DHT (DHT) 6-K 5 Nov 18 2018 Q3 DHT Holdings, Inc. Third Quarter 2018 Results Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 2018
Document and Entity Information [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Entity Registrant Name	DHT HOLDINGS, INC.
Entity Central Index Key	1,331,284
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents	$ 86,556	$ 77,292
Accounts receivable and accrued revenues	40,998	42,212
Capitalized voyage expenses	1,414	0
Prepaid expenses	7,838	3,197
Derivative financial instruments	132	0
Bunkers, lube oils and consumables	29,251	23,675
Asset held for sale	0	20,762
Total current assets	166,189	167,137
Non-current assets
Vessels and time charter contracts	1,619,630	1,444,146
Advances for vessels under construction	26,799	114,759
Other property, plant and equipment	376	464
Investment in associated company	4,570	3,992
Derivative financial instruments	516	0
Total non-current assets	1,651,891	1,563,360
TOTAL ASSETS	1,818,081	1,730,497
Current LIABILITIES
Accounts payable and accrued expenses	25,039	17,427
Derivative financial liabilities	33	545
Current portion long-term debt	68,134	65,053
Deferred shipping revenues	2	0
Total current liabilities	93,209	83,026
Non-current liabilities
Long-term debt	866,941	721,151
Derivative financial liabilities	129	0
Other non-current liabilities	414	428
Total non-current liabilities	867,484	721,579
TOTAL LIABILITIES	960,694	804,605
Stockholders' Equity
Stock	1,436	1,424
Additional paid-in capital	1,148,761	1,140,794
Accumulated deficit	(294,346)	(222,087)
Translation differences	22	85
Other reserves	1,514	5,676
Total stockholders' equity	857,387	925,892
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 1,818,081	$ 1,730,497

CONDENSED CONSOLIDATED INCOME S

CONDENSED CONSOLIDATED INCOME STATEMENT (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Profit or loss [abstract]
Shipping revenues	$ 90,177	$ 84,374	$ 237,322	$ 262,808
Operating expenses
Voyage expenses	(41,983)	(29,594)	(108,502)	(77,682)
Vessel operating expenses	(19,600)	(19,544)	(54,581)	(50,952)
Depreciation and amortization	(26,682)	(26,468)	(75,226)	(70,341)
Impairment charges	(3,500)	0	(3,500)	(7,487)
Profit/(loss), sale of vessel	0	0	(46)	(283)
General and administrative expense	(3,445)	(3,853)	(12,383)	(15,512)
Total operating expenses	(95,210)	(79,460)	(254,238)	(222,259)
Operating income/(loss)	(5,033)	4,914	(16,917)	40,550
Share of profit from associated companies	189	235	641	630
Interest income	73	28	224	99
Interest expense	(13,300)	(10,586)	(39,427)	(29,445)
Fair value gain/(loss) on derivative financial instruments	486	478	1,031	1,718
Other financial income/(expenses)	(3,850)	(81)	(4,365)	697
Profit/(loss) before tax	(21,435)	(5,012)	(58,812)	14,248
Income tax expense	(40)	(55)	(98)	(133)
Net income/(loss) after tax	(21,475)	(5,067)	(58,910)	14,115
Attributable to the owners of parent	$ (21,475)	$ (5,067)	$ (58,910)	$ 14,115
Basic net income/(loss) per share	$ (0.15)	$ (0.04)	$ (0.41)	$ 0.12
Diluted net income/(loss) per share	$ (0.15)	$ (0.04)	$ (0.41)	$ 0.12
Weighted average number of shares (basic)	143,592,543	142,347,298	143,405,930	118,530,772
Weighted average number of shares (diluted)	143,602,884	142,347,298	143,408,748	118,530,772

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Comprehensive income
Profit/(loss) for the period	$ (21,475)	$ (5,067)	$ (58,910)	$ 14,115
Items that will not be reclassified to income statement:
Remeasurement of defined benefit obligation/(loss)	0	0	0	0
Items that may be reclassified to income statement:
Exchange gain(loss) on translation of foreign currency denominated associate and subsidiary	9	38	63	141
Other comprehensive income	9	38	63	141
Total comprehensive income for the period	(21,467)	(5,028)	(58,847)	14,256
Attributable to the owners of parent	$ (21,467)	$ (5,028)	$ (58,847)	$ 14,256

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Cash flow from operating activities
Net income/(loss)	$ (21,475)	$ (5,067)	$ (58,910)	$ 14,115
Items included in net income not affecting cash flows	35,278	28,432	92,502	84,190
Depreciation	26,682	26,468	75,226	70,341
Impairment charges	3,500	0	3,500	7,487
Amortization of debt issuance costs	1,878	1,773	9,549	5,415
(Profit)/loss, sale of vessel	0	0	46	283
Fair value (gain)/loss on derivative financial instruments	(486)	(478)	(1,031)	(1,718)
Compensation related to options and restricted stock	304	904	2,264	4,047
(Gain)/loss purchase of convertible bond	3,589	0	3,589	(1,035)
Share of profit in associated companies	(189)	(235)	(641)	(630)
Income adjusted for non-cash items	13,803	23,365	33,592	98,305
Changes in operating assets and liabilities	(18,169)	(5,812)	(7,926)	(3,888)
Accounts receivable and accrued revenues	(11,622)	(701)	(6,223)	3,259
Capitalized voyage expenses	1,157	0	474	0
Prepaid expenses	(2,320)	298	(4,641)	(194)
Accounts payable and accrued expenses	(1,407)	(2,966)	8,052	7,366
Deferred shipping revenues	(1,352)	435	2	(1,325)
Bunkers, lube oils and consumables	(2,650)	(2,878)	(5,577)	(12,993)
Pension liability	24	0	(14)	0
Net cash provided by/(used in) operating activities	(4,367)	17,553	25,666	94,418
CASH FLOW FROM INVESTING ACTIVITIES
Investment in vessels	(5)	(5,864)	(1,714)	(165,688)
Investment in vessels under construction	(58,673)	(9,372)	(165,233)	(115,285)
Sale of vessels	0	0	20,715	66,669
Investment in property, plant and equipment	1	(47)	(84)	(181)
Net cash used in investing activities	(58,677)	(15,282)	(146,316)	(214,485)
CASH FLOW FROM FINANCING ACTIVITIES
Cash dividends paid	(2,872)	(2,847)	(8,615)	(20,481)
Issuance of long-term debt	50,742	(79)	522,732	200,457
Purchase of convertible bonds	0	0	0	(17,104)
Issuance of convertible bonds	39,346	0	39,346	0
Scheduled repayment of long-term debt	(14,543)	(16,801)	(36,951)	(40,184)
Repayment of long-term debt refinancing	0	0	(377,935)	0
Repayment of long-term debt, sale of vessels	0	0	(8,663)	(25,367)
Net cash provided by/(used in) financing activities	72,673	(19,727)	129,915	97,321
Net increase/(decrease) in cash and cash equivalents	9,630	(17,456)	9,264	(22,747)
Cash and cash equivalents at beginning of period	76,927	104,005	77,292	109,295
Cash and cash equivalents at end of period	86,556	86,549	86,556	86,549
Specification of items included in operating activities:
Interest paid	13,253	9,227	29,246	24,315
Interest received	$ 73	$ 28	$ 224	$ 99

