3YQjRwIBw&url=http://www.navajoyes.org/sponsors-and-supporters/&psig=AFQjCNHRh8_QmzNYpCDIEJEnH1mIBehFEQ&ust=1495268018160014https://www.google.no/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwjii42jyfnTAhUFCZoKHSX3CV0QjRwIBw&url=https://commons.wikimedia.org/wiki/File:Vitol_logo.svg&psig=AFQjCNHV1V4K-zxHCvp8yInGiHJ3aBuLqQ&ust=1495201354986511https://www.google.no/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwibsqipwvvTAhXCFywKHcKHAnMQjRwIBw&url=https://seeklogo.com/vector-logo/170691/shell&psig=AFQjCNGWv01hxh5owvoXgYHNjVCxeCNfyg&ust=1495268211355185https://www.google.no/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwjDwpLUwvvTAhUEGCwKHWEdDmoQjRwIBw&url=https://en.wikipedia.org/wiki/Phillips_66&psig=AFQjCNGWt2RfTatn18sT6Et7Gup7cmeLrw&ust=1495268304700243http://www.google.no/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwiHltCcw_vTAhUBGywKHZ6tCT4QjRwIBw&url=http://kaiyenco.com/history.php&psig=AFQjCNH6wg_1SOw6Bq1XpMn_OAvBYrdwXw&ust=1495268425813194https://www.google.no/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&ved=0ahUKEwjdkpzCw_vTAhXCiCwKHSd7BxQQjRwIBw&url=https://commons.wikimedia.org/wiki/File:Cosmo_Oil_company_logo.svg&psig=AFQjCNFOAeb9ktDFm0Yg0rOStTMia7T5ug&ust=1495268508431581http://www.google.no/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwid59KNxfvTAhXCFywKHcKHAnMQjRwIBw&url=http://www.idemitsu-ilm.com.my/&psig=AFQjCNFpC0ZvgEP7ZoEsHoq594CxE4lEdA&ust=1495268963224102http://www.google.no/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwj2vZOJxvvTAhVK1ywKHf2lDk4QjRwIBw&url=http://www.eneos.co.id/jxnipponoil.php&psig=AFQjCNHGkxHr4MOyaknUIcAENVstfyboLw&ust=1495269209425470https://www.google.no/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwim-cfC-vvTAhVLkCwKHeHsA74QjRwIBw&url=https://en.wikipedia.org/wiki/File:Reliance_Industries_Logo.svg&psig=AFQjCNHj1N5ZVPak5hsMpHK4XtGLiQdL3Q&ust=1495283300027766

KEY LENDING BANKS

August 2018 10

https://www.google.no/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi2-eD9xvnTAhUHJJoKHQWpBHgQjRwIBw&url=https://commons.wikimedia.org/wiki/File:ING_logo.png&psig=AFQjCNH2gd3XYFCxaLfs2Y1zpoIyR9fJbg&ust=1495200747081097https://www.google.no/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwiZmeiax_vTAhWEECwKHTajCf0QjRwIBw&url=https://en.wikipedia.org/wiki/File:Nordea.svg&psig=AFQjCNEujiZQrCeimX4aoA-QXE1ts7MgYQ&ust=1495269483910142https://www.google.no/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwjCuK7dx_vTAhWBhiwKHR0gAqgQjRwIBw&url=https://en.wikipedia.org/wiki/File:ABN_AMRO.svg&psig=AFQjCNE0aHPhGh4YJR9SZXzJe6NvnvJXWw&ust=1495269667155081https://www.google.no/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwiplsbRyPvTAhWD1SwKHfT3DBgQjRwIBw&url=https://ebs.ca-egypt.com/sso/OAM-OAMUI-context-root/Pages/Anonymous/Login1.jsp&psig=AFQjCNEOBZcEB4yTVBFcegP5Z523ssXDJA&ust=1495269895934106http://www.google.no/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwj_5PuP_bDUAhXiDpoKHXRXCpcQjRwIBw&url=http://logos-download.com/4774-swedbank-logo-download.html&psig=AFQjCNGx1OAXrb3OTYqV2nOkE_iLgHGtdw&ust=1497105066261567

TANKER MARKET

TANKER MARKET

Growth in Global Oil Consumption US Crude Exports

August 2018 12

Source: IEA Source: EIA, Clipper Data

0.0

0.5

1.0

1.5

2.0

2.5

0

2

4

6

8

10

12

14

16

18

20

Jan

-16

Mar

-16

May

-16

Jul-

16

Sep

-16

No

v-1

6

Jan

-17

Mar

-17

May

-17

Jul-

17

Sep

-17

No

v-1

7

Jan

-18

Mar

-18

May

-18

Jul-

18

US

Cru

de

Exp

ort

s (m

b/d

)

# o

f V

LCC

Lo

adin

gs

VLCC Loadings out of US Gulf

# VLCC loadings US crude exports

0.0

0.5

1.0

1.5

2.0

2.5

3.0

84

86

88

90

92

94

96

98

100

102

104

1Q

132

Q13

3Q

134

Q13

1Q

142

Q14

3Q

144

Q14

1Q

152

Q15

3Q

154

Q15

1Q

162

Q16

3Q

164

Q16

1Q

172

Q17

3Q

174

Q17

1Q

182

Q18

3Q

184

Q18

1Q

192

Q19

3Q

194

Q19

mb/d mb/d IEA's Global Oil Demand Forecast

YoY growth (RHS) Oil Demand

-

20,000

40,000

60,000

80,000

100,000

120,000

2,500

2,600

2,700

2,800

2,900

3,000

3,100

3,200

Jan-13 Jun-13 Nov-13 Apr-14 Sep-14 Feb-15 Jul-15 Dec-15 May-16 Oct-16 Mar-17 Aug-17 Jan-18 Jun-18

