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

| ý | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|--------------------------------------------------------------------------------------|

|  ̈ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|------------------------------------------------------------------------------------------|

|  ̈ | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|---------------------------------------------------------------------------------------------|

| Title of each classCommon stock, par value $0.01 per share | Name of each exchange on which registeredNew York Stock Exchange |
|------------------------------------------------------------|------------------------------------------------------------------|

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TABLE OF CONTENTS

|                                        | Page  |
|---------------------------------------------|------------|
| EXPLANATORY NOTE                            | 1          |
|                                        |       |
| PART II                                     | 3          |
|                                        |       |
| ITEM 15.  CONTROLS AND PROCEDURES | 3          |
|                                        |       |
| PART III                                    | 4          |
|                                        |       |
| ITEM 18.  FINANCIAL STATEMENTS    | 4          |
|                                        |       |
| ITEM 19.  EXHIBITS                | 5          |

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EXPLANATORY NOTE

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PART II

ITEM 15

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PART III

ITEM 18

| DHT Maritime, Inc. Consolidated Financial Statements                                                            | Page                                     |
|-----------------------------------------------------------------------------------------------------------------|------------------------------------------|
|                                                                                                            |                                     |
| Reports of Independent Registered Public Accounting Firm                                                        |       F-2       |
|                                                                                                            |                                     |
| Consolidated Statement of Financial Position as of December 31, 2009, December 31, 2008 and January 1, 2008     |       F-4  |
|                                                                                                            |                                     |
| Consolidated Income Statement for the years ended December 31, 2009 and 2008                                    |       F-5  |
|                                                                                                            |                                     |
| Consolidated Statements of Changes in Shareholders’ Equity for the years ended December 31, 2009 and 2008 |       F-6  |
|                                                                                                            |                                     |
| Consolidated Statements of Cash Flows for the years ended December 31, 2009 and 2008                            |       F-7       |
|                                                                                                            |                                     |
| Notes to Consolidated Financial Statements                                                                      |       F-8       |

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ITEM 19

| 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. |

| 15.1 |   | Consent of Independent Registered Public Accounting Firm. |
|------|--------|-----------------------------------------------------------|

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|                         | DHT HOLDINGS, INC. |                            |
|------------------------------|--------------------|---------------------------------|
|                         |               |                            |   |
| Date:  January 31, 2011 | By:                |  /s/ Svein Moxnes Harfjeld |   |
|                         |               | Name:                           | Svein Moxnes Harfjeld |   |
|                         |               | Title:                          | Chief Executive Officer |   |
|                         |               |                            | (Principal Executive Officer) |   |

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|                                                                                                            | Page      |
|-----------------------------------------------------------------------------------------------------------------|-----------|
| Reports of Independent Registered Public Accounting Firm                                                        |  F-2 |
| Consolidated Statement of Financial Position as of December 31, 2009, December 31, 2008 and January 1, 2008     |  F-4 |
| Consolidated Income Statement for the years ended December 31, 2009 and 2008                                    |  F-5 |
| Consolidated Statements of Changes in Shareholders’ Equity for the years ended December 31, 2009 and 2008 |  F-6 |
| Consolidated Statements of Cash Flows for the years ended December 31, 2009 and 2008                            |  F-7 |
| Notes to Consolidated Financial Statements                                                                      |  F-8 |

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| (Dollars in thousands)                           | Note       |   | as of December 31,2009 |    | as of December 31,2008 |   | Restated(1) January 1,2008 |
|--------------------------------------------------|------------|--------|------------------------|---------|------------------------|--------|----------------------------|
|                                             |       |   |                   |    |                   |   |                       |   |   |   |   |
| ASSETS                                           |       |   |                   |    |                   |   |                       |   |   |   |   |
| Current assets                                   |       |   |                   |    |                   |   |                       |   |   |   |   |
| Cash and cash equivalents                        | 8, 9  |   | $                      | 72,664  |                   |   | $                          | 59,020 |   |   | $  | 10,365 |   |
| Voyage receivables from OSG                      | 8, 9  |   |                   | -       |                   |   |                       | 8,791 |   |   |   | 1,547 |   |
| Prepaid expenses                                 |       |   |                   | 3,287   |                   |   |                       | 1,150 |   |   |   | 1,675 |   |
| Total current assets                             |       |   |                   | 75,951  |                   |   |                       | 68,961 |   |   |   | 13,587 |   |
|                                             |       |   |                   |    |                   |   |                       |   |   |   |   |   |   |
| Vessels, net of accumulated depreciation         | 6     |   |                   | 441,036 |                   |   |                       | 462,387 |   |   |   | 398,005 |   |
| Other long term receivables                      |       |   |                   | 984     |                   |   |                       | - |   |   |   | - |   |
| Deposits for vessel acquisitions            | 6     |   |                   |  - |                   |   |                       |  - |   |   |   | 9,145 |   |
| Prepaid expense                             |       |   |                   |  - |                   |   |                       |  - |   |   |   | 134 |   |
| Total assets                                     |       |   | $                      | 517,971 |                   |   | $                          | 531,348 |   |   | $  | 420,871 |   |
|                                             |       |   |                   |    |                   |   |                       |   |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDER’S EQUITY       |       |   |                   |    |                   |   |                       |   |   |   |   |   |   |
| Current liabilities                              |       |   |                   |    |                   |   |                       |   |   |   |   |   |   |
| Accounts payable and accrued expenses            | 7     |   | $                      | 6,250   |                   |   | $                          | 6,400 |   |   | $  | 4,409 |   |
| Derivative financial instruments                 | 8     |   |                   | 11,779  |                   |   |                       | 10,945 |   |   |   | 2,993 |   |
| Deferred shipping revenues                       |       |   |                   | 7,898   |                   |   |                       | 7,855 |   |   |   | 7,006 |   |
| Current instalment of long-term debt        | 8, 9  |   |                   |  - |                   |   |                       |  - |   |   |   | 75,000 |   |
| Total current liabilities                        |       |   |                   | 25,927  |                   |   |                       | 25,200 |   |   |   | 89,408 |   |
|                                             |       |   |                   |    |                   |   |                       |   |   |   |   |   |   |
| Long-term liabilities                            |       |   |                   |    |                   |   |                       |   |   |   |   |   |   |
| Long term debt                                   | 8, 9  |   |                   | 293,041 |                   |   |                       | 342,852 |   |   |   | 252,363 |   |
| Derivative financial instruments                 | 8     |   |                   | 6,646   |                   |   |                       | 15,473 |   |   |   | 7,225 |   |
| Other long term liabilities                      |       |   |                   | 433     |                   |   |                       | - |   |   |   | - |   |
| Total long term liabilities                      |       |   |                   | 300,120 |                   |   |                       | 358,325 |   |   |   | 259,588 |   |
|                                             |       |   |                   |    |                   |   |                       |   |   |   |   |   |   |
| Stockholders’ equity                       |       |   |                   |    |                   |   |                       |   |   |   |   |   |   |
| Common stock                                     | 10    |   |                   | 487     |                   |   |                       | 392 |   |   |   | 300 |   |
| Paid-in additional capital                       |       |   |                   | 239,624 |                   |   |                       | 200,570 |   |   |   | 108,760 |   |
| Retained earnings/(deficit)                      |       |   |                   | (33,824 | )                      |   |                       | (26,721 | ) |   |   | (26,967 | ) |
| Accumulated other comprehensive income/(loss)    |       |   |                   | (14,363 | )                      |   |                       | (26,418 | ) |   |   | (10,218 | ) |
|                                             |       |   |                   |    |                   |   |                       |   |   |   |   |   |   |
| Total stockholders’ equity                 |       |   | $                      | 191,924 |                   |   | $                          | 147,823 |   |   | $  | 71,875 |   |
| Total liabilities and stockholders’ equity |       |   | $                      | 517,971 |                   |   | $                          | 531,348 |   |   | $  | 420,871 |   |