CONSOLIDATED STATEMENT OF SHARE

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (SUMMARY OF CHANGES) (UNAUDITED) - USD ($) $ in Thousands	Total	Shares	Common Stock	Paid-in Additional Capital	Retained Earnings	Translation Differences	Other Reserves	Total Equity
Balance at beginning of period at Dec. 31, 2016		$ 93,433,804	$ 934	$ 881,097	$ (205,195)	$ (108)	$ 8,283	$ 685,011
Net income/(loss) after tax	$ 14,115				14,115			14,115
Other comprehensive income	141					141		141
Total comprehensive income	14,256				14,115	141		14,256
Cash dividends declared and paid					(20,481)			(20,481)
Issuance of convertible bonds	0
Issuance of stock		47,724,395	477	254,546				255,024
Purchase of convertible bonds	(17,104)			(2,213)				(2,213)
Compensation related to options and restricted stock		1,189,099	12	7,173			(3,138)	4,047
Balance at end of period at Sep. 30, 2017		142,347,298	1,423	1,140,604	(211,560)	33	5,145	935,645
Balance at beginning of period (Restated [member]) at Dec. 31, 2017		142,417,407	1,424	1,140,794	(226,821)	85	5,676	921,158
Balance at beginning of period (Previously stated [member]) at Dec. 31, 2017		142,417,407	1,424	1,140,794	(222,087)	85	5,676	925,892
Balance at beginning of period (Increase (decrease) due to changes in accounting policy required by IFRSs [member]) at Dec. 31, 2017					(4,734)			(4,734)
Balance at beginning of period at Dec. 31, 2017	925,892
Net income/(loss) after tax	(58,910)				(58,910)			(58,910)
Other comprehensive income	63					(63)		(63)
Total comprehensive income	(58,847)				(58,910)	(63)		(58,974)
Cash dividends declared and paid					(8,615)			(8,615)
Issuance of convertible bonds	39,346			3,165				3,165
Purchase of convertible bonds	0			(1,613)				(1,613)
Compensation related to options and restricted stock		1,175,136	12	6,414			(4,161)	2,264
Balance at end of period at Sep. 30, 2018	$ 857,387	$ 143,592,543	$ 1,436	$ 1,148,761	$ (294,346)	$ 22	$ 1,514	$ 857,387

General information

General information	9 Months Ended
	Sep. 30, 2018
General information [Abstract]
General information	Note 1 - General information DHT Holdings, Inc. (“DHT” or the “Company”) is a company incorporated under the laws of the Marshall Islands whose shares are listed on the New York Stock Exchange. The Company's principal executive office is located at Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda. The Company is engaged in the ownership and operation of a fleet of crude oil carriers. The financial statements were approved by the Company's Board of Directors (the “Board”) on November 1, November 1

General accounting principles

General accounting principles	9 Months Ended
	Sep. 30, 2018
General accounting principles [Abstract]
General accounting principles	Note 2 - General accounting principles The condensed consolidated interim financial statements do not include all information and disclosure required in the annual financial statements and should be read in conjunction with DHT's audited consolidated financial statements included in its Annual Report on Form 20-F for 2017. Our interim results are not necessarily indicative of our results for the entire year or for any future periods. The interim condensed financial statements have been prepared in accordance with IAS 34 “Interim Financial Reporting” as issued by the International Accounting Standards Board (“IASB”). The interim condensed financial statements have been prepared on a historical cost basis, except for derivative financial instruments that have been measured at fair value. The accounting policies that have been followed in these interim condensed financial statements are the same as presented in the 2017 audited consolidated financial statements. These interim condensed consolidated financial statements have been prepared on a going concern basis. Application of new and revised International Financial Reporting Standards (“IFRSs”) New and revised IFRSs, and interpretations mandatory for the first time for the financial year beginning January 1, 2018 are listed below. With the exception of IFRS 15, the adoption did not have any effect on the financial statements: IFRS 9 Financial Instruments IFRS 15 Revenue from Contracts with Customers Amendments to IFRS 2 Classification and Measurement of Share-based Payment Transactions Annual Improvements to IFRS Standards 2014-2016 Cycle IFRIC 22 Foreign Currency Transactions and Advance Consideration Adoption of IFRS 15 Revenue from Contracts with Customers Effective from January 1, 2018, we adopted the new accounting standard IFRS 15 Revenue from Contracts with Customers For vessels operating on spot charters, voyage revenues are, under the new revenue standard, recognized ratably over the estimated length of each voyage, calculated on a load-to-discharge basis. Voyage expenses are capitalized between the previous discharge port, or contract date if later, and the next load port if they qualify as fulfillment costs under IFRS 15. To recognize costs incurred to fulfil a contract as an asset, the following criteria shall be met: (i) the costs relate directly to the contract, (ii) the costs generate or enhance resources of the entity that will be used in satisfying performance obligations in the future and (iii) the costs are expected to be recovered. Reference is also made to note 2 in the Annual Report on Form 20-F for 2017. Time charters continue to be accounted as operating leases in accordance with IAS 17 and related interpretations and the implementation of the new revenue standard therefore did not have an effect on income recognition from such contracts. The cumulative effect of the adjustments made to our condensed consolidated statement of financial position at January 1, 2018 from the adoption of IFRS 15 Revenue from Contracts with Customers CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION Balance at Adjustments Balance at $ in thousands December 31, 2017 due to IFRS 15 January 1, 2018 ASSETS Accounts receivable and accrued revenues 42,212 (7,437) 34,775 Capitalized voyage expenses - 1,888 1,888 LIABILITIES Accounts payable and accrued expenses 17,427 (815) 16,613 EQUITY Accumulated deficit (222,087) (4,734) (226,821) The impact of the adoption of IFRS 15 Revenues from Contracts with Customers CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION Balance at September 30, 2018 Adjustments Balance without $ in thousands As reported due to IFRS 15 adoption of IFRS 15 ASSETS Accounts receivable and accrued revenues 40,998 5,456 46,453 Capitalized voyage expenses 1,414 (1,414) (0) LIABILITIES Accounts payable and accrued expenses 25,039 615 25,655 EQUITY Accumulated deficit (294,346) 3,426 (290,920) CONDENSED CONSOLIDATED INCOME STATEMENT 3Q 2018 9 months 2018 Jul. 1 - Sept. 30 2018 Jan. 1 - Sept. 30 2018 Adjustments Balance without Adjustments Balance without $ in thousands As reported due to IFRS 15 adoption of IFRS 15 As reported due to IFRS 15 adoption of IFRS 15 Shipping revenues 90,177 (2,407) 87,770 237,322 (1,981) 235,341 Voyage expenses (41,983) 1,140 (40,843) (108,502) 673 (107,829) Net income/(loss) after tax (21,475) (1,267) (22,742) (58,910) (1,308) (60,218) CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW 3Q 2018 9 months 2018 Jul. 1 - Sept. 30 2018 Jan. 1 - Sept. 30, 2018 Balance without Adjustments Balance without $ in thousands As reported Adjustments due to IFRS 15 adoption of IFRS 15 As reported due to IFRS 15 adoption of IFRS 15 Net income / (loss) (21,475) (1,267) (22,742) (58,910) (1,308) (60,218) Accounts receivable and accrued revenues (11,622) 2,407 (9,215) (6,223) 1,981 (4,242) Capitalized voyage expenses 1,157 (1,157) (0) 474 (474) 0 Accounts payable and accrued expenses (1,407) 17 (1,391) 8,052 (199) 7,853 Net cash provided by/(used in) operating activities (4,367) - (4,367) 25,666 - 25,666 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 $1.4 million as per September 30, 2018. During third quarter of 2018, $1.8 million was amortized and no impairment losses were recognized in the period. IFRS 15 requires disclosure on the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period and an explanation of when an entity expects to recognize these amounts as revenue. We have applied the practical expedient related to performance obligation with reference to IFRS 15:121 (a), as the original expected duration of the underlying contract is one year or less. Consequently, no disclosure is presented in the notes to the interim condensed consolidated financial statements. According to IFRS 15:114 an entity shall disaggregate revenue recognized from contracts with customers into categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. DHT's business is to operate a fleet of crude oil tankers and management has organized the entity as one segment based upon on the service provided. Consequently, the Company does not disaggregate revenue recognized from contracts with customers.

