DHT (DHT) 6-K 25 Oct 19 DHT Holdings, Inc. Third Quarter 2019 Results Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 2019
Document and Entity Information [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Sep. 30, 2019
Entity Registrant Name	DHT HOLDINGS, INC.
Entity Central Index Key	0001331284
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 115,352	$ 94,944
Accounts receivable and accrued revenues	54,976	60,196
Capitalized voyage expenses	2,493	1,633
Prepaid expenses	3,376	4,338
Bunkers, lube oils and consumables	27,597	32,212
Total current assets	203,794	193,323
Non-current assets
Vessels and time charter contracts	1,611,115	1,665,810
Advances for vessel upgrades	5,648	0
Other property, plant and equipment	2,988	335
Investment in associated company	4,930	4,388
Total non-current assets	1,624,680	1,670,533
TOTAL ASSETS	1,828,473	1,863,856
Current liabilities
Accounts payable and accrued expenses	23,898	28,634
Derivative financial liabilities	4,810	1,250
Current portion long-term debt	99,843	93,815
Other current liabilities	565	0
Total current liabilities	129,115	123,699
Non-current liabilities
Long-term debt	846,008	873,460
Derivative financial liabilities	13,779	4,486
Other non-current liabilities	2,842	542
Total non-current liabilities	862,630	878,489
TOTAL LIABILITIES	991,745	1,002,188
Equity
Stock	1,424	1,427
Additional paid-in capital	1,143,100	1,145,107
Treasury shares	0	(1,364)
Accumulated deficit	(308,905)	(285,383)
Translation differences	(13)	32
Other reserves	1,123	1,848
Non-controlling interest	0	0
Total equity	836,728	861,668
TOTAL LIABILITIES AND EQUITY	$ 1,828,473	$ 1,863,856

CONDENSED CONSOLIDATED INCOME S

CONDENSED CONSOLIDATED INCOME STATEMENT (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Profit or loss
Shipping revenues	$ 104,740	$ 90,177	$ 343,233	$ 237,322
Operating expenses
Voyage expenses	(45,847)	(41,983)	(137,360)	(108,502)
Vessel operating expenses	(19,385)	(19,600)	(56,453)	(54,581)
Depreciation and amortization	(29,656)	(26,682)	(84,922)	(75,226)
Impairment charges	0	(3,500)	0	(3,500)
Profit/loss, sale of vessel	0	0	0	(46)
General and administrative expense	(3,520)	(3,445)	(11,266)	(12,383)
Total operating expenses	(98,408)	(95,210)	(290,000)	(254,238)
Operating income/(loss)	6,331	(5,033)	53,233	(16,917)
Share of profit from associated companies	158	189	585	641
Interest income	113	73	720	224
Interest expense	(13,807)	(13,300)	(42,315)	(39,427)
Fair value gain/loss on derivative financial instruments	(1,510)	486	(12,853)	1,031
Other financial income/(expenses)	(661)	(3,850)	(1,440)	(4,365)
Profit/(loss) before tax	(9,376)	(21,435)	(2,070)	(58,812)
Income tax expense	(15)	(40)	(111)	(98)
Net income/(loss) after tax	(9,391)	(21,475)	(2,181)	(58,910)
Loss/(income) attributible to non-controlling interest	4	0	4
Net income/(loss) after tax attributable to owners of parent	$ (9,387)	$ (21,475)	$ (2,178)	$ (58,910)
Basic net income/(loss) per share	$ (0.07)	$ (0.15)	$ (0.02)	$ (0.41)
Diluted net income/(loss) per share	$ (0.07)	$ (0.15)	$ (0.02)	$ (0.41)
Weighted average number of shares (basic)	142,418,941	143,592,543	142,347,867	143,405,930
Weighted average number of shares (diluted)	142,554,889	143,602,884	142,435,420	143,408,748