| (1)  | The restated consolidated statement of financial position of DHT Maritime as of January 1, 2008 presented above is identical to the financial position of DHT Maritime as of January 1, 2008 included in Note 14 to the audited financial statements filed with the Company’s Annual Report on Form 20-F for the year ended December 31, 2009, as filed with the U.S. Securities and Exchange Commission on March 25, 2010.  See Note 2A. |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| (Dollars in thousands, except share and per share amounts)                                                                                | Note       |   | Year ended December 31, 2009 |       |   | Year ended December 31, 2008 |   |
|-------------------------------------------------------------------------------------------------------------------------------------------|------------|--------|------------------------------|------------|--------|------------------------------|--------|
|                                                                                                                                      |       |   |                         |       |   |                         |   |
| Shipping revenues                                                                                                                         | 3, 4  |   | $                            | 102,576    |   |                         | $      | 114,603 |   |
|                                                                                                                                      |       |   |                         |       |   |                         |   |   |   |
| Operating expenses                                                                                                                        |       |   |                         |       |   |                         |   |   |   |
| Vessel expenses                                                                                                                           |       |   |                         | 30,034     |   |                         |   | 21,409 |   |
| Depreciation and amortization                                                                                                             | 6     |   |                         | 26,762     |   |                         |   | 25,948 |   |
| General and administrative                                                                                                                | 11    |   |                         | 4,588      |   |                         |   | 4,766 |   |
| Total operating expenses                                                                                                                  |       |   |                         | 61,384     |   |                         |   | 52,123 |   |
| Income from vessel operations                                                                                                             |       |   |                         | 41,192     |   |                         |   | 62,480 |   |
|                                                                                                                                      |       |   |                         |       |   |                         |   |   |   |
| Interest income                                                                                                                           |       |   |                         | 298        |   |                         |   | 1,572 |   |
| Interest expense                                                                                                                          | 8     |   |                         | (18,130    | )      |                         |   | (21,904 | ) |
| Fair value gain/(loss) on derivative financial instruments                                                                                |       |   |                         | (4,062     | )      |                         |   | - |   |
| Other financial (expense)                                                                                                                 |       |   |                         | (2,452     | )      |                         |   | - |   |
| Net income / Profit for the year                                                                                                          |       |   | $                            | 16,846     |   |                         | $      | 42,148 |   |
|                                                                                                                                      |       |   |                         |       |   |                         |   |   |   |
| Basic net income per share                                                                                                                |       |   | $                            | 0.36       |   |                         | $      | 1.17 |   |
| Diluted net income per share                                                                                                              |       |   | $                            | 0.36       |   |                         | $      | 1.17 |   |
|                                                                                                                                      |       |   |                         |       |   |                         |   |   |   |
| Weighted average number of shares (basic)                                                                                                 | 5     |   |                         | 46,321,404 |   |                         |   | 36,055,422 |   |
| Weighted average number of shares (diluted)                                                                                               | 5     |   |                         | 46,321,404 |   |                         |   | 36,055,422 |   |
|                                                                                                                                      |       |   |                         |       |   |                         |   |   |   |
|                                                                                                                                      |       |   |                         |       |   |                         |   |   |   |
| Statement of Comprehensive Income                                                                                                         |       |   |                         |       |   |                         |   |   |   |
|                                                                                                                                      |       |   |                         |       |   |                         |   |   |   |
| Profit for the year                                                                                                                       |       |   | $                            | 16,846     |   |                         | $      | 42,148 |   |
|                                                                                                                                      |       |   |                         |       |   |                         |   |   |   |
| Other comprehensive income:                                                                                                               |       |   |                         |       |   |                         |   |   |   |
|   Cash flow hedges                                                                                                              | 8     |   |                         | 12,055     |   |                         |   | (16,200 | ) |
|                                                                                                                                      |       |   |                         |       |   |                         |   |   |   |
| Total comprehensive income for the period                                                                                                 |       |   | $                            | 28,901     |   |                         | $      | 25,948 |   |
|                See notes to accompanying financial statements. |       |