Segment reporting

Segment reporting	9 Months Ended
	Sep. 30, 2018
Segment reporting [Abstract]
Segment reporting	Note 3 - Segment reporting Since DHT's business is limited to operating a fleet of crude oil tankers, management has organized the entity as one segment based upon the service provided. Consequently, the Company has one operating segment as defined in IFRS 8, Operating Segments. As of September 30, 2018, the Company had 28 vessels in operation; 7 vessels were on time charters and 21 vessels operating in the spot market. Information about major customers: For the period from July 1, 2018 to September 30, 2018 five customers represented $18.6 million, $8.4 million, $6.4 million, $5.5 million and $5.3 million, respectively, of the Company's revenues. The five customers in aggregate represented $44.2 million of the total revenue of $90.2 million for the period from July 1, 2018 to September 30, 2018. For the period from January 1, 2018 to September 30, 2018 five customers represented $42.1 million, $27.8 million, $14.9 million, $13.1 million and $12.9 million, respectively, of the Company's revenues. The five customers in aggregate represented $110.8 million of the total revenue of $237.3 million for the period from January 1, 2018 to September 30, 2018. For the period from July 1, 2017 to September 30, 2017 five customers represented $11.3 million, $10.9 million, $9.8 million, $7.3 million and $7.2 million, respectively, of the Company's revenues. The five customers in aggregate represented $46.5 million of the total revenue of $84.4 million for the period from July 1, 2017 to September 30, 2017. For the period from January 1, 2017 to September 30, 2017 five customers represented $37.1 million, $26.8 million, $24.5 million, $19.2 million and $16.6 million, respectively, of the Company's revenues. The five customers in aggregate represented $124.2 million of the total revenue of $262.8 million for the period from January 1, 2017 to September 30, 2017.

