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Charter arrangements
 12 Months Ended
Dec. 31, 2023
Charter arrangements [Abstract]  
Charter arrangements
Note 4 – Charter arrangements
 
The below table details the Company’s shipping revenues:
 
(Dollars in thousands)
  
2023
    
2022
    
2021
  
Time charter revenues 1
  
$
74,989
    
$
75,790
    
$
140,730
  
Voyage charter revenues
    
481,087
      
374,592
      
155,124
  
Shipping revenues
  
$
556,075
    
$
450,381
    
$
295,853
  
Other revenues 2
     4,481       3,764       -  
Total revenues
   $ 560,556     $ 454,146     $
295,853  

1
The majority of time charter revenues are presented in accordance with IFRS 16, while the portion of time charter revenues related to technical management services, equaling $18,961 thousand, $19,144 thousand and $36,384 thousand, for 2023, 2022 and 2021, respectively, is recognized in accordance with IFRS 15.
2
Other revenues mainly relate to technical management services provided.

The following summarizes the Company’s vessel employment as of December 31, 2023:

Vessel
  
Type of Employment
  
Expiry
  
VLCC
          
DHT Appaloosa
   Spot        
DHT Mustang
  
Spot
    
 
DHT Bronco
  
Spot
        
DHT Colt
  
Spot
    
 
DHT Stallion
  
Spot
        
DHT Tiger
  
Spot
        
DHT Harrier
  
Time charter
    
Q4 2024
  
DHT Puma
  
Time charter with profit sharing
     Q1 2026  
DHT Panther
  
Spot
        
DHT Osprey
  
Time charter
    
Q2 2027
  
DHT Lion
  
Spot
        
DHT Leopard
  
Time charter
     Q4 2027  
DHT Jaguar
  
Spot
        
DHT Taiga
  
Spot
        
DHT Opal
  
Spot
        
DHT Sundarbans
  
Time charter with profit sharing
     Q1 2025  
DHT Redwood
  
Spot
        
DHT Amazon
  
Spot
    
 
DHT Peony
  
Spot
        
DHT Lotus
  
Spot
        
DHT China
  
Spot
        
DHT Europe
  
Spot
        
DHT Bauhinia
  
Spot
        
DHT Scandinavia
  
Spot
        

Future charter payments
 
The future revenues expected to be received from the time charters (not including any potential profit sharing) for the Company’s vessels on existing charters as of the reporting date are as follows:

Year
    Amount  
2024
  
$
62,952
  
2025
    
39,721
  
2026
    
26,552
  
2027
     17,847  
Thereafter
    
-
  
Net charter payments
  
$
147,072
  

The future net charter payments were $95,873 thousand for the year ending December 31, 2022, and $79,942 thousand for the year ending December 31, 2021.

Any extension periods, unless already exercised as of December 31, 2023, are not included in the table above. Time charter hire payments are not received when a vessel is off-hire, including off-hire related to normal periodic maintenance of the vessel. In arriving at the minimum future charter revenues, an estimated time for off-hire to perform periodic maintenance on each vessel has been deducted, although there is no assurance that such estimate will be reflective of the actual off-hire in the future.
 

Other income



There was no other income for 2023 or 2022. In the fourth quarter of 2021, the Company received $4,612 thousand, net of tax, as a distribution of equity from The Norwegian Shipowner’s Mutual War Risk Insurance Association.

Contract balances
 
Contract balances and related disclosures have been included in the following places in the notes to the Company’s consolidated financial statements:
 
   
Note
  
Accounts receivable and accrued revenues
  
note 8,9
  

Deferred shipping revenues relate to charter hire payments paid in advance. The year-end deferred shipping revenues balances have been recognized as revenue in the following year due to the short-term nature of the advances.



  
2023
    
2022
    
2021
  
Deferred shipping revenues
  
$
4,394
    
$
4,172
    
$
4,865
  



Capitalized voyage expenses

Voyage expenses are capitalized between the previous discharge port, or contract date if later, and the next load port and amortized between load port and discharge port. The closing balance of assets recognized from the costs to obtain or fulfil a contract was:
 

  
2023
    
2022
    
2021
  
Capitalized voyage expenses
  
$
2,549
    
$
2,799
    
$
1,395
  

During the twelve months of 2023, $2,799 thousand was amortized related to voyages in progress as of December 31, 2022, and $2,264 thousand was amortized related to the voyages in progress as of December 31, 2023. No impairment losses were recognized in the period.  During the twelve months of 2022, $1,395 thousand was amortized related to voyages in progress as of December 31, 2021, and $1,945 thousand was amortized related to the voyages in progress as of December 31, 2022. No impairment losses were recognized in the period. During the twelve months of 2021, $1,039 thousand was amortized related to voyages in progress as of December 31, 2020, and $1,661 thousand was amortized related to the voyages in progress as of December 31, 2021. No impairment losses were recognized in the period.

Concentration of risk
 
As of December 31, 2023, five of the Company’s 24 vessels were chartered to three different counterparties and 19 vessels were operated in the spot market.
 
As of December 31, 2022, five of the Company’s 23 vessels were chartered to four different counterparties and 18 vessels were operated in the spot market.
 
As of December 31, 2021, seven of the Company’s 26 vessels were chartered to five different counterparties and 19 vessels were operated in the spot market.
 
The Company believes that the concentration of risk is limited and can be adequately monitored.