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|                                                                                                                                                                                      |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| (Dollars in thousands)                                                                                                                                                                    |   | Common Stock |   |   | Paid-inAdditionalCapital |   |   | RetainedEarnings |   |   | CashFlowHedges |   |   | Totalequity |   |
|                                                                                                                                                                                      |   | Shares |   |   | Amount |   |
| Balance at January 1, 2008                                                                                                                                                                |   |   | 30,030,811 |   |   | $ | 300 |   |   | $ | 108,760 |   |   | $ | (26,967 | ) |   | $ | (10,218 | ) |   | $ | 71,875 |   |
| Total comprehensive income                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 42,148 |   |   |   | (16,200 | ) |   |   | 25,948 |   |
| Cash dividends declared and paid                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (41,902 | ) |   |   |   |   |   |   | (41,902 | ) |
| Issue of Common stock                                                                                                                                                                     |   |   | 9,200,000 |   |   |   | 92 |   |   |   | 91,334 |   |   |   |   |   |   |   |   |   |   |   | 91,426 |   |
| Compensation related to options and restricted stock                                                                                                                                      |   |   |   |   |   |   |   |   |   |   | 476 |   |   |   |   |   |   |   |   |   |   |   | 476 |   |
| Issue of restricted stock awards                                                                                                                                                          |   |   | 7,996 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | - |   |
| Balance at December 31, 2008                                                                                                                                                              |   |   | 39,238,807 |   |   | $ | 392 |   |   | $ | 200,570 |   |   | $ | (26,721 | ) |   | $ | (26,418 | ) |   | $ | 147,823 |   |
|                                                                                                                                                                                      |   |
|                                                                                                                                                                                      |   |
| (Dollars in thousands)                                                                                                                                                                    |   | Common Stock |   |   | Paid-inAdditionalCapital |   |   | RetainedEarnings |   |   | CashFlowHedges |   |   | Totalequity |   |
|                                                                                                                                                                                      |   | Shares |   |   | Amount |   |
| Balance at January 1, 2009                                                                                                                                                                |   |   | 39,238,807 |   |   | $ | 392 |   |   | $ | 200,570 |   |   | $ | (26,721 | ) |   | $ | (26,418 | ) |   | $ | 147,823 |   |
| Total comprehensive income                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 16,846 |   |   |   | 12,055 |   |   |   | 28,901 |   |
| Cash dividends declared and paid                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (23,949 | ) |   |   |   |   |   |   | (23,949 | ) |
| Issue of Common stock                                                                                                                                                                     |   |   | 9,408,481 |   |   |   | 95 |   |   |   | 38,305 |   |   |   |   |   |   |   |   |   |   |   | 38,400 |   |
| Compensation related to options and restricted stock                                                                                                                                      |   |   | 28,609 |   |   |   |   |   |   |   | 749 |   |   |   |   |   |   |   |   |   |   |   | 749 |   |
| Issue of restricted stock awards                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | - |   |
| Balance at December 31, 2009                                                                                                                                                              |   |   | 48,675,897 |   |   | $ | 487 |   |   | $ | 239,624 |   |   | $ | (33,824 | ) |   | $ | (14,363 | ) |   | $ | 191,924 |   |
|                                                                                                                                                                                      |   |
| Transaction costs on stock issues:The amount recognized as additional paid-in capital in 2009 and 2008 is after the deduction of share issue cost of $206,998 and $343,567, respectively. |   |

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| (Dollars in thousands)                                                               |  Note |   | Year endedDecember 31,2009 |    |   | Year endedDecember 31,2008 |   |
|--------------------------------------------------------------------------------------|------------|--------|----------------------------|---------|--------|----------------------------|--------|
|                                                                                 |       |   |                       |    |   |                       |   |
| Cash Flows from Operating Activities:                                                |       |   |                       |    |   |                       |   |
| Net income                                                                           |       |   | $                          | 16,846  |   |                       | $      | 42,148 |   |
| Items included in net income not affecting cash flows:                               |       |   |                       |    |   |                       |   |   |   |
|    Depreciation and amortization                                      | 6     |   |                       | 26,762  |   |                       |   | 25,948 |   |
|    Amortization related to interest and swap expense                  | 8     |   |                       | 4,251   |   |                       |   | 189 |   |
|    Deferred compensation related to options and restricted stock      | 11    |   |                       | 749     |   |                       |   | 476 |   |
| Changes in operating assets and liabilities:                                         |       |   |                       |    |   |                       |   |   |   |
|    Receivables                                                        | 8     |   |                       | 8,791   |   |                       |   | (7,244 | ) |
|    Prepaid expenses                                                   |       |   |                       | (3,121  | )      |                       |   | 525 |   |
|    Accounts payable, accrued expenses and  deferred revenue | 7     |   |                       | 326     |   |                       |   | 2,840 |   |
| Net cash provided by operating activities                                            |       |   |                       | 54,604  |   |                       |   | 64,882 |   |
|                                                                                 |       |   |                       |    |   |                       |   |   |   |
| Cash Flows from Investing Activities:                                                |       |   |                       |    |   |                       |   |   |   |
| Investment in vessels                                                                | 6          |   |                       | (5,411  | )      |                       |   | (81,185 | ) |
| Net cash used in investing activities                                                |       |   |                       | (5,411  | )      |                       |   | (81,185 | ) |
|                                                                                 |       |   |                       |    |   |                       |   |   |   |
| Cash flows from Financing Activities                                                 |       |   |                       |    |   |                       |   |   |   |
| Issuance of common stock                                                             | 10    |   |                       | 38,400  |   |                       |   | 91,426 |   |
| Issuance of long-term debt, net of acquisition costs                                 | 8, 9  |   |                       | -       |   |                       |   | 90,300 |   |
| Cash dividends paid                                                                  | 10    |   |                       | (23,949 | )      |                       |   | (41,902 | ) |
| Deferred offering costs                                                              |       |   |                       | -       |   |                       |   | 134 |   |
| Repayment of long-term debt                                                          | 8, 9  |   |                       | (50,000 | )      |                       |   | (75,000 | ) |
| Net cash provided by/ (used in) financing activities                                 |       |   |                       | (35,549 | )      |                       |   | 64,958 |   |
|                                                                                 |       |   |                       |    |   |                       |   |   |   |
| Net increase/(decrease) in cash and cash equivalents                                 |       |   |                       | 13,644  |   |                       |   | 48,655 |   |
| Cash and cash equivalents at beginning of period                                     |       |   |                       | 59,020  |   |                       |   | 10,365 |   |
| Cash and cash equivalents at end of period                                           |       |   | $                          | 72,664  |   |                       | $      | 59,020 |   |
| Interest paid                                                                        |       |   | $                          | 18,303  |   |                       | $      | 20,750 |   |

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| a) | Other financial liabilities |
|----|-----------------------------|

| b) | Derivatives |
|----|-------------|

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|   | a) | Assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------|

|   | b) | Income and expense for each income statement are translated at the average exchange rate, and |
|--------|----|-----------------------------------------------------------------------------------------------|

|   | c) | All resulting exchange differences are recognised as a separate component of equity. |
|--------|----|--------------------------------------------------------------------------------------|

