COMPANY PRESENTATIONOCTOBER 2018

DISCLAIMER

This presentation contains certain forward-looking statements and information relating to the Company thatare 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 numberof newbuilding deliveries, oil prices and seasonal fluctuations in vessel supply and demand. When used in thisdocument, 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 reflectthe Company's current views with respect to future events and are based on assumptions and subject to risksand uncertainties. Given these uncertainties, you should not place undue reliance on these forward-lookingstatements. These forward-looking statements represent the Company's estimates and assumptions only asof the date of this presentation and are not intended to give any assurance as to future results. For a detaileddiscussion of the risk factors that might cause future results to differ, please refer to the Company's AnnualReport 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 containedin this presentation, whether as a result of new information, future events or otherwise, except as required bylaw. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in thispresentation might not occur, and the Company's actual results could differ materially from those anticipatedin these forward-looking statements.

Forward Looking Statements

October 2018 2

THIS IS DHT

LARGE, MODERN, QUALITY VLCC FLEET

STRONG BALANCE SHEET

ROBUST DOWNSIDEPROTECTION, YET PLENTY

UPSIDE POTENTIAL

VERY COMPETITIVE COST STRUCTURE

DHT WELL POSITIONED FOR

THE NEXT UPCYCLE

October 2018 3

LARGE, MODERN, QUALITY VLCC FLEET

October 2018 4

27 VLCCs and 2 Aframaxes

Avg. age of VLCC fleet: 6.9 years

14 VLCCs with Ballast Water Treatment System installed

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

Spot77%

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

5October 2018

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

DHT Mustang 2018 Hyundai 319,000 ABS Skuld HK Spot 100 % Goodwood Yes

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 TC 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

Aframax

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

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

Total 8,594,983

*Ballast water treatment system

MANAGING THE CYCLESCounter cyclical investment philosophy

RECOVERY PHASE

HIGH MARKET PHASETROUGH / 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:

October 2018 6

0

20 000

40 000

60 000

80 000

100 000

120 000USD/day

VLCC Spot TCE

FOLLOWING OUR STRATEGY

Source: Clarksons

20172016201520142013

ACQUIRED 16 VLCCs

SECURED AND EXTENDED 11 TC CONTRACTS

EXTENDED 5 TC CONTRACTSPREPAID 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

INVESTMENT IN 12

SCRUBBERS

October 2018 7

October 2018 8

LEAN AND COMPETENT ORGANIZATION17 shore-side employees

Newbuilding Supervision

Krishna Shankar Mehanathan

Technical Manager

Svein Moxnes Harfjeld & Trygve P. MuntheCo-CEOs

Stephen EglinDirector

Chartering & Operations

Rune MortensenOperations Manager

Eirik Ole RynningOperations Manager

Narvinder SinghOperations Manager

Erica Binde HonningsvågManager

IR & Business Analysis

Karin BerthelsExecutive Assistant

Thomas TeiglandChartering Manager

Miriam Strand EddingAccountant & Controller

Ida MyrvangAccountant

Laila Cecilie HalvorsenCFO

Svenn Magne EdvardsenTechnical Management

and Newbuilding

Fredrik SandrudOperations Manager

Technical Managers

Eddie Han SanghoonChartering Manager

Susanne Krogh JacobsenAccountant

KEY CUSTOMERS

October 2018 9

JX Nippon Oil & Energy

KEY LENDING BANKS

October 2018 10

TANKER MARKET

TANKER MARKET

Growth in Global Oil Consumption US Crude Exports

October 2018 12

Source: IEA Source: EIA, Clipper Data

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

13

2Q

13

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

mb/dmb/dIEA's Global Oil Demand Forecast

YoY growth (RHS) Oil Demand

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

Feb

-16

Mar

-16

Ap

r-1

6M

ay-1

6Ju

n-1

6Ju

l-1

6A

ug-

16

Sep

-16

Oct

-16

No

v-1

6D

ec-1

6Ja

n-1

7Fe

b-1

7M

ar-1

7A

pr-

17

May

-17

Jun

-17

Jul-

17

Au

g-1

7Se

p-1

7O

ct-1

7N

ov-

17

Dec

-17

Jan

-18

Feb

-18

Mar

-18

Ap

r-1

8M

ay-1

8Ju

n-1

8Ju

l-1

8A

ug-

18

Sep

-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

-

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 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

VLC

C E

arn

ings

(U

SD/d

ay)

OEC

D S

tock

s (m

illio

n b

arre

ls)

OECD Commercial Oil Stocks

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

TANKER MARKET

Source: IEA, Clarksons

OPEC “MARKET SHARE CAMPAIGN”

OPEC PRODUCTION CUT

October 2018 13

22% of fleet is above 15 years old

13

25

2

41

21

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 14.5%Scrapping Activity

October 2018 14Source: Clarksons

25

3033

29

3 1 3

913 12

10

17

8

2 2

14

37

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 newbuildingsfrom HHI, “DHT Bronco”.

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

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

October 2018 16

USD/day 1Q 2018 2Q 20183Q 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 of2018, the time charter equivalent earnings would have been$13,600 per day.

P&L HIGHLIGHTS

October 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

October 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 ThousandAs per

30.06.2018As 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

October 2018 19

69,8

12,7 7,69,3 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

October 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 14.5% vs. 22% of the fleet in excess of 15 years of age

October 2018 21

TANKER MARKET EXPECTATIONS

Source: IEA

October 2018 22