----

----

----

| o | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|------------------------------------------------------------------------------------------------|

| x      | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|--------------------------------------------------------------------------------------|
|   | For the fiscal year ended December 31, 2015                                          |

| o      | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|------------------------------------------------------------------------------------------|
|   | For the transition period from _________________ to _________________                    |

| o      | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|---------------------------------------------------------------------------------------------|
|   | Date of event requiring this shell company report ________________                          |

----

| Title of each class                     | Name of each exchange on which registered |
|-----------------------------------------|-------------------------------------------|
| Common Stock, par value $0.01 per share | New York Stock Exchange                   |
| 4.50% Convertible Senior Notes due 2019 |                                      |

----

| Yes x | No o |
|-------|------|

| Yes o | No x |
|-------|------|

| Yes x | No o |
|-------|------|

| Large Accelerated Filer  o | Accelerated Filer  x | Non-accelerated Filer  o |
|--------------------------------------|--------------------------------|------------------------------------|

|        | International Financial Reporting Standards as issued by the |    |
|-------------|--------------------------------------------------------------|---------|
| U.S. GAAP o | International Accounting Standards Board x                   | Other o |

| Item 17 o | Item 18 o |
|-----------|-----------|

| Yes o | No x |
|-------|------|

----

----

----

| INTRODUCTION AND USE OF CERTAIN TERMS                | 1      |
|------------------------------------------------------|--------|
|                                                 |   |
| CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS | 5      |
|   | ITEM 1.  | IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS      | 7      |
|--------|----------|------------------------------------------------------------|--------|
|   |     |                                                       |   |
|   | ITEM 2.  | OFFER STATISTICS AND EXPECTED TIMETABLE                    | 7      |
|   |     |                                                       |   |
|   | ITEM 3.  | KEY INFORMATION                                            | 7      |
|   |     |                                                       |   |
|   | ITEM 4.  | INFORMATION ON THE COMPANY                                 | 21     |
|   |     |                                                       |   |
|   | ITEM 4A. | UNRESOLVED STAFF COMMENTS                                  | 31     |
|   |     |                                                       |   |
|   | ITEM 5.  | OPERATING AND FINANCIAL REVIEW AND PROSPECTS               | 32     |
|   |     |                                                       |   |
|   | ITEM 6.  | DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES                 | 50     |
|   |     |                                                       |   |
|   | ITEM 7.  | MAJOR STOCKHOLDERS AND RELATED PARTY TRANSACTIONS          | 57     |
|   |     |                                                       |   |
|   | ITEM 8.  | FINANCIAL INFORMATION                                      | 59     |
|   |     |                                                       |   |
|   | ITEM 9.  | THE OFFER AND LISTING                                      | 61     |
|   |     |                                                       |   |
|   | ITEM 10. | ADDITIONAL INFORMATION                                     | 62     |
|   |     |                                                       |   |
|   | ITEM 11. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | 79     |
|   |     |                                                       |   |
|   | ITEM 12. | DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES     | 79     |
|   | ITEM 13.  | DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES                              | 80     |
|--------|-----------|------------------------------------------------------------------------------|--------|
|   |      |                                                                         |   |
|   | ITEM 14.  | MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS | 80     |
|   |      |                                                                         |   |
|   | ITEM 15.  | CONTROLS AND PROCEDURES                                                      | 80     |
|   |      |                                                                         |   |
|   | ITEM 16.  | [RESERVED]                                                                   | 81     |
|   |      |                                                                         |   |
|   | ITEM 16A. | AUDIT COMMITTEE FINANCIAL EXPERT                                             | 81     |
|   |      |                                                                         |   |
|   | ITEM 16B. | CODE OF ETHICS                                                               | 81     |
|   |      |                                                                         |   |
|   | ITEM 16C. | PRINCIPAL ACCOUNTANT FEES AND SERVICES                                       | 81     |
|   |      |                                                                         |   |
|   | ITEM 16D. | EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES                   | 81     |
|   |      |                                                                         |   |
|   | ITEM 16E. | PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS       | 81     |
|   |      |                                                                         |   |
|   | ITEM 16F. | CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT                           | 82     |
|   |      |                                                                         |   |
|   | ITEM 16G. | CORPORATE GOVERNANCE                                                         | 82     |
|   |      |                                                                         |   |
|   | ITEM 16H. | MINE SAFETY DISCLOSURE                                                       | 82     |
|   | ITEM 17. | FINANCIAL STATEMENTS | 83     |
|--------|----------|----------------------|--------|
|   |     |                 |   |
|   | ITEM 18. | FINANCIAL STATEMENTS | 83     |
|   |     |                 |   |
|   | ITEM 19. | EXHIBITS             | 83     |

----

Table of Contents

| Term             | Definition                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| ABS              | American Bureau of Shipping, an American classification society.                                                                                                                                                                                                                                                                                                                                                                                                |
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| Aframax          | A medium size crude oil tanker of approximately 80,000 to 120,000 dwt. Aframaxes operate on many different trade routes, including in the Caribbean, the Atlantic, the North Sea and the Mediterranean. They are also used in ship-to-ship transfer of cargo in the U.S. Gulf, typically from VLCCs for discharge in ports from which the larger tankers are restricted. Modern Aframaxes can generally transport from 500,000 to 800,000 barrels of crude oil. |
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| annual survey    | The inspection of a vessel pursuant to international conventions by a classification society surveyor, on behalf of the flag state, that takes place every year.                                                                                                                                                                                                                                                                                                |
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| bareboat charter | A charter under which a charterer pays a fixed daily or monthly rate for a fixed period of time for use of the vessel. The charterer pays all voyage and vessel operating expenses, including vessel insurance. Bareboat charters are usually for a long term. Also referred to as a “demise charter.”                                                                                                                                              |
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| Bunker           | Fuel oil used to operate a vessel’s engines, generators and boilers.                                                                                                                                                                                                                                                                                                                                                                                      |
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| Charter          | Contract for the use of a vessel, generally consisting of either a voyage, time or bareboat charter.                                                                                                                                                                                                                                                                                                                                                            |
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| Charterer        | The company that hires a vessel pursuant to a charter.                                                                                                                                                                                                                                                                                                                                                                                                          |
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| charter hire     | Money paid by a charterer to the ship-owner for the use of a vessel under a time charter or bareboat charter.                                                                                                                                                                                                                                                                                                                                                   |
| classification society | An independent society that certifies that a vessel has been built and maintained according to the society’s rules for that type of vessel and complies with the applicable rules and regulations of the country in which the vessel is registered, as well as the international conventions which that country has ratified. A vessel that receives its certification is referred to as being “in class” as of the date of issuance. |
|------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                    |

----

Table of Contents

| Term                                                         | Definition                                                                                                                                                                                                                                                                                                                                                                                 |
|--------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                         |                                                                                                                                                                                                                                                                                                                                                                                       |
| Contract of Affreightment                                    | A contract of affreightment, or “COA,” is an agreement between an owner and a charterer that obligates the owner to provide a vessel to the charterer to move specific quantities of cargo over a stated time period, but without designating specific vessels or voyage schedules, thereby providing the owner greater operating flexibility than with voyage charters alone. |
|                                                         |                                                                                                                                                                                                                                                                                                                                                                                       |
| double hull                                                  | A hull construction design in which a vessel has an inner and outer side and bottom separated by void space, usually two meters in width.                                                                                                                                                                                                                                                  |
|                                                         |                                                                                                                                                                                                                                                                                                                                                                                       |
| drydocking                                                   | The removal of a vessel from the water for inspection or repair of those parts of a vessel which are below the water line. During drydockings, which are required to be carried out periodically, certain mandatory classification society inspections are carried out and relevant certifications issued. Drydockings are generally required once every 30 to 60 months.                  |
|                                                         |                                                                                                                                                                                                                                                                                                                                                                                       |
| dwt                                                          | Deadweight tons, which refers to the carrying capacity of a vessel by weight.                                                                                                                                                                                                                                                                                                              |
|                                                         |                                                                                                                                                                                                                                                                                                                                                                                       |
| freight revenue                                              | Money paid by a charterer to the ship-owner for the use of a vessel under a voyage charter.                                                                                                                                                                                                                                                                                                |
|                                                         |                                                                                                                                                                                                                                                                                                                                                                                       |
| hull                                                         | Shell or body of a ship.                                                                                                                                                                                                                                                                                                                                                                   |
|                                                         |                                                                                                                                                                                                                                                                                                                                                                                       |
| IMO                                                          | International Maritime Organization, a United Nations agency that issues international regulations and standards for shipping.                                                                                                                                                                                                                                                             |
|                                                         |                                                                                                                                                                                                                                                                                                                                                                                       |
| interim survey                                               | An inspection of a vessel by classification society surveyors that must be completed at least once during each five-year period. Interim surveys performed after a vessel has reached the age of 15 years require a vessel to be drydocked.                                                                                                                                                |
|                                                         |                                                                                                                                                                                                                                                                                                                                                                                       |
| lightering                                                   | Partially discharging a tanker’s cargo onto another tanker or barge.                                                                                                                                                                                                                                                                                                                 |
|                                                         |                                                                                                                                                                                                                                                                                                                                                                                       |
| LOOP                                                         | Louisiana Offshore Oil Port, Inc.                                                                                                                                                                                                                                                                                                                                                          |
|                                                         |                                                                                                                                                                                                                                                                                                                                                                                       |
| Lloyds                                                       | Lloyds Register, a U.K. classification society.                                                                                                                                                                                                                                                                                                                                            |
|                                                         |                                                                                                                                                                                                                                                                                                                                                                                       |
| metric ton                                                   | A metric ton of 1,000 kilograms.                                                                                                                                                                                                                                                                                                                                                           |
|                                                         |                                                                                                                                                                                                                                                                                                                                                                                       |
| newbuilding                                                  | A new vessel under construction or just completed.                                                                                                                                                                                                                                                                                                                                         |
|                                                         |                                                                                                                                                                                                                                                                                                                                                                                       |
| off hire                                                     | The period a vessel is unable to perform the services for which it is required under a time charter. Off hire periods typically include days spent undergoing repairs and drydocking, whether or not scheduled.                                                                                                                                                                            |
|                                                         |                                                                                                                                                                                                                                                                                                                                                                                       |
| OPA                                                          | U.S. Oil Pollution Act of 1990, as amended.                                                                                                                                                                                                                                                                                                                                                |
|                                                         |                                                                                                                                                                                                                                                                                                                                                                                       |
| OPEC                                                         | Organization of Petroleum Exporting Countries, an international organization of oil-exporting developing nations that coordinates and unifies the petroleum policies of its member countries.                                                                                                                                                                                              |
|                                                         |                                                                                                                                                                                                                                                                                                                                                                                       |
| petroleum products                                           | Refined crude oil products, such as fuel oils, gasoline and jet fuel.                                                                                                                                                                                                                                                                                                                      |
|                                                         |                                                                                                                                                                                                                                                                                                                                                                                       |
| Protection and Indemnity(or “P&I”) Insurance | Insurance obtained through mutual associations, or “clubs,” formed by ship-owners to provide liability insurance protection against a large financial loss by one member through contribution towards that loss by all members. To a great extent, the risks are reinsured.                                                                                                    |
|                                                         |                                                                                                                                                                                                                                                                                                                                                                                       |

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Table of Contents

| Term                      | Definition                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|---------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| scrapping                 | The disposal of vessels by demolition for scrap metal.                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| special survey            | An extensive inspection of a vessel by classification society surveyors that must be completed at least once during each five-year period. Special surveys require a vessel to be drydocked.                                                                                                                                                                                                                                                                                       |
|                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| spot market               | The market for immediate chartering of a vessel, usually for single voyages.                                                                                                                                                                                                                                                                                                                                                                                                       |
|                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Suezmax                   | A crude oil tanker of approximately 130,000 to 170,000 dwt. Modern Suezmaxes can generally transport about one million barrels of crude oil and operate on many different trade routes, including from West Africa to the United States.                                                                                                                                                                                                                                           |
|                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| tanker                    | A ship designed for the carriage of liquid cargoes in bulk with cargo space consisting of many tanks. Tankers carry a variety of products including crude oil, refined petroleum products, liquid chemicals and liquefied gas.                                                                                                                                                                                                                                                     |
|                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| TCE                       | Time charter equivalent, a standard industry measure of the average daily revenue performance of a vessel. The TCE rate achieved on a given voyage is expressed in $/day and is generally calculated by subtracting voyage expenses, including bunker and port charges, from voyage revenue and dividing the net amount (time charter equivalent revenues) by the round-trip voyage duration.                                                                                      |
|                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| time charter              | A charter under which a customer pays a fixed daily or monthly rate for a fixed period of time for use of the vessel. Subject to any restrictions in the charter, the customer decides the type and quantity of cargo to be carried and the ports of loading and unloading. The customer pays the voyage expenses such as fuel, canal tolls, and port charges. The ship-owner pays all vessel operating expenses such as the management expenses, crew costs and vessel insurance. |
|                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| time charterer            | The company that hires a vessel pursuant to a time charter.                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| vessel operating expenses | The costs of operating a vessel that are incurred during a charter, primarily consisting of crew wages and associated costs, insurance premiums, lubricants and spare parts, and repair and maintenance costs. Vessel operating expenses exclude fuel and port charges, which are known as “voyage expenses.” For a time charter, the ship-owner pays vessel operating expenses. For a bareboat charter, the charterer pays vessel operating expenses.                 |
|                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| VLCC                      | VLCC is the abbreviation for “very large crude carrier,” a large crude oil tanker of approximately 200,000 to 320,000 dwt. Modern VLCCs can generally transport two million barrels or more of crude oil. These vessels are mainly used on the longest (long haul) routes from the Arabian Gulf to North America, Europe, and Asia, and from West Africa to the United States and Far Eastern destinations.                                                            |
|                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| voyage charter            | A charter under which a ship-owner hires out a ship for a specific voyage between the loading port and the discharging port. The ship-owner is responsible for paying both ship operating expenses and voyage expenses. Typically, the customer is responsible for any delay at the loading or discharging ports. The ship-owner is paid freight on the basis of the cargo movement between ports. Also referred to as a spot charter.                                             |
|                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| voyage charterer          | The company that hires a vessel pursuant to a voyage charter.                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| voyage expenses           | Expenses incurred due to a vessel traveling to a destination, such as fuel cost and port charges.                                                                                                                                                                                                                                                                                                                                                                                  |
|                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |

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Table of Contents

| Term                 | Definition                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|----------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Worldscale           | Industry name for the Worldwide Tanker Nominal Freight Scale, which is published annually by the Worldscale Association as a rate reference for shipping companies, brokers and their customers engaged in the bulk shipping of oil in the international markets. Worldscale is a list of calculated rates for specific voyage itineraries for a standard vessel, as defined, using defined voyage cost assumptions such as vessel speed, fuel consumption and port costs. Actual market rates for voyage charters are usually quoted in terms of a percentage of Worldscale. |
|                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Worldscale Flat Rate | Base rates expressed in U.S. dollars per ton which apply to specific sea transportation routes, calculated to give the same return as Worldscale 100.                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Worldscale Points    | The freight rate negotiated for spot voyages expressed as a percentage of the Worldscale Flat Rate.                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |

----

Table of Contents

|   | ● | future payments of dividends and the availability of cash for payment of dividends;                                                                                                               |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                                                                              |
|   | ● | future operating or financial results, including with respect to the amount of charter hire and freight revenue that we may receive from operating our vessels;                                   |
|   |    |                                                                                                                                                                                              |
|   | ● | statements about future, pending or recent acquisitions (including the acquisition of Samco), business strategy, areas of possible expansion and expected capital spending or operating expenses; |
|   |    |                                                                                                                                                                                              |
|   | ● | statements about tanker industry trends, including charter rates and vessel values and factors affecting vessel supply and demand;                                                                |
|   |    |                                                                                                                                                                                              |
|   | ● | expectations about the availability of vessels to purchase, the time which it may take to construct new vessels or vessels’ useful lives;                                                   |
|   |    |                                                                                                                                                                                              |
|   | ● | expectations about the availability of insurance on commercially reasonable terms;                                                                                                                |
|   |    |                                                                                                                                                                                              |
|   | ● | DHT’s and its subsidiaries’ ability to comply with operating and financial covenants and to repay their debt under the secured credit facilities;                                     |
|   |    |                                                                                                                                                                                              |
|   | ● | our ability to obtain additional financing and to obtain replacement charters for our vessels;                                                                                                    |
|   |    |                                                                                                                                                                                              |
|   | ● | assumptions regarding interest rates;                                                                                                                                                             |
|   |    |                                                                                                                                                                                              |
|   | ● | changes in production of or demand for oil and petroleum products, either globally or in particular regions;                                                                                      |
|   |    |                                                                                                                                                                                              |
|   | ● | greater than anticipated levels of newbuilding orders or less than anticipated rates of scrapping of older vessels;                                                                               |
|   |    |                                                                                                                                                                                              |
|   | ● | changes in trading patterns for particular commodities significantly impacting overall tonnage requirements;                                                                                      |
|   |    |                                                                                                                                                                                              |
|   | ● | changes in the rate of growth of the world and various regional economies;                                                                                                                        |
|   |    |                                                                                                                                                                                              |
|   | ● | risks incident to vessel operation, including discharge of pollutants;                                                                                                                            |
|   |    |                                                                                                                                                                                              |
|   | ● | unanticipated changes in laws and regulations;                                                                                                                                                    |
|   |    |                                                                                                                                                                                              |
|   | ● | delays and cost overruns in construction projects;                                                                                                                                                |
|   |    |                                                                                                                                                                                              |
|   | ● | corruption, piracy, militant activities, political instability, terrorism, ethnic unrest and regionalism in countries where we may operate; and                                                   |
|   |    |                                                                                                                                                                                              |
|   | ● | any non-compliance with the U.S. Foreign Corrupt Practices Act of 1977, or other applicable regulations relating to bribery.                                                                      |

----

Table of Contents

----

Table of Contents

| ITEM 1. | IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS |
|---------|-------------------------------------------------------|
| ITEM 2. | OFFER STATISTICS AND EXPECTED TIMETABLE |
|---------|-----------------------------------------|
| ITEM 3. | KEY INFORMATION |
|---------|-----------------|
|   | A. | SELECTED FINANCIAL DATA |
|--------|----|-------------------------|
|                                                        |   | Year Ended   |        |   | Year Ended   |   |       | Year Ended   |   |   | Year Ended   |   |   | Year Ended   |       |
|-------------------------------------------------------------|--------|--------------|-------------|--------|--------------|--------|------------|--------------|--------|--------|--------------|--------|--------|--------------|------------|
|                                                        |   | December 31, |        |   | December 31, |   |       | December 31, |   |   | December 31, |   |   | December 31, |       |
|                                                        |   | 2015         |        |   | 2014         |   |       | 2013         |   |   | 2012         |   |   | 2011         |       |
| Statements of operations data:                              |   |              |        |   |              |   |       |              |   |   |              |   |   |              |       |
| Shipping revenues                                           |   | $            | 365,114     |   |         | $      | 150,789    |         |   | $      | 87,012       |   |   | $            | 97,194     |   |   | $ | 100,123 |   |
| Voyage expenses                                             |   |         | 68,864      |   |         |   | 49,333     |         |   |   | 25,400       |   |   |         | 10,822     |   |   |   | 1,286 |   |
| Total operating expenses excl. voyage expenses (1)          |   |         | 160,907     |   |         |   | 74,047     |         |   |   | 60,605       |   |   |         | 175,876    |   |   |   | 132,391 |   |
| Operating income/(loss)                                     |   |         | 135,343     |   |         |   | 27,408     |         |   |   | 1,007        |   |   |         | (89,504    | ) |   |   | (33,554 | ) |
| Profit/(loss) for the year                                  |   |         | 105,302     |   |         |   | 12,887     |         |   |   | (4,126       | )      |   |         | (94,054    | ) |   |   | (40,272 | ) |
| Profit/(loss)per share – basic (2)                    |   | $            | 1.13        |   |         | $      | 0.18       |         |   | $      | (0.24        | )      |   | $            | (7.83      | ) |   | $ | (7.70 | ) |
| Profit/(loss)per share – diluted (2)                  |   | $            | 1.04        |   |         | $      | 0.18       |         |   | $      | (0.24        | )      |   | $            | (7.83      | ) |   | $ | (7.70 | ) |
| Statements of financial position data (at end of year):     |   |         |        |   |         |   |       |         |   |   |         |   |   |         |       |   |   |   |   |   |
| Vessels and time charter contracts                          |   |         | 986,597     |   |         |   | 988,168    |         |   |   | 263,142      |   |   |         | 310,023    |   |   |   | 454,542 |   |
| Total assets                                                |   |         | 1,423,805   |   |         |   | 1,378,095  |         |   |   | 446,599      |   |   |         | 399,759    |   |   |   | 504,557 |   |
| Total current liabilities                                   |   |         | 52,835      |   |         |   | 67,906     |         |   |   | 5,800        |   |   |         | 16,125     |   |   |   | 33,959 |   |
| Total non-current liabilities                               |   |         | 633,077     |   |         |   | 635,339    |         |   |   | 156,046      |   |   |         | 202,637    |   |   |   | 264,150 |   |
| Stock                                                       |   |         | 929         |   |         |   | 925        |         |   |   | 290          |   |   |         | 91         |   |   |   | 54 |   |
| Total stockholders’ equity                            |   |         | 737,893     |   |         |   | 674,851    |         |   |   | 284,753      |   |   |         | 180,997    |   |   |   | 206,448 |   |
| Weighted average number of shares – basic (2)         |   |         | 92,793,154  |   |         |   | 73,147,668 |         |   |   | 17,541,310   |   |   |         | 12,012,133 |   |   |   | 5,229,019 |   |
| Weighted average number of shares – diluted (2)       |   |         | 112,098,221 |   |         |   | 73,210,337 |         |   |   | 17,555,110   |   |   |         | 12,012,133 |   |   |   | 5,230,157 |   |
| Dividends paid per share (3)                                |   | $            | 0.53        |   |         | $      | 0.08       |         |   | $      | 0.08         |   |   | $            | 0.86       |   |   | $ | 3.96 |   |
| Cash flow data:                                             |   |         |        |   |         |   |       |         |   |   |         |   |   |         |       |   |   |   |   |   |
| Net cash provided by operating activities                   |   |         | 181,526     |   |         |   | 30,621     |         |   |   | 23,902       |   |   |         | 21,192     |   |   |   | 44,331 |   |
| Net cash provided by/(used in) investing activities         |   |         | (125,907    | )      |         |   | (551,347   | )            |   |   | (16,945      | )      |   |         | 9,820      |   |   |   | (123,204 | ) |
| Net cash provided by/(used in) financing activities         |   |         | (55,528     | )      |         |   | 561,344    |         |   |   | 47,806       |   |   |         | (2,333     | ) |   |   | 62,926 |   |
| Fleet data:                                                 |   |         |        |   |         |   |       |         |   |   |         |   |   |         |       |   |   |   |   |   |
| Number of tankers owned and chartered in (at end of period) |   |         | 18          |   |         |   | 18         |         |   |   | 8            |   |   |         | 9          |   |   |   | 12 |   |
| Revenue days (4)                                            |   |         | 6,596       |   |         |   | 4,488      |         |   |   | 2,986        |   |   |         | 3,772      |   |   |   | 3,949 |   |