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|   | ● | Depreciation: As described above, the Company reviews estimated useful lives and residual values each year. Estimates may change due to technological development, competition and environmental and legal requirements. In addition residual value may vary due to changes in market prices on scrap. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ● | Drydock period: 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 2 1/2 years. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ● | Impairment testing of Vessels: Impairment occurs when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs to sell and its value in use. The value in use calculation is based on a discounted cash flow model. The recoverable amount is most sensitive to the assumptions made for the discount rate used to  discounted future cash flows as well as the estimated future net cash inflows and the growth rate used for extrapolation purposes. |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ● | Stock based compensation: Expenditures related to stock based compensation is sensitive to assumptions used in calculation fair value, however the total expenditures related to stock based compensation is immaterial. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | ● | IFRS 2 Share-based Payment: Group Cash-settled Share-based Payment Transactions effective 1 January 2010 |
|--------|---------|----------------------------------------------------------------------------------------------------------|

|   | ● | IFRS 3 Business Combinations (Revised) and IAS 27 Consolidated and Separate Financial Statements(Amended) effective 1 July 2009 including consequential amendments to IFRS 7, IAS 21,IAS 28, IAS 31 and IAS 39 |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ● | IFRS 9 Financial instruments,effective 1 January 2013. |
|--------|---------|--------------------------------------------------------|

|   | ● | IAS 24 Related parties (Revised), effective 1 January 2011. |
|--------|---------|-------------------------------------------------------------|

|   | ● | IAS 32 Financial instruments – Puttable financial instruments and obligations arising on liquidation,effective 1 February 2010. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------|

|   | ● | IAS 39 Financial Instruments: Recognition and Measurement – Eligible Hedged Items, effective 1 July 2009. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------|

|   | ● | IFRIC 12 Service concession arrangements, effective, 29 March 2009. |
|--------|---------|---------------------------------------------------------------------|

|   | ● | IFRIC 14 Amendment – Prepayments of a Minimum Funding Requirement, effective 1 January 2011. |
|--------|---------|----------------------------------------------------------------------------------------------------|

|   | ● | IFRIC 15 Agreements for the construction of real estate, effective 1 January 2010. |
|--------|---------|------------------------------------------------------------------------------------|

|   | ● | IFRIC 16 Hedges of a Net Investment in a Foreign Operation, effective 1 July 2009. |
|--------|---------|------------------------------------------------------------------------------------|

|   | ● | IFRIC 17 Distribution of Non-cash Assets to Owners,effective 1 November 2009. |
|--------|---------|-------------------------------------------------------------------------------|

|   | ● | IFRIC 18 Transfers of Assets from Customers, effective 1 July 2009. |
|--------|---------|---------------------------------------------------------------------|

|   | ● | IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments,effective 1 July 2010 |
|--------|---------|--------------------------------------------------------------------------------------------|

|   | ● | Improvements to IFRSs (April 2009), 15 changes in 12 different standards. The effective date differs, but most of them are effective from 1 July 2009 or 1 January 2010. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Time charters:  |   |                    |   |                            |
|----------------------|--------|-------------------------|--------|---------------------------------|
| Vessel               |   | Expiry afterExtension * |   | Maximum RemainingExtension term |
| Overseas Ann         |   | April 16, 2013          |   | 7 years                         |
| Overseas Chris       |   | October 16, 2012        |   | 7 years                         |
| Overseas Regal       |   | April 16, 2012          |   | 5 years                         |
| Overseas Cathy       |   | January 16, 2013        |   | 7 years                         |
| Overseas Sophie      |   | July 16, 2012           |   | 7 years                         |
| Overseas Rebecca     |   | April 16, 2012          |   | 3.5 years                       |
| Overseas Ania        |   | April 16, 2012          |   | 3.5 years                       |

| Charter yearending |   | Overseas Ann,Overseas Chris,Overseas Regal                        |   | Overseas Cathy,Overseas Sophie                                    |   | Overseas Rebecca,Overseas Ania                                    |
|--------------------|--------|-------------------------------------------------------------------|--------|-------------------------------------------------------------------|--------|-------------------------------------------------------------------|
| Oct. 17, 2008      |   | $   37,500/day       |   | $   24,800/day       |   | $   18,800/day       |
| Oct. 17, 2009      |   | 37,600/day                          |   | 24,900/day                          |   | 18,900/day                          |
| Oct. 17, 2010      |   | 37,800/day                          |   | 25,100/day                          |   | 19,100/day                          |
| Oct. 17, 2011      |   | 38,100/day                          |   | 25,400/day                          |   | 19,400/day                          |
| Oct. 17, 2012      |   | 38,500/day                          |   | 25,700/day                          |   | 19,700/day                          |
| Oct. 17, 2013      |   | 38,800/day                          |   | 26,000/day                          |   | -                                                                 |

| Bareboat charters:                                                                                                                                                                                                                                                                        |   |         |   |                                                           |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|--------|----------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                      |   |         |   |                                                           |
| Vessel                                                                                                                                                                                                                                                                                    |   | Expiry       |   | Charter rate                                                   |
| Overseas Newcastle (1)                                                                                                                                                                                                                                                                    |   | Dec 4, 2014  |   | $   26,300/day first 3 years, 25,300 thereafter |
|                                                                                                                                                                                                                                                                                      |   |         |   |                                                           |
| Overseas London (2)                                                                                                                                                                                                                                                                       |   | Jan 28, 2018 |   | 26,600/day                                                     |
| __________________                                                                                                                                                                                                                                                                        |   |         |   |                                                           |
| (1) OSG has the right to acquire the vessel at the end of charter term.(2) OSG has the right acquire the vessel at the end of the eight, ninth and tenth year of  the charter term. OSG and DHT to share excess of market value above purchase price 60% to OSG and 40% to DHT. |