Interest bearing debt

Interest bearing debt	9 Months Ended
	Sep. 30, 2018
Interest bearing debt [Abstract]
Interest bearing debt	Note 4 - Interest bearing debt As of September 30, 2018, DHT had interest bearing debt totaling $935.1 million (including the . Scheduled debt repayments (USD thousands) and margin above Libor Margin Q4 $ in thousands above Libor 2018 2019 2020 2021 Thereafter Total ABN Amro Credit Facility 2.40% 7,702 30,808 30,808 30,808 325,815 425,941 Credit Agricole Credit Facility 2.19% 1,649 6,597 6,597 6,597 42,925 64,367 Danish Ship Finance Credit Facility 2.25% 1,300 2,600 39,000 42,900 Nordea/DNB Credit Facility 2.75% 434 8,251 8,685 Nordea BW VLCC Acquisition Credit Facility 2.40% 5,400 21,600 21,600 21,600 188,683 258,883 ABN Amro Revolving Credit Facility * 2.50% Convertible Senior Notes 32,860 125,000 157,860 Total 16,486 102,716 98,005 184,005 557,423 958,635 Unamortized upfront fees bank loans (8,366) Difference amortized cost/notional amount convertible note (15,194) Total interest bearing debt 935,075 *$55.5 mill. available as of September 30, 2018. Quarterly reduction of $1.8 million. Refinancing In April we entered into a $484 million secured credit facility agreement for the refinancing of 13 of the Company's VLCCs. The following credit facilities were refinanced: Nordea Samco Credit Facility (DHT Sundarbans, DHT Taiga, DHT Redwood, DHT Hawk, DHT China, DHT Falcon and DHT Condor) $215.2 million, Nordea/DNB Credit Facility (DHT Leopard) $44.4 million, ABN Amro Credit Facility (DHT Lion, DHT Panther and DHT Puma) $118.4 million and the undrawn DNB/Nordea Credit Facility (DHT Bronco and DHT Mustang) $82.5 million. We also entered into an agreement with ABN Amro to increase the Company's revolving credit facility to $57.3 million from the current availability of $43.4 million. Both credit facilities are described below. ABN Amro Credit Facility In April 2018 we entered into a credit facility with ABN Amro, Nordea, Credit Agricole, DNB, ING, Danish Ship Finance, SEB, DVB and Swedbank as lenders and DHT Holdings, Inc. as guarantor for the financing of eleven VLCCs and two newbuildings. Borrowings bear interest at a rate equal to Libor + 2.40% and the loan is repayable in quarterly installments of $7.7 million through Q2 2024 and a final payment of $248.8 with the last installment. When the facility is fully drawn, the quarterly installments will be $8.3 million with a final payment of $286.1 million in the second quarter of 2024. The credit facility contains a covenant requiring that at all times the charter-free market value of the vessels that secure the credit facility be no less than 135% of borrowings. Also, DHT covenants that, throughout the term of the credit facility, DHT, on a consolidated basis, shall maintain: ● Value adjusted* tangible net worth of $300 million ● Value adjusted* tangible net worth shall be at least 25% of value adjusted total assets ● Unencumbered consolidated cash of at least the higher of (i) $30 million and (ii) 6% of our gross interest bearing debt * Value adjusted defined as an adjustment to reflect the difference between the carrying amount and the market valuations of the Company's vessels (as determined quarterly by an approved broker). Credit Agricole Credit Facility In June 2015 Samco Gamma Ltd and DHT Tiger Limited entered into a credit agreement with Credit Agricole for the financing of the Samco Scandinavia and the newbuilding DHT Tiger that was delivered in January 2017. In June 2016 we made a voluntary prepayment of $5.0 million and the financing of the Samco Scandinavia is repayable with 30 quarterly installments of $0.97 million each. The $48.7 million financing of DHT Tiger was drawn in 2016 in advance of the delivery of the DHT Tiger which took place in January 2017 and is . The loan bears interest at Libor plus a margin of 2.1875%. ● Value adjusted* tangible net worth of $200 million ● Value adjusted* tangible net worth shall be at least 25% of value adjusted total assets ● Unencumbered consolidated cash of at least the higher of (i) $20 million and (ii) 6% of our gross interest bearing debt * Danish Ship Finance Credit Facility In ● Value adjusted* tangible net worth of $300 million ● Value adjusted* tangible net worth shall be at least 25% of value adjusted total assets ● Unencumbered consolidated cash of at least the higher of (i) $30 million and (ii) 6% of our gross interest bearing debt * Nordea/DNB Credit Facility In October 2015 we entered into a credit facility totaling $50.0 million with Nordea and DNB as lenders and DHT Holdings, Inc. as guarantor for the financing of the VLCC newbuilding DHT Leopard delivered in Q1 2016. The full amount of the credit facility was drawn on December 29, 2015 in advance of the delivery of the DHT Leopard on January 4, 2016. Borrowings bear interest at a rate equal to Libor + 2.25% and are repayable in 20 quarterly installments of $0.625 million from March 2016 to December 2020 and a final payment of $37.5 million in December 2020. In April 2018, DHT Leopard was refinanced as part of the ABN Amro Credit Facility. In September 2016, the four vessels financed by RBS (DHT Ann, DHT Chris, DHT Cathy and DHT Sophie) were included in the credit facility as a separate tranche totaling $40.0 million. Borrowings under the $40.0 million tranche bear interest at a rate equal to Libor + 2.75% and are repayable in 11 quarterly installments of $2.1 million from December 2016 to June 2019 and a final payment of $17.3 million in August 2019. Subsequent to the sale of DHT Chris which was delivered to the buyers in January 2017 and the sale of the DHT Ann which was delivered to the buyers in May 2017, the separate tranche is repayable in quarterly installments of $0.4 million and a final payment of $6.9 million in August 2019. The credit facility contains a covenant requiring that at all times the charter-free market value of the vessels that secure the credit facility be no less than 135% of borrowings. Also, DHT covenants that, throughout the term of the credit facility, DHT, on a consolidated basis, shall maintain: ● Value adjusted* tangible net worth of $300 million ● Value adjusted* tangible net worth shall be at least 25% of value adjusted total assets ● Unencumbered consolidated cash of at least the higher of (i) $30 million and (ii) 6% of our gross interest bearing debt * Nordea BW VLCC Acquisition Credit Facility $204 million of the $300 million credit facility was borrowed during the second quarter of 2017 in connection with delivery of the nine VLCCs in water from BW. The final $96 million was borrowed in connection with the delivery of the two VLCC newbuildings from DSME in the second quarter of 2018. The credit facility is guaranteed by DHT Holdings, Inc., borrowings bear interest at a rate equal to Libor + 2.40%. Subsequent to the sale of the DHT Utah and DHT Utik and the delivery of DHT Stallion and DHT Colt, the current outstanding is repayable in quarterly installments of $5.4 million with a final payment of $156.3 million in the second quarter of 2023. The credit facility contains a covenant requiring that at all times the charter-free market value of the vessels that secure the credit facility be no less than 135% of borrowings. Also, DHT covenants that, throughout the term of the credit facility, DHT, on a consolidated basis, shall maintain: ● Value adjusted* tangible net worth of $300 million ● Value adjusted* tangible net worth shall be at least 25% of value adjusted total assets ● Unencumbered consolidated cash of at least the higher of (i) $30 million and (ii) 6% of our gross interest bearing debt * In September 2018 we secured commitment to a $50 million scrubber financing structured through an increase of the existing $300 million secured credit facility entered into in the second quarter of 2017. The increased facility will bear the same interest rate equal to Libor + 2.40%. The increased facility is available, but currently undrawn, and will have quarterly repayments of $2.5 million commencing second quarter 2020. Other terms and conditions remain unchanged. ABN Amro Revolving Credit Facility In November 2016, we entered into a secured five year revolving credit facility with ABN Amro totaling $50.0 million to be used for general corporate purposes, including security repurchases and the acquisition of ships. The financing bears interest at a rate equal to Libor + 2.50%. In April 2018, we entered into an agreement with ABN Amro to increase the revolving credit facility to $57.3 million with a quarterly reduction of $1.8 million starting July 31, 2018. The credit facility contains a covenant requiring that at all times the charter-free market value of the vessels that secure the credit facility be no less than 135% of borrowings. Also, DHT covenants that, throughout the term of the credit facility, DHT, on a consolidated basis, shall maintain: ● Value adjusted* tangible net worth of $300 million ● Value adjusted* tangible net worth shall be at least 25% of value adjusted total assets ● Unencumbered consolidated cash of at least the higher of (i) $30 million and (ii) 6% of our gross interest bearing debt * Convertible Senior Notes During the second quarter of 2017 we During the first quarter of 2017 we During the fourth quarter of 2016 we In February 2016 we we . In August 2018, approximately $73.0 million of the 2019 Notes were exchanged for approximately $80.3 million of the 2021 Notes. The repurchased convertible senior notes have been cancelled and the current outstanding of the 2019 Notes is $32.9 million and the current outstanding of the 2021 Notes is $125.0 million. Interest rate swaps As of September 30, 2018, DHT has 8 amortizing interest rate swaps totaling $355.7 million with maturity ranging from the second quarter 2023 to the third quarter 2023. The average fixed interest rate is 2.97%. As of September 30, 2018, the fair value of the derivative financial asset related to the swaps amounted to $0.6 million and the fair value of the derivative financial liability related to the swaps amounted to $0.2 million. A 9 th Covenant compliance As of the date of our most recent compliance certificates submitted to the banks, we are in compliance with our financial covenants.