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| (1)    | 2012 and 2011 include a non-cash impairment charge of $100.5 million and $56.0 million, respectively, and 2015, 2013 and 2012 include loss from sale of vessels of $0.8 million, $0.7 million and $2.2 million, respectively. 2014 includes a reversal of prior impairment charges of $31.9 million.                                                                                          |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                          |
| (2)    | Number of shares for each of the years from 2011 to 2012 has been adjusted for the reverse stock split at a ratio of 12-for-1 that became effective after the close of trading on July 16, 2012 and the number of shares for 2012 assumes the full exchange of all issued and outstanding shares of our Series A Participating Preferred Stock, par value $0.01 per share, into common stock. |
| (3)    | Dividend per common stock. For 2013 and 2012, we also paid a dividend of $0.78 and $7.08 per share of Series A Participating Preferred Stock, respectively. Dividends for 2011 have been adjusted for the reverse stock split at a ratio of 12-for-1 that became effective after the close of trading on July 16, 2012.                                                                                                  |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                     |
| (4)    | Revenue days consist of the aggregate number of calendar days in a period in which our vessels are owned by us or chartered in by us less days on which a vessel is off hire. Off hire days are days a vessel is unable to perform the services for which it is required under a time charter or according to pool rules. Off hire days include days spent undergoing repairs and drydockings, whether or not scheduled. |
|   | B. | CAPITALIZATION AND INDEBTEDNESS |
|--------|----|---------------------------------|
|   | C. | REASONS FOR THE OFFER AND USE OF THE PROCEEDS |
|--------|----|-----------------------------------------------|
|   | D. | RISK FACTORS |
|--------|----|--------------|

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|   | ● | identifying and acquiring vessels, fleets of vessels or companies owning vessels or entering into joint ventures that meet our requirements, including, but not limited to, price, specification and technical condition; |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                                                                                                      |
|   | ● | consummating acquisitions of vessels, fleets of vessels, companies owning vessels or acquisitions of companies or joint ventures; and                                                                                     |
|   |    |                                                                                                                                                                                                                      |
|   | ● | obtaining required financing through equity or debt financing on acceptable terms.                                                                                                                                        |

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|   | ● | demand for oil and oil products, which affect the need for tanker capacity;                                                                                                              |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                                                                     |
|   | ● | global and regional economic and political conditions which, among other things, could impact the supply of oil as well as trading patterns and the demand for various types of vessels; |
|   |    |                                                                                                                                                                                     |

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|   | ● | changes in the production of crude oil, particularly by OPEC and other key producers, which impact the need for tanker capacity; |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                             |
|   | ● | developments in international trade;                                                                                             |
|   |    |                                                                                                                             |
|   | ● | changes in seaborne and other transportation patterns, including changes in the distances that cargoes are transported;          |
|   |    |                                                                                                                             |
|   | ● | environmental concerns and regulations;                                                                                          |
|   |    |                                                                                                                             |
|   | ● | international sanctions, embargoes, import and export restrictions, nationalizations and wars;                                   |
|   |    |                                                                                                                             |
|   | ● | weather; and                                                                                                                     |
|   |    |                                                                                                                             |
|   | ● | competition from alternative sources of energy.                                                                                  |
|   | ● | the number of newbuilding deliveries;              |
|--------|---------|----------------------------------------------------|
|   |    |                                               |
|   | ● | the scrapping rate of older vessels;               |
|   |    |                                               |
|   | ● | the number of vessels that are out of service; and |
|   |    |                                               |
|   | ● | environmental and maritime regulations.            |

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|   | ● | a classified board of directors with staggered three-year terms, elected without cumulative voting;                                                          |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                                         |
|   | ● | directors only to be removed for cause and only with the affirmative vote of holders of at least a majority of the common stock issued and outstanding;      |
|   |    |                                                                                                                                                         |
|   | ● | advance notice for nominations of directors by stockholders and for stockholders to include matters to be considered at annual meetings;                     |
|   |    |                                                                                                                                                         |
|   | ● | a limited ability for stockholders to call special stockholder meetings; and                                                                                 |
|   |    |                                                                                                                                                         |
|   | ● | our board of directors to determine the powers, preferences and rights of our preferred stock and to issue the preferred stock without stockholder approval. |

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| ITEM 4. | INFORMATION ON THE COMPANY |
|---------|----------------------------|
|   | A. | HISTORY AND DEVELOPMENT OF THE COMPANY |
|--------|----|----------------------------------------|
|   | B. | BUSINESS OVERVIEW |
|--------|----|-------------------|

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| Vessel            | Type of Employment | Expiry  |
|-------------------|--------------------|---------|
| VLCC              |               |    |
| DHT Ann           | Spot               |    |
| DHT Chris         | Spot               |    |
| DHT Eagle         | Spot               |    |
| DHT Phoenix       | Time Charter       | Q2 2017 |
| DHT Falcon        | Spot               |    |
| DHT Hawk          | Spot               |    |
| DHT Condor        | Spot               |    |
| Samco Scandinavia | Spot               |    |
| Samco Europe      | Time Charter       | Q1 2017 |
| Samco China       | Time Charter       | Q2 2021 |
| Samco Amazon      | Time Charter       | Q2 2016 |
| Samco Redwood     | Time Charter       | Q1 2018 |
| Samco Sundarbans  | Spot               |    |
| Samco Taiga       | Time Charter       | Q4 2017 |
| DHT Jaguar        | Spot               |    |
| DHT Leopard       | Spot               |    |
| DHT Lion          | Spot               |    |
| Suezmax           |               |    |
| DHT Target        | Time Charter       | Q2 2016 |
| Aframax           |               |    |
| DHT Cathy         | Time Charter       | Q2 2017 |
| DHT Sophie        | Time Charter       | Q2 2017 |

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| Vessel               | Year Built | Dwt     | Flag*  | Yard**                   | Classification Society | Percent of Ownership |
|----------------------|------------|---------|--------|--------------------------|------------------------|----------------------|
| VLCC                 |       |    |   |                     |                   |                 |
| DHT Jaguar(8)        | 2015       | 299,900 | HK     | HHI                      | ABS                    | 100%                 |
| Samco Sundarbans(7)  | 2012       | 314,240 | MI     | HHI                      | ABS                    | 100%                 |
| Samco Taiga(7)       | 2012       | 314,240 | HK     | HHI                      | ABS                    | 100%                 |
| Samco Amazon(7)      | 2011       | 314,240 | RIF    | HHI                      | DNV                    | 100%                 |
| Samco Redwood(7)     | 2011       | 314,240 | RIF    | HHI                      | DNV                    | 100%                 |
| Samco China(7)       | 2007       | 317,794 | RIF    | HHI                      | ABS                    | 100%                 |
| Samco Europe(7)      | 2007       | 317,260 | RIF    | HHI                      | DNV                    | 100%                 |
| DHT Hawk(5)          | 2007       | 298,923 | HK     | NACKS                    | Lloyds                 | 100%                 |
| Samco Scandinavia(7) | 2006       | 317,826 | MI     | HHI                      | ABS                    | 100%                 |
| DHT Falcon(5)        | 2006       | 298,971 | HK     | NACKS                    | Lloyds                 | 100%                 |
| DHT Condor(6)        | 2004       | 320,050 | HK     | Daewoo                   | ABS                    | 100%                 |
| DHT Eagle(4)         | 2002       | 309,064 | HK     | Samsung Heavy Industries | ABS                    | 100%                 |
| DHT Ann(1)           | 2001       | 309,327 | HK     | HHI                      | Lloyds                 | 100%                 |
| DHT Chris(1)         | 2001       | 309,285 | HK     | HHI                      | Lloyds                 | 100%                 |
| DHT Phoenix(3)       | 1999       | 307,151 | HK     | Daewoo                   | Lloyds                 | 100%                 |
| Suezmax              |       |    |   |                     |                   |                 |
| DHT Target(2)        | 2001       | 164,626 | MI     | HHI                      | ABS                    | 100%                 |
| Aframax              |       |    |   |                     |                   |                 |
| DHT Cathy(1)         | 2004       | 115,000 | MI     | HHI                      | ABS                    | 100%                 |
| DHT Sophie(1)        | 2003       | 115,000 | MI     | HHI                      | ABS                    | 100%                 |

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| *      | MI: Marshall Islands, HK: Hong Kong, RIF: French International Registry     |
|--------|-----------------------------------------------------------------------------|
|   |                                                                        |
| **     | HHI: Hyundai Heavy Industries, NACKS: Nantong Cosco KHI Engineering Co. Ltd |
| (1)    | Acquired on October 18, 2005.                                    |
|--------|------------------------------------------------------------------|
|   |                                                             |
| (2)    | Acquired on December 4, 2007. Formerly named Overseas Newcastle. |
|   |                                                             |
| (3)    | Acquired on March 2, 2011.                                       |
|   |                                                             |
| (4)    | Acquired on May 27, 2011.                                        |
|   |                                                             |
| (5)    | Acquired on February 17, 2014.                                   |
|   |                                                             |
| (6)    | Acquired on May 30, 2014.                                        |
|   |                                                             |
| (7)    | Acquired on September 17, 2014.                                  |
|   |                                                             |
| (8)    | Delivered HHI on November 23, 2015.                              |
|   | ● | on December 2, 2013 we entered into agreements for the construction of two VLCCs with a contract price of $92.7 million each, including certain additions and upgrades to the standard specification, an estimated capacity of 300,000 dwt and expected delivery in April and July 2016, respectively;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   | ● | on January 8, 2014, we exercised an option and entered into a new agreement with HHI to construct a VLCC with a contract price of $92.7 million, including certain additions and upgrades to the standard specification, an estimated capacity of 300,000 dwt and an expected delivery date of September 2016; and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   | ● | on February 14, 2014, we entered into agreements for the construction of three VLCCs at an average contract price of $97.3 million each, including $2.3 million in additions and upgrades to the standard specification, for delivery in September 2016, October 2016 and November 2016.  On March 13, 2014, we announced that we amended two shipbuilding contracts with HHI to advance the scheduled delivery of two VLCCs. We agreed to increase the contract price by $1.5 million for each of the two vessels and advanced the delivery from September 2016 and November 2016 to November 2015 and January 2016, respectively. The amendment with HHI is attached as Exhibit 10.1 to our report on Form 6-K filed March 13, 2014, and this agreement is incorporated by reference into this Form 20-F. |

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|   | C. | ORGANIZATIONAL STRUCTURE |
|--------|----|--------------------------|

| Subsidiary                                |   | Vessel            |   | State of Jurisdiction  or Incorporation |   | Percent of  Ownership |
|-------------------------------------------|--------|-------------------|--------|----------------------------------------------|--------|----------------------------|
| Ann Tanker Corporation                    |   | DHT Ann           |   | Marshall Islands                             |   | 100%                       |
| Cathy Tanker Corporation                  |   | DHT Cathy         |   | Marshall Islands                             |   | 100%                       |
| Chris Tanker Corporation                  |   | DHT Chris         |   | Marshall Islands                             |   | 100%                       |
| DHT Chartering, Inc.                      |   |              |   | Marshall Islands                             |   | 100%                       |
| DHT Eagle, Inc.                           |   | DHT Eagle         |   | Marshall Islands                             |   | 100%                       |
| DHT Management AS(1)                      |   |              |   | Norway                                       |   | 100%                       |
| DHT Maritime, Inc.                        |   |              |   | Marshall Islands                             |   | 100%                       |
| DHT Phoenix, Inc.                         |   | DHT Phoenix       |   | Marshall Islands                             |   | 100%                       |
| London Tanker Corporation                 |   |              |   | Marshall Islands                             |   | 100%                       |
| Newcastle Tanker Corporation              |   | DHT Target        |   | Marshall Islands                             |   | 100%                       |
| Sophie Tanker Corporation                 |   | DHT Sophie        |   | Marshall Islands                             |   | 100%                       |
| DHT Hawk Limited                          |   | DHT Hawk          |   | Hong Kong                                    |   | 100%                       |
| DHT Falcon Limited                        |   | DHT Falcon        |   | Hong Kong                                    |   | 100%                       |
| DHT Condor, Inc.                          |   | DHT Condor        |   | Marshall Islands                             |   | 100%                       |
| DHT Ship Management (Singapore) Pte. Ltd. |   |              |   | Singapore                                    |   | 100%                       |
| Samco Shipholding Pte. Ltd.               |   |              |   | Singapore                                    |   | 100%                       |
| Samco Gamma Ltd                           |   | Samco Scandinavia |   | Cayman Islands                               |   | 100%                       |
| Samco Delta Ltd                           |   | Samco Europe      |   | Cayman Islands                               |   | 100%                       |
| Samco Epsilon Ltd                         |   | Samco China       |   | Cayman Islands                               |   | 100%                       |
| Samco Eta Ltd                             |   | Samco Amazon      |   | Cayman Islands                               |   | 100%                       |
| Samco Kappa Ltd                           |   | Samco Redwood     |   | Cayman Islands                               |   | 100%                       |
| Samco Theta Ltd                           |   | Samco Sundarbans  |   | Cayman Islands                               |   | 100%                       |
| Samco Iota Ltd                            |   | Samco Taiga       |   | Cayman Islands                               |   | 100%                       |
| DHT Jaguar Limited                        |   | DHT Jaguar        |   | Marshall Islands                             |   | 100%                       |
| DHT Leopard Limited                       |   | DHT Leopard(2)    |   | Marshall Islands                             |   | 100%                       |
| DHT Lion Limited                          |   | DHT Lion(2)       |   | Marshall Islands                             |   | 100%                       |
| DHT Panther Limited                       |   | DHT Panther(2)    |   | Marshall Islands                             |   | 100%                       |
| DHT Puma Limited                          |   | DHT Puma(2)       |   | Marshall Islands                             |   | 100%                       |
| DHT Tiger Limited                         |   | DHT Tiger(2)      |   | Marshall Islands                             |   | 100%                       |

| (1) | Formerly Tankers Services AS.                                                                                                                               |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Vessel not yet delivered as of December 31, 2015.  The DHT Leopard was delivered on January 4, 2016, and the DHT Lion was delivered on March 15, 2016. |

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|   | D. | PROPERTY, PLANT AND EQUIPMENT |
|--------|----|-------------------------------|
| ITEM 4A. | UNRESOLVED STAFF COMMENTS |
|----------|---------------------------|

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| ITEM 5. | OPERATING AND FINANCIAL REVIEW AND PROSPECTS |
|---------|----------------------------------------------|
|   | ● | with respect to vessels on charter, the charter rate that we are paid;                                             |
|--------|---------|--------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                               |
|   | ● | with respect to the vessels operating in the spot market, the revenues earned by such vessels and cost of bunkers; |
|   |    |                                                                                                               |
|   | ● | our vessels’ operating expenses;                                                                             |
|   |    |                                                                                                               |
|   | ● | our insurance premiums and vessel taxes;                                                                           |
|   |    |                                                                                                               |
|   | ● | the required maintenance capital expenditures related to our vessels;                                              |
|   |    |                                                                                                               |
|   | ● | the required capital expenditures related to newbuilding orders;                                                   |
|   |    |                                                                                                               |
|   | ● | our ability to access capital markets to finance our fleet;                                                        |
|   |    |                                                                                                               |
|   | ● | our vessels’ depreciation and potential impairment charges;                                                  |
|   |    |                                                                                                               |
|   | ● | our general and administrative and other expenses;                                                                 |
|   |    |                                                                                                               |
|   | ● | our interest expense including any interest swaps;                                                                 |
|   |    |                                                                                                               |
|   | ● | general market conditions when charters expire; and                                                                |
|   |    |                                                                                                               |
|   | ● | prepayments under our credit facilities to remain in compliance with covenants.                                    |

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|  Vessel           |   |  Built |   |  Vessel Type |   |  Purchase Month |   |  Purchase Price |   |  Carrying Value(12/31/2015) |   | Estimated Charter Free Fair Market Value* (12/31/2015) |
|------------------------|--------|-------------|--------|-------------------|--------|----------------------|--------|----------------------|--------|----------------------------------|--------|--------------------------------------------------------|
| (Dollars in thousands) |   |        |   |              |   |                 |   |                 |   |                             |   |                                                   |
| DHT Ann**         |   | 2001   |   | VLCC         |   | Oct. 2005            |   | 124,829              |   | 32,200                           |   | 40,000                                                 |
| DHT Cathy**            |   | 2004        |   | Aframax           |   | Oct. 2005            |   | 70,833               |   | 23,400                           |   | 28,500                                                 |
| DHT Chris**            |   | 2001        |   | VLCC              |   | Oct. 2005            |   | 124,829              |   | 33,400                           |   | 40,000                                                 |
| DHT Condor             |   | 2004        |   | VLCC              |   | May 2014             |   | 49,000               |   | 46,100                           |   | 51,500                                                 |
| DHT Eagle              |   | 2002        |   | VLCC              |   | May 2011             |   | 67,000               |   | 44,500                           |   | 43,000                                                 |
| DHT Falcon             |   | 2006        |   | VLCC              |   | Feb. 2014            |   | 47,500               |   | 42,600                           |   | 59,500                                                 |
| DHT Hawk               |   | 2007        |   | VLCC              |   | Feb. 2014            |   | 50,500               |   | 45,600                           |   | 64,000                                                 |
| DHT Jaguar             |   | 2015        |   | VLCC              |   | Nov. 2015            |   | 101,700              |   | 101,200                          |   | 101,000                                                |
| DHT Phoenix            |   | 1999        |   | VLCC              |   | Mar. 2011            |   | 55,000               |   | 31,600                           |   | 32,000                                                 |
| DHT Sophie**           |   | 2003        |   | Aframax           |   | Oct. 2005            |   | 68,511               |   | 22,900                           |   | 26,000                                                 |
| DHT Target             |   | 2001        |   | Suezmax           |   | Dec. 2007            |   | 92,700               |   | 29,600                           |   | 29,500                                                 |
| Samco Amazon***        |   | 2011        |   | VLCC              |   | Sept. 2014           |   | 90,540               |   | 84,400                           |   | 84,000                                                 |
| Samco China***         |   | 2007        |   | VLCC              |   | Sept. 2014           |   | 67,700               |   | 61,800                           |   | 65,000                                                 |
| Samco Europe           |   | 2007        |   | VLCC              |   | Sept. 2014      |   | 67,700               |   | 61,600                           |   | 65,000                                                 |
| Samco Redwood***       |   | 2011        |   | VLCC              |   | Sept. 2014           |   | 90,540               |   | 85,100                           |   | 84,000                                                 |
| Samco Scandinavia      |   | 2006        |   | VLCC              |   | Sept. 2014           |   | 62,950               |   | 57,000                           |   | 60,000                                                 |
| Samco Sundarbans***    |   | 2012        |   | VLCC              |   | Sept. 2014           |   | 95,300               |   | 89,200                           |   | 88,500                                                 |
| Samco Taiga***         |   | 2012        |   | VLCC              |   | Sept. 2014           |   | 95,300               |   | 89,000                           |   | 88,500                                                 |

| *   | Estimated charter free fair market value is provided for informational purposes only. These estimates are based solely on third-party broker valuations as of the reporting date and may not represent the price we would receive upon sale of the vessel. In connection with the vessels’ increasing age and market development, a decline in vessel values could take place in 2016. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **  | Purchase price is pro rata share of en bloc purchase price paid for vessels in connection with our initial public offering (“IPO”) in October 2005.                                                                                                                                                                                                                              |
| *** | Carrying value does not include value of time charter contracts.                                                                                                                                                                                                                                                                                                                             |

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| Operating period      |   | Total Payment |                    | Per common share** |   |   | Per preferred share** |   |   | Record date |   | Payment date |
|-----------------------|--------|---------------|-------------------------|--------------------|--------|--------|-----------------------|--------|--------|-------------|--------|--------------|
| Jan. 1-March 31, 2013 |   | $        | 0.3 million             |               | $      | 0.02   |                  |   |   | 0.25*       |   |         | May 14, 2013 |   | May 23, 2013 |
| April 1-June 30, 2013 |   | $        | 0.3 million             |               | $      | 0.02   |                  |   |   | —     |   |         | Aug. 14, 2013 |   | Aug. 28, 2013 |
| July 1-Sept. 30, 2013 |   | $        | 0.3 million             |               | $      | 0.02   |                  |   |   | —     |   |         | Nov. 13, 2013 |   | Nov. 21, 2013 |
| Oct. 1-Dec. 31, 2013  |   | $        | 1.4 million             |               | $      | 0.02   |                  |   |   | —     |   |         | Feb. 6, 2014 |   | Feb. 13, 2014 |
| Jan. 1-March 31, 2014 |   | $        | 1.4 million             |               | $      | 0.02   |                  |   |   | —     |   |         | May 14, 2014 |   | May 22, 2014 |
| April 1-June 30, 2014 |   | $        | 1.4 million             |               | $      | 0.02   |                  |   |   | —     |   |         | Sept. 9, 2014 |   | Sept. 17, 2014 |
| July 1-Sept. 30, 2014 |   | $        | 1.9 million             |               | $      | 0.02   |                  |   |   | —     |   |         | Nov. 20, 2014 |   | Nov. 26, 2014 |
| Oct. 1-Dec. 31, 2014  |   | $        |   4.6 million |               | $      | 0.05   |                  |   |   | —     |   |         | Feb. 10, 2015 |   | Feb. 19, 2015 |
| Jan. 1-March 31, 2015 |   | $        | 13.9 million            |               | $      | 0.15   |                  |   |   | —     |   |         | May 13, 2015 |   | May 22, 2015 |
| April 1-June 30, 2015 |   | $        | 13.9 million            |               | $      | 0.15   |                  |   |   | —     |   |         | Aug. 12, 2015 |   | Aug. 20, 2015 |
| July 1-Sept. 30, 2015 |   | $        | 16.7 million            |               | $      | 0.18   |                  |   |   | —     |   |         | Nov. 17, 2015 |   | Nov. 25, 2015 |
| Oct. 1-Dec. 31, 2015  |   | $        | 19.7 million            |               | $      | 0.21   |                  |   |   | —     |   |         | Feb. 16, 2016 |   | Feb. 24, 2016 |
| *  | Relates to Series A Participating Preferred Stock.                                                                                                                                                             |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ** | All per share amounts assume the mandatory exchange of all of the previously issued and outstanding shares of Series A Participating Preferred Stock into common stock that became effective on June 30, 2013. |