----

Table of Contents

| (Dollars in thousands)        |   |   |    |   |         |   |
|-------------------------------|--------|--------|---------|--------|--------------|--------|
| Year                          |   | Amount |    |   | Revenue days |   |
| 2010                          |   | $      | 91,102  |   |         |   | 3,224 |   |
| 2011                          |   |   | 90,723  |   |         |   | 3,204 |   |
| 2012                          |   |   | 65,859  |   |         |   | 2,237 |   |
| 2013                          |   |   | 23,460  |   |         |   | 851 |   |
| 2014                          |   |   | 18,286  |   |         |   | 703 |   |
| Thereafter                    |   |   | 29,932  |   |         |   | 1,124 |   |
| Net minimum charter payments: |   | $      | 319,362 |   |         |   | 11,343 |   |

| (Dollars in thousands)                                  |   | 2009   |       |   | 2008   |   |
|---------------------------------------------------------|--------|--------|------------|--------|--------|--------|
| Net Income for the period used for the EPS calculations |   | $      | 16 846     |   |   | $      | 42 148 |   |
|                                                    |   |   |       |   |   |   |   |   |
| Basic earnings per share:                               |   |   |       |   |   |   |   |   |
| Weighted average shares outstanding, basic              |   |   | 46,321,404 |   |   |   | 36,055,422 |   |
|                                                    |   |   |       |   |   |   |   |   |
| Diluted earnings per share:                             |   |   |       |   |   |   |   |   |
| Weighted average shares outstanding, basic              |   |   | 46,321,404 |   |   |   | 36,055,422 |   |
| Dilutive equity award                                   |   |   | -          |   |   |   | - |   |
| Weighted average shares outstanding, dilutive           |   |   | 46,321,404 |   |   |   | 36,055,422 |   |

| Company                        |   | Vessel name        |   | Dwt    |                | Flag State |             | Year Built |   |
|--------------------------------|--------|--------------------|--------|--------|---------------------|------------|------------------|------------|--------|
| Chris Tanker Corporation       |   | Overseas Chris     |   |   | 309.285   |       | Marshall Islands |       |   | 2001 |   |
| Ann Tanker Corporation         |   | Overseas Ann       |   |   | 309.327   |       | Marshall Islands |       |   | 2001 |   |
| Regal Unity Tanker Corporation |   | Overseas Regal     |   |   | 309.966   |       | Marshall Islands |       |   | 1997 |   |
| Newcastle Tanker Corporation   |   | Overseas Newcastle |   |   | 164.626   |       | Marshall Islands |       |   | 2001 |   |
| London Tanker Corporation      |   | Overseas London    |   |   | 152.923   |       | Marshall Islands |       |   | 2000 |   |
| Cathy Tanker Corporation       |   | Overseas Cathy     |   |   | 111.928   |       | Marshall Islands |       |   | 2004 |   |
| Sophie Tanker Corporation      |   | Overseas Sophie    |   |   | 112.045   |       | Marshall Islands |       |   | 2003 |   |
| Ania Aframax Corporation       |   | Overseas Ania      |   |   | 94.848    |       | Marshall Islands |       |   | 1994 |   |
| Rebecca Tanker Corporation     |   | Overseas Rebecca   |   |   | 94.873    |       | Marshall Islands |       |   | 1994 |   |

----

Table of Contents

| (Dollars in thousands)   |   |    |    |                        |                 |   |   |
|--------------------------|--------|---------|---------|-----------------------------|----------------------|--------|--------|
| Cost of Vessels          |   |    |    | Depreciation and impairment |                 |   |   |
| At January 1, 2008       |   | $       | 435,667 |                        | At January 1, 2008   |   | $      | 37,662 |   |
| Additions                |   |    | 90,330  |                        | Depreciation expense |   |   | 25,948 |   |
| Disposals                |   |    | -       |                        | Impairment           |   |   | - |   |
| At December 31, 2008     |   |    | 525,997 |                        | At December 31, 2008 |   |   | 63,610 |   |
| Additions                |   |    | 5,410   |                        | Depreciation expense |   |   | 26,762 |   |
| Disposals                |   |    | -       |                        | Impairment           |   |   | - |   |
| At December 31, 2009     |   |    | 531,407 |                        | At December 31, 2009 |   |   | 90,372 |   |
|                     |   |    |    |                        |                 |   |   |   |   |
|                     |   |    |    |                        |                 |   |   |   |   |
| Carrying amount          |   |    |    |                        |                 |   |   |   |   |
| At January 1, 2008  |   | $  | 398,005 |                        |                 |   |   |   |   |
| At December 31, 2008     |   |    | 462,387 |                        |                 |   |   |   |   |
| At December 31, 2009     |   |    | 441,035 |                        |                 |   |   |   |   |

----

Table of Contents

|                   |   |   |
|------------------------|--------|--------|
| (Dollars in thousands) |   | 2009   |   |   | 2008 |   | Restated(1)01/01/2008 |
| Accrued interest       |   | $      | 3,382 |   |   | $ | 3,883 |   | $  | 3,137 |
| Insurance              |   |   | 120 |   |   |   | 171 |   | 268 |
| Accounts payable       |   |   | 280 |   |   |   | 126 |   | 55 |
| Other                  |   |   | 2,901 |   |   |   | 2,220 |   | 949 |
| Total                  |   | $      | 6,683 |   |   | $ | 6,400 |   | $  |  4,409 |

----

| (1)  | Not included in the audited financial statements filed with the Company’s Annual Report on Form 20-F for the year ended December 31, 2009, as filed with the U.S. Securities and Exchange Commission on March 25, 2010. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Classes of financial instruments      |   |            |    |   |
|---------------------------------------|--------|-----------------|---------|--------|
|                                  |   | Carrying amount |
| Financial assets                      |   | 2009            |    |   | 2008 |   |   |   | Restated(1)01/01/2008 |
| Trade and other receivables           |   | $               | -       |   |   | $ | 8,791 |   |   | $ | 1,547 |
| Cash and short term deposits          |   |            | 72,664  |   |   |   | 59,020 |   |   |   | 10,365 |
| Total                                 |   | $               | 72,664  |   |   | $ | 67,811 |   |   | $  | 11,912 |
|                                  |   |            |    |   |   |   |   |   |   |   |   |
| Financial liabilities                 |   |            |    |   |   |   |   |   |   |   |   |
| Derivatives in effective hedges       |   | $               | -       |   |   | $ | 26,418 |   |   | $  | 10,218 |
| Derivatives, not in hedge accounting  |   |            | 18,425  |   |   |   | - |   |   |   |  - |
| Long term debt - non current portion  |   |            | 293,041 |   |   |   | 342,852 |   |   |   | 252,363 |
| Long term debt - current portion |   |            | -       |   |   |   | - |   |   |   | 75,000 |
| Total                                 |   | $               | 311,466 |   |   | $ | 369,270 |   |   | $  | 337,581 |