Vessels

Vessels	9 Months Ended
	Sep. 30, 2018
Vessels [Abstract]
Vessels	Note 5 - Vessels The carrying values of our vessels may not represent their fair market value at any point in time since the market prices of second-hand vessels tend to fluctuate with changes in charter rates and the cost of constructing new vessels. Historically, both charter rates and vessel values have been cyclical. The carrying amounts of vessels held and used by us are reviewed for potential impairment or reversal of prior impairment charges whenever events or changes in circumstances indicate that the carrying amount of a particular vessel may not accurately reflect the recoverable amount of a particular vessel. The Company is of the view that there were no events or changes in circumstances indicating that the carrying amount of a particular vessel may not accurately reflect the recoverable amount of a particular vessel as of September 30, 2018. However, with regards to the DHT Cathy and DHT Sophie which we have entered into agreement to sell, we have recorded an impairment charge of $3.5 million in the third quarter of 2018 (see Note 10 for further details). Cost of Vessels $ in thousands At January 1, 2018 1,810,158 Additions 1,714 Transferred from vessels under construction 252,323 Retirement ** (1,244) At September 30, 2018 2,062,951 Depreciation, impairment and amortization* $ in thousands At January 1, 2018 366,012 Depreciation and amortization 75,053 Impairment charges 3,500 Retirement ** (1,244) At September 30, 2018 443,321 Carrying Amount $ in thousands At January 1, 2018 1,444,146 At September 30, 2018 1,619,630 *Accumulated numbers **Relates to completed depreciation of drydocking for DHT Sophie. Vessels under construction We entered into agreements with HHI for the construction of two VLCCs, of which the first was delivered in July 2018, with a contract price of $79.9 million each (excluding scrubbers). The company has added scrubbers at the cost of $2.5 million per ship. As of September 30, 2018 we have paid pre-delivery installments totaling $24.7 million for the remaining newbuilding to be delivered in Q4 2018. Borrowing costs are capitalized as part of vessels under construction. Cost of vessels under construction $ in thousands At January 1, 2018 114,759 Additions 164,364 Transferred to vessels (252,323) At September 30, 2018 26,799 Carrying Amount $ in thousands At January 1, 2018 114,759 At September 30, 2018 26,799 The following table is a timeline of future expected payments and dates relating to vessels under construction as of September 30, 2018: Vessels under construction $ in thousands September 30, 2018 January 1, 2018 Not later than one year 57,647 218,565 Later than one year and not later than three years - - Later than three years and not later than five years - - Total 57,647 218,565 The newbuilding is financed as a part of the ABN Amro Credit Facility and remaining commitment was financed with cash at hand. Reference is made to note 10 - Subsequent events.

Equity and Convertible Bond Off

Equity and Convertible Bond Offerings	9 Months Ended
	Sep. 30, 2018
Equity and Convertible Bond Offerings [Abstract]
Equity and Convertible Bond Offerings	Note 6 - Equity and Convertible Bond Offerings Convertible Senior Note Offering On September 16, 2014 we completed a private placement of $150 million aggregate principal amount of convertible senior notes due 2019 (the “2019 Notes”). DHT will pay interest at a fixed rate of 4.5% per annum, payable semiannually in arrears. Net proceeds to DHT were approximately $145.9 million after the payment of placement agent fees. The value of the conversion right has been estimated to $21.8 million; hence $21.8 million of the aggregate principal amount of $150.0 million was classified as equity. The Notes will be convertible into common stock of DHT at any time after placement until one business day prior to their maturity. The initial conversion price was $8.125 per share of common stock (equivalent to 18,461,538 shares of common stock), and is subject to customary anti-dilution adjustments. As a result of the cumulative effect of previously announced cash dividends, the conversion price was adjusted to $6.2599 effective May 18, 2018. Based on the adjusted conversion price and after adjusting for the repurchase of $44.2 million of the convertible senior notes in the open market at an average price of 94.5% of par, and the private exchange August 2018, the total number of shares to be issued would be 5,249,285. In August 2018 we completed a privately negotiated exchange agreement with certain holders of the outstanding 4.5% Convertible Senior Notes due 2019 to exchange approximately $73.0 million aggregate principal amount of the existing notes for approximately $80.3 million aggregate principal amount of the Company's new 4.5% Convertible Senior Notes due 2021. In addition, a private placement of approximately $44.7 million aggregate principal amount of the Company's new 4.5% Convertible Senior Notes due 2021 for gross proceeds of approximately $41.6 million. Net proceeds to DHT were approximately $39.0 million after the payment of placement agent fees. Following closing of the private exchange and the private placement, there are $125 million aggregate principal amount of convertible senior notes due 2021 (the “2021 Notes”) and approximately $32.9 million aggregate principal amount of the 2019 Notes outstanding. The 2021 Notes will bear interest at a rate of 4.5% per annum on the principal amount accruing from August 21, 2018. Interest will be payable semiannually in arrears on February 15 and August 15 each year, beginning on February 2019. Interest is computed on the basis of 360-day year comprised of twelve 30-days months. The initial conversion price was $6.2599 per share of common stock (equivalent to an initial conversion rate of 159.7470 shares of common stock per $1,000 aggregate principal amount of 2021 Notes) and is subject to customary anti-dilution adjustments. The 2021 Notes will mature on August 15, 2021, unless earlier converted, redeemed or repurchased in accordance with their terms. We have concluded that the adjustment of the conversion rate upon the payment of cash dividends does not result in an accounting entry as the liability and equity components of the instrument are not re-measured as a result of the cash dividend. This is based on the fact that we have determined that the Notes are non-derivative financial instruments that contain both liability and equity components. The financial liability is the contractual obligation to make interest and principal payments and the equity component is the right of the holders of the Notes to convert the Notes into a fixed number of the Company's common shares. In accordance with IAS 32, the liability component was measured first and is recorded at its amortized cost over the life of the instrument. The equity component was assigned the residual amount after deducting the amount separately determined for the liability component. The equity component was recorded as part of additional paid-in capital and is never re-measured. The determination that the conversion feature is an equity instrument (rather than a derivative liability accounted for under IAS 39) was made on the basis that there is no variability in the number of equity instruments delivered upon conversion (i.e. the exchange meets the “fixed for fixed” requirements set forth under IAS 32). In making the determination, the Company considered that the Notes contain a mechanism whereby the conversion rate of the Notes is adjusted for cash dividends paid by the Company. Although this adjustment results in variability in the number of common shares delivered, the fact that this variability serves to maintain the relative economic rights of the holders of the Notes results in no violation of the “fixed for fixed” requirement.