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|                         |   | 2016 |    |   | 2017   |   |    | 2018   |   |   | 2019    |   |   | 2020 |    |   | Thereafter |   |    | Total  |
|------------------------------|--------|------|---------|--------|--------|--------|---------|--------|--------|--------|---------|--------|--------|------|---------|--------|------------|--------|---------|--------|
| Long-term debt (1)           |   | $    | 60,258  |   |   | $      | 137,207 |   |   | $      | 53,181  |   |   | $    | 423,845 |   |       | $      | 83,253  |   |   | $ | 14,305 |   |   | $ | 772,050 |
| Vessels to be constructed(2) |   | $    | 266,183 |   |   | $      | — |   |   | $      | — |   |   | $    | — |   |       | $      | — |   |   | $ | — |   |   | $ | 266,183 |
| Total                        |   | $    | 326,441 |   |   | $      | 137,207 |   |   | $      | 53,181  |   |   | $    | 423,845 |   |       | $      | 83,253  |   |   | $ | 14,305 |   |   | $ | 1,038,233 |
| (1)    | Amounts shown include contractual installment and interest obligations on $80.5 million of debt outstanding under the RBS Credit Facility, $42.0 million under the DHT Falcon and DHT Hawk Credit Facility, $281.6 million under the Nordea Credit Facility, $36.5 million under the New Credit Agricole Credit Facility, $49.4 million under the Danish Ship Finance Credit Facility, $50.0 million under the Nordea/DNB Credit Facility and $150.0 million under the convertible senior notes. The interest obligations have been determined using a LIBOR of 0.61% per annum plus margin. The interest rate on $80.5 million is LIBOR + 1.75%, the interest on $42.0 million is LIBOR + 2.50%, the interest on $281.6 million is LIBOR + 2.50%, the interest on $36.5 million is LIBOR + 2.19%, the interest on $49.4 million is LIBOR + 2.25%, the interest on $50 million is LIBOR + 2.25%, and the interest on $150.0 million is 4.50%. Also, the six floating-to-fixed interest rate swaps with a notional amount totaling $184.8 million pursuant to which we pay a fixed rate ranging from 2.43% to 3.57% plus the applicable margin and receive a floating rate based on LIBOR have been included. The interest on the balance outstanding is generally payable quarterly and in some cases semiannually. With regards to the RBS Credit Facility DHT Maritime will, beginning in the second quarter of 2016 until the expected maturity of the loan in July 2017, apply the aggregate quarterly free cash flow of DHT Maritime and its subsidiaries in the prior quarter towards prepayment of the loan with free cash flow defined as shipping revenues less ship operating and voyage expenses for such quarter, the estimated capital expenses for the next two fiscal quarters, general and administrative expenses for such quarter, interest charges for such quarter and changes in working capital for such quarter, up to an aggregate amount of $7.5 million for each such quarter. The above table does not include an estimate for any such amounts. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| (2)    | These are estimates only and are subject to change as construction progresses.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |

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| ITEM 6. | DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES |
|---------|--------------------------------------------|
|   | A. | DIRECTORS AND SENIOR MANAGEMENT |
|--------|----|---------------------------------|
| Name                   |   | Age |   | Position                        |
|------------------------|--------|-----|--------|---------------------------------|
| Erik A. Lind           |   | 61  |   | Class III Director and Chairman |
| Einar Michael Steimler |   | 68  |   | Class II Director               |
| Robert N. Cowen        |   | 68  |   | Class I Director                |
| Joseph H. Pyne         |   | 68  |   | Class II Director               |
| Svein Moxnes Harfjeld  |   | 51  |   | Co-Chief Executive Officer      |
| Trygve P. Munthe       |   | 54  |   | Co-Chief Executive Officer      |
| Eirik Ubøe        |   | 55  |   | Chief Financial Officer         |

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|   | B. | COMPENSATION |
|--------|----|--------------|

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|   | ● | all options outstanding as of the date the change of control is determined to have occurred will become fully exercisable and vested, as of immediately prior to the change of control;                                                     |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                                                                                                                        |
|   | ● | all outstanding restricted shares that are still subject to restrictions on forfeiture will become fully vested and all restrictions and forfeiture provisions related thereto will lapse as of immediately prior to the change in control; |
|   |    |                                                                                                                                                                                                                                        |
|   | ● | all cash incentive awards will be paid out as if the date of the change of control were the last day of the applicable performance period and “target” performance levels had been attained; and                                |
|   |    |                                                                                                                                                                                                                                        |
|   | ● | all other outstanding awards will automatically be deemed exercisable or vested and all restrictions and forfeiture provisions related thereto will lapse as of immediately prior to such change of control.                                |
|   | ● | the consummation of a merger, reorganization or consolidation or sale or other disposition of all or substantially all of our assets;                                                                                                                                              |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                                                                                                                                                               |
|   | ● | the approval by our stockholders of a plan of our complete liquidation or dissolution; or                                                                                                                                                                                          |
|   |    |                                                                                                                                                                                                                                                                               |
|   | ● | an acquisition by any individual, entity or group of beneficial ownership of 50% or more of either the then outstanding shares of our common stock or the combined voting power of our then outstanding voting securities entitled to vote generally in the election of directors. |

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|   | C. | BOARD PRACTICES |
|--------|----|-----------------|

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|   | D. | EMPLOYEES |
|--------|----|-----------|
|   | E. | SHARE OWNERSHIP |
|--------|----|-----------------|
| ITEM 7. | MAJOR STOCKHOLDERS AND RELATED PARTY TRANSACTIONS |
|---------|---------------------------------------------------|
|   | A. | MAJOR STOCKHOLDERS |
|--------|----|--------------------|
| Persons owning more than 5% of a class of our equity securities |   | Number of Shares of Common Stock (1) |   | Percentage of Shares of Common Stock (2) |
|-----------------------------------------------------------------|--------|-------------------------------------------|--------|-----------------------------------------------|
| Stephen Feinberg (3)                                            |   | 10,771,144                                |   | 10.9%                                         |
| Solus Alternative Asset Management LP (4)                       |   | 7,841,684                                 |   | 8.1%                                          |
| Dimensional Fund Advisors LP (5)                                |   | 6,229,244                                 |   | 6.6%                                          |
| LSV Asset Management (6)                                        |   | 5,905,497                                 |   | 6.3%                                          |
| Blackrock, Inc. (7)                                             |   | 5,107,358                                 |   | 5.4%                                          |
| Directors                                                       |   |                                      |   |                                          |
| Erik A. Lind (8)                                                |   | 149,201                                   |   | *                                             |
| Einar Michael Steimler (8)                                      |   | 145,713                                   |   | *                                             |
| Robert Cowen (8)                                                |   | 156,579                                   |   | *                                             |
| Joseph H. Pyne (9)                                              |   | 40,000                                    |   | *                                             |
| Executive Officers                                              |   |                                      |   |                                          |
| Svein Moxnes Harfjeld (10)                                      |   | 946,892                                   |   | 1.0%                                          |
| Trygve P. Munthe (10)                                           |   | 972,629                                   |   | 1.0%                                          |
| Eirik Ubøe (11)                                            |   | 256,886                                   |   | *                                             |
| Directors and executive officers as a group (7 persons) (12)    |   | 2,667,900                                 |   | 2.8%                                          |
| *   | Less than 1%                                                                                                                                                                                                                                                                                                                                                            |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Assumes conversion of all of the holder’s convertible senior notes at a conversion price of $7.2811 per share of common stock. The conversion price of the convertible senior notes is subject to adjustments. As a result, the number of shares of common stock issuable upon conversion of the convertible senior notes may increase or decrease in the future. |

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| (2)  | Calculated based on Rule 13d-3(d)(1) under the Exchange Act, using 93,725,892 shares of common stock issued and outstanding on March 16, 2016.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3)  | Based upon a Schedule 13G/A filed with the SEC on January 20, 2016 by Stephen Feinberg, who possesses the sole power to vote or direct the vote and the sole power to dispose or direct the disposition of all securities of DHT Holdings, Inc. beneficially owned by each of Cerberus Institutional Partners V, L.P., Cerberus International II Master Fund, L.P., Cerberus Partners II, L.P., Cerberus CP Partners, L.P., Cerberus HH Partners, L.P, Cerberus MG Fund, L.P., Cerberus PEM NPL Fund, L.P., Cerberus PW Partners, L.P., Cerberus SMRS Partners, L.P. and Cerberus Institutional Partners VI, L.P.  The total number of shares beneficially owned includes 5,521,144 shares of common stock issuable upon conversion of Stephen Feinberg’s holding of convertible senior notes.                                      |
| (4)  | Based upon a Schedule 13G/A filed with the SEC on February 12, 2016 by Solus Alternative Asset Management LP (“Solus”) on behalf of itself and certain reporting persons. The total number of shares beneficially owned includes 2,746,838 shares of common stock issuable upon conversion of Solus’s holding of convertible senior notes.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| (5)  | Based upon a Schedule 13G filed with the SEC on February 9, 2016 by Dimensional Fund Advisors LP (“Dimensional”), who, as investment manager, possesses the power to direct investments or power to vote shares owned by various investment companies, commingled group trusts and separate accounts.  For purposes of the reporting requirements of the Exchange Act, Dimensional is deemed to be a beneficial owner of such shares; however, Dimensional expressly disclaims that it is, in fact, the beneficial owner of such shares.  Dimensional possesses the sole power to vote or direct the vote of 6,012,183 shares of DHT Holdings, Inc. and the sole power to dispose or to direct the disposition of 6,229,244 shares of DHT Holdings, Inc.  All shares beneficially owned are shares of common stock. |
| (6)  | Based upon a Schedule 13G filed with the SEC on February 12, 2016 by LSV Asset Management, who, as an investment advisor, possesses the sole power to direct the disposition of all shares of DHT Holdings, Inc. beneficially owned by LSV Asset Management and the sole power to vote 3,547,107 shares of DHT Holdings, Inc.  All shares beneficially owned are shares of common stock.                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| (7)  | Based upon a Schedule 13G filed with the SEC on January 26, 2016 by Blackrock, Inc. (as parent or control person to five subsidiaries who have acquired shares of our common stock), possesses the sole power to direct the disposition of all shares of DHT Holdings, Inc. beneficially owned by Blackrock, Inc. and the sole power to vote or to direct the vote of 4,789,534 shares of DHT Holdings, Inc.  All shares beneficially owned are shares of common stock.                                                                                                                                                                                                                                                                                                                                                                   |
| (8)  | Includes 67,497 shares of restricted stock subject to vesting conditions.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| (9)  | Includes 26,666 shares of restricted stock subject to vesting conditions.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| (10) | Does not include 62,500 options with an exercise price of $7.75 per share and expiring on June 13, 2018 and 62,500 options with an exercise price of $10.70 per share and expiring on June 13, 2018. Includes 443,332 shares of restricted stock subject to vesting conditions.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| (11) | Does not include 5,000 options with an exercise price of $7.75 per share and expiring on June 13, 2018 and 5,000 options with an exercise price of $10.70 per share and expiring on June 13, 2018. Includes 111,665 shares of restricted stock subject to vesting conditions.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| (12) | Includes 1,227,487 shares of restricted stock subject to vesting conditions.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   | B. | RELATED PARTY TRANSACTIONS |
|--------|----|----------------------------|

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|   | C. | INTEREST OF EXPERTS AND COUNSEL |
|--------|----|---------------------------------|
| ITEM 8. | FINANCIAL INFORMATION |
|---------|-----------------------|
|   | A. | CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION |
|--------|----|---------------------------------------------------------|
| 1.     | AUDITED CONSOLIDATED FINANCIAL STATEMENTS                                                           |
|--------|-----------------------------------------------------------------------------------------------------|
|   | See Item 18.                                                                                        |
|   |                                                                                                |
| 2.     | THREE YEARS COMPARATIVE FINANCIAL STATEMENTS                                                        |
|   | See Item 18.                                                                                        |
|   |                                                                                                |
| 3.     | AUDIT REPORTS                                                                                       |
|   | See Report of Independent Registered Public Accounting Firm on pages F-2 and F-3.                   |
|   |                                                                                                |
| 4.     | LATEST AUDITED FINANCIAL STATEMENTS MAY BE NO OLDER THAN 15 MONTHS                                  |
|   | We have complied with this requirement.                                                             |
|   |                                                                                                |
| 5.     | INTERIM FINANCIAL STATEMENTS IF DOCUMENT IS MORE THAN NINE MONTHS SINCE LAST AUDITED FINANCIAL YEAR |
|   | Not applicable.                                                                                     |
|   |                                                                                                |
| 6.     | EXPORT SALES IF SIGNIFICANT                                                                         |
|   | See Item 18.                                                                                        |
|   |                                                                                                |
| 7.     | LEGAL PROCEEDINGS                                                                                   |

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| 8. | DIVIDENDS |
|----|-----------|
|   | B. | SIGNIFICANT CHANGES |
|--------|----|---------------------|

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| ITEM 9. | THE OFFER AND LISTING |
|---------|-----------------------|
|   | A. | OFFER AND LISTING DETAILS |
|--------|----|---------------------------|
| 1.     | EXPECTED PRICE                     |
|--------|------------------------------------|
|   | Not applicable.                    |
|   |                               |
| 2.     | METHOD TO DETERMINE EXPECTED PRICE |
|   | Not applicable.                    |
|   |                               |
| 3.     | PRE-EMPTIVE EXERCISE RIGHTS        |
|   | Not applicable.                    |
|   |                               |
| 4.     | STOCK PRICE HISTORY                |
|               | High   |   | Low    |
|--------------------|--------|--------|--------|
| Year ended:        |   |   |   |
|               |   |   |   |
| December 31, 2011* | 62.28  |   | 7.92   |
| December 31, 2012* | 18.36  |   | 3.54   |
| December 31, 2013  | 6.95   |   | 3.99   |
| December 31, 2014  | 8.57   |   | 5.20   |
| December 31, 2015  | 9.31   |   | 6.05   |
|               |   |   |   |
| Quarter ended:     |   |   |   |
| March 31, 2014     | 8.57   |   | 6.60   |
| June 30, 2014      | 8.10   |   | 6.73   |
| September 30, 2014 | 7.44   |   | 6.01   |
| December 31, 2014  | 7.44   |   | 5.20   |
| March 31, 2015     | 9.31   |   | 6.38   |
| June 30, 2015      | 8.56   |   | 6.88   |
| September 30, 2015 | 8.99   |   | 6.05   |
| December 31, 2015  | 8.52   |   | 7.01   |
| March 31, 2016 (1) | 8.06   |   | 4.88   |
|               |   |   |   |
| Month ended:       |   |   |   |
| August 31, 2015    | 8.01   |   | 6.05   |
| September 30, 2015 | 8.19   |   | 6.93   |
| October 31, 2015   | 8.52   |   | 7.46   |
| November 30, 2015  | 8.13   |   | 7.01   |
| December 31, 2015  | 8.24   |   | 7.50   |
| January 31, 2016   | 8.06   |   | 5.15   |
| February 29, 2016  | 6.07   |   | 4.88   |
| March 31, 2016 (2) | 6.43   |   | 5.55   |

| *   | Share prices adjusted to account for 12-for-1 reverse stock split that became effective after the close of trading on July 16, 2012. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------|
| (1) | For the period of January 1, 2016 through March 10, 2016.                                                                            |
| (2) | For the period of March 1, 2016 through March 10, 2016.                                                                              |

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| 5.     | TYPE AND CLASS OF SECURITIES         |
|--------|--------------------------------------|
|   | Not applicable.                      |
|   |                                 |
| 6.     | LIMITATIONS OF SECURITIES            |
|   | Not applicable.                      |
|   |                                 |
| 7.     | RIGHTS CONVEYED BY SECURITIES ISSUED |
|   | Not applicable.                      |
|   | B. | PLAN OF DISTRIBUTION |
|--------|----|----------------------|
|   | C. | MARKETS FOR STOCK |
|--------|----|-------------------|
|   | D. | SELLING SHAREHOLDERS |
|--------|----|----------------------|
|   | E. | DILUTION FROM OFFERING |
|--------|----|------------------------|
|   | F. | EXPENSES OF OFFERING |
|--------|----|----------------------|
| ITEM 10. | ADDITIONAL INFORMATION |
|----------|------------------------|
|   | A. | SHARE CAPITAL |
|--------|----|---------------|
|   | B. | MEMORANDUM AND ARTICLES OF ASSOCIATION |
|--------|----|----------------------------------------|

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|   | ● | the designation of the series;                                                                                                                               |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                                         |
|   | ● | the number of shares of the series;                                                                                                                          |
|   |    |                                                                                                                                                         |
|   | ● | the preferences and relative, participating, option or other special rights, if any, and any qualifications, limitations or restrictions of such series; and |
|   |    |                                                                                                                                                         |
|   | ● | the voting rights, if any, of the holders of the series.                                                                                                     |

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| Marshall Islands | Delaware |
|------------------|----------|
| Held at a time and place as designated in the bylaws                                                                                                                                                                                         |   | May be held at such time or place as designated in the certificate of incorporation or the bylaws, or if not so designated, as determined by the board of directors                                                    |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                         |   |                                                                                                                                                                                                                   |
| May be held in or outside of the Marshall Islands                                                                                                                                                                                            |   | May be held in or outside of Delaware                                                                                                                                                                                  |
|                                                                                                                                                                                                                                         |   |                                                                                                                                                                                                                   |
| Notice:                                                                                                                                                                                                                                      |   | Notice:                                                                                                                                                                                                                |
|                                                                                                                                                                                                                                         |   |                                                                                                                                                                                                                   |
| –> Whenever stockholders are required to take action at a meeting, written notice shall state the place, date and hour of the meeting and indicate that it is being issued by or at the direction of the person calling the meeting |   | –> Whenever stockholders are required to take action at a meeting, a written notice of the meeting shall state the place, if any, date and hour of the meeting, and the means of remote communication, if any |
|                                                                                                                                                                                                                                         |   |                                                                                                                                                                                                                   |
| –> A copy of the notice of any meeting shall be given personally or sent by mail not less than 15 nor more than 60 days before meeting                                                                                              |   | –> Written notice shall be given not less than 10 nor more than 60 days before the meeting                                                                                                                    |

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| Any action required to be taken by a meeting of stockholders may be taken without a meeting if consent is in writing and is signed by all the stockholders entitled to vote                                                  |   | Stockholders may act by written consent to elect directors by all the stockholders entitled to vote                                                                                                                                                                                                                          |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                         |   |                                                                                                                                                                                                                                                                                                                         |
| Any person authorized to vote may authorize another person or persons to act for him by proxy                                                                                                                                |   | Any person authorized to vote may authorize another person to act for him by proxy                                                                                                                                                                                                                                           |
|                                                                                                                                                                                                                         |   |                                                                                                                                                                                                                                                                                                                         |
| Unless otherwise provided in the articles of incorporation, majority of shares entitled to vote constitutes a quorum. In no event shall a quorum consist of fewer than one third of the shares entitled to vote at a meeting |   | For non-stock companies, a certificate of incorporation or bylaws may specify the number of members to constitute a quorum.                                                                                                                                                                                                  |
|                                                                                                                                                                                                                         |   |                                                                                                                                                                                                                                                                                                                         |
| No provision for cumulative voting                                                                                                                                                                                           |   | For stock corporations, a certificate of incorporation or bylaws may specify the number to constitute a quorum but in no event shall a quorum consist of less than one-third of shares entitled to vote at a meeting. In the absence of such specifications, a majority of shares entitled to vote shall constitute a quorum |
|                                                                                                                                                                                                                         |   |                                                                                                                                                                                                                                                                                                                         |
|                                                                                                                                                                                                                         |   | The certificate of incorporation may provide for cumulative voting                                                                                                                                                                                                                                                           |
| The board of directors must consist of at least one member                                                                                          |   | The board of directors must consist of at least one member                                                                                                                                                                             |
|-----------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                |   |                                                                                                                                                                                                                                   |
| Number of members can be changed by an amendment to the bylaws, by the stockholders, or by action of the board                                      |   | Number of board members shall be fixed by the bylaws, unless the certificate of incorporation fixes the number of directors, in which case a change in the number shall be made only by amendment of the certificate of incorporation. |
|                                                                                                                                                |   |                                                                                                                                                                                                                                   |
| If the board of directors is authorized to change the number of directors, it can only do so by an absolute majority (majority of the entire board) |   |                                                                                                                                                                                                                                   |
| Stockholders have a right to dissent from a merger or sale of all or substantially all assets not made in the usual course of business, and receive payment of the fair value of their shares                           |   | Appraisal rights shall be available for the shares of any class or series of stock of a corporation in a merger or consolidation |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                    |   |                                                                                                                             |
| A holder of any adversely affected shares who does not vote on or consent in writing to an amendment to the articles of incorporation has the right to dissent and to receive payment for such shares if the amendment: |   |                                                                                                                             |

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| Marshall Islands | Delaware |
|------------------|----------|
| –> Alters or abolishes any preferential right of any outstanding shares having preference; or                                                                                                         |   |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|
|                                                                                                                                                                                                           |   |   |
| –> Creates, alters, or abolishes any provision or right in respect to the redemption of any outstanding shares; or                                                                                    |   |   |
|                                                                                                                                                                                                           |   |   |
| –> Alters or abolishes any preemptive right of such holder to acquire shares or other securities; or                                                                                                  |   |   |
|                                                                                                                                                                                                           |   |   |
| –> Excludes or limits the right of such holder to vote on any matter, except as such right may be limited by the voting rights given to new shares then being authorized of any existing or new class |   |   |
| An action may be brought in the right of a corporation to procure a judgment in its favor, by a holder of shares or of voting trust certificates or of a beneficial interest in such shares or certificates. It shall be made to appear that the plaintiff is such a holder at the time of bringing the action and that he was such a holder at the time of the transaction of which he complains, or that his shares or his interest therein devolved upon him by operation of law |   | In any derivative suit instituted by a stockholder or a corporation, it shall be averred in the complaint that the plaintiff was a stockholder of the corporation at the time of the transaction of which he complains or that such stockholder’s stock thereafter devolved upon such stockholder by operation of law |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                                                                                                                                                                                                                                                                                                        |
| Complaint shall set forth with particularity the efforts of the plaintiff to secure the initiation of such action by the board or the reasons for not making such effort                                                                                                                                                                                                                                                                                                            |   |                                                                                                                                                                                                                                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                                                                                                                                                                                                                                                                                                        |
| Such action shall not be discontinued, compromised or settled without the approval of the High Court of the Republic                                                                                                                                                                                                                                                                                                                                                                |   |                                                                                                                                                                                                                                                                                                                        |
| Attorney’s fees may be awarded if the action is successfulCorporation may require a plaintiff bringing a derivative suit to give security for  reasonable expenses if the plaintiff owns less than 5% of any class of stock and the shares have a value of less than $50,000 |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|   | C. | MATERIAL CONTRACTS |
|--------|----|--------------------|

|   | D. | EXCHANGE CONTROLS |
|--------|----|-------------------|

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|   | E. | TAXATION |
|--------|----|----------|

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| 1.     | we are organized in a foreign country (the “country of organization”) that grants an “equivalent exemption” to corporations organized in the United States; and |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                    |
| 2.     | either:                                                                                                                                                                                 |
|   | (A) more than 50% of the value of our stock is owned, directly or indirectly, by individuals who are “residents” of our country of organization or of another foreign country that grants an “equivalent exemption” to corporations organized in the United States, referred to as the “50% Ownership Test,” or |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                |
|   | (B) our stock is “primarily and regularly traded on an established securities market” in our country of organization, in another country that grants an “equivalent exemption” to U.S. corporations or in the United States, referred to as the “Publicly-Traded Test.”                                         |
|   | (i)    | our common stock represents more than 50% of the total combined voting power of all classes of our stock entitled to vote and of the total value of all of our outstanding stock, referred to as the “trading threshold test”;                                                                               |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                     |
|   | (ii)   | our common stock is traded on the market, other than in minimal quantities, on at least 60 days during the taxable year or 1/6 of the days in a short taxable year, referred to as the “trading frequency test”; and                                                                                         |
|   |   |                                                                                                                                                                                                                                                                                                                     |
|   | (iii)  | the aggregate number of shares of our common stock traded on such market during the taxable year is at least 10% of the average number of shares of our common stock outstanding during such year (as appropriately adjusted in the case of a short taxable year), referred to as the “trading volume test.” |