----

| (1)  | Not included in the audited financial statements filed with the Company’s Annual Report on Form 20-F for the year ended December 31, 2009, as filed with the U.S. Securities and Exchange Commission on March 25, 2010. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                              |          | Notional amount |   | Fair value |
|-----------------------------------|---------------|-----------------|--------|------------|
|                              | Expires       |            | 2009   |       |   | 2008 |   |   |   | Restated(1)01/01/2008  |   |   | 2009 |   |   | 2008 |   |   |   | Restated(1)01/01/2008  |   |
| Swap pays 5.6%, receive floating  | Oct. 18, 2010 |            | $      | 194,000    |   |   | $ | 236,000 |   |   | $  | 236,000  |   |   | $ | (8,540 | ) |   | $ | (14,293 | ) |   | $  | (6,101 | )  |
| Swap pays 5.95%, receive floating | Jan. 18, 2013 |            |   | 100,000    |   |   |   | 100,000 |   |   |   | 100,000  |   |   |   | (9,885 | ) |   |   | (12,125 | ) |   |   | (4,117 | )  |
| Carrying amount                   |          |            |   |       |   |   |   |   |   |   |   |   |   |   | $ | (18,425 | ) |   | $ | (26,418 | ) |   | $  | (10,218 | )  |

----

| (1)  | Not included in the audited financial statements filed with the Company’s Annual Report on Form 20-F for the year ended December 31, 2009, as filed with the U.S. Securities and Exchange Commission on March 25, 2010. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

|                  |                | Remaining |    |    | Carrying amount |
|-----------------------|---------------------|-----------|---------|---------|-----------------|
| Interest              |                | notional  |    |    | 2009            |   |   | 2008 |   |   | Restated(1)01/01/2008  |
| Tranche 1             | LIBOR + 0.70 %      |      | $       | 194,000 |            |   | $ | 193,367 |   |   | $ | 234,531 |   | $  | 234,663  |
| Tranche 2             | LIBOR + 0.85 %      |      |    | 100,000 |            |   |   | 99,674 |   |   |   | 108,321 |   |   | 17,700  |
| Tranche 2        | LIBOR + 0.85%  |      |    |    |            |   |   |  - |   |   |   |  - |   |   | 75,000  |
| Total carrying amount |                | $         | 294,000 |    |            | $ | 293,041 |   |   | $ | 342,852 |   | $  | 327,363  |

----

| (1)  | Not included in the audited financial statements filed with the Company’s Annual Report on Form 20-F for the year ended December 31, 2009, as filed with the U.S. Securities and Exchange Commission on March 25, 2010. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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| ● | 2009:  If interest rates had been 50 basis points higher/lower and all other variables were held constant, the Company’s: |
|---------|--------------------------------------------------------------------------------------------------------------------------------------|

|   | ○ | profit for the year ended 31 December 2009 would decrease/increase by $857,000. |
|--------|---------|---------------------------------------------------------------------------------|

|   | ○ | other equity reserves would not be effected. |
|--------|---------|----------------------------------------------|

| ● | 2008:  Under the condition of hedge accounting, if interest rates had been 50 basis points higher/lower and all other variables were held constant, the Company’s: |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ○ | profit for the year ended 31 December 2008 would have been unchanged provided that the hedge is 100% effective. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------|

|   | ○ | other equity reserves would decrease/increase by $4,181,000. |
|--------|---------|--------------------------------------------------------------|

| ● | 01/01/2008:  Under the condition of hedge accounting, if interest rates had been 50 basis points higher/lower and all other variables were held constant, the Company’s: |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ○ | profit for the year ended 31 December 2007 would have been unchanged provided that the hedge is 100% effective. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------|

|   | ○ | other equity reserves would decrease/increase by $5,834,000. |
|--------|---------|--------------------------------------------------------------|

| (Dollars in thousands)    |   | 2009   |   |   | 2008   |   |   |  Restated(1)01/01/2008  |
|---------------------------|--------|--------|--------|--------|--------|--------|--------|-----------------------------------|
| Cash and cash equivalents |   | $      | 72,664 |   |   | $      | 59,020 |                              |   | $ | 10,365  |
| Voyage receivables        |   |   | -      |   |   |   | 8,791  |                              |   |   | 1,547  |
| Maximum credit exposure   |   | $      | 72,664 |   |   | $      | 67,811 |                              |   | $  | 11,912  |

|      |                                                                                                                                                                                                                          |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | Not included in the audited financial statements filed with the Company’s Annual Report on Form 20-F for the year ended December 31, 2009, as filed with the U.S. Securities and Exchange Commission on March 25, 2010. |

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| Year ended December 31, 2009                                                 |   |              |              |   |          |    |          |        |   |    |             |   |   |    |             |
|------------------------------------------------------------------------------|--------|-------------------|-------------------|--------|---------------|---------|---------------|-------------|--------|---------|------------------|--------|--------|---------|------------------|
|                                                                         |   |              |              |   |          |    |          |        |   |    |             |   |   |    |             |
| (Dollars in thousands)                                                  |   | Less than3 months |              |   | 3 to 12months |    |          | 1 to 5years |   |    | More than5 years |   |   | Total   |             |
| Interest bearing loans                                                       |   | $                 | 739               |   |          | $       | 2,218         |        |   | $       | 143,626          |   |   | $       | 164,790          |   |   | $ | 311,373 |   |
| Interest rate swaps                                                          |   |              | 4,619             |   |          |    | 13,705        |        |   |    | 12,851           |   |   |    | -                |   |   |   | 31,175 |   |
|                                                                         |   | $                 | 5,358             |   |          | $       | 15,923        |        |   | $       | 156,477          |   |   | $       | 164,790          |   |   | $ | 342,548 |   |
|                                                                         |   |              |              |   |          |    |          |        |   |    |             |   |   |    |             |   |   |   |   |   |
| Year ended December 31, 2008                                                 |   |              |              |   |          |    |          |        |   |    |             |   |   |    |             |   |   |   |   |   |
| (Dollars in thousands)                                                  |   | Less than3 months |              |   | 3 to 12months |    |          | 1 to 5years |   |    | More than5 years |   |   | Total   |             |
| Interest bearing loans*                                                      |   | $                 | 1,591             |   |          | $       | 4,722         |        |   | $       | 130,895          |   |   | $       | 246,747          |   |   | $ | 383,955 |   |
| Interest rate swaps                                                          |   |              | 3,914             |   |          |    | 11,614        |        |   |    | 26,503           |   |   |    | -                |   |   |   | 42,031 |   |
|                                                                         |   | $                 | 5,505             |   |          | $       | 16,336        |        |   | $       | 157,398          |   |   | $       | 246,747          |   |   | $ | 425,986 |   |
| Restated(1)January 1, 2008                                                   |   |              |              |   |          |    |          |        |   |    |             |   |   |    |             |   |   |   |   |   |
| (Dollars in thousands)          |   |              | Less than3 months |   |          |    | 3 to 12months |        |   |    | 1 to 5years      |   |   |    | More than5 years |   |   |   | Total |   |
| Interest bearing loans                                                  |   | $                 |  927         |   |          | $       | 91,552        |        |   | $  |  137,806    |   |   | $  |  210,325    |   |   | $  |  440,610 |   |
| Interest rate swaps                                                     |   |              | 117               |   |          |    | 2,254         |        |   |    |  6,278      |   |   |    |  -          |   |   |   |  8,649 |   |
|                                                                         |   | $            |  1,044       |   |          | $  |  93,806  |        |   | $  |  144,084    |   |   | $  |  210,325    |   |   | $  |  449,259 |   |