Stockholders equity and dividen

Stockholders equity and dividend payment	9 Months Ended
	Sep. 30, 2018
Stockholders equity and dividend payment [Abstract]
Stockholders equity and dividend payment	Note 7 - Stockholders equity and dividend payment Stockholders equity Common stock Preferred stock Issued at September 30, 2018 143,592,543 0 Shares to be issued assuming conversion of convertible notes due 2019* 6,562,001 Shares to be issued assuming conversion of convertible notes due 2021* 19,968,375 Numbers of shares authorized for issue at September 30, 2018 250,000,000 1,000,000 Par value $ 0.01 $ 0.01 *assuming the maximum Fundamental Change conversion rate. Common stock: Each outstanding share of common stock entitles the holder to one vote on all matters submitted to a vote of stockholders. Preferred stock: In the first quarter 2017, the board established two series of preferred stock: Series C Preferred Stock and Series D Preferred Stock, the terms of which are detailed in Current Reports on Form 6-K dated January 30, 2017 and March 24, 2017, respectively. As of September 30, 2018, no shares of Series C Preferred Stock or Series D Preferred Stock were outstanding. Terms and rights of any other preferred shares will be established by the board when or if such shares would be issued. Dividend payment Dividend payment as of September 30, 2018: Payment date Total Payment Per common share August 31, 2018 $ 2.9 million $ 0.02 May 30, 2018 $ 2.9 million $ 0.02 February 28, 2018 $ 2.9 million $ 0.02 Total payment as per September 30, 2018 $ 8.6 million $ 0.06 Dividend payment as of December 31, 2017: Payment date Total Payment Per common share December 6, 2017 $ 2.8 million $ 0.02 August 31, 2017 $ 2.8 million $ 0.02 May 31, 2017 $ 10.1 million $ 0.08 February 22, 2017 $ 7.6 million $ 0.08 Total payment as per December 31, 2017 $ 23.3 million $ 0.20

Accounts receivable and accrued

Accounts receivable and accrued revenues	9 Months Ended
	Sep. 30, 2018
Accounts receivable and accrued revenues [Abstract]
Accounts receivable and accrued revenues	Note 8 - Accounts receivable and accrued revenues Accounts receivable and accrued revenues totaling $41.0 million as of September 30, 2018 consists mainly of accounts receivable with no material amounts overdue.

Financial risk management, obje

Financial risk management, objectives and policies	9 Months Ended
	Sep. 30, 2018
Financial risk management, objectives and policies [Abstract]
Financial risk management, objectives and policies	Note 9 - Financial risk management, objectives and policies Note 9 in the 2017 annual report on Form 20-F provides for details of financial risk management objectives and policies. The Company's principal financial liability consists of long-term debt with the main purpose being to partly finance the Company's assets and operations. The Company's financial assets mainly comprise cash. The Company is exposed to market risk, credit risk and liquidity risk. The Company's senior management oversees the management of these risks.

Subsequent events

Subsequent events	9 Months Ended
	Sep. 30, 2018
Subsequent events [Abstract]
Subsequent events	Note 10 - Subsequent events On November 1, 2018 the Board approved a dividend of $0.02 per common share related to the third quarter 2018 to be paid on November 23, 2018 for shareholders of record as of November 16, 2018. In October, the Company entered into agreement to sell DHT Cathy and DHT Sophie for $24.3 million enbloc. The vessels are expected to be delivered to the buyer in the fourth quarter of 2018. We recorded an impairment of $3.5 million in the third quarter in connection with the planned sale. The vessels carry combined debt of $8.7 million and the Company will net about $15.4 million in cash from the sale. Outstanding debt will be repaid in connection with the delivery of the vessels. On October 8, 2018 the Company took delivery of DHT Mustang, the second of its two VLCC newbuildings from HHI. A total of $51.4 million of debt was drawn in connection with the delivery. Subsequent to the quarter the Company extended time-charters for two of its VLCCs to an oil major for periods of 3- to 4-years. The vessels are among the ones that will be fitted with scrubbers and have been extended with fixed base rates plus market related profit sharing structures that include commercial benefits of the scrubbers. 21

General accounting principles (

General accounting principles (Tables)	9 Months Ended
	Sep. 30, 2018
General accounting principles (Tables) [Abstract]
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION	CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION Balance at Adjustments Balance at $ in thousands December 31, 2017 due to IFRS 15 January 1, 2018 ASSETS Accounts receivable and accrued revenues 42,212 (7,437) 34,775 Capitalized voyage expenses - 1,888 1,888 LIABILITIES Accounts payable and accrued expenses 17,427 (815) 16,613 EQUITY Accumulated deficit (222,087) (4,734) (226,821) CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION Balance at September 30, 2018 Adjustments Balance without $ in thousands As reported due to IFRS 15 adoption of IFRS 15 ASSETS Accounts receivable and accrued revenues 40,998 5,456 46,453 Capitalized voyage expenses 1,414 (1,414) (0) LIABILITIES Accounts payable and accrued expenses 25,039 615 25,655 EQUITY Accumulated deficit (294,346) 3,426 (290,920)
CONDENSED CONSOLIDATED INCOME STATEMENT	CONDENSED CONSOLIDATED INCOME STATEMENT 3Q 2018 9 months 2018 Jul. 1 - Sept. 30 2018 Jan. 1 - Sept. 30 2018 Adjustments Balance without Adjustments Balance without $ in thousands As reported due to IFRS 15 adoption of IFRS 15 As reported due to IFRS 15 adoption of IFRS 15 Shipping revenues 90,177 (2,407) 87,770 237,322 (1,981) 235,341 Voyage expenses (41,983) 1,140 (40,843) (108,502) 673 (107,829) Net income/(loss) after tax (21,475) (1,267) (22,742) (58,910) (1,308) (60,218)
CONDENSED CONSOLIDATED INCOME STATEMENT OF CASH FLOW	CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW 3Q 2018 9 months 2018 Jul. 1 - Sept. 30 2018 Jan. 1 - Sept. 30, 2018 Balance without Adjustments Balance without $ in thousands As reported Adjustments due to IFRS 15 adoption of IFRS 15 As reported due to IFRS 15 adoption of IFRS 15 Net income / (loss) (21,475) (1,267) (22,742) (58,910) (1,308) (60,218) Accounts receivable and accrued revenues (11,622) 2,407 (9,215) (6,223) 1,981 (4,242) Capitalized voyage expenses 1,157 (1,157) (0) 474 (474) 0 Accounts payable and accrued expenses (1,407) 17 (1,391) 8,052 (199) 7,853 Net cash provided by/(used in) operating activities (4,367) - (4,367) 25,666 - 25,666

Interest bearing debt (Tables)