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|   | ● | we had, or were considered to have, a fixed place of business in the United States involved in the earning of U.S. source gross transportation income, and                                                                                                                                                            |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                                                                                                                                                                                                  |
|   | ● | substantially all of our U.S. source gross transportation income was attributable to regularly scheduled transportation, such as the operation of a vessel that followed a published schedule with repeated sailings at regular intervals between the same points for voyages that begin or end in the United States. |

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|   | ● | is an individual who is a U.S. citizen or resident, a U.S. corporation, an estate the income of which is subject to U.S. federal income taxation regardless of its source, or a trust if a court within the United States is able to exercise primary jurisdiction over the administration of the trust and one or more U.S. persons have the authority to control all substantial decisions of the trust or if the trust has validly elected to be treated as a U.S. trust, |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   | ● | owns our convertible senior notes or our common stock as a capital asset, and                                                                                                                                                                                                                                                                                                                                                                                                |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   | ● | owns actually and constructively less than 10% of our common stock by vote and value.                                                                                                                                                                                                                                                                                                                                                                                        |

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|   | ● | at least 75% of our gross income for such taxable year consists of “passive income” (e.g., dividends, interest, capital gains and rents derived other than in the active conduct of a rental business), or |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                                                                                                   |
|   | ● | at least 50% of the average value of our assets during such taxable year consists of “passive assets” (i.e., assets that produce, or are held for the production of, passive income).                      |

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|   | ● | the excess distribution or gain would be allocated ratably over the Non-Electing Holder’s aggregate holding period for the common stock,                                                                                                                                                                                   |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                                                                                                                                                                                                             |
|   | ● | the amount allocated to the current taxable year and any taxable year prior to the first taxable year in which we were a PFIC during the Non-Electing Holder’s holding period would be taxed as ordinary income, and                                                                                                       |
|   |    |                                                                                                                                                                                                                                                                                                                             |
|   | ● | the amount allocated to each of the other taxable years would be subject to tax at the highest rate of tax in effect for the applicable class of taxpayer for that year, and an interest charge for the deemed deferral benefit would be imposed with respect to the resulting tax attributable to each such other taxable year. |
|   | ● | the gain is effectively connected with the Non-U.S. Holder’s conduct of a trade or business in the United States (and, if the Non-U.S. Holder is entitled to the benefits of an applicable U.S. income tax treaty with respect to that gain, that gain is attributable to a permanent establishment maintained by the Non-U.S. Holder in the United States); or |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | ● | the Non-U.S. Holder is an individual who is present in the United States for 183 days or more during the taxable year of disposition and other conditions are met. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | ● | fail to provide an accurate taxpayer identification number;                                                                                       |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                              |
|   | ● | are notified by the IRS that you have failed to report all interest or dividends required to be shown on your U.S. federal income tax returns; or |
|   |    |                                                                                                                                              |
|   | ● | in certain circumstances, fail to comply with applicable certification requirements.                                                              |

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|   | F. | DIVIDENDS AND PAYING AGENTS |
|--------|----|-----------------------------|
|   | G. | STATEMENT OF EXPERTS |
|--------|----|----------------------|
|   | H. | DOCUMENTS ON DISPLAY |
|--------|----|----------------------|
|   | I. | SUBSIDIARY INFORMATION |
|--------|----|------------------------|
| ITEM 11. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
|----------|------------------------------------------------------------|
| ITEM 12. | DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES |
|----------|--------------------------------------------------------|

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| ITEM 13. | DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES |
|----------|-------------------------------------------------|
| ITEM 14. | MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS |
|----------|------------------------------------------------------------------------------|
| ITEM 15. | CONTROLS AND PROCEDURES |
|----------|-------------------------|
|   | A. | DISCLOSURE CONTROLS AND PROCEDURES |
|--------|----|------------------------------------|
|   | B. | MANAGEMENT’S ANNUAL REPORT ON INTERNAL CONTROL OVER REPORTING |
|--------|----|---------------------------------------------------------------------|
|   | C. | ATTESTATION REPORT OF THE REGISTERED PUBLIC ACCOUNTING FIRM |
|--------|----|-------------------------------------------------------------|

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|   | D. | CHANGES IN INTERNAL CONTROL OVER REPORTING |
|--------|----|--------------------------------------------|
| ITEM 16. | [RESERVED] |
|----------|------------|
| ITEM 16A. | AUDIT COMMITTEE FINANCIAL EXPERT |
|-----------|----------------------------------|
| ITEM 16B. | CODE OF ETHICS |
|-----------|----------------|
| ITEM 16C. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
|-----------|----------------------------------------|
| Fees                   |   | 2015   |    |   | 2014   |   |
|------------------------|--------|--------|---------|--------|--------|--------|
| Audit Fees (1)         |   | $      | 555,393 |   |   | $      | 288,607 |   |
| Audit-Related Fees (2) |   |   | 56,900  |   |   |   | 424,627 |   |
| Tax Fees               |   |   | — |   |   |   | — |   |
| All Other Fees         |   |   | — |   |   |   | — |   |
| Total                  |   | $      | 612,293 |   |   | $      | 713,234 |   |
| (1)    | Audit fees for 2015 and 2014 represent fees for professional services provided in connection with the audit of our consolidated financial statements as of and for the periods ended December 31, 2015 and 2014, respectively.                                                                                                                                               |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                         |
| (2)    | Audit-related fees for 2015 consisted of $37,341 in respect of quarterly limited reviews and $19,559 related to other services. Audit-related fees for 2014 consisted of $70,690 in respect of quarterly limited reviews and $353,937 in respect of services rendered for preparation of registration statements, comfort letter, out-of-pocket expenses and other services. |
| ITEM 16D. | EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES |
|-----------|------------------------------------------------------------|
| ITEM 16E. | PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS |
|-----------|------------------------------------------------------------------------|
| ITEM 16F. | CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT |
|-----------|----------------------------------------------------|

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| ITEM 16G. | CORPORATE GOVERNANCE |
|-----------|----------------------|
| ITEM 16H. | MINE SAFETY DISCLOSURE |
|-----------|------------------------|

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| ITEM 17. | FINANCIAL STATEMENTS |
|----------|----------------------|
| ITEM 18. | FINANCIAL STATEMENTS |
|----------|----------------------|
| DHT Holdings, Inc. Consolidated Financial Statements                                                                  | Page   |
|-----------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                  |   |
| Report of Independent Registered Public Accounting Firm Deloitte AS                                                   | F-2    |
|                                                                                                                  |   |
| Consolidated Statement of Financial Position as of December 31, 2015 and 2014                                         | F-3    |
|                                                                                                                  |   |
| Consolidated Income Statement for the years ended December 31, 2015, 2014 and 2013                                    | F-4    |
|                                                                                                                  |   |
| Consolidated Statements of Changes in Stockholders’ Equity for the years ended December 31, 2015, 2014 and 2013 | F-5    |
|                                                                                                                  |   |
| Consolidated Statements of Cash Flow for the years ended December 31, 2015, 2014 and 2013                             | F-6    |
|                                                                                                                  |   |
| Notes to Consolidated Financial Statements                                                                            | F-7    |
| ITEM 19. | EXHIBITS |
|----------|----------|
|   | 1.1    |   | Amended and Restated Articles of Incorporation of DHT Holdings, Inc. (incorporated by reference to Exhibit 1.1 of the Annual Report on Form 20-F of DHT Holdings, Inc. for the year ended December 31, 2014, Commission File Number 001-32640).                                                                                                     |
|--------|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |                                                                                                                                                                                                                                                                                                                                                |
|   | 1.2    |   | Amended and Restated Bylaws of DHT Holdings, Inc. (incorporated by reference to Exhibit 1.2 of the Annual Report on Form 20-F of DHT Holdings, Inc. for the year ended December 31, 2014, Commission File Number 001-32640).                                                                                                                        |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                |
|   | 2.1    |   | Form of Common Stock Certificate of DHT Holdings, Inc. (incorporated by reference to Exhibit 2.1 of the Annual Report on Form 20-F of DHT Holdings, Inc. for the year ended December 31, 2014, Commission File Number 001-32640).                                                                                                              |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                |
|   | 4.1.1  |   | The Royal Bank of Scotland plc Amended and Restated Credit Agreement (DHT Ann, DHT Cathy, DHT Chris, DHT Regal, DHT Sophie, DHT Target, DHT Trader) (incorporated by reference to Exhibit 4.1.5 of the Annual Report on Form 20-F of DHT Holdings, Inc. for the year ended December 31, 2014, Commission File Number 001-32640).                    |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                |
|   | 4.1.2  |   | DNB Bank ASA Credit Agreement (DHT Falcon, DHT Hawk) (incorporated by reference to Exhibit 4.1.6 of the Annual Report on Form 20-F of DHT Holdings, Inc. for the year ended December 31, 2014, Commission File Number 001-32640).                                                                                                                   |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                |
|   | 4.1.3  |   | Danish Ship Finance A/S Credit Agreement (Hull No. 2781) (incorporated by reference to Exhibit 4.1.7 of the Annual Report on Form 20-F of DHT Holdings, Inc. for the year ended December 31, 2014, Commission File Number 001-32640).                                                                                                               |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                |
|   | 4.1.4  |   | DVB Bank SE, Nordea Bank Norge ASA, ABN AMRO Bank N.V. Credit Agreement (Hull No. 2748, Hull No. 2749, Hull No. 2750) (incorporated by reference to Exhibit 4.1.8 of the Annual Report on Form 20-F of DHT Holdings, Inc. for the year ended December 31, 2014, Commission File Number 001-32640).                                             |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                |
|   | 4.1.5  |   | DNB Bank ASA, DVB Bank SE, Nordea Bank Norge ASA Credit Agreement (Samco China, Samco Europe, Samco Amazon, Samco Redwood, Samco Sundarbans, Samco Taiga, DHT Condor) (incorporated by reference to Exhibit 4.1.12 of the Annual Report on Form 20-F of DHT Holdings, Inc. for the year ended December 31, 2014, Commission File Number 001-32640). |

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|   | 4.1.6  |   | Nordea/DNB Credit Facility (DHT Leopard) (incorporated by reference to Exhibit 4.1 of the Current Report on Form 6-K of DHT Holdings, Inc. for the month of November 2015, Commission File Number 001-32640).                                                                                 |
|--------|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |                                                                                                                                                                                                                                                                                          |
|   | 4.1.7  |   | New Credit Agricole Credit Facility (Samco Scandinavia and DHT Tiger) (incorporated by reference to Exhibit 10.1 of the Current Report on Form 6-K of DHT Holdings, Inc. for the month of November 2015, Commission File Number 001-32640).                                                   |
|   |   |   |                                                                                                                                                                                                                                                                                          |
|   | 4.2.1  |   | Base Indenture between DHT Holdings, Inc. and U.S. Bank National Association (incorporated by reference to Exhibit 4.2.1 of the Annual Report on Form 20-F of DHT Holdings, Inc. for the year ended December 31, 2015, Commission File Number 001-32640).                                |
|   |   |   |                                                                                                                                                                                                                                                                                          |
|   | 4.2.2  |   | First Supplemental Indenture to the Base Indenture between DHT Holdings, Inc. and U.S. Bank National Association (incorporated by reference to Exhibit 4.2.2 of the Annual Report on Form 20-F of DHT Holdings, Inc. for the year ended December 31, 2015, Commission File Number 001-32640). |
|   |   |   |                                                                                                                                                                                                                                                                                          |
|   | 4.3    |   | Form of Ship Management Agreement (incorporated by reference to Exhibit 4.3 of the Annual Report on Form 20-F of DHT Holdings, Inc. for the year ended December 31, 2015, Commission File Number 001-32640).                                                                             |
|   |   |   |                                                                                                                                                                                                                                                                                          |
|   | 4.4    |   | Form of Shipbuilding Contract (incorporated by reference to Exhibit 4.4 of the Annual Report on Form 20-F of DHT Holdings, Inc. for the year ended December 31, 2015, Commission File Number 001-32640).                                                                                      |
|   |   |   |                                                                                                                                                                                                                                                                                          |
|   | 4.5    |   | Share Purchase Agreement between the Various Shareholders of Samco Shipholding Pte. Ltd. and DHT Holdings, Inc (incorporated by reference to Exhibit 4.5 of the Annual Report on Form 20-F of DHT Holdings, Inc. for the year ended December 31, 2015, Commission File Number 001-32640).     |
|   |   |   |                                                                                                                                                                                                                                                                                          |
|   | 4.6    |   | Employment Agreement of Eirik Ubøe with Tankers Services AS (former name of DHT Management AS) (incorporated by reference to Exhibit 4.6 of the Annual Report on Form 20-F of DHT Holdings, Inc. for the year ended December 31, 2015, Commission File Number 001-32640).           |
|   |   |   |                                                                                                                                                                                                                                                                                          |
|   | 4.7    |   | Employment Agreement of Svein Moxnes Harfjeld with DHT Management AS (incorporated by reference to Exhibit 4.7 of the Annual Report on Form 20-F of DHT Holdings, Inc. for the year ended December 31, 2015, Commission File Number 001-32640).                                          |
|   |   |   |                                                                                                                                                                                                                                                                                          |
|   | 4.8    |   | Employment Agreement of Trygve P. Munthe with DHT Management AS (incorporated by reference to Exhibit 4.8 of the Annual Report on Form 20-F of DHT Holdings, Inc. for the year ended December 31, 2015, Commission File Number 001-32640).                                                    |
|   |   |   |                                                                                                                                                                                                                                                                                          |
|   | 4.9    |   | Indemnification Agreement of Eirik Ubøe by DHT Holdings, Inc. (incorporated by reference to Exhibit 4.9 of the Annual Report on Form 20-F of DHT Holdings, Inc. for the year ended December 31, 2015, Commission File Number 001-32640).                                                 |
|   |   |   |                                                                                                                                                                                                                                                                                          |
|   | 4.10   |   | 2011 Incentive Compensation Plan (incorporated by reference to Exhibit 4.10 of the Annual Report on Form 20-F of DHT Holdings, Inc. for the year ended December 31, 2015, Commission File Number 001-32640).                                                                                  |
|   |   |   |                                                                                                                                                                                                                                                                                          |
|   | 4.11   |   | 2012 Incentive Compensation Plan (incorporated by reference to Exhibit 4.11 of the Annual Report on Form 20-F of DHT Holdings, Inc. for the year ended December 31, 2015, Commission File Number 001-32640).                                                                                  |
|   |   |   |                                                                                                                                                                                                                                                                                          |
|   | 4.12   |   | First Amendment to 2012 Incentive Compensation Plan (incorporated by reference to Exhibit 4.12 of the Annual Report on Form 20-F of DHT Holdings, Inc. for the year ended December 31, 2015, Commission File Number 001-32640).                                                               |
|   |   |   |                                                                                                                                                                                                                                                                                          |
|   | 4.13   |   | 2014 Incentive Compensation Plan (incorporated by reference to Exhibit 4.13 of the Annual Report on Form 20-F of DHT Holdings, Inc. for the year ended December 31, 2015, Commission File Number 001-32640).                                                                                  |

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|   | 8.1    |   | List of Significant Subsidiaries.                                                                                                                              |
|--------|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |                                                                                                                                                           |
|   | 12.1   |   | Certification of Chief Executive Officer required by Rule 13a-14(a) (17 CFR 240.13a-14(a)) or Rule 15d-14(a) (17 CFR 240.15d-14(b)).                           |
|   |   |   |                                                                                                                                                           |
|   | 12.2   |   | Certification of Chief Financial Officer required by Rule 13a-14(a) (17 CFR 240.13a-14(a)) or Rule 15d-14(a) (17 CFR 240.15d-14(b)).                           |
|   |   |   |                                                                                                                                                           |
|   | 13.1   |   | Certification furnished pursuant to Rule 13a-14(b) (17 CFR 240.13a-14(b)) or Rule 15d-14(b) (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18. |
|   |   |   |                                                                                                                                                           |
|   | 23.1   |   | Consent of Deloitte AS.                                                                                                                                        |

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|                 | DHT HOLDINGS, INC. |                                                                                                                                                        |
|----------------------|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                 |               |                                                                                                                                                        |   |
| Date: March 21, 2016 | By:                | /s/ Svein Moxnes Harfjeld                                                                                                                                   |   |
|                 |               | Name:                                                                                                                                        | Svein Moxnes Harfjeld |   |
|                 |               | Title:                                                                                                                                                      | Co-Chief Executive Officer |   |
|                 |               |                                                                                                                                                        | (Principal Executive Officer) |   |
|                 |               |                                                                                                                                                        |   |
|                 |               |                                                                                                                                                        |   |
| Date: March 21, 2016 | By:                | /s/ Trygve P. Munthe                                                                                                                                        |   |
|                 |               | Name:­­­­­­­­­­­­­­­­­­­­­­    | Trygve P. Munthe |   |
|                 |               | Title:                                                                                                                                                      | Co-Chief Executive Officer |   |
|                 |               |                                                                                                                                                        | (Principal Executive Officer) |   |

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| DHT Holdings, Inc. Consolidated Financial Statements                                                                  | Page   |
|-----------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                  |   |
| Report of Independent Registered Public Accounting Firm Deloitte AS                                                   | F-2    |
|                                                                                                                  |   |
| Consolidated Statements of Financial Position as of December 31, 2015 and 2014                                        | F-4    |
|                                                                                                                  |   |
| Consolidated Income Statements for the years ended December 31, 2015, 2014 and 2013                                   | F-5    |
|                                                                                                                  |   |
| Consolidated Statements of Comprehensive Income for the years ended December 31, 2015, 2014 and 2013                  | F-5    |
|                                                                                                                  |   |
| Consolidated Statements of Changes in Stockholders’ Equity for the years ended December 31, 2015, 2014 and 2013 | F-6    |
|                                                                                                                  |   |
| Consolidated Statements of Cash Flow for the years ended December 31, 2015, 2014 and 2013                             | F-7    |
|                                                                                                                  |   |
| Notes to Consolidated Financial Statements                                                                            | F-8    |

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| (Dollars in thousands)                                                        |   | Note    |   |   | 2015   |    |      | 2014   |   |
|-------------------------------------------------------------------------------|--------|---------|--------|--------|--------|---------|-----------|--------|--------|
|                                                                          |   |         |   |   |        |    |      |        |   |
| ASSETS                                                                        |   | Note    |   |   |        |    |      |        |   |
|                                                                          |   |    |   |   |   |    |      |   |   |
| Current assets                                                                |   |         |   |   |        |    |      |        |   |
| Cash and cash equivalents                                                     |   | 9,10    |   |   | $      | 166,775 |      |   | $      | 166,684 |   |
| Accounts receivable and accrued revenues                                      |   |  9 |   |   |   | 40,093  |      |   |   | 28,708 |   |
| Prepaid expenses                                                              |   |    |   |   |   |    | 2,540     |   |   |   | 972 |   |
| Bunkers, lube oils and consumables                                            |   |    |   |   |   |    | 8,844     |   |   |   | 15,906 |   |
| Total current assets                                                          |   |    |   |   |   | $       | 218,251   |   |   | $ | 212,271 |   |
|                                                                          |   |    |   |   |   |    |      |   |   |   |   |   |
| Non-current assets                                                            |   |    |   |   |   |    |      |   |   |   |   |   |
| Vessels and time charter contracts                                            |   | 7       |   |   |   | 986,597 |      |   |   | 988,168 |   |
| Advances for vessels under construction                                       |   | 7       |   |   |   | 215,401 |      |   |   | 174,496 |   |
| Other property, plant and equipment                                           |   |    |   |   |   |    | 579       |   |   |   | 463 |   |
| Investment in associate company                                               |   | 16      |   |   |   | 2,976   |      |   |   | 2,697 |   |
| Total non-current assets                                                      |   |    |   |   |   | $       | 1,205,553 |   |   | $ | 1,165,825 |   |
|                                                                          |   |    |   |   |   |    |      |   |   |   |   |   |
| Total assets                                                                  |   |    |   |   |   | $       | 1,423,805 |   |   | $ | 1,378,095 |   |
|                                                                          |   |    |   |   |   |    |      |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                          |   |    |   |   |   |    |      |   |   |   |   |   |
| Current liabilities                                                           |   |    |   |   |   |    |      |   |   |   |   |   |
| Accounts payable and accrued expenses                                         |   | 8       |   |   |   | 13,935  |      |   |   | 29,999 |   |
| Derivative financial liabilities                                              |   | 9       |   |   |   | 3,058   |      |   |   | 3,518 |   |
| Current portion long term debt                                                |   | 9,10    |   |   |   | 32,267  |      |   |   | 31,961 |   |
| Deferred shipping revenues                                                    |   | 5       |   |   |   | 3,575   |      |   |   | 2,428 |   |
| Total current liabilities                                                     |   |    |   |   |   | $       | 52,835    |   |   | $ | 67,906 |   |
|                                                                          |   |    |   |   |   |    |      |   |   |   |   |   |
| Non-current liabilities                                                       |   |    |   |   |   |    |      |   |   |   |   |   |
| Long term debt                                                                |   | 9,10    |   |   |   | 630,201 |      |   |   | 629,320 |   |
| Derivative financial liabilities                                              |   | 9       |   |   |   | 2,876   |      |   |   | 6,019 |   |
| Total non-current liabilities                                                 |   |    |   |   |   | $       | 633,077   |   |   | $ | 635,339 |   |
|                                                                          |   |    |   |   |   |    |      |   |   |   |   |   |
| Total liabilities                                                             |   |    |   |   |   | $       | 685,912   |   |   | $ | 703,245 |   |
|                                                                          |   |    |   |   |   |    |      |   |   |   |   |   |
| Stockholders' equity                                                          |   |    |   |   |   |    |      |   |   |   |   |   |
| Stock                                                                         |   | 11      |   |   |   | 929     |      |   |   | 925 |   |
| Additional paid-in capital                                                    |   |    |   |   |   |    | 878,236   |   |   |   | 873,522 |   |
| Accumulated deficit                                                           |   |    |   |   |   |    | (147,945  | )      |   |   | (204,011 | ) |
| Translation differences                                                       |   |    |   |   |   |    | (232      | )      |   |   | (296 | ) |
| Other reserves                                                                |   |    |   |   |   |    | 6,904     |   |   |   | 4,712 |   |
| Total stockholders equity                                                     |   |    |   |   |   |    | 737,893   |   |   |   | 674,851 |   |
|                                                                          |   |    |   |   |   |    |      |   |   |   |   |   |
| Total liabilities and stockholders' equity                                    |   |    |   |   |   | $       | 1,423,805 |   |   | $ | 1,378,095 |   |
|                                                                          |   |    |   |   |   |    |      |   |   |   |   |   |
| The footnotes are an integral part of these consolidated financial statements |   |