| (1)  | Not included in the audited financial statements filed with the Company’s Annual Report on Form 20-F for the year ended December 31, 2009, as filed with the U.S. Securities and Exchange Commission on March 25, 2010. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Stockholders’ equity:                                |   |
|------------------------------------------------------------|--------|
|                                                       |   | Common stock |   |   | Preferred stock |   |
| Issued at December 31, 2009                                |   |   | 48,675,897 |   |   |   | 0 |   |
| Issued at December 31, 2008                                |   |   | 39,238,807 |   |   |   | 0 |   |
| Issued at January 1, 2008                             |   |   |  30,030,811 |   |   |   | 0 |   |
| Par value                                                  |   | $ | 0.01 |   |   | $ | 0.01 |   |
| Numbers of shares authorized for issueat December 31, 2009 |   |   | 100,000,000 |   |   |   | 1,000,000 |   |

----

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| Payment date:          |   | Total payment |   | Per share |   |
|------------------------|--------|---------------|--------|-----------|--------|
| March 05, 2009         | $      | 11.8 million  |   | $         | 0.30   |   |
| June 16, 2009          |   | 12.2 million  |   |      | 0.25   |   |
| Total payment in 2009: | $      | 24.0 million  |   | $         | 0.55   |   |
|                   |   |          |   |      |   |   |
| Dividend payment 2008: |   |          |   |      |   |   |
|                   |   |          |   |      |   |   |
| Payment date:          |   | Total payment |   | Per share |   |
| March 11,2008          | $      | 10.5 million  |   | $         | 0.35   |   |
| June 11, 2008          |   | 9.8 million   |   |      | 0.25   |   |
| September 24, 2008     |   | 9.8 million   |   |      | 0.25   |   |
| December 11, 2008      |   | 11.8 million  |   |      | 0.30   |   |
| Total payment in 2008: | $      | 41.9 million  |   | $         | 1.15   |   |

|                                                                                                                                                |   | Number ofshares/ options |   |   VestingPeriod |   |   Fair valueat grant date |   |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------|--------|----------------------|--------|--------------------------------|--------|--------|
| (1) Granted Oct 2005, restricted shares                                                                                                             |   | 6,250                    |   | 4-years              |   | $                              | 12.00  |   |
| (2) Granted Oct 2005, stock options *                                                                                                               |   | 69,446                   |   | 3-years              |   |                           | 12.00  |   |
| (3) Granted May 2006, restricted shares                                                                                                             |   | 3,000                    |   | 5-months             |   |                           | 12.79  |   |
| (4) Granted Nov 2006, restricted shares                                                                                                             |   | 35,239                   |   | 1-2,5- years         |   |                           | 13.79  |   |
| (5) Granted May 2007, restricted shares                                                                                                             |   | 40,255                   |   | 1-3-years            |   |                           | 15.99  |   |
| (6) Granted May 2008, restricted shares                                                                                                             |   | 66,684                   |   | 1-3-years            |   |                           | 10.60  |   |
| (6) Granted May 2009, restricted shares                                                                                                             |   | 220,744                  |   | 1-3-years            |   |                           | 4.26   |   |
|                                                                                                                                                |
| * The stock options expires 10 years from grant date. Exercise price is $12.00. All stock options could be exercised at December 31, 2008 and 2009. |
|                                                                                                                                                |
| The following reconciles the number of outstanding restricted common stock and share options:                                                       |

----

Table of Contents

|                                       |   | Restrictedcommon stock |   |   | Shareoptions |
|--------------------------------------------|--------|------------------------|--------|--------|--------------|
| Outstanding at Jan 1, 2008                 |   | 66,885                 |   |   | 23,148       |
| Granted                                    |   | 66,684                 |   |   |  -      |
| Exercised/ Vested                          |   | (8,644                 | )      |   |  -      |
| Forfeited                                  |   | -                      |   |   |  -      |
| Outstanding at Dec 31, 2008                |   | 124,925                |   |   |  23,148 |
|                                       |   |                   |   |   |         |
| Granted                                    |   | 220,742                |   |   |  -      |
| Exercised/ Vested                          |   | 14,490                 |   |   |  -      |
| Forfeited                                  |   | 17,330                 |   |   |  -      |
| Outstanding at Dec 31, 2009                |   | 377,487                |   |   | 23,148       |
|                                       |
|                                       |   | 2009                   |   |   | 2008         |
| Expense recognised from stock compensation |   | 749                    |   |   | 476          |

| Compensation of Executives and Directors:       |   |
|------------------------------------------------------|--------|
| Remuneration of Executives and Directors as a group: |   |
| (Dollars in thousands)                               |   | 2009 |   |   | 2008 |   |
| Cash Compensation                                    |   | $ | 2,201 |   |   | $ | 2,213 |   |
| Share compensation                                   |   |   | 749 |   |   |   | 476 |   |
| Total remuneration                                   |   | $ | 2,950 |   |   | $ | 2,689 |   |
|                                                 |   |
| Shares held by executives and directors:             |   |
|                                                 |   |   | 2009 |   |   |   | 2008 |   |
| Executives and Directors as a group*                 |   |   | 396,364 |   |   |   | 172,173 |   |