VLC

C E

arn

ings

OEC

D S

tock

s

OECD Commercial Oil Stocks

OECD Commercial Oil Stocks 5-year average stocks VLCC Earnings (RHS)

August 2018 13

TANKER MARKET

Source: IEA, Clarksons

USD/day Million Barrels

OPEC “MARKET SHARE CAMPAIGN”

OPEC PRODUCTION CUT

26% of fleet is above 25 years old

24

1

6

21

7

36

0

10

20

30

40

50

60

70

Nu

mb

er

of

vess

els

VLCC Age Distribution

Trading Fleet

Non-trading fleet

Under Construction

On Order/Not Commenced

TANKER MARKET

Orderbook at 15% is manageable Increased Scrapping Activity

August 2018 14 Source: Clarksons

25

30 33

29

3 1 3

9 13 12

10

17

8

2 2

14

34

0

5

10

15

20

25

30

35

40

0

20,000

40,000

60,000

80,000

100,000

120,000

USD/day

VLCC Spot Rates vs. Number of VLCC's Scrapped and Average Scrapping Age

Spot TCE (LHS) # of VLCC scrapped Avg. scrap age

2Q 2018 FINANCIALS

OPERATIONAL AND FINANCIAL HIGHLIGHTS

2Q 2018

EBITDA of $12.7 million

Net loss of $28.2 million or $0.20 per share

During the quarter, the Company:

• Took delivery of 2 VLCC newbuildings from DSME.

• Refinanced 13 of the Company’s VLCCs.

• Increased the revolving credit facility.

After quarter end, the Company:

• Took delivery of the first of its 2 VLCC newbuildings from HHI, “DHT Bronco”.

• Entered into agreements to install scrubbers, on twelve of its VLCCs.

• Entered into 5-year amortizing interest rate swaps for $169 million at a fixed rate of 3.01.

August 2018 16

USD/day 1Q 2018 2Q 2018 3Q 2018 Bookings

Spot Earnings $ 20,200* $ 11,900** 60% @

$ 21,100

TC Earnings $ 25,000 $ 22,000

Average Earnings $ 21,400 $ 14,700

DHT VLCC Spot Earnings

* If IFRS 15 had not been adopted in the first quarter of 2018, the time charter equivalent earnings would have been $18,400 per day. ** If IFRS 15 had not been adopted in the second quarter of 2018, the time charter equivalent earnings would have been $13,600 per day.

P&L HIGHLIGHTS

August 2018 17

USD Thousands, except per share amounts 2Q 2018 1Q 2018 2017

Revenues on TCE basis $ 34,435 $ 46,191 $ 241,751

Vessel Operating Expenses $ (17,744) $ (17,238) $ (72,431)

G&A $ (3,975) $ (4,963) $ (17,180)

Impairment Charge $ - $ - $ (8,540)

Profit/(loss) Sale of Vessel $ - $ (46) $ (3,540)

EBITDA $ 12,716 $ 23,990 $ 152,141

Interest expenses $ (15,883) $ (10,244) $ (40,109)

Net Income $ (28,222) $ (9,213) $ 6,602

EPS $ (0.20) $ (0.06) $ 0.05

CAPITAL ALLOCATION Paying cash dividend for the 34rd consecutive quarter. For the second quarter, the Company will return $2.9 million or $0.02 per share, as cash dividends.

VLCC OPEX of $7,511/day for 2Q 2018

2Q18 net financial expenses includes $4.3 mill of non-cash finance expense

BALANCE SHEET HIGHLIGHTS

August 2018 18

RCF with availability of $57.3 million (undrawn)

Interest bearing debt to total assets

• Book values: 48.5%

• Marked to market: 53%

USD Thousand As per

30.06.2018 As per

31.03.2018

CASH $ 76,927 $ 69,761

OTHER CURRENT ASSETS $ 64,066 $ 64,084

VESSELS $ 1,617,890 $ 1,554,498

OTHER ASSETS $ 4,810 $ 4,753

TOTAL ASSETS $ 1,763,693 $ 1,693,096

CURRENT PORTION OF LONG TERM DEBT $ 58,681 $ 55,824

OTHER LIABILITIES $ 27,816 $ 18,141

LONG TERM DEBT $ 797,310 $ 708,620

EQUITY $ 879,886 $ 910,511

TOTAL EQUITY AND LIABILITIES $ 1,763,693 $ 1,693,096

2Q CASH FLOW HIGHLIGHTS

August 2018 19

69.8

12.7 7.6 9.3 9.9

2.9

94.6 89.1

0.5 0.7

76.9

0

20

40

60

80

100

120

140

160

180

USDm

Agreement with leading supplier Alfa Laval to install scrubbers on 12 VLCCs built between

2004-2012

In addition, scrubbers has been installed on the newbuildings DHT Bronco and DHT

Mustang

DHT will have a total of 14 VLCCs fitted with scrubbers when the IMO Sulphur Cap will be

implemented January 2020

In the process to secure financing and expect the majority of the project to be funded by

debt

• CAPEX estimated at about $55 million

August 2018 20

SCRUBBER PROJECT

DHT retains a positive outlook based on the following:

Healthy and steady global oil demand

The inventory draw down cycle is approaching its end

Negative fleet growth year to date

Order book at 14% vs. 24% of the fleet in excess of 15 years of age

August 2018 21

TANKER MARKET EXPECTATIONS

Source: IEA