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|                                                       |   |        |   |   | Year ended  |        |     | Year ended  |   |       | Year ended  |   |
|------------------------------------------------------------|--------|--------|--------|--------|-------------|-------------|----------|-------------|--------|------------|-------------|--------|
|                                                       |   |        |   |   | December 31 |        |     | December 31 |   |       | December 31 |   |
| (Dollars in thousands, except share and per share amounts) |   | Note   |   |   | 2015        |        |     | 2014        |   |       | 2013        |   |
|                                                       |   |        |   |   |             |        |     |             |   |       |             |   |
| Shipping revenues                                          |   | 5      |   |   | $           | 365,114     |     |        | $      | 150,789    |        |   | $ | 87,012 |   |
|                                                       |   |   |   |   |        |        |     |        |   |       |        |   |   |   |   |   |
| Operating expenses                                         |   |   |   |   |        |        |     |        |   |       |        |   |   |   |   |   |
| Voyage expenses                                            |   |   |   |   |        |        | (68,864  | )           |   |       | (49,333     | )      |   |   | (25,400 | ) |
| Vessel operating  expenses                            |   |   |   |   |        |        | (59,795  | )           |   |       | (42,761     | )      |   |   | (24,879 | ) |
| Depreciation and amortization                              |   | 7      |   |   |        | (78,698     | )        |        |   | (45,124    | )           |   |   | (26,230 | ) |
| Reversal of impairment charges/(impairment charges)        |   | 7      |   |   |        | -           |     |        |   | 31,900     |        |   |   | - |   |
| Profit/(loss), sale of vessel                              |   |   |   |   |        |        | (807     | )           |   |       | -           |   |   |   | (669 | ) |
| General and administrative expense                         |   | 12,13  |   |   |        | (21,607     | )        |        |   | (18,062    | )           |   |   | (8,827 | ) |
| Total operating expenses                                   |   |   |   |   |        | $           | (229,771 | )           |   |       | (123,381    | )      |   |   | (86,005 | ) |
|                                                       |   |   |   |   |        |        |     |        |   |       |        |   |   |   |   |   |
| Operating income/(loss)                                    |   |   |   |   |        | $           | 135,343  |        |   |       | 27,408      |   |   |   | 1,007 |   |
|                                                       |   |   |   |   |        |        |     |        |   |       |        |   |   |   |   |   |
| Share of profit from associated companies                  |   | 16     |   |   |        | 467         |     |        |   | 86         |        |   |   | - |   |
| Interest income                                            |   |   |   |   |        |        | 141      |        |   |       | 409         |   |   |   | 182 |   |
| Interest expense                                           |   |   |   |   |        |        | (33,637  | )           |   |       | (14,286     | )      |   |   | (4,784 | ) |
| Fair value gain on derivative financial liabilities        |   |   |   |   |        |        | 3,603    |        |   |       | 507         |   |   |   | - |   |
| Other financial expenses                                   |   |   |   |   |        |        | (487     | )           |   |       | (1,150      | )      |   |   | (325 | ) |
| Profit/(loss) before tax                                   |   |   |   |   |        | $           | 105,430  |        |   |       | 12,973      |   |   |   | (3,919 | ) |
|                                                       |   |   |   |   |        |        |     |        |   |       |        |   |   |   |   |   |
| Income tax expense                                         |   | 15     |   |   |        | (128        | )        |        |   | (86        | )           |   |   | (207 | ) |
| Profit/(loss) for the year                                 |   |   |   |   |        | $           | 105,302  |        |   | $          | 12,887      |   |   | $ | (4,126 | ) |
| Attributable to the owners of parent                       |   |   |   |   |        | $           | 105,302  |        |   | $          | 12,887      |   |   | $ | (4,126 | ) |
|                                                       |   |   |   |   |        |        |     |        |   |       |        |   |   |   |   |   |
|                                                       |   |   |   |   |        |        |     |        |   |       |        |   |   |   |   |   |
| Basic net income/(loss) per share                          |   |   |   |   |        | $           | 1.13     |        |   | $          | 0.18        |   |   | $ | (0.24 | ) |
| Diluted net income/(loss) per share                        |   |   |   |   |        | $           | 1.04     |        |   | $          | 0.18        |   |   | $ | (0.24 | ) |
|                                                       |   |   |   |   |        |        |     |        |   |       |        |   |   |   |   |   |
| Weighted average number of shares (basic)                  |   | 6      |   |   |        | 92,793,154  |     |        |   | 73,147,668 |        |   |   | 17,541,310 |   |
| Weighted average number of shares (diluted)                |   | 6      |   |   |        | 112,098,221 |     |        |   | 73,210,337 |        |   |   | 17,555,110 |   |

| Profit/(loss) for the year                                                    |   |        |   |   | $      | 105,302 |    |   | $      | 12,887 |   |   | $      | (4,126 | )      |
|-------------------------------------------------------------------------------|--------|--------|--------|--------|--------|---------|---------|--------|--------|--------|--------|--------|--------|--------|--------|
| Other comprehensive income/(loss):                                            |   |        |   |   |   |    |    |   |   |   |   |   |   |   |   |
| Items that will not be reclassified subsequently to profit or loss:           |   |        |   |   |   |    |    |   |   |   |   |   |   |   |   |
| Remeasurement of defined benefit obligation/(loss)                            |   |   | 14     |   |   |    | (41     | )      |   |   | (204   | )      |   |   | (113   | ) |
| Items that may be reclassified subsequently to profit or loss:                |   |   |   |   |   |    |    |   |   |   |   |   |   |   |   |   |
| Exchange gain/(loss) on translation of foreign currency                       |   |   |   |   |   |    |    |   |   |   |   |   |   |   |   |   |
| denominated associate and subsidiary                                          |   |   |   |   |   |    | 64      |   |   |   | (296   | )      |   |   | -      |   |
| Total comprehensive income/(loss) for the period                              |   |   |   |   |   | $       | 105,325 |   |   |   | 12,387 |   |   |   | (4,239 | ) |
|                                                                          |   |   |   |   |   |    |    |   |   |   |   |   |   |   |   |   |
| Attributable to the owners of parent                                          |   |   |   |   |   | $       | 105,325 |   |   | $      | 12,387 |   |   | $      | (4,239 | ) |
| The footnotes are an integral part of these consolidated financial statements |

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Table of Contents

|                                                 |   |   |       |       |   |  Common Stock |         |   | Preferred Stock |            |   |    |       |       |    |     |     |   |        |        |   |    |
|------------------------------------------------------|--------|--------|------------|------------|--------|--------------------|--------------|--------|-----------------|-----------------|--------|---------|------------|------------|---------|----------|----------|--------|-------------|-------------|--------|---------|
|                                                 |   |        |       |       |        |               |         |   |                 |            |   | Paid-in |       |       |    |     |     |   |             |        |   | Paid-in |   |   |  |   |   |  |   |   |  |   |   |  |   |
| (Dollars in thousands, except per share data)        |   |   | Additional |       |   |               |         |   |            |                 |   |    | Additional |       |    | Retained |     |   | Translation |        |   | Other   |   |   | Total |   |
|                                                 |   |        |       |       |   | Shares             |         |   |            | Amount          |   |    |       | Capital    |    |     |     | Shares |        |        |   | Amount  |   |   |   | Capital |   |   |   | Earnings |   |   |   | Differences |   |   |   | Reserves* |   |   |   | Equity |   |
| Balance at January 1, 2013                           |   |   |       | 9,140,877  |   |               | $            | 91     |            |            | $      | 336,955 |       |       |    | 369,362  |     |   | $           | 4           |   |    | $ | 49,204 |   |   | $ | (205,258 | ) |   | $ | - |   |   | $ | - |   |   | $ | 180,997 |   |
| Loss for the year                                    |   |        |       |       |   | -                  |         |   |            | -               |   |    |       | -          |    |     |     | -      |        |        |   | -       |   |   |   | - |   |   |   | (4,126 | ) |   |   | - |   |   |   | - |   |   |   | (4,126 | ) |
| Other comprehensive income                           |   |   |       | -          |   |               |         | -      |            |            |   | -       |       |       |    | -        |     |   |        | -           |   |    |   | - |   |   |   | (113 | ) |   |   | - |   |   |   | - |   |   |   | (113 | ) |
| Total comprehensive income                           |   |   |       | -          |   |               |         | -      |            |            |   | -       |       |       |    | -        |     |   |        | -           |   |    |   | - |   |   |   | (4,239 | ) |   |   | - |   |   |   | - |   |   |   | (4,239 | ) |
| Cash dividends declared and paid                     |   |   | 11         |       |   |               | -            |   |            |            | -      |    |       |       | -       |     |     |   | -           |        |   |    | - |   |   |   | - |   |   |   | (1,186 | ) |   |   | - |   |   |   | - |   |   |   | (1,186 | ) |
| Issue of stock**                                     |   |   | 11         |       |   |               | 13,400,000   |   |            |            | 134    |    |       |       | 61,293  |     |     |   | 97,579      |        |   |    | 1 |   |   |   | 44,634 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 106,062 |   |
| Exchange of preferred stock                          |   |   |       | 6,349,730  |   |               |         | 63     |            |            |   | 49,144  |       |       |    | (369,362 | )        |   |        | (4          | )      |    |   | (49,204 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Compensation related to options and restricted stock |   |   | 12         |       |   |               | 150,368      |   |            |            | 1      |    |       |       | -       |     |     |   | -           |        |   |    | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 3,118 |   |   |   | 3,119 |   |
| Balance at December 31, 2013                         |   |   |       | 29,040,975 |   |               | $            | 290    |            |            | $      | 447,393 |       |       |    | 97,579   |     |   | $           | 1           |   |    | $ | 44,634 |   |   | $ | (210,683 | ) |   | $ | - |   |   | $ | 3,118 |   |   | $ | 284,753 |   |
|                                                 |   |   |       |       |   |               |         |   |            |            |   |    |       |       |    |     |     |   |        |        |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                 |   |   |       |       |   |               | Common Stock |   |            | Preferred Stock |   |    |       |       |    |     |     |   |        |        |   |    |   |   |   |   |   |
|                                                 |   |   |       |       |   |               |         |   |            |            |   |    |       | Paid-in    |    |     |     |   |        |        |   |    |   |   | Paid-in |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (Dollars in thousands, except per share data)        |   |   | Additional |       |   |               |         |   |            |            |   |    |       | Additional |    |     | Retained |   |        | Translation |   |    | Other |   |   | Total |   |
|                                                      |        |        |            |       |   |               | Shares       |   |            |                 | Amount |    |       |       | Capital |     |     | Shares |        |        |   | Amount  |   |   |   | Capital |   |   |   | Earnings |   |   |   | Differences |   |   |   | Reserves* |   |   |   | Equity |   |
| Balance at January 1, 2014                           |   |   |       | 29,040,975 |   |               | $            | 290    |            |            | $      | 447,393 |       |       |    | 97,579   |     |   | $           | 1           |   |    | $ | 44,634 |   |   | $ | (210,683 | ) |   | $ | - |   |   | $ | 3,118 |   |   | $ | 284,753 |   |
| Profit for the year                                  |   |   |       |       |   |               | -            |   |            |            | -      |    |       |       | -       |     |     |   | -           |        |   |    | - |   |   |   | - |   |   |   | 12,887 |   |   |   | - |   |   |   | - |   |   |   | 12,887 |   |
| Other comprehensive income                           |   |   |       | -          |   |               |         | -      |            |            |   | -       |       |       |    | -        |     |   |        | -           |   |    |   | - |   |   |   | (204 | ) |   |   | (296 | ) |   |   | - |   |   |   | (500 | ) |
| Total comprehensive income                           |   |   |       | -          |   |               |         | -      |            |            |   | -       |       |       |    | -        |     |   |        | -           |   |    |   | - |   |   |   | 12,683 |   |   |   | (296 | ) |   |   | - |   |   |   | 12,387 |   |
| Cash dividends declared and paid                     |   |   | 11         |       |   |               | -            |   |            |            | -      |    |       |       | -       |     |     |   | -           |        |   |    | - |   |   |   | - |   |   |   | (6,012 | ) |   |   | - |   |   |   | - |   |   |   | (6,012 | ) |
| Issue of stock**                                     |   |   | 11         |       |   |               | 53,376,923   |   |            |            | 534    |    |       |       | 359,806 |     |     |   | -           |        |   |    | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 360,340 |   |
| Exchange of preferred stock                          |   |   |       | 9,757,900  |   |               |         | 98     |            |            |   | 44,537  |       |       |    | (97,579  | )        |   |        | (1          | )      |    |   | (44,634 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Convertible bonds                                    |   |   |       |       |   |               | -            |   |            |            | -      |    |       |       | 21,787  |     |     |   | -           |        |   |    | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 21,787 |   |
| Compensation related to options and restricted stock |   |   | 12         |       |   |               | 334,288      |   |            |            | 3      |    |       |       | -       |     |     |   | -           |        |   |    | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,594 |   |   |   | 1,597 |   |
| Balance at December 31, 2014                         |   |   |       | 92,510,086 |   |               | $            | 925    |            |            | $      | 873,522 |       |       |    | -        |     |   | $           | -           |   |    | $ | - |   |   | $ | (204,011 | ) |   | $ | (296 | ) |   | $ | 4,712 |   |   | $ | 674,851 |   |
|                                                 |   |   |       |       |   |               | Common Stock |   |            | Preferred Stock |   |    |       |       |    |     |     |   |        |        |   |    |   |   |   |   |   |
|                                                 |   |   |       |       |   |               |         |   |            |            |   |    |       | Paid-in    |    |     |     |   |        |        |   |    |   |   | Paid-in |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (Dollars in thousands, except per share data)        |   |   | Additional |       |   |               |         |   |            |            |   |    |       | Additional |    |     | Retained |   |        | Translation |   |    | Other |   |   | Total |   |
|                                                 |   |   |       |       |   |               | Shares       |   |            |            | Amount |    |       |       | Capital |     |     |   | Shares      |        |   |         | Amount |   |   |   | Capital |   |   |   | Earnings |   |   |   | Differences |   |   |  | Reserves* |   |   |   | Equity |   |
| Balance at January 1, 2015                           |   |   |       | 92,510,086 |   |               | $            | 925    |            |            | $      | 873,522 |       |       |    | -        |     |   | $           | -           |   |    | $ | - |   |   | $ | (204,011 | ) |   | $ | (296 | ) |   | $ | 4,712 |   |   | $ | 674,851 |   |
| Profit for the year                                  |   |   |       |       |   |               | -            |   |            |            | -      |    |       |       | -       |     |     |   | -           |        |   |    | - |   |   |   | - |   |   |   | 105,302 |   |   |   | - |   |   |   | - |   |   |   | 105,302 |   |
| Other comprehensive income                           |   |   |       | -          |   |               |         | -      |            |            |   | -       |       |       |    | -        |     |   |        | -           |   |    |   | - |   |   |   | (41 | ) |   |   | 64 |   |   |   | - |   |   |   | 23 |   |
| Total comprehensive income                           |   |   |       | -          |   |               |         | -      |            |            |   | -       |       |       |    | -        |     |   |        | -           |   |    |   | - |   |   |   | 105,260 |   |   |   | 64 |   |   |   | - |   |   |   | 105,325 |   |
| Cash dividends declared and paid                     |   |   | 11         |       |   |               | -            |   |            |            | -      |    |       |       | -       |     |     |   | -           |        |   |    | - |   |   |   | - |   |   |   | (49,194 | ) |   |   | - |   |   |   | - |   |   |   | (49,194 | ) |
| Compensation related to options and restricted stock |   |   | 12         |       |   |               | 399,850      |   |            |            | 4      |    |       |       | 4,714   |     |     |   | -           |        |   |    | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2,192 |   |   |   | 6,910 |   |
| Balance at December 31, 2015          |   |   |       | 92,909,936 |   |               | $            | 929    |            |            | $      | 878,236 |       |       |    | -        |     |   | $           | -           |   |    | $ | - |  |   | $ | (147,945 | ) |   | $ | (232 |  ) |   | $ | 6,904 |   |   | $ | 737,893 |   |
|                The footnotes are an integral part of these consolidated financial statements                              |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                      |   |
| *Other reserves are related to share-based payments.                                                                                                                                                 |   |
| **Transaction costs on stock issuesThe amount recognized as additional paid-in capital in 2014 and 2013, respectively, is after the deduction of share issue cost of $16,907 and $637, respectively. |   |

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|                                                                          |   |        |   |   | Year ended  |     |     | Year ended  |   |     | Year ended  |   |
|-------------------------------------------------------------------------------|--------|--------|--------|--------|-------------|----------|----------|-------------|--------|----------|-------------|--------|
|                                                                          |   |        |   |   | December 31 |     |     | December 31 |   |     | December 31 |   |
| (Dollars in thousands)                                                        |   | Note   |   |   | 2015        |     |     | 2014        |   |     | 2013        |   |
|                                                                          |   |        |   |   |             |     |     |             |   |     |             |   |
| Cash flows from operating activities:                                         |   |        |   |   |             |     |     |             |   |     |             |   |
| Profit/(loss) for the year                                                    |   |        |   |   | $           | 105,302  |     |        | $      | 12,887   |        |   | $ | (4,126 | ) |
| Items included in net income not affecting cash flows:                        |   |        |   |   |        |     |     |        |   |     |        |   |   |   |   |
|   Depreciation and amortization                                     |   | 7      |   |   |        | 78,698   |     |        |   | 45,124   |        |   |   | 26,939 |   |
|   (Reversal of impairment charges)/impairment charges               |   | 7      |   |   |        | -        |     |        |   | (31,900  | )           |   |   | - |   |
|   Amortization of upfront fees                                      |   |   |   |   |        |     | 7,521    |        |   |     | 1,875       |   |   |   |   |   |
|   (Profit)/loss, sale of vessel                                     |   |   |   |   |        |     | 807      |        |   |     | -           |   |   |   | 669 |   |
|   Fair value (gain)/loss on derivative financial liabilities        |   | 9      |   |   |        | (3,603   | )        |        |   | (507     | )           |   |   | - |   |
|   Compensation related to options and restricted stock              |   | 12     |   |   |        | 6,910    |     |        |   | 1,597    |        |   |   | 3,118 |   |
|   Share of profit in associated companies                           |   | 16     |   |   |        | (467     | )        |        |   | (86      | )           |   |   | - |   |
|   Unrealized currency translation losses/(gains)                    |   |   |   |   |        |     | 98       |        |   |     | -           |   |   |   | - |   |
| Changes in operating assets and liabilities:                                  |   |   |   |   |        |     |     |        |   |     |        |   |   |   |   |   |
|   Accounts receivable and accrued revenues                          |   | 9      |   |   |        | (11,385  | )        |        |   | 1,535    |        |   |   | (3,075 | ) |
|   Prepaid expenses                                                  |   | 9      |   |   |        | (1,568   | )        |        |   | (742     | )           |   |   | 255 |   |
|   Accounts payable and accrued expenses                             |   | 8      |   |   |        | (8,998   | )        |        |   | 7,577    |        |   |   | (2,786 | ) |
|   Deferred shipping revenues                                        |   | 8      |   |   |        | 1,147    |     |        |   | 156      |        |   |   | 2,117 |   |
|   Bunkers, lube oils and consumables                                |   |   |   |   |        |     | 7,062    |        |   |     | (6,895      | )      |   |   | 791 |   |
| Net cash provided by operating activities                                     |   |   |   |   |        | $        | 181,526  |        |   |     | 30,621      |   |   |   | 23,902 |   |
|                                                                          |   |        |   |   |        |     |     |        |   |     |        |   |   |   |   |   |
| Cash flows from investing activities:                                         |   |   |   |   |        |     |     |        |   |     |        |   |   |   |   |   |
| Investment in vessels                                                         |   | 7      |   |   |        | (1,987   | )        |        |   | (157,387 | )           |   |   | (2,112 | ) |
| Investment in vessels under constuction                                       |   | 7      |   |   |        | (142,560 | )        |        |   | (137,401 | )           |   |   | (37,095 | ) |
| Proceeds from sale of vessels                                                 |   |   |   |   |        |     | 26,500   |        |   |     | -           |   |   |   | 22,233 |   |
| Investment in subsidiary, net of cash acquired                                |   | 3      |   |   |        | (7,562   | )        |        |   | (256,332 | )           |   |   | - |   |
| Dividend received from associated company                                     |   |   |   |   |        |     | 120      |        |   |     | 107         |   |   |   | - |   |
| Investment in property, plant and equipment                                   |   |   |   |   |        |     | (419     | )           |   |     | (333        | )      |   |   | 29 |   |
| Net cash provided by/(used in) investing activities                           |   |   |   |   |        | $        | (125,907 | )           |   |     | (551,347    | )      |   |   | (16,945 | ) |
|                                                                          |   |   |   |   |        |     |     |        |   |     |        |   |   |   |   |   |
| Cash flows from financing activities                                          |   |   |   |   |        |     |     |        |   |     |        |   |   |   |   |   |
| Issuance of stock                                                             |   | 11     |   |   |        | -        |     |        |   | 360,340  |        |   |   | 106,063 |   |
| Cash dividends paid                                                           |   | 11     |   |   |        | (49,194  | )        |        |   | (6,012   | )           |   |   | (1,186 | ) |
| Issuance of long term debt                                                    |   | 9,10   |   |   |        | 99,400   |     |        |   | 342,992  |        |   |   | - |   |
| Issuance of convertible bonds                                                 |   | 10     |   |   |        | -        |     |        |   | 145,862  |        |   |   | - |   |
| Repayment of long-term debt                                                   |   | 9,10   |   |   |        | (105,734 | )        |        |   | (281,838 | )           |   |   | (56,300 | ) |
| Settlement of derivative financial liabilities                                |   | 9      |   |   |        | -        |     |        |   | -        |        |   |   | (772 | ) |
| Net cash provided by/(used in) financing activities                           |   |   |   |   |        | $        | (55,528  | )           |   |     | 561,344     |   |   |   | 47,806 |   |
|                                                                          |   |   |   |   |        |     |     |        |   |     |        |   |   |   |   |   |
| Net increase in cash and cash equivalents                                     |   |   |   |   |        |     | 91       |        |   |     | 40,619      |   |   |   | 54,763 |   |
| Cash and cash equivalents at beginning of period                              |   |   |   |   |        |     | 166,684  |        |   |     | 126,065     |   |   |   | 71,302 |   |
| Cash and cash equivalents at end of period                                    |   | 9,10   |   |   | $           | 166,775  |     |        | $      | 166,684  |        |   | $ | 126,065 |   |
|                                                                          |   |   |   |   |        |     |     |        |   |     |        |   |   |   |   |   |
| Specification of items included in operating activities:                      |   |   |   |   |        |     |     |        |   |     |        |   |   |   |   |   |
| Interest paid                                                                 |   |   |   |   |        |     | 26,505   |        |   |     | 9,907       |   |   |   | 3,954 |   |
| Interest received                                                             |   |   |   |   |        |     | 140      |        |   |     | 446         |   |   |   | 213 |   |
|                                                                          |
| The footnotes are an integral part of these consolidated financial statements |

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|   | ● | Depreciation: As described above, the Company reviews estimated useful lives and residual values each year. Estimated useful lives may change due to changed end user requirements, costs related to maintenance and upgrades, technological development, and competition as well as industry, environmental and legal requirements. In addition residual value may vary due to changes in market prices on scrap. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                               |
|   | ● | Drydock period: The drydock period impacts the depreciation rate applied to capitalized survey cost. The vessels are required by their respective classification societies to go through a dry dock at regular intervals. In general, vessels below the age of 15 years are docked every 5 years and vessels older than 15 years are docked every 21⁄2 years.                                                   |
|   | ● | Stock based compensation: Expenditures related to certain stock based compensation grants prior to 2015 were calculated using either a Monte Carlo simulation model or an option pricing model which includes various assumptions including strike price, vesting period, risk free rate and volatility. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (a) | Commercial Pools |
|--------|-----|------------------|