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Comprehensive income
Profit/(loss) for the period	$ (9,387)	$ (21,475)	$ (2,178)	$ (58,910)
Items that will not be reclassified to income statement:
Remeasurement of defined benefit obligation/(loss)	0	0	0	0
Total	0	0	0	0
Items that may be reclassified to income statement:
Exchange gain(loss) on translation of foreign currency lease asset/liability	(1)	0	(2)	0
Exchange gain(loss) on translation of foreign currency denominated associate	(64)	(9)	(43)	(63)
Other comprehensive income	(66)	(9)	(45)	(63)
Total comprehensive income/(loss) for the period	(9,453)	(21,484)	(2,223)	(58,974)
Attributable to the owners of parent	$ (9,453)	$ (21,484)	$ (2,223)	$ (58,974)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
CASH FLOW FROM OPERATING ACTIVITIES
Net income/(loss)	$ (9,391)	$ (21,475)	$ (2,181)	$ (58,910)
Items included in net income not affecting cash flows	33,500	35,278	105,140	92,502
Depreciation	29,656	26,682	84,922	75,226
Impairment charges	0	3,500	0	3,500
Amortization of debt issuance costs	2,053	1,878	6,073	9,549
Profit/loss, sale of vessel	0	0	0	46
Fair value gain/loss on derivative financial instruments	1,510	(486)	12,853	(1,031)
Compensation related to options and restricted stock	438	304	1,877	2,264
Gain/loss purchase of convertible bond	0	3,589	0	3,589
Share of profit from associated companies	(158)	(189)	(585)	(641)
Income adjusted for non-cash items	24,110	13,803	102,958	33,592
Changes in operating assets and liabilities	(2,346)	(18,169)	3,139	(7,926)
Accounts receivable and accrued revenues	(12,633)	(11,622)	5,220	(6,223)
Capitalized voyage expenses	241	1,157	(861)	474
Prepaid expenses	288	(2,320)	962	(4,641)
Accounts payable and accrued expenses	(238)	(1,407)	(6,904)	8,052
Deferred shipping revenues	0	(1,352)	0	2
Bunkers, lube oils and consumables	9,962	(2,650)	4,615	(5,577)
Pension liability	35	24	105	(14)
Net cash provided by/(used in) operating activities	21,764	(4,367)	106,097	25,666
CASH FLOW FROM INVESTING ACTIVITIES
Investment in vessels	(13,976)	(5)	(33,310)	(1,714)
Investment in vessels under construction	0	(58,673)	0	(165,233)
Sale of vessels	0	0	0	20,715
Investment in property, plant and equipment	(35)	1	(47)	(84)
Net cash used in investing activities	(14,011)	(58,677)	(33,357)	(146,316)
CASH FLOW FROM FINANCING ACTIVITIES
Cash dividends paid	(2,848)	(2,872)	(21,345)	(8,615)
Repayment of lease liability	(129)	0	(241)	0
Issuance of long-term debt	54,991	50,742	54,990	522,732
Purchase of treasury shares	0	0	(3,248)	0
Issuance of convertible bonds	0	39,346	(7)	39,346
Scheduled repayment of long-term debt	(15,394)	(14,543)	(47,481)	(36,951)
Prepayment of long-term debt	0		(35,000)	0
Repayment of long-term debt refinancing	0	0	0	(377,935)
Repayment of long-term debt, sale of vessels	0	0	0	(8,663)
Net cash provided/(used in) by financing activities	36,620	72,673	(52,332)	129,915
Net increase in cash and cash equivalents	44,373	9,630	20,407	9,264
Cash and cash equivalents at beginning of period	70,978	76,927	94,944	77,292
Cash and cash equivalents at end of period	115,352	86,556	115,352	86,556
Specification of items included in operating activities:
Interest paid	12,377	13,253	38,151	29,246
Interest received	$ 113	$ 73	$ 720	$ 224

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Shares	Common Stock Amount	Paid-in Additional Capital	Treasury Shares	Retained Earnings	Translation Differences	Other Reserves	Total Equity
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)
Net income/(loss) after tax attributable to owners of parent	$ (58,910)					(58,910)			(58,910)
Other comprehensive income/(loss)	(63)						(63)		(63)
Total comprehensive income/(loss)	(58,974)					(58,910)	(63)		(58,974)
Cash dividends declared and paid						(8,615)			(8,615)
Purchase of treasury shares	0
Issuance of convertible bonds	39,346			3,165					3,165
Purchase of convertible bonds				(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		143,592,543	1,436	1,148,761		(294,346)	22	1,514	857,387
Balance at beginning of period at Dec. 31, 2018	861,668	142,700,046	1,427	1,145,107	$ (1,364)	(285,383)	32	1,848	861,668
Net income/(loss) after tax attributable to owners of parent	(2,178)					(2,178)			(2,178)
Other comprehensive