Interest bearing debt (Tables)	9 Months Ended
	Sep. 30, 2018
Interest bearing debt (Tables) [Abstract]
Scheduled debt repayments and margin above Libor	Scheduled debt repayments (USD thousands) and margin above Libor Margin Q4 $ in thousands above Libor 2018 2019 2020 2021 Thereafter Total ABN Amro Credit Facility 2.40% 7,702 30,808 30,808 30,808 325,815 425,941 Credit Agricole Credit Facility 2.19% 1,649 6,597 6,597 6,597 42,925 64,367 Danish Ship Finance Credit Facility 2.25% 1,300 2,600 39,000 42,900 Nordea/DNB Credit Facility 2.75% 434 8,251 8,685 Nordea BW VLCC Acquisition Credit Facility 2.40% 5,400 21,600 21,600 21,600 188,683 258,883 ABN Amro Revolving Credit Facility * 2.50% Convertible Senior Notes 32,860 125,000 157,860 Total 16,486 102,716 98,005 184,005 557,423 958,635 Unamortized upfront fees bank loans (8,366) Difference amortized cost/notional amount convertible note (15,194) Total interest bearing debt 935,075

Vessels (Tables)

Vessels (Tables)	9 Months Ended
	Sep. 30, 2018
Vessels (Tables) [Abstract]
Vessel costs	Vessel costs Cost of Vessels $ in thousands At January 1, 2018 1,810,158 Additions 1,714 Transferred from vessels under construction 252,323 Retirement ** (1,244) At September 30, 2018 2,062,951 Depreciation, impairment and amortization* $ in thousands At January 1, 2018 366,012 Depreciation and amortization 75,053 Impairment charges 3,500 Retirement ** (1,244) At September 30, 2018 443,321 Carrying Amount $ in thousands At January 1, 2018 1,444,146 At September 30, 2018 1,619,630 *Accumulated numbers **Relates to completed depreciation of drydocking for DHT Sophie.
Cost of vessels under construction	Cost of vessels under construction $ in thousands At January 1, 2018 114,759 Additions 164,364 Transferred to vessels (252,323) At September 30, 2018 26,799 Carrying Amount $ in thousands At January 1, 2018 114,759 At September 30, 2018 26,799
Vessels under construction, future payments	Vessels under construction $ in thousands September 30, 2018 January 1, 2018 Not later than one year 57,647 218,565 Later than one year and not later than three years - - Later than three years and not later than five years - - Total 57,647 218,565

Stockholders equity and divid_2

Stockholders equity and dividend payment (Tables)	9 Months Ended
	Sep. 30, 2018
Stockholders equity and dividend payment (Tables) [Abstract]
Stockholders equity	Stockholders equity Common stock Preferred stock Issued at September 30, 2018 143,592,543 0 Shares to be issued assuming conversion of convertible notes due 2019* 6,562,001 Shares to be issued assuming conversion of convertible notes due 2021* 19,968,375 Numbers of shares authorized for issue at September 30, 2018 250,000,000 1,000,000 Par value $ 0.01 $ 0.01 *assuming the maximum Fundamental Change conversion rate.
Dividend payment	Dividend payment as of September 30, 2018: Payment date Total Payment Per common share August 31, 2018 $ 2.9 million $ 0.02 May 30, 2018 $ 2.9 million $ 0.02 February 28, 2018 $ 2.9 million $ 0.02 Total payment as per September 30, 2018 $ 8.6 million $ 0.06 Dividend payment as of December 31, 2017: Payment date Total Payment Per common share December 6, 2017 $ 2.8 million $ 0.02 August 31, 2017 $ 2.8 million $ 0.02 May 31, 2017 $ 10.1 million $ 0.08 February 22, 2017 $ 7.6 million $ 0.08 Total payment as per December 31, 2017 $ 23.3 million $ 0.20

General accounting principles -

General accounting principles - Condensed consolidated statement of financial position (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
ASSETS
Accounts receivable and accrued revenues	$ 40,998	$ 42,212
Capitalized voyage expenses	1,414	0
Current LIABILITIES
Accounts payable and accrued expenses	25,039	17,427
Stockholders' Equity
Accumulated deficit	(294,346)	(222,087)
Adjustment, IFRS 15 [Member]
ASSETS
Accounts receivable and accrued revenues	5,456	(7,437)
Capitalized voyage expenses	(1,414)	1,888
Current LIABILITIES
Accounts payable and accrued expenses	615	(815)
Stockholders' Equity
Accumulated deficit	3,426	(4,734)
Restated Balance [Member]
ASSETS
Accounts receivable and accrued revenues		34,775
Capitalized voyage expenses		1,888
Current LIABILITIES
Accounts payable and accrued expenses		16,613
Stockholders' Equity
Accumulated deficit		$ (226,821)
Balance without adoption of IFRS 15 [Member]
ASSETS
Accounts receivable and accrued revenues	46,453
Capitalized voyage expenses	0
Current LIABILITIES
Accounts payable and accrued expenses	25,655
Stockholders' Equity
Accumulated deficit	$ (290,920)

General accounting principles_2

General accounting principles - Condensed consolidated income statement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Condensed income statement
Shipping revenues	$ 90,177	$ 84,374	$ 237,322	$ 262,808
Voyage expenses	(41,983)	$ (29,594)	(108,502)	$ (77,682)
Net income/(loss) after tax	(21,475)		(58,910)
Adjustment, IFRS 15 [Member]
Condensed income statement
Shipping revenues	(2,407)		(1,981)
Voyage expenses	1,140		673
Net income/(loss) after tax	(1,267)		(1,308)
Balance without adoption of IFRS 15 [Member]
Condensed income statement
Shipping revenues	87,770		235,341
Voyage expenses	(40,843)		(107,829)
Net income/(loss) after tax	$ (22,742)		$ (60,218)

General accounting principles_3

General accounting principles - Condensed consolidated statement of cash flow (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Cash flow from operating activities
Net income/(loss)	$ (21,475)	$ (5,067)	$ (58,910)	$ 14,115
Accounts receivable and accrued revenues	(11,622)	(701)	(6,223)	3,259
Accounts receivable and accrued revenues	(11,622)	(701)	(6,223)	3,259
Capitalized voyage expenses	1,157	0	474	0
Accounts payable and accrued expenses	(1,407)	(2,966)	8,052	7,366
Net cash provided by/(used in) operating activities	(4,367)	$ 17,553	25,666	$ 94,418
Adjustment, IFRS 15 [Member]
Cash flow from operating activities
Net income/(loss)	(1,267)		(1,308)
Accounts receivable and accrued revenues	2,407		1,981
Accounts receivable and accrued revenues	2,407		1,981
Capitalized voyage expenses	(1,157)		(474)
Accounts payable and accrued expenses	17		(199)
Balance without adoption of IFRS 15 [Member]
Cash flow from operating activities
Net income/(loss)	(22,742)		(60,218)
Accounts receivable and accrued revenues	(9,215)		(4,242)
Accounts receivable and accrued revenues	(9,215)		(4,242)
Capitalized voyage expenses	0		0
Accounts payable and accrued expenses	(1,391)		7,853
Net cash provided by/(used in) operating activities	$ (4,367)		$ 25,666