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|   | (b) | Impairment |
|--------|-----|------------|
|   | ● | Amendments to IAS 19 Defined Benefit Plans: Employee Contributions The amendments to IAS 19 clarify the accounting treatment for contributions from employees or third parties to a defined benefit plan. According to the amendments, discretionary contributions made by employees or third parties reduce service cost upon payment of these contributions to the plan. When the formal terms of the plan specify contributions from employees or third parties, the accounting depends on whether the contributions are linked to service. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   | ● | Annual Improvements project to IFRSs 2010-2012 Cycle The improvement project is an annual project that provides a mechanism for making necessary but non urgent amendments in several standards. This annual improvement includes the following standards and topics:                                                                                                                                                                                                                                                                          |
|   |   |   | ● | The amendments to IFRS 2 (i) change the definition of “vesting condition” and “market condition”; and (ii) add definitions for “performance condition” and “service condition” which were previously included within the definition of “vesting condition”. The amendments to IFRS 2 are effective for share-based payment transactions for which the grant date is on or after 1 July 2014.                                                                                                                                           |
|--------|--------|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   |   |   | ● | The amendments to IFRS 3 clarify that contingent consideration that is classified as an asset or a liability should be measured at fair value each reporting date, irrespective of whether the contingent consideration is a financial instrument within the scope of IFRS 9 or IAS 39 or a non-financial asset or liability. Changes in fair value (other than measurement period adjustments) should be recognized in profit and loss. The amendments to IFRS 3 are effective for business combinations for which the acquisition date is on or after 1 July 2014.                               |
|   |   |   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   |   |   | ● | The amendments to IFRS 8 (i) require an entity to disclose the judgments made by management in applying the aggregation criteria to operation segments, including a description of the operating segments aggregated and the economic indicators assessed in determining whether the operating segments have “similar economic characteristics”; and (ii) clarify that a reconciliation of the total of the reportable segments’ assets to the entity’s assets should only be provided if the segment assets are regularly provided by the chief operating decision-maker. |
|   |   |   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   |   |   | ● | The amendments to the basis conclusions of IFRS 13 clarify that the issue of IFRS 13 and consequential amendments to IAS 39 and IFRS 9 did not remove the ability to measure short-term receivables and payables with no stated interest rate at their invoice amounts without discounting, if the effect of discounting is immaterial. As the amendments do not contain any effective date, they are considered to be immediately effective.                                                                                                                                                      |

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|   |   |   | ● | The amendments to IAS 16 and IAS 38 remove perceived inconsistencies in the accounting for accumulated depreciation/amortization when an item of property, plant and equipment or an intangible asset is revalued. The amended standards clarify that the gross carrying amount is adjusted in a manner consistent with the revaluation of the carrying amount of the asset and that accumulated depreciation/amortization is the difference between the gross carrying amount and the carrying amount after taking into account accumulated impairment losses. |
|--------|--------|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   |   |   | ● | The amendments to IAS 24 clarify that a management entity providing key management personnel services to a reporting entity is a related party of the reporting entity. Consequently, the reporting entity should disclose as related party transactions the amounts incurred for the service paid or payable to the management entity for the provision of key management personnel services. However, disclosure of the components of such compensation is not required.                                                                                      |
|   | ● | Annual Improvements project to IFRSs 2011-2013 Cycle                                                                                                                                                             |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                                                                                             |
|   |    | The improvement project is an annual project that provides a mechanism for making necessary but non urgent amendments in several standards. This annual improvement includes the following standards and topics: |
|   |   |   | ● | The amendment to IFRS 3 clarify that the standard does not apply to the accounting for the formation of all types of joint arrangement in the financial statements of the joint arrangement itself.                                                                                                                                                                                                         |
|--------|--------|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |    |                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |   |   | ● | The amendment to IFRS 13 clarify that the scope of the portfolio exception for measuring the fair value of a group of financial assets and financial liabilities on a net basis includes all contracts that are within the scope of, and accounted for in accordance with IAS 39 or IFRS 9, even if those contracts do not meet the definitions of financial assets or financial liabilities within IAS 32. |
|   |   |   |    |                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |   |   | ● | The amendments to IAS 40 clarify that IAS 40 and IFRS 3 are not mutually exclusive and application of both standards may be required.                                                                                                                                                                                                                                                                       |
|   | ● | Amendments to IAS 19 Defined Benefit Plans: Employee Contributions                                                                                                                                                                                                                                                                                                                                                                                                          |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |    | The amendments to IAS 19 clarify the accounting treatment for contributions from employees or third parties to a defined benefit plan. According to the amendments, discretionary contributions made by employees or third parties reduce service cost upon payment of these contributions to the plan. When the formal terms of the plan specify contributions from employees or third parties, the accounting depends on whether the contributions are linked to service. |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   | ● | Annual Improvements project to IFRSs 2010-2012 Cycle.                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |    | The improvement project is an annual project that provides a mechanism for making necessary but non urgent amendments in several standards. This annual improvement includes the following standards and topics:                                                                                                                                                                                                                                                            |
|   |   |   | ● | The amendments to IFRS 2 (i) change the definition of “vesting condition” and “market condition”; and (ii) add definitions for “performance condition” and “service condition” which were previously included within the definition of “vesting condition”. The amendments to IFRS 2 are effective for share-based payment transactions for which the grant date is on or after 1 July 2014.                                                                                                             |
|--------|--------|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   |   |   | ● | The amendments to IFRS 3 clarify that contingent consideration that is classified as an asset or a liability should be measured at fair value each reporting date, irrespective of whether the contingent consideration is a financial instrument within the scope of IFRS 9 or IAS 39 or a non-financial asset or liability. Changes in fair value (other than measurement period adjustments) should be recognized in profit and loss. The amendments to IFRS 3 are effective for business combinations for which the acquisition date is on or after 1 July 2014. |

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|   |   |   | ● | The amendments to IFRS 8 (i) require an entity to disclose the judgments made by management in applying the aggregation criteria to operation segments, including a description of the operating segments aggregated and the economic indicators assessed in determining whether the operating segments have “similar economic characteristics”; and (ii) clarify that a reconciliation of the total of the reportable segments’ assets to the entity’s assets should only be provided if the segment assets are regularly provided by the chief operating decision-maker. |
|--------|--------|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   |   |   | ● | The amendments to the basis conclusions of IFRS 13 clarify that the issue of IFRS 13 and consequential amendments to IAS 39 and IFRS 9 did not remove the ability to measure short-term receivables and payables with no stated interest rate at their invoice amounts without discounting, if the effect of discounting is immaterial. As the amendments do not contain any effective date, they are considered to be immediately effective.                                                                                                                                                      |
|   |   |   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   |   |   | ● | The amendments to IAS 16 and IAS 38 remove perceived inconsistencies in the accounting for accumulated depreciation/amortization when an item of property, plant and equipment or an intangible asset is revalued. The amended standards clarify that the gross carrying amount is adjusted in a manner consistent with the revaluation of the carrying amount of the asset and that accumulated depreciation/amortization is the difference between the gross carrying amount and the carrying amount after taking into account accumulated impairment losses.                                    |
|   |   |   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   |   |   | ● | The amendments to IAS 24 clarify that a management entity providing key management personnel services to a reporting entity is a related party of the reporting entity. Consequently, the reporting entity should disclose as related party transactions the amounts incurred for the service paid or payable to the management entity for the provision of key management personnel services. However, disclosure of the components of such compensation is not required.                                                                                                                         |
|   | ● | Annual Improvements project to IFRSs 2011-2013 Cycle.                                                                                                                                                            |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                                                                                             |
|   |    | The improvement project is an annual project that provides a mechanism for making necessary but non urgent amendments in several standards. This annual improvement includes the following standards and topics: |
|   |   |   | ● | The amendment to IFRS 3 clarify that the standard does not apply to the accounting for the formation of all types of joint arrangement in the financial statements of the joint arrangement itself.                                                                                                                                                                                                         |
|--------|--------|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |    |                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |   |   | ● | The amendment to IFRS 13 clarify that the scope of the portfolio exception for measuring the fair value of a group of financial assets and financial liabilities on a net basis includes all contracts that are within the scope of, and accounted for in accordance with IAS 39 or IFRS 9, even if those contracts do not meet the definitions of financial assets or financial liabilities within IAS 32. |
|   |   |   |    |                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |   |   | ● | The amendments to IAS 40 clarify that IAS 40 and IFRS 3 are not mutually exclusive and application of both standards may be required.                                                                                                                                                                                                                                                                       |
| IFRS 9                | Financial Instruments                                        |
|-----------------------|--------------------------------------------------------------|
| IFRS 14               | Regulatory Deferral Accounts                                 |
| IFRS 15IFRS 16        | Revenue from Contracts with CustomersLeases                  |
| Amendments to IFRS 11 | Accounting for Acquisitions of Interests in Joint Operations |

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| Amendments to IAS 1                                           | Disclosure initiative                                                                 |
|---------------------------------------------------------------|---------------------------------------------------------------------------------------|
| Amendments to IAS 16 and IAS 38                               | Clarification of Acceptable Methods of Depreciation and Amortization                  |
| Amendments to IAS 16 and IAS 41                               | Agriculture: Bearer Plants                                                            |
| Amendments to IAS 27                                          | Equity Method in Separate Financial Statements                                        |
| Amendments to IFRS 10 and IAS 28                              | Sale of Contribution of Assets between an Investor and its Associate or Joint Venture |
| Amendments to IFRS 10, IFRS 12 and IAS 28 Investment Entities | Applying the Consolidation Exception                                                  |
| Amendments to IFRSs                                           | Annual Improvements to IFRSs 2012-2014 Cycle                                          |
|   | ● | IFRS 9 Financial Instruments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |    | In July 2014, the IASB finalized the reform of financial instruments accounting and issued IFRS 9, which contains the requirements for (a) the classification and measurement of financial assets and liabilities, (b) impairment methodology, and (c) general hedge accounting. IFRS will supersede IAS 39 Financial Instruments: Recognition and Measurement upon its effective date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |    | Classification and measurement of financial assets and financial liabilitiesWith respect to the classification and measurement, the number of categories of financial assets under IFRS 9 has been reduced; all recognized financial assets that are currently within the scope of IAS 39 will be subsequently measured at either amortized cost or fair value under IFRS 9.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |    | IFRS 9 also contains requirements of the classification and measurement of financial liabilities and de-recognition requirements. One major change from IAS 39 relates to the presentation of changes in the fair value of a financial liability designated as at FVTPL attributable to changes in the credit risk of that liability. Under IFRS 9, such changes are presented in other comprehensive income, unless the presentation of the effect of the change in the liability’s credit risk in other comprehensive income would create or enlarge an accounting mismatch in profit or loss. Changes in fair value attributable to a financial liability’s credit risk are not subsequently reclassified to profit or loss. Under IAS 39, the entire amount of the change in the fair value of the financial liability designated as FVTPL is presented in profit or loss. |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |    | Impairment methodologyThe impairment model under IFRS 9 reflects expected credit losses, as opposed to incurred credit losses under IAS 39. Under the impairment approach in IFRS 9, it is no longer necessary for a credit event to have occurred before credit losses are recognized. Instead, an entity always accounts for expected credit losses and changes in those expected credit losses. The amount of expected credit losses should be updated at each reporting date to reflect changes in credit risk since initial recognition.                                                                                                                                                                                                                                                                                                                                              |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |    | Hedge accountingThe general hedge accounting requirements of IFRS 9 retain three types of hedge accounting mechanisms in IAS 39. The types of instruments that qualify as hedging instruments and the types of risk components of non-financial items that are eligible for hedge accounting has been broadening. In addition, the effectiveness test has been overhauled and replaced with the principle of an “economic relationship”. Retrospective assessment of hedge effectiveness is no longer required. Far more disclosure requirements about an entity’s risk management activities have been introduced.                                                                                                                                                                                                                                                      |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |    | Transitional provisionsIFRS 9 is effective for annual periods beginning on or after January 1, 2018 with earlier application permitted. If an entity elects to apply IFRS 9 early, it must apply all of the requirements in IFRS 9 at the same time, except for those relating to:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   |   |   | (1)    | The presentation of fair value gains and losses attributable to changes in the credit risk of financial liabilities designated as at FVTPL, the requirements for which an entity may early apply without applying the other requirements in IFRS 9 |
|--------|--------|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |   |                                                                                                                                                                                                                                               |
|   |   |   | (2)    | Hedge accounting, for which an entity may choose to continue to apply the hedge accounting requirements of IAS 39 instead of the requirements of IFRS 9.                                                                                           |
|   |   | IFRS 9 contains specific transitional provisions for (i) classification and measurement of financial assets, (ii) impairment of financial assets and (iii) hedge accounting. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | ● | IFRS 15 Revenue from Contracts with Customers                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |    | In May 2014, IFRS 15 was issued which establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. IFRS 15 will supersede the current revenue recognition guidance including IAS 18 Revenue, IAS 11 Construction Contracts and the related Interpretations when it becomes effective.                                                                                                                                                                                                                                                                                                                                                                                      |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |    | The core principle of IFRS 15 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. Specifically, the Standard introduces a 5-step approach to revenue recognition:                                                                                                                                                                                                                                                                                                                                                                                |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |    | Step 1: Identify the contract(s) with a customerStep 2: Identify the performance obligation in the contractStep 3: Determine the transaction priceStep 4: Allocate the transaction price to the performed obligation in the contractStep 5: Recognize the revenue when (or as) the entity satisfies a performance obligation                                                                                                                                                                                                                                                                                                                                                                                                                |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |    | Under IFRS 15, an entity recognizes revenue when (or as) a performance obligation is satisfied, i.e., when “control” of the goods or services underlying the particular performance obligation is transferred to the customer. Extensive disclosures are required by the new standard.                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |    | IFRS 15 is effective for reporting periods beginning on or after January 1, 2018 with early application permitted.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   | ● | IFRS 16 Leases                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |    | In January 2016, IFRS 16 was issued and applies to annual reporting periods beginning on or after January 1, 2019. The new Standard provides a comprehensive model for the identification of lease arrangements and their treatment in the financial statements of both lessees and lessors. It supersedes IAS 17 Leases and its associated interpretative guidance.                                                                                                                                                                                                                                                                                                                                                              |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |    | IFRS 16 applies a control model to the identification of leases, distinguishing between leases and service contracts on the basis of whether there is an identified asset controlled by the customer.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |    | The standard removes the distinction between operating and finance leases and IFRS 16 requiring lessees to recognize assets and liabilities for all leases, unless the lease term is 12 months or less or the underlying asset has a low value. Lessors continue to classify leases as operating or finance, with IFRS 16’s approach to lessor accounting substantially unchanged from its predecessor, IAS 17.                                                                                                                                                                                                                                                                                                                       |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |    | Earlier application of IFRS 16 is permitted for entities that apply IFRS 15 Revenue from Contracts with Customers at or before the date if initial application of this standard.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   | ● | Amendments to IFRS 11 Accounting for Acquisitions of Interests in Joint Operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |    | The amendments to IFRS 11 provide guidance in how to account for the acquisition of an interest in a joint operation in which the activities constitute a business as defined in IFRS 3 Business Combinations.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   | ● | Amendment to IAS 1 Disclosure Initiative                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |    | The amendments aim at clarifying IAS 1 to address perceived impediments to preparers exercising their judgment in presenting their financial reports. An entity should not reduce the understandability of its financial statements by obscuring material information with immaterial information or by aggregating material items that have different natures or functions.                                                                                                                                                                                                                                                                                                                                                                |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |    | The amendments to IAS 1 are effective for annual periods beginning on or after January 1, 2016 with earlier application permitted. Application of the amendments need not be disclosed.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   | ● | Amendment to IAS 16 and IAS 38 Clarification of Acceptable Methods of Depreciation and Amortization                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |    | The amendments to IAS 16 prohibit entities from using a revenue-based depreciation method for items of property, plant and equipment. The amendments to IAS 38 introduce a rebuttable presumption that revenue is not an appropriate basis for amortization of an intangible asset.                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   | ● | Amendment to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |    | IASB has deferred indefinitely the effective date of amendments to IFRS 10 and IAS 28 regarding how to recognize gains and losses when selling or transferring assets to associates and joint ventures. The amendments clarify that the gain or loss resulting from the sale or contribution of assets that constitute a business, as defined in IFRS 3, between an investor and its associate or joint venture, is recognized in full. Any gain or loss resulting from the sale or contribution of assets that do not constitute a business, however, is recognized only to the extent of unrelated investors’ interests in the associate or joint venture. These amendments may impact the financial statements for future periods. |

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| Net cash outflow of acquisition of subsidiary    |   |        |    |
|--------------------------------------------------|--------|--------|---------|
| Initial consideration paid in cash               |   |   | 317,005 |   |
| Less: cash and cash equivalent balances acquired |   |   | (60,673 | ) |
| Final consideration paid in cash                 |   |   | 7,562   |   |
| Net cash outflow as per December 31, 2015        |   |   | 263,894 |   |
|                                             |   |   |    |   |
| Total consideration                              |   |   | 324,567 |   |
| Additional cash consideration                    |   |   | -       |   |

| Transaction expenses                          |   |        |   |
|-----------------------------------------------|--------|--------|--------|
| Fees booked against G&A                   |   | $      | 2,446  |   |
| Fees booked against Equity offering           |   |   | 6,107  |   |
| Fees booked against Convertible Bond          |   |   | 4,138  |   |
| Fees booked against loans (Samco refinancing) |   |   | 560    |   |
| Total                                         |   |   | 13,251 |   |
|                                    |   | Preliminary       |    |   | Final             |   |
|-----------------------------------------|--------|-------------------|---------|--------|-------------------|--------|
| (Dollars in thousands)                  |   | fair values as of |    |   | fair values as of |   |
|                                    |   | acquisition date  |    |   | acquisition date  |   |
| Assets                                  |   |                   |    |   |                   |   |
| Vessels and time charter contracts      |   |              | 580,733 |   |              |   | 580,733 |   |
| Property, plant and equipment           |   |              | 18      |   |              |   | 18 |   |
| Associated company                      |   |              | 2,764   |   |              |   | 2,764 |   |
| Accounts receivables                    |   |              | 13,349  |   |              |   | 12,846 |   |
| Inventories                             |   |              | 6,186   |   |              |   | 6,186 |   |
| Cash and cash equivalents               |   |              | 60,673  |   |              |   | 60,673 |   |
| Total assets                            |   |              | 663,723 |   |              |   | 663,220 |   |
|                                    |   |              |    |   |              |   |   |   |
| Liabilities and equity                  |   |              |    |   |              |   |   |   |
| Total shareholders’ equity        |   |              | 325,158 |   |              |   | 324,567 |   |
| Long-term liabilities, interest-bearing |   |              | 276,268 |   |              |   | 276,268 |   |
| Current liabilities, interest-bearing   |   |              | 51,587  |   |              |   | 51,587 |   |
| Accounts payable                        |   |              | 10,710  |   |              |   | 10,798 |   |
| Total liabilities and equity            |   |              | 663,723 |   |              |   | 663,220 |   |

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|                      |   | 2015   |    |   | 2014   |   |    | 2013   |   |
|---------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|
| Time charter revenues     |   | $      | 122,882 |   |   | $      | 67,309  |   |   | $ | 20,526 |   |
| Bareboat charter revenues |   |   | -       |   |   |   | -       |   |   |   | 357 |   |
| Voyage charter revenues   |   |   | 241,679 |   |   |   | 76,267  |   |   |   | 40,579 |   |
| Pool revenues             |   |   | -       |   |   |   | 4,294   |   |   |   | 8,576 |   |
| Other shipping revenues   |   |   | 553     |   |   |   | 2,919   |   |   |   | 16,974 |   |
| Shipping revenues         |   | $      | 365,114 |   |   | $      | 150,789 |   |   | $ | 87,012 |   |

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| Vessel            |   | Type of Employment |   |   | Expiry |
|-------------------|--------|--------------------|--------|--------|--------|
| VLCC              |   |               |   |   |   |   |
| DHT Ann           |   | Spot               |   |   |   |   |
| DHT Chris         |   | Time Charter       |   |   |   | Q1 2016 |
| DHT Condor        |   | Spot               |   |   |   |   |
| DHT Eagle         |   | Spot               |   |   |   |   |
| DHT Falcon        |   | Spot               |   |   |   |   |
| DHT Hawk          |   | Spot               |   |   |   |   |
| DHT Jaguar        |   | Spot               |   |   |   |   |
| DHT Phoenix       |   | Spot               |   |   |   |   |
| Samco Amazon      |   | Time Charter       |   |   |   | Q2 2016 |
| Samco China       |   | Time Charter       |   |   |   | Q2 2021 |
| Samco Europe      |   | Time Charter       |   |   |   | Q1 2017 |
| Samco Redwood     |   | Time Charter       |   |   |   | Q1 2018 |
| Samco Scandinavia |   | Spot               |   |   |   |   |
| Samco Sundarbans  |   | Spot               |   |   |   |   |
| Samco Taiga       |   | Time Charter       |   |   |   | Q4 2017 |
| Suezmax           |   |               |   |   |   |   |
| DHT Target        |   | Time Charter       |   |   |   | Q1 2016 |
| Aframax           |   |               |   |   |   |   |
| DHT Cathy         |   | Time Charter       |   |   |   | Q2 2017 |
| DHT Sophie        |   | Time Charter       |   |   |   | Q2 2017 |

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| Year                  |   | Amount |    |
|-----------------------|--------|--------|---------|
| 2016                  |   |   | 91,303  |   |
| 2017                  |   |   | 49,232  |   |
| 2018                  |   |   | 18,851  |   |
| 2019                  |   |   | 14,791  |   |
| 2020                  |   |   | 14,772  |   |
| Thereafter            |   |   | 7,417   |   |
| Net charter payments: |   | $      | 196,366 |   |

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|                                                                |   | 2015   |        |   | 2014   |   |       | 2013   |   |
|---------------------------------------------------------------------|--------|--------|-------------|--------|--------|--------|------------|--------|--------|
| Profit/(loss) for the period used for calculation of EPS - basic    |   | $      | 105,302     |   |   | $      | 12,887     |   |   | $ | (4,126 | ) |
| Interest and amortization on the convertible notes                  |   | $      | 11,340      |   |   | $      | -          |   |   | $ | - |   |
| Profit/(loss) for the period used for calculation of EPS - dilutive |   | $      | 116,641     |   |   | $      | 12,887     |   |   | $ | (4,126 | ) |
|                                                                |   |   |        |   |   |   |       |   |   |   |   |   |
| Basic earnings per share:                                           |   |   |        |   |   |   |       |   |   |   |   |   |
| Weighted average shares outstanding - basic                         |   |   | 92,793,154  |   |   |   | 73,147,668 |   |   |   | 17,541,310 |   |
|                                                                |   |   |        |   |   |   |       |   |   |   |   |   |
| Diluted earnings per share:                                         |   |   |        |   |   |   |       |   |   |   |   |   |
| Weighted average shares outstanding - basic                         |   |   | 92,793,154  |   |   |   | 73,147,668 |   |   |   | 17,541,310 |   |
| Dilutive equity awards                                              |   |   | 92,827      |   |   |   | 62,669     |   |   |   | 13,800 |   |
| Dilutive shares related to convertible notes                        |   |   | 19,212,240  |   |   |   |       |   |   |   |   |   |
| Weighted average shares outstanding - dilutive                      |   |   | 112,098,221 |   |   |   | 73,210,337 |   |   |   | 17,555,110 |   |

