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Charter arrangements (Tables)
 12 Months Ended
Dec. 31, 2023
Charter arrangements [Abstract]  
Shipping Revenues
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.

Vessel Employment
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
  
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