----

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|                                             |   | U.S. GAAP12.31.07 |    |   | IFRSAdjustm. |   |   | IFRS01.01.08 |   |    | U.S. GAAP12.31.08 |   |   | IFRSAdjustm. |    |   | IFRS12.31.08 |   |
|--------------------------------------------------|--------|-------------------|---------|--------|--------------|--------|--------|--------------|--------|---------|-------------------|--------|--------|--------------|---------|--------|--------------|--------|
| (Dollars in thousands)                           |   |              |    |   |         |   |   |         |   |    |              |   |   |         |    |   |         |   |
| ASSETS                                           |   |              |    |   |         |   |   |         |   |    |              |   |   |         |    |   |         |   |
| Current assets                                   |   |              |    |   |         |   |   |         |   |    |              |   |   |         |    |   |         |   |
| Cash and cash equivalents                        |   | $                 | 10,365  |   |         |   |   |         | $      | 10,365  |              |   | $      | 59,020       |    |   |         |   |   | $ | 59,020 |   |
| Voyage receivables from OSG                      |   |              | 1,547   |   |         |   |   |         |   | 1,547   |              |   |   | 8,791        |    |   |         |   |   |   | 8,791 |   |
| Prepaid expenses                                 |   |              | 318     |   |         |   |   |         |   | 318     |              |   |   | 382          |    |   |         |   |   |   | 382 |   |
| Prepaid technical management fee to OSG          |   |              | 1,357   |   |         |   |   |         |   | 1,357   |              |   |   | 768          |    |   |         |   |   |   | 768 |   |
| Total current assets                             |   |              | 13,587  |   |         |   |   |         |   | 13,587  |              |   |   | 68,961       |    |   |         |   |   |   | 68,961 |   |
|                                             |   |              |    |   |         |   |   |         |   |    |              |   |   |         |    |   |         |   |   |   |   |   |
| Vessels, net of accumulated depreciation         |   |              | 398,005 |   |         |   |   |         |   | 398,005 |              |   |   | 462,387      |    |   |         |   |   |   | 462,387 |   |
| Deferred debt issuance costs                     |   |              | 1,337   |   |         | $      | (1,337 | )            |   |    | -                 |   |   |         | 1,148   |   |         | $      | (1,148 | ) |   |   | - |   |
| Deposits for vessel acquisitions                 |   |              | 9,145   |   |         |   |   |         |   |    | 9,145             |   |   |         |    |   |         |   |   |   |   |   |   |   |
| Prepaid expense                                  |   |              | 134     |   |         |   |   |         |   |    | 134               |   |   |         |    |   |         |   |   |   |   |   |   |   |
| Total assets                                     |   | $                 | 422,208 |   |         |   |   |         |   | $       | 420,871           |   |   | $            | 532,496 |   |         |   |   |   |   | $ | 531,348 |   |
|                                             |   |              |    |   |         |   |   |         |   |    |              |   |   |         |    |   |         |   |   |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDER’S EQUITY       |   |              |    |   |         |   |   |         |   |    |              |   |   |         |    |   |         |   |   |   |   |   |   |   |
| Current liabilities                              |   |              |    |   |         |   |   |         |   |    |              |   |   |         |    |   |         |   |   |   |   |   |   |   |
| Accounts payable and accrued expenses            |   | $                 | 4,409   |   |         |   |   |         |   | $       | 4,409             |   |   | $            | 6,400   |   |         |   |   |   |   | $ | 6,400 |   |
| Unrealized loss on interest rate swap            |   |              | 10,218  |   |         | $      | (7,225 | )            |   |    | 2,993             |   |   |         | 26,418  |   |         | $      | (15,473 | ) |   |   | 10,945 |   |
| Deferred shipping revenues                       |   |              | 7,006   |   |         |   |   |         |   |    | 7,006             |   |   |         | 7,855   |   |         |   |   |   |   |   | 7,855 |   |
| Current installment of long-term debt            |   |              | 75,000  |   |         |   |   |         |   |    | 75,000            |   |   |         | -       |   |         |   |   |   |   |   | - |   |
| Total current liabilities                        |   |              | 96,633  |   |         |   |   |         |   |    | 89,408            |   |   |         | 40,673  |   |         |   |   |   |   |   | 25,200 |   |
|                                             |   |              |    |   |         |   |   |         |   |    |              |   |   |         |    |   |         |   |   |   |   |   |   |   |
| Long-term liabilities                            |   |              |    |   |         |   |   |         |   |    |              |   |   |         |    |   |         |   |   |   |   |   |   |   |
| Long-term debt                                   |   |              | 253,700 |   |         |   | (1,337 | )            |   |    | 252,363           |   |   |         | 344,000 |   |         |   | (1,148 | ) |   |   | 342,852 |   |
| Unrealized loss on interest rate swap            |   |              |    |   |         |   | 7,225  |         |   |    | 7,225             |   |   |         |    |   |         |   | 15,473 |   |   |   | 15,473 |   |
| Total long-term liabilities                      |   |              | 253,700 |   |         |   |   |         |   |    | 259,588           |   |   |         | 344,000 |   |         |   |   |   |   |   | 358,325 |   |
|                                             |   |              |    |   |         |   |   |         |   |    |              |   |   |         |    |   |         |   |   |   |   |   |   |   |
| Shareholders’ equity                       |   |              |    |   |         |   |   |         |   |    |              |   |   |         |    |   |         |   |   |   |   |   |   |   |
| Preferred stock                                  |   |              | -       |   |         |   |   |         |   |    | -                 |   |   |         | -       |   |         |   |   |   |   |   | - |   |
| Common stock                                     |   |              | 300     |   |         |   |   |         |   |    | 300               |   |   |         | 392     |   |         |   |   |   |   |   | 392 |   |
| Paid-in additional capital                       |   |              | 108,760 |   |         |   |   |         |   |    | 108,760           |   |   |         | 200,570 |   |         |   |   |   |   |   | 200,570 |   |
| Retained earnings/(deficit)                      |   |              | (26,967 | )      |         |   |   |         |   |    | (26,967           | )      |   |         | (26,721 | )      |         |   |   |   |   |   | (26,721 | ) |
| Accumulated other compreh.income/(loss)          |   |              | (10,218 | )      |         |   |   |         |   |    | (10,218           | )      |   |         | (26,418 | )      |         |   |   |   |   |   | (26,418 | ) |
|                                             |   |              |    |   |         |   |   |         |   |    |              |   |   |         |    |   |         |   |   |   |   |   |   |   |
| Total stockholders’ equity                 |   | $                 | 71,875  |   |         |   |   |         |   | $       | 71,875            |   |   | $            | 147,823 |   |         |   |   |   |   | $ | 147,823 |   |
| Total liabilities and stockholders’ equity |   | $                 | 422,208 |   |         |   |   |         |   | $       | 420,871           |   |   | $            | 532,496 |   |         |   |   |   |   | $ | 531,348 |   |

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