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| Company                                                                                                                                                                    |       | Vessel name       | Dwt              | Flag State       | Year Built |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|-------------------|------------------|------------------|------------|
| Chris Tanker Corporation                                                                                                                                                   |       | DHT Chris         |  309,285    | Hong Kong        | 2001       |
| Ann Tanker Corporation                                                                                                                                                     |       | DHT Ann           |  309,327    | Hong Kong        | 2001       |
| Newcastle Tanker Corporation                                                                                                                                               | DHT Target |  164,626     | Marshall Islands | 2001             |
| London Tanker Corporation                                                                                                                                                  |       | DHT Trader*       |  152,923    | Marshall Islands | 2000       |
| Cathy Tanker Corporation                                                                                                                                                   |       | DHT Cathy         |  115,000    | Marshall Islands | 2004       |
| Sophie Tanker Corporation                                                                                                                                                  |       | DHT Sophie        |  115,000    | Marshall Islands | 2003       |
| DHT Phoenix, Inc.                                                                                                                                                          |       | DHT Phoenix       |  307,151    | Hong Kong        | 1999       |
| DHT Eagle, Inc.                                                                                                                                                            |       | DHT Eagle         |  309,064    | Hong Kong        | 2002       |
| DHT Falcon Limited                                                                                                                                                         |       | DHT Falcon        |  298,971    | Hong Kong        | 2006       |
| DHT Hawk Limited                                                                                                                                                           |       | DHT Hawk          |  298,923    | Hong Kong        | 2007       |
| DHT Condor, Inc.                                                                                                                                                           |       | DHT Condor        |  320,050    | Hong Kong        | 2004       |
| DHT Jaguar Limited                                                                                                                                                         |       | DHT Jaguar        |  299,900    | Hong Kong        | 2015       |
| DHT Leopard Limited                                                                                                                                                        |       | DHT Leopard**     |  299,900    | Hong Kong        | 2016       |
| Samco Gamma Ltd                                                                                                                                                            |       | Samco Scandinavia |  317,826    | Marshall Islands | 2006       |
| Samco Delta Ltd                                                                                                                                                            |       | Samco Europe      |  317,260    | RIF              | 2007       |
| Samco Epsilon Ltd                                                                                                                                                          |       | Samco China       |  317,794    | RIF              | 2007       |
| Samco Eta Ltd                                                                                                                                                              |       | Samco Amazon      |  314,240    | RIF              | 2011       |
| Samco Kappa Ltd                                                                                                                                                            |       | Samco Redwood     |  314,240    | RIF              | 2011       |
| Samco Theta Ltd                                                                                                                                                            |       | Samco Sundarbans  |  314,240    | Marshall Islands | 2012       |
| Samco Iota Ltd                                                                                                                                                             |       | Samco Taiga       |  314,240    | Hong Kong        | 2012       |
|                                                                                                                                                                       |       |              |             |             |       |
|   *The DHT Trader was sold in December 2015, resulting in a total loss of $807.                                                                        |       |              |             |
|  **The DHT Leopard was delivered from HHI on January 4, 2016.                                                                                               |       |              |             |
|                                                                                                                                                                       |       |              |             |             |       |
| Subsidiaries dissolved during 2013                                                                                                                                         |       |              |             |
| Regal Unity Tanker Corporation                                                                                                                                             | DHT Regal* | 309.966           | Marshall Islands | 1997             |
|                                                                                                                                                                       |       |              |             |             |
| *The DHT Regal was sold during 2013 resulting in a total loss of $669. The vessel subsidiary Regal Unity Tanker Corporation was dissolved in 2013.     |

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| (Dollars in thousands)                                                               |   | Vessels |      |   | Drydock |   |   | Time charter contracts |   |   | Total   |   |
|--------------------------------------------------------------------------------------|--------|---------|-----------|--------|---------|--------|--------|------------------------|--------|--------|---------|--------|
| Cost                                                                                 |   |         |      |   |         |   |   |                        |   |   |         |   |
|        As of January 1, 2015                      |   |    | 1,268,896 |   |    |   | 24,338 |                   |   |   | 10,680  |   |   |   | 1,303,915 |   |
|        Additions                                  |   |    | 100,197   |   |    |   | 3,545  |                   |   |   | -       |   |   |   | 103,742 |   |
|        Disposals                                  |   |    | (56,730   | )      |    |   | (8,367 | )                      |   |   | (980    | )      |   |   | (66,077 | ) |
|        As of December 31, 2015                    |   |    | 1,312,363 |   |    |   | 19,516 |                   |   |   | 9,700   |   |   |   | 1,341,581 |   |
|                                                                                 |   |    |      |   |    |   |   |                   |   |   |    |   |   |   |   |   |
| Accumulated depreciation and impairment                                              |   |    |      |   |    |   |   |                   |   |   |    |   |   |   |   |   |
|        As of January 1, 2015                      |   |    | (306,457  | )      |    |   | (7,663 | )                      |   |   | (1,627  | )      |   |   | (315,746 | ) |
|        Charge for the period                      |   |    | (68,587   | )      |    |   | (6,388 | )                      |   |   | (3,471  | )      |   |   | (78,448 | ) |
|        Disposals                                  |   |    | 31,641    |   |    |   | 6,588  |                   |   |   | 980     |   |   |   | 39,209 |   |
|        As of December 31, 2015                    |   |    | (343,403  | )      |    |   | (7,462 | )                      |   |   | (4,118  | )      |   |   | (354,985 | ) |
|                                                                                 |   |    |      |   |    |   |   |                   |   |   |    |   |   |   |   |   |
| Net book value                                                                       |   |    |      |   |    |   |   |                   |   |   |    |   |   |   |   |   |
|        As of December 31, 2015                    |   |    | 968,962   |   |    |   | 12,053 |                   |   |   | 5,582   |   |   |   | 986,597 |   |
|                                                                                 |   |    |      |   |    |   |   |                   |   |   |    |   |   |   |   |   |
| Cost                                                                                 |   |    |      |   |    |   |   |                   |   |   |    |   |   |   |   |   |
|        As of January 1, 2014                      |   |    | 557,358   |   |    |   | 8,454  |                   |   |   | -       |   |   |   | 565,812 |   |
|        Additions                                  |   |    | 146,653   |   |    |   | 10,734 |                   |   |   | -       |   |   |   | 157,387 |   |
|        Acquisitions through business combinations |   |    | 564,886   |   |    |   | 5,150  |                   |   |   | 10,680  |   |   |   | 580,716 |   |
|        Disposals                                  |   |    | -         |   |    |   | -      |                   |   |   | -       |   |   |   | - |   |
|        As of December 31, 2014                    |   |    | 1,268,896 |   |    |   | 24,338 |                   |   |   | 10,680  |   |   |   | 1,303,915 |   |
|                                                                                 |   |    |      |   |    |   |   |                   |   |   |    |   |   |   |   |   |
| Accumulated depreciation and impairment                                              |   |    |      |   |    |   |   |                   |   |   |    |   |   |   |   |   |
|        As of January 1, 2014                      |   |    | (298,797  | )      |    |   | (3,874 | )                      |   |   | -       |   |   |   | (302,670 | ) |
|        Charge for the period                      |   |    | (39,560   | )      |    |   | (3,789 | )                      |   |   | (1,627  | )      |   |   | (44,976 | ) |
|        Reversal of impairment                     |   |    | 31,900    |   |    |   | -      |                   |   |   |    |   |   |   | 31,900 |   |
|        Disposals                                  |   |    | -         |   |    |   | -      |                   |   |   | -  |   |   |   | - |   |
|        As of December 31, 2014                    |   |    | (306,457  | )      |    |   | (7,663 | )                      |   |   | (1,627  | )      |   |   | (315,746 | ) |
|                                                                                 |   |    |      |   |    |   |   |                   |   |   |    |   |   |   |   |   |
| Net book value                                                                       |   |    |      |   |    |   |   |                   |   |   |    |   |   |   |   |   |
|        As of December 31, 2014                    |   |    | 962,439   |   |    |   | 16,675 |                   |   |   | 9,053   |   |   |   | 988,168 |   |
|                                                                                 |   |    |      |   |    |   |   |                   |   |   |    |   |   |   |   |   |
| Vessels under construction                                                           |   |    |      |   |    |   |   |                   |   |   |    |   |   |   |   |   |
|                                                                                 |   |    |      |   |    |   |   |                   |   |   |    |   |   |   |   |   |
| Cost                                                                                 |   |    |      |   |    |   |   |                   |   |   |    |   |   |   |   |   |
|        As of January 1, 2015                      |   |    | 174,496   |   |    |   | -      |                   |   |   | -       |   |   |   | 174,496 |   |
|        Additions                                  |   |    | 143,056   |   |    |   | -      |                   |   |   | -       |   |   |   | 143,056 |   |
|        Transferred to vessels                     |   |    | (102,151  | )      |    |   | -      |                   |   |   | -       |   |   |   | (102,151 | ) |
|        As of December 31, 2015                    |   |    | 215,401   |   |    |   | -      |                   |   |   | -       |   |   |   | 215,401 |   |
|                                                                                 |   |    |      |   |    |   |   |                   |   |   |    |   |   |   |   |   |
| Cost                                                                                 |   |    |      |   |    |   |   |                   |   |   |    |   |   |   |   |   |
|        As of January 1, 2014                      |   |    | 37,095    |   |    |   | -      |                   |   |   | -       |   |   |   | 37,095 |   |
|        Additions                                  |   |    | 137,401   |   |    |   | -      |                   |   |   | -       |   |   |   | 137,401 |   |
|        As of December 31, 2014                    |   |    | 174,496   |   |    |   | -      |                   |   |   | -       |   |   |   | 174,496 |   |

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| Time charter contracts:  |                 |   |            |   |   |
|--------------------------|----------------------|--------|-----------------|--------|--------|
|                     |                 |   | Carrying amount |   |   |
|                     | Expected useful life |   | 2014            |   | 2015   |
| Samco Amazon charter     | Finite               |   | 283             |   | -      |
| Samco Redwood charter    | Finite               |   | -               |   | -      |
| Samco Sundarbans charter | Finite               |   | 1,374           |   | 240    |
| Samco China charter      | Finite               |   | 6,318           |   | 5,342  |
| Samco Taiga charter      | Finite               |   | 1,078           |   | -      |
| Total                    |                 |   | 9,053           |   | 5,582  |

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| (Dollars in thousands)                      |   |   |  2015 |   |   |   |  2014 |   |
|---------------------------------------------|--------|--------|------------|--------|--------|--------|------------|--------|
| Accounts payable                            |   | $      | 1,888      |   |   | $      | 3,636      |   |
| Accrued interest                            |   |   | 3,192      |   |   |   | 4,239      |   |
| Accrued voyage expenses                     |   |   | 1,207      |   |   |   | 5,507      |   |
| Accrued employee compensation               |   |   | 5,340      |   |   |   | 5,467      |   |
| Payable, acquisition of company             |   |   | -          |   |   |   | 8,153      |   |
| Other                                       |   |   | 2,309      |   |   |   | 2,997      |   |
| Total accounts payable and accrued expenses |   | $      | 13,935     |   |   | $      | 29,999     |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                     |        | Carrying amount |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------|
| Financial assets                                                                                                                                                                                                                                                                                                                                                                                                         |   |            | 2015 |   |   |  | 2014 |   |
| Cash and cash equivalents*                                                                                                                                                                                                                                                                                                                                                                                               |   |            | 166,775 |   |   |   | 166,684 |   |
| Trade and other receivables                                                                                                                                                                                                                                                                                                                                                                                              |   |            | 40,093 |   |   |   | 28,708 |   |
| Total                                                                                                                                                                                                                                                                                                                                                                                                                    |   | $               | 206,868 |   |   | $ | 195,392 |   |
| * Cash and cash equivalents include $50,830 in restricted cash in 2015 and $243 in 2014, including employee withholding tax.Cash balance as of December 31, 2015 also includes $50.6 million relating to the financing of DHT Leopard which was drawn on the Nordea/DNB credit facility on December 29, 2015 in advance of the delivery of the DHT Leopard on January 4, 2016.        |

| Financial liabilities                         |   |   |  2015 |   |   |   |  2014 |   |
|-----------------------------------------------|--------|--------|------------|--------|--------|--------|------------|--------|
| Accounts payables and accrued expenses        |   | $      | 13,935     |   |   | $      | 29,999     |   |
| Derivative financial liabilities, current     |   |   | 3,058      |   |   |   | 3,518      |   |
| Current portion long term debt                |   |   | 32,267     |   |   |   | 31,961     |   |
| Long term interest bearing debt               |   |   | 630,201    |   |   |   | 629,320    |   |
| Derivative financial liabilities, non-current |   |   | 2,876      |   |   |   | 6,019      |   |
| Total financial liabilities                   |   | $      | 682,337    |   |   | $      | 700,817    |   |

|                      |        | Carrying amount |
|---------------------------|--------|-----------------|
| Financial assets          |   |            | 2015 |   |   |  | 2014 |   |
| Cash and cash equivalents |   |            | 166,775 |   |   |   | 166,684 |   |
| Loans and receivables     |   |            | 40,093 |   |   |   | 28,708 |   |
| Total                     |   | $               | 206,868 |   |   | $ | 195,392 |   |

| Financial liabilities                   |   |   | 2015    |   |   |   | 2014    |   |
|-----------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|
| Fair value through profit or loss       |   | $      | 5,934   |   |   | $      | 9,537   |   |
| Financial liabilities at amortized cost |   |   | 676,403 |   |   |   | 691,280 |   |
| Total                                   |   |   | 682,337 |   |   |   | 700,817 |   |

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|                                |          |   | Notional amount   |       |   | Fair value   |    |
|-------------------------------------|---------------|--------|-----------------------------|------------|--------|------------------------|---------|
|                                | Expires       |   |                        | 2015  |   |                   |    | 2014 |   |   |   | 2015 |   |   |   | 2014 |   |
| Swap pays 4.31%, receive floating   | May 11, 2015  |   | $                           | -          |   |                   | $       | 23,942 |   |   | $ | - |   |   | $ | 345 |   |
| Swap pays 2.43%, receive floating   | Nov. 25, 2016 |   |                        | 44,917     |   |                   |    | 49,000 |   |   |   | 646 |   |   |   | 1,403 |   |
| Swap pays 2.7775%, receive floating | Jun. 16, 2017 |   |                        | 23,479     |   |                   |    | 25,521 |   |   |   | 1,081 |   |   |   | 1,006 |   |
| Swap pays 3.0275%, receive floating | Oct. 24, 2017 |   |                        | 24,500     |   |                   |    | 26,542 |   |   |   | 1,255 |   |   |   | 1,247 |   |
| Swap pays 3.315%, receive floating  | Jun. 29, 2018 |   |                        | 23,479     |   |                   |    | 25,521 |   |   |   | 586 |   |   |   | 1,533 |   |
| Swap pays 3.565%, receive floating  | Jun. 29, 2018 |   |                        | 24,500     |   |                   |    | 26,542 |   |   |   | 798 |   |   |   | 1,782 |   |
| Swap pays 2.865%, receive floating  | Jun. 29, 2018 |   |                        | 43,896     |   |                   |    | 47,979 |   |   |   | 1,567 |   |   |   | 2,220 |   |
| Total carrying amount               |          |   | $                           | 184,771    |   |                   |  $ | 225,047 |   |   |  $ | 5,934 |   |   |  $ | 9,537 |   |

|                                |      |   | Remaining |    |   | Carrying amount |   |
|-------------------------------------|----------------|--------|-----------|---------|--------|-----------------|--------|
|                                | Interest       |   | notional  |    |   | 2015            |   |   | 2014 |   |
| RBS Credit Facility                 | LIBOR + 1.75%  |   |      | 80,500  |   |            |   | 80,500 |   |   |   | 113,275 |   |
| DHT Phoenix Credit Facility         | LIBOR + 2.75 % |   |      | -       |   |            |   | - |   |   |   | 18,278 |   |
| DHT Eagle Credit Facility           | LIBOR + 2.50 % |   |      | -       |   |            |   | - |   |   |   | 24,654 |   |
| DHT Hawk/Falcon Credit Facility     | LIBOR + 2.50 % |   |      | 42,000  |   |            |   | 41,017 |   |   |   | 44,677 |   |
| Nordea Credit Facility              | LIBOR + 2.50 % |   |      | 281,551 |   |            |   | 276,730 |   |   |   | 295,725 |   |
| New Credit Agricole Credit Facility | LIBOR + 2.19 % |   |      | 36,490  |   |            |   | 36,082 |   |   |   | 40,064 |   |
| Danish Ship Finance Credit Facility | LIBOR + 2.25 % |   |      | 49,400  |   |            |   | 48,960 |   |   |   | - |   |
| Nordea/DNB Credit Facility          | LIBOR + 2.25 % |   |      | 50,000  |   |            |   | 50,000 |   |   |   | - |   |
| Convertible Senior Notes            | 4.50%          |   |      | 150,000 |   |            |   | 129,179 |   |   |   | 124,609 |   |
| Total carrying amount               |           |   |      | 689,941 |   |            |   | 662,468 |   |   |   | 661,281 |   |

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|   | ● | profit for the year ended December 31, 2015 would decrease/increase by $1,824. |
|--------|---------|--------------------------------------------------------------------------------|
|   | ● | other comprehensive income would not be affected.                              |
|   | ● | profit for the year ended December 31, 2014 would decrease/increase by $1,631. |
|--------|---------|--------------------------------------------------------------------------------|
|   | ● | other comprehensive income would not be affected.                              |

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|   | ● | profit for the year ended December 31, 2013 would decrease/increase by $782. |
|--------|---------|------------------------------------------------------------------------------|
|   | ● | other comprehensive income would not be affected.                            |

| (Dollars in thousands)    |   | 2015   |    |   | 2014   |   |
|---------------------------|--------|--------|---------|--------|--------|--------|
| Cash and cash equivalents |   | $      | 166,775 |   |   | $      | 166,684 |   |
| Accounts receivables      |   |   | 40,093  |   |   |   | 28,708 |   |
| Maximum credit exposure   |   | $      | 206,868 |   |   | $      | 195,392 |   |

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| As of December 31, 2015 |   |        |   |   |        |   |    |           |      |   |        |   |
|-------------------------|--------|--------|--------|--------|--------|--------|---------|-----------|-----------|--------|--------|--------|
| (Dollars in thousands)  |   |        |   |   | 2 to 5 |   |    | More than |      |   |        |   |
|                    |   | 1 year |   |   | years  |   |    | 5 years   |      |   | Total  |   |
| Interest bearing loans  |   | $      | 56,195 |   |   | $      | 693,799 |      |      | $      | 14,306 |   |   | $ | 764,300 |   |
| Interest rate swaps     |   |   | 4,063  |   |   |   | 3,687   |      |      |   | -      |   |   |   | 7,750 |   |
| Total                   |   | $      | 60,258 |   |   | $      | 697,486 |      |      | $      | 14,306 |   |   | $ | 772,050 |   |
|                    |   |   |   |   |   |   |    |      |      |   |   |   |   |   |   |   |
| As of December 31, 2014 |   |   |   |   |   |   |    |      |      |   |   |   |   |   |   |   |
| (Dollars in thousands)  |   |   |   |   |   | 2 to 5 |    |      | More than |   |   |   |   |   |
|                    |   | 1 year |   |   | years  |   |    | 5 years   |      |   | Total  |   |
| Interest bearing loans  |   | $      | 53,780 |   |   | $      | 720,108 |      |      | $      | -      |   |   | $ | 773,889 |   |
| Interest rate swaps     |   |   | 5,520  |   |   |   | 8,905   |      |      |   | -      |   |   |   | 14,424 |   |
| Total                   |   | $      | 59,300 |   |   | $      | 729,013 |      |      | $      | -      |   |   | $ | 788,313 |   |

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|                                                                                                                             |   | Common stock |        |   | Preferred stock |   |
|----------------------------------------------------------------------------------------------------------------------------------|--------|--------------|-------------|--------|-----------------|--------|
| Issued at December 31, 2013                                                                                                      |   |         | 29,040,974  |   |            |   | 97,579 |   |
| New shares issued                                                                                                                |   |         | 53,376,924  |   |            |   |   |   |
| Restricted stock issued                                                                                                          |   |         | 334,288     |   |            |   | - |   |
| Series B preferred stock*                                                                                                        |   |         | 9,757,900   |   |            |   | (97,579 | )  |
| Issued at December 31, 2014                                                                                                      |   |         | 92,510,086  |   |            |   | - |   |
| Restricted stock issued                                                                                                          |   |         | 399,850     |   |            |   | - |   |
| Issued at December 31, 2015                                                                                                      |   |         | 92,909,936  |   |            |   | - |   |
| Par value                                                                                                                        |   | $            | 0.01        |   |            | $      | 0.01 |   |
| Shares to be issued assuming conversion of convertible notes**                                                                   |   |         | 24,449,566  |   |            |   |   |   |
| Number of shares authorized for issue at December 31, 2015                                                                       |   |         | 150,000,000 |   |            |   | 1,000,000 |   |
|                                                                                                                             |   |         |        |   |            |   |   |   |
| *The Series B Participating Preferred stock were mandatorily exchanged into 100 shares of common stock each on February 4, 2014. |   |         |        |   |            |   |   |   |
|                                                                                                                             |   |         |        |   |            |   |   |   |
| ** Assuming the maximum fundamental change conversion rate.                                                                      |   |         |        |   |            |   |   |   |

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| Dividend payment as of December 31, 2015: |   |          |   | Per share         |   |
|-------------------------------------------|--------|---------------|--------|-----------------------------|--------|
| Payment date:                             |   | Total payment |   | Common                      |   |   | Preferred |
| February 19, 2015                         | $      | 4.6 million   |   | $                           | 0.05   |   |   |  |   |
| May 22, 2015                              | $      | 13.9 million  |   | $                           | 0.15   |   |   |  |   |
| August 20, 2015                           | $      | 13.9 million  |   | $                           | 0.15   |   |   |  |   |
| November 25, 2015                         | $      | 16.7 million  |   | $                           | 0.18   |   |   |   |
| Total payment as of December 31, 2015:    | $      | 49.2 million  |   | $                           | 0.53   |   |   |   |
|                                      |   |          |   |                        |   |   |   |  |   |
| Dividend payment as of December 31, 2014: |   |          |   | Per share              |
| Payment date:                             |   | Total payment |   | Common                      |   |   | Preferred |
| February 13, 2014                         | $      | 1.4 million   |   | $                           | 0.02   |   |   |   |
| May 22, 2014                              | $      | 1.4 million   |   | $                           | 0.02   |   |   |  |   |
| September 17, 2014                        | $      | 1.4 million   |   | $                           | 0.02   |   |   |  |   |
| November 26, 2014                         | $      | 1.9 million   |   | $                           | 0.02   |   |   |   |
| Total payment as of December 31, 2014:    | $      | 6.0 million   |   | $                           | 0.08   |   |   |   |
|                                      |   |          |   |                        |   |   |   |  |   |
| Dividend payment as of December 31, 2013: |   |          |   | Per share    |
| Payment date:                             |   | Total payment |   | Common                      |   |  | Preferred |
| February 19, 2013                         | $      | 0.3 million   |   | $                           | 0.02   |   |   | $ | 0.28 |
| May 23, 2013                              | $      | 0.3 million   |   | $                           | 0.02   |   |   | $ | 0.25  |
| August 28, 2013                           | $      | 0.3 million   |   | $                           | 0.02   |   |   |   |   |   |
| November 21, 2013                         | $      | 0.3 million   |   | $                           | 0.02   |   |   |   |    |
| Total payment as of December 31, 2013:    | $      | 1.2 million   |   | $                           | 0.08   |   |   | $ | 0.53  |