Interest bearing debt - Schedul

Interest bearing debt - Scheduled debt repayments (Details) $ in Thousands	Sep. 30, 2018USD ($)
Scheduled debt repayments and margin above LIBOR
Q4 2018	$ 16,486
2,019	102,716
2,020	98,005
2,021	184,005
Thereafter	557,423
Total	958,635
Unamortized upfront fees bank loans	(8,366)
Difference amortized cost/notional amount convertible note	(15,194)
Total interest bearing debt	935,075
Total	958,635
Convertible Senior Notes [Member]
Scheduled debt repayments and margin above LIBOR
2,019	32,860
2,021	125,000
Total	157,860
Total	$ 157,860
ABN Amro Credit Facility [Member]
Scheduled debt repayments and margin above LIBOR
Interest Rate LIBOR+	2.40%
Q4 2018	$ 7,702
2,019	30,808
2,020	30,808
2,021	30,808
Thereafter	325,815
Total	425,941
Total	$ 425,941
Credit Agricole Credit Facility [Member]
Scheduled debt repayments and margin above LIBOR
Interest Rate LIBOR+	2.19%
Q4 2018	$ 1,649
2,019	6,597
2,020	6,597
2,021	6,597
Thereafter	42,925
Total	64,367
Total	$ 64,367
Danish Ship Finance Credit Facility [Member]
Scheduled debt repayments and margin above LIBOR
Interest Rate LIBOR+	2.25%
Q4 2018	$ 1,300
2,019	2,600
2,020	39,000
Total	42,900
Total	$ 42,900
Nordea/DNB Credit Facility [Member]
Scheduled debt repayments and margin above LIBOR
Interest Rate LIBOR+	2.75%
Q4 2018	$ 434
2,019	8,251
Total	8,685
Total	$ 8,685
Nordea BWVLCC Acquisition Credit Facility [Member]
Scheduled debt repayments and margin above LIBOR
Interest Rate LIBOR+	2.40%
Q4 2018	$ 5,400
2,019	21,600
2,020	21,600
2,021	21,600
Thereafter	188,683
Total	258,883
Total	$ 258,883
ABN Amro Revolving Credit Facility [Member]
Scheduled debt repayments and margin above LIBOR
Interest Rate LIBOR+	2.50%

Vessels - Vessel costs, depreci

Vessels - Vessel costs, depreciation, impairment and amortization, and carrying amount (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)
Property, Plant and Equipment
As of beginning of period	$ 1,444,146
As of end of period	1,619,630
Total Cost [Member]
Property, Plant and Equipment
As of January 1	1,810,158
Additions	1,714
Transferred from vessels under construction	252,323
Retirement	(1,244)
As of September 30	2,062,951
Total Accumulated Depreciation and Impairment [Member]
Property, Plant and Equipment
As of beginning of period	366,012
Depreciation and amortization	75,053
Impairment charges	3,500
Retirement	(1,244)
As of end of period	$ 443,321

Vessels - Cost of vessels under

Vessels - Cost of vessels under construction (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)
Cost of vessels under construction
Carrying amount at January 1, 2018	$ 114,759
Carrying amount at September 30, 2018	26,799
Vessels Under Construction [Member]
Cost of vessels under construction
At January 1, 2018	114,759
Additions	164,364
Transferred to vessels	(252,323)
At September 30, 2018	26,799
Carrying amount at January 1, 2018	114,759
Carrying amount at September 30, 2018	$ 26,799

Vessels - Future expected payme

Vessels - Future expected payments of vessels under construction (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Future expected payments for vessels under construction
Total Future expected payments	$ 57,647	$ 218,565
Not later than one year [Member]
Future expected payments for vessels under construction
Future expected payments	57,647	218,565
Later than one year and not later than three years [Member]
Future expected payments for vessels under construction
Future expected payments	0	0
Later than three years and not later than five years [Member]
Future expected payments for vessels under construction
Future expected payments	$ 0	$ 0

Stockholders equity and divid_3

Stockholders equity and dividend payment - Stockholders equity (Details)	Sep. 30, 2018$ / sharesshares
Common Stock [Member]
Stockholders' equity
Issued at September 30, 2018	143,592,543
Numbers of shares authorized for issue at September 30, 2018	250,000,000
Par value | $ / shares	$ 0.01
Common Stock [Member] | Convertible Notes due 2019 [Member]
Stockholders' equity
Shares to be issued assuming conversion of convertible notes	6,562,001
Common Stock [Member] | Convertible Notes due 2021 [Member]
Stockholders' equity
Shares to be issued assuming conversion of convertible notes	19,968,375
Preferred Stock [Member]
Stockholders' equity
Numbers of shares authorized for issue at September 30, 2018	1,000,000
Par value | $ / shares	$ 0.01

Stockholders equity and divid_4

Stockholders equity and dividend payment - Dividend payment (Details) - USD ($)	3 Months Ended								9 Months Ended	12 Months Ended
	Nov. 23, 2018	Aug. 31, 2018	May 30, 2018	Feb. 28, 2018	Dec. 06, 2017	Aug. 31, 2017	May 31, 2017	Feb. 22, 2017	Sep. 30, 2018	Dec. 31, 2017
Dividend Payment [Abstract]
Payment		$ 2,900,000	$ 2,900,000	$ 2,900,000	$ 2,800,000	$ 2,800,000	$ 10,100,000	$ 7,600,000
Total Payment									$ 8,600,000	$ 23,300,000
Per common share	$ 0.02	$ 0.02	$ 0.02	$ 0.02	$ 0.02	$ 0.02	$ 0.08	$ 0.08	$ 0.06	$ 0.20

Subsequent events - Dividend pa

Subsequent events - Dividend payment (Details text) - $ / shares	3 Months Ended								9 Months Ended	12 Months Ended
	Nov. 23, 2018	Aug. 31, 2018	May 30, 2018	Feb. 28, 2018	Dec. 06, 2017	Aug. 31, 2017	May 31, 2017	Feb. 22, 2017	Sep. 30, 2018	Dec. 31, 2017
Dividend Payment [Abstract]
Per common share	$ 0.02	$ 0.02	$ 0.02	$ 0.02	$ 0.02	$ 0.02	$ 0.08	$ 0.08	$ 0.06	$ 0.20