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| General and Administrative Expenses:          |   |        |   |   |        |   |   |        |   |
|-----------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|                                          |   | 2015   |   |   | 2014   |   |   | 2013   |   |
| Total Compensation to Employees and Directors |   | $      | 17,626 |   |   | $      | 12,962 |   |   | $ | 5,798 |   |
| Office and Administrative Expenses            |   |   | 2,407  |   |   |   | 1,797  |   |   |   | 1,484 |   |
| Audit, Legal and Consultancy                  |   |   | 1,573  |   |   |   | 3,303  |   |   |   | 1,545 |   |
| Total General and Administrative Expenses     |   | $      | 21,607 |   |   | $      | 18,062 |   |   | $ | 8,827 |   |

|                                         |   | Number of shares/ options |    | Vesting Period |     | Fair value at grant date |   |
|----------------------------------------------|--------|---------------------------|---------|----------------|----------|--------------------------|--------|
| (1) Granted October 2005, stock options*     |   |                      | 965     |           | 10 years |                     | $      | 144.00 |   |
| (2) Granted March 2012, restricted shares    |   |                      | 14,515  |           | 3 years  |                     |   | 13.80 |   |
| (3) Granted June 2013, restricted shares     |   |                      | 155,000 |           | 4 years  |                     |   | 4.15 |   |
| (4) Granted June 2013, stock options**       |   |                      | 155,000 |           | 5 years  |                     |   | 1.31 |   |
| (5) Granted June 2013, stock options**       |   |                      | 155,000 |           | 5 years  |                     |   | 0.97 |   |
| (6) Granted February 2014, restricted shares |   |                      | 29,333  |           | 3 years  |                     |   | 6.92 |   |
| (7) Granted February 2014, restricted shares |   |                      | 29,333  |           | 3 years  |                     |   | 6.33 |   |
| (8) Granted February 2014, restricted shares |   |                      | 29,333  |           | 3 years  |                     |   | 5.63 |   |
| (9) Granted February 2014, restricted shares |   |                      | 88,000  |           | 3 years  |                     |   | 7.61 |   |
| (10) Granted June 2014, restricted shares    |   |                      | 95,666  |           | 3 years  |                     |   | 6.41 |   |
| (11) Granted June 2014, restricted shares    |   |                      | 95,666  |           | 3 years  |                     |   | 5.74 |   |
| (12) Granted June 2014, restricted shares    |   |                      | 95,666  |           | 3 years  |                     |   | 5.13 |   |
| (13) Granted June 2014, restricted shares    |   |                      | 287,000 |           | 3 years  |                     |   | 7.15 |   |
| (14) Granted January 2015, restricted shares |   |                      | 850,000 |           | 3 years  |                     | $      | 8.81 |   |

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|                             |   | Restricted common stock |      |   | Share options |   |    | Weighted average exercise price** |   |
|----------------------------------|--------|-------------------------|-----------|--------|---------------|--------|---------|-----------------------------------|--------|
| Outstanding at December 31, 2012 |   |                    | 109,447   |   |          |   | 965     |                              |   | $ | 144.00 |   |
| Granted                          |   |                    | 588,000   |   |          |   | 310,000 |                              |   |   | 9.23 |   |
| Exercised*                       |   |                    | 203,924   |   |          |   |    |                              |   |   |   |   |
| Forfeited                        |   |                    |      |   |          |   |    |                              |   |   |   |   |
| Outstanding at December 31, 2013 |   |                    | 493,523   |   |          |   | 310,965 |                              |   |   | 9.64 |   |
|                             |   |                    |      |   |          |   |    |                              |   |   |   |   |
| Outstanding at December 31, 2013 |   |                    | 493,523   |   |          |   | 310,965 |                              |   |   | 9.64 |   |
| Granted                          |   |                    | 750,000   |   |          |   |    |                              |   |   |   |   |
| Exercised*                       |   |                    | 324,008   |   |          |   |    |                              |   |   |   |   |
| Forfeited                        |   |                    |      |   |          |   |    |                              |   |   |   |   |
| Outstanding at December 31, 2014 |   |                    | 919,515   |   |          |   | 310,965 |                              |   |   | 9.64 |   |
|                             |   |                    |      |   |          |   |    |                              |   |   |   |   |
| Outstanding at December 31, 2014 |   |                    | 919,515   |   |          |   | 310,965 |                              |   |   | 9.64 |   |
| Granted                          |   |                    | 850,000   |   |          |   |    |                              |   |   |   |   |
| Exercised*                       |   |                    | 383,683   |   |          |   |    |                              |   |   |   |   |
| Forfeited                        |   |                    |      |   |          |   | 965     |                              |   |   |   |   |
| Outstanding at December 31, 2015 |   |                    | 1,385,832 |   |          |   | 310,000 |                              |   | $ | 9.64 |   |

----

| *Does not include shares in lieu of dividends                                             |
|-------------------------------------------------------------------------------------------|
| **To be adjusted for dividends declared and paid subsequent to the respective grant dates |
|                                       |   | 2015   |   |   | 2014   |   |   | 2013   |   |
|--------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Expense recognized from stock compensation |   |   | 7,436  |   |   |   | 3,241  |   |   |   | 3,572 |   |

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| (Dollars in thousands) |   | 2015   |   |   | 2014   |   |   | 2013   |   |
|------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Cash Compensation      |   | $      | 5,434  |   |   | $      | 3,957  |   |   | $ | 2,317 |   |
| Pension cost           |   |   | 167    |   |   |   | 254    |   |   |   | 234 |   |
| Share compensation *   |   |   | 6,223  |   |   |   | 2,777  |   |   |   | 3,229 |   |
| Total remuneration     |   | $      | 11,823 |   |   | $      | 6,989  |   |   | $ | 5,779 |   |

|                                 |   | 2015   |      |   | 2014   |   |      | 2013   |   |
|--------------------------------------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|
| Executives and Directors as a group* |   |   | 1,967,768 |   |   |   | 1,591,835 |   |   |   | 874,765 |   |

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| (Dollars in thousands)                                                                              |   |        |   |   |        |   |   |        |   |
|-----------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Calculation of this year's pension costs:                                                           |   | 2015   |   |   | 2014   |   |   | 2013   |   |
| Current service cost                                                                                |   |   | 289    |   |   |   | 223    |   |   |   | 233 |   |
| Financial costs                                                                                     |   |   | 6      |   |   |   | 6      |   |   |   | 2 |   |
| Pension costs for the year                                                                          |   |   | 296    |   |   |   | 229    |   |   |   | 235 |   |
|                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |
| The amounts recognised in the statement of financial position at the reporting date are as follows: |   |
|                                                                                                |   |   | 2015   |   |   |   | 2014   |   |   |   | 2013 |   |
| Present value of the defined benefit obligation                                                     |   |   | 949    |   |   |   | 688    |   |   |   | 602 |   |
| Fair value of plan assets                                                                           |   |   | 801    |   |   |   | 661    |   |   |   | 566 |   |
| Net pension obligation                                                                              |   |   | 148    |   |   |   | 27     |   |   |   | 36 |   |
| Remeasurement loss/(gain)                                                                           |   |   | 48     |   |   |   | 204    |   |   |   | 115 |   |
| Net balance sheet recorded pension liability December 31                                            |   |   | 196    |   |   |   | 231    |   |   |   | 151 |   |
|                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                |   |   | 2015   |   |   |   | 2014   |   |   |   | 2013 |   |
| Change in gross pension obligation:                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Gross obligation January 1                                                                          |   |   | 706    |   |   |   | 517    |   |   |   | 394 |   |
| Current service cost                                                                                |   |   | 285    |   |   |   | 219    |   |   |   | 229 |   |
| Interest charge on pension liabilities                                                              |   |   | 24     |   |   |   | 25     |   |   |   | 16 |   |
| Social security expenses                                                                            |   |   | (43    | )      |   |   | (42    | )      |   |   | (31 | ) |
| Remeasurements loss/(gain)                                                                          |   |   | (27    | )      |   |   | 174    |   |   |   | 31 |   |
| Exchange rate differences                                                                           |   |   | (20    | )      |   |   | (57    | )      |   |   | (8 | ) |
| Gross pension obligation December 31                                                                |   |   | 925    |   |   |   | 836    |   |   |   | 632 |   |
|                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                |   |   | 2015   |   |   |   | 2014   |   |   |   | 2013 |   |
| Change in gross pension assets:                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |
| Fair value plan asset January 1                                                                     |   |   | 511    |   |   |   | 394    |   |   |   | 345 |   |
| Interest income                                                                                     |   |   | 24     |   |   |   | 15     |   |   |   | 10 |   |
| Employer contribution                                                                               |   |   | 303    |   |   |   | 300    |   |   |   | 218 |   |
| Remeasurements (loss)/gain                                                                          |   |   | (79    | )      |   |   | (66    | )      |   |   | (88 | ) |
| Exchange rate differences                                                                           |   |   | (30    | )      |   |   | (38    | )      |   |   | (5 | ) |
| Fair value plan assets December 31                                                                  |   |   | 728    |   |   |   | 605    |   |   |   | 481 |   |
|                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |
| The Company expects to contribute $284 to its defined benefit pension plan in 2016.                 |   |   |   |   |   |
|                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |
| Assumptions                                                                                         |   |   | 2015   |   |   |   | 2014   |   |   |   | 2013 |   |
| Discount rate                                                                                       |   |   | 2.70   | %      |   |   | 3.00   | %      |   |   | 4.00 | % |
| Yield on pension assets                                                                             |   |   | 2.70   | %      |   |   | 3.00   | %      |   |   | 4.00 | % |
| Wage growth                                                                                         |   |   | 2.50   | %      |   |   | 3.25   | %      |   |   | 3.75 | % |
| G regulation*                                                                                       |   |   | 2.25   | %      |   |   | 3.00   | %      |   |   | 3.50 | % |
| Pension adjustment                                                                                  |   |   | 0.00   | %      |   |   | 0.10   | %      |   |   | 0.60 | % |
| Average remaining service period                                                                    |   |   | 18     |   |   |   | 18     |   |   |   | 16 |   |

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| Specification of income tax:                                                                     |   |              |    |   |              |   |   |              |   |
|--------------------------------------------------------------------------------------------------|--------|--------------|---------|--------|--------------|--------|--------|--------------|--------|
| (Dollars in thousands)                                                                           |   | 2015         |    |   | 2014         |   |   | 2013         |   |
| Income tax payable                                                                               |   | $            | 119     |   |         | $      | 205    |         |   | $ | 207 |   |
| Tax expenses related to previous year                                                            |   |         | 3       |   |         |   | (152   | )            |   |   | - |   |
| Change in deferred tax                                                                           |   |         | 7       |   |         |   | 34     |         |   |   | - |   |
| Total income tax expense                                                                         |   | $            | 128     |   |         | $      | 86     |         |   | $ | 207 |   |
|                                                                                             |   |         |    |   |         |   |   |         |   |   |   |   |
|                                                                                             |   |         |    |   |         |   |   |         |   |   |   |   |
| Specification of temporary differences and deferred tax:                                         |   | December 31, |    |   | December 31, |   |   | December 31, |   |
| (Dollars in thousands)                                                                           |   |         | 2015    |   |         |   | 2014   |         |   |   | 2013 |   |
| Property, plant and equipment                                                                    |   | $            | (74     | )      |         | $      | (18    | )            |   | $ | (35 | ) |
| Pensions                                                                                         |   |         | (196    | )      |         |   | (231   | )            |   |   | (151 | ) |
| Total basis for deferred tax                                                                     |   |         | (270    | )      |         |   | (249   | )            |   |   | (186 | ) |
| Deferred tax liability (25%) 1)   2)                                                   |   | $            | (68     | )      |         | $      | (67    | )            |   | $ | (6 | ) |
| 1) Due to materiality, not recognized on a separate line in the statements of financial position |   |         |    |   |         |   |   |         |   |
| 2) The general income tax rate is reduced from 27% to 25%, effective from fiscal year 2016       |   |         |    |   |         |   |   |         |   |
|                                                                                             |   |         |    |   |         |   |   |         |   |   |   |   |
| Reconciliation of effective tax rate:                                                            |   |         |    |   |         |   |   |         |   |   |   |   |
| (Dollars in thousands)                                                                           |   |         | 2015    |   |         |   | 2014   |         |   |   | 2013 |   |
| Profit/(loss) before income tax                                                                  |   | $            | 105,430 |   |         | $      | 12,973 |         |   | $ | (3,919 | ) |
| Expected income tax assessed at the tax rate for the Parent company (0%)                         |   |         | -       |   |         |   | -      |         |   |   | - |   |
| Adjusted for tax effect of the following items:                                                  |   |         |    |   |         |   |   |         |   |   |   |   |
|    Income in subsidiary, subject to 27% income tax                                |   |         | 128     |   |         |   | 86     |         |   |   | 207 |   |
| Total income tax expense                                                                         |   | $            | 128     |   |         | $      | 86     |         |   | $ | 207 |   |

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|                            |   | 2015 |   |   | 2014   |   |
|---------------------------------|--------|------|--------|--------|--------|--------|
| Investment in associate company |   | $    | 2,976  |   |   |        | 2,697 |   |
| Name of associate                  | Principal activities |   | Place of incorporation and business |   | Effective equity interest |
|------------------------------------|----------------------|--------|-------------------------------------|--------|---------------------------|
|                               |                 |   |                                |   | 2015                      | 2014 |
| Goodwood Ship Management Pte. Ltd. | Ship management      |   | Singapore                           |   | 50 %                      | 50 % |
| Company’s share of                              |   | 2015 |    |   | 2014   |   |
|-------------------------------------------------------|--------|------|---------|--------|--------|--------|
| - Profit after taxation                               |   | $    | 467     |   |   |   | 86 |   |
| - Other comprehensive income for the year, net of tax |   | $    | – |   |   |   | – |   |
| - Total comprehensive income for the year             |   | $    | 467     |   |   |   | 86 |   |

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| ASSETS                                           |   | December 31, |    |   | December 31, |   |
|--------------------------------------------------|--------|--------------|---------|--------|--------------|--------|
| Current assets                                   |   | 2015         |    |   | 2014         |   |
| Cash and cash equivalents                        |   | $            | 53,645  |   |         | $      | 82,664 |   |
| Accounts receivable and prepaid expenses         |   |         | 406     |   |         |   | 399 |   |
| Deposit for vessel acquisition                   |   |         | 214,905 |   |         |   | 174,496 |   |
| Total current assets                             |   | $            | 268,956 |   |         | $      | 257,559 |   |
|                                             |   |         |    |   |         |   |   |   |
| Investments in subsidiaries                      |   | $            | 439,955 |   |         | $      | 438,031 |   |
| Loan to subsidiaries                             |   |         | 201,312 |   |         |   | 153,748 |   |
| Total non-current assets                         |   | $            | 641,266 |   |         | $      | 591,779 |   |
|                                             |   |         |    |   |         |   |   |   |
| Total assets                                     |   | $            | 910,222 |   |         | $      | 849,338 |   |
|                                             |   |         |    |   |         |   |   |   |
| LIABILITIES AND STOCKHOLDERS’ EQUITY       |   |         |    |   |         |   |   |   |
| Current liabilities                              |   |         |    |   |         |   |   |   |
| Accounts payable and accrued expenses            |   | $            | 1,996   |   |         | $      | 11,538 |   |
| Amounts due to related parties                   |   |         | 3,469   |   |         |   | 3,111 |   |
| Total current liabilities                        |   | $            | 5,465   |   |         | $      | 14,649 |   |
|                                             |   |         |    |   |         |   |   |   |
| Non-current liabilities                          |   |         |    |   |         |   |   |   |
| Long term debt                                   |   |              | 129,179 |   |         |   | 124,608 |   |
| Total non-current liabilities                    |   | $            | 129,179 |   |         | $      | 124,608 |   |
|                                             |   |         |    |   |         |   |   |   |
| Total liabilities                                |   | $       | 134,644 |   |         | $      | 139,257 |   |
|                                             |   |         |    |   |         |   |   |   |
| Stockholders’ equity                       |   |         |    |   |         |   |   |   |
| Stock                                            |   | $       | 929     |   |         | $      | 925 |   |
| Paid-in additional capital                       |   |         | 834,769 |   |         |   | 827,863 |   |
| Accumulated deficit                              |   |         | (60,121 | )      |         |   | (118,707 | ) |
| Total stockholders equity                        |   | $       | 775,578 |   |         | $      | 710,081 |   |
|                                             |   |         |    |   |         |   |   |   |
| Total liabilities and stockholders’ equity |   | $       | 910,222 |   |         | $      | 849,338 |   |

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| (Dollars in thousands)                                              |   | Jan. 1 - Dec. 31, |    |   | Jan. 1 - Dec. 31, |   |    | Jan. 1 - Dec. 31, |   |
|---------------------------------------------------------------------|--------|-------------------|---------|--------|-------------------|--------|---------|-------------------|--------|
|                                                                |   | 2015              |    |   | 2014              |   |    | 2013              |   |
|                                                                |   |                   |    |   |                   |   |    |                   |   |
| Revenues                                                            |   | $                 | 4,894   |   |              | $      | 6,483   |              |   | $ | 11,638 |   |
| Impairment charge                                                   |   |              | (9,500  | )      |              |   | -       |              |   |   | - |   |
| Dividend income                                                     |   |              | 125,400 |   |              |   | 15,000  |              |   |   | - |   |
| General and administrative expense                                  |   |              | (12,769 | )      |              |   | (14,424 | )                 |   |   | (8,972 | ) |
| Operating income                                                    |   | $                 | 108,025 |   |              | $      | 7,060   |              |   | $ | 2,665 |   |
|                                                                |   |              |    |   |              |   |    |              |   |   |   |   |
| Interest income                                                     |   | $                 | 10,692  |   |              | $      | 8,944   |              |   | $ | 4,755 |   |
| Interest expense                                                    |   |              | (11,340 | )      |              |   | (3,215  | )                 |   |   | - |   |
| Other financial income/(expenses)                                   |   |              | 403     |   |              |   | (463    | )                 |   |   | (8 | ) |
| Profit for the year                                                 |   | $                 | 107,780 |   |              | $      | 12,326  |              |   | $ | 7,412 |   |
|                                                                |   |              |    |   |              |   |    |              |   |   |   |   |
|                                                                |   |              |    |   |              |   |    |              |   |   |   |   |
| Statement of Comprehensive Income                                   |
| Profit for the year                                                 |   | $                 | 107,780 |   |              | $      | 12,326  |              |   | $ | 7,412 |   |
| Other comprehensive income:                                         |   |              |    |   |              |   |    |              |   |   |   |   |
| Items that will not be reclassified subsequently to profit or loss: |   |              | -       |   |              |   | -       |              |   |   | - |   |
| Items that may be reclassified subsequently to profit or loss:      |   |              | -       |   |              |   | -       |              |   |   | - |   |
| Total comprehensive income for the period                           |   | $                 | 107,780 |   |              | $      | 12,326  |              |   | $ | 7,412 |   |
|                                                                |   |              |    |   |              |   |    |              |   |   |   |   |
| Attributable to the owners                                          |   | $                 | 107,780 |   |              | $      | 12,326  |              |   | $ | 7,412 |   |

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| (Dollars in thousands)                                           |   | Jan. 1 - Dec. 31, |    |   | Jan. 1 - Dec. 31, |   |     | Jan. 1 - Dec. 31, |   |
|------------------------------------------------------------------|--------|-------------------|---------|--------|-------------------|--------|----------|-------------------|--------|
|                                                             |   | 2015              |    |   | 2014              |   |     | 2013              |   |
|                                                             |   |                   |    |   |                   |   |     |                   |   |
| Cash Flows from Operating Activities:                            |   |                   |    |   |                   |   |     |                   |   |
| Profit for the year                                              |   | $                 | 107,780 |   |              | $      | 12,326   |              |   | $ | 7,412 |   |
| Items included in net income not affecting cash flows:           |   |              |    |   |              |   |     |              |   |   |   |   |
|   Amortization                                         |   |              | 4,571   |   |              |   | 1,246    |              |   |   | - |   |
|   Compensation related to options and restricted stock |   |              | 6,911   |   |              |   | 1,597    |              |   |   | 3,118 |   |
| Changes in operating assets and liabilities:                     |   |              |    |   |              |   |     |              |   |   |   |   |
|   Accounts receivable and prepaid expenses             |   |              | (7      | )      |              |   | 8,703    |              |   |   | (8,916 | ) |
|   Amounts due from related parties                     |   |              | -       |   |              |   | -        |              |   |   | 94 |   |
|   Accounts payable and accrued expenses                |   |              | (1,980  | )      |              |   | 2,352    |              |   |   | 70 |   |
|   Amounts due to related parties                       |   |              | 358     |   |              |   | (1,492   | )                 |   |   | 1,721 |   |
| Net cash provided by operating activities                        |   | $                 | 117,632 |   |              | $      | 24,731   |              |   | $ | 3,500 |   |
|                                                             |   |              |    |   |              |   |     |              |   |   |   |   |
| Cash flows from Investing Activities                             |   |              |    |   |              |   |     |              |   |   |   |   |
| Investments in subsidiaries                                      |   | $                 | (9,486  | )      |              | $      | (338,011 | )                 |   | $ | (28,342 | ) |
| Loan to subsidiaries                                             |   |              | (47,564 | )      |              |   | (68,572  | )                 |   |   | (712 | ) |
| Investment in vessels                                            |   |              | (40,409 | )      |              |   | (137,401 | )                 |   |   | (37,095 | ) |
| Net cash provided by/(used) in financing activities              |   | $                 | (97,458 | )      |              | $      | (543,985 | )                 |   | $ | (66,149 | ) |
|                                                             |   |              |    |   |              |   |     |              |   |   |   |   |
| Cash flows from Financing Activities                             |   |              |    |   |              |   |     |              |   |   |   |   |
| Issuance of stock                                                |   | $                 | -       |   |              | $      | 360,340  |              |   | $ | 106,063 |   |
| Cash dividends paid                                              |   |              | (49,194 | )      |              |   | (6,012   | )                 |   |   | (1,186 | ) |
| Issuance of convertible bonds                                    |   |              | -       |   |              |   | 145,862  |              |   |   | - |   |
| Net cash provided by/(used) in financing activities              |   | $                 | (49,194 | )      |              | $      | 500,190  |              |   | $ | 104,877 |   |
|                                                             |   |              |    |   |              |   |     |              |   |   |   |   |
| Net increase/(decrease) in cash and cash equivalents             |   | $                 | (29,019 | )      |              | $      | (19,063  | )                 |   | $ | 42,228 |   |
| Cash and cash equivalents at beginning of period                 |   |              | 82,664  |   |              |   | 101,728  |              |   |   | 59,500 |   |
| Cash and cash equivalents at end of period                       |   | $                 | 53,645  |   |              | $      | 82,664   |              |   | $ | 101,728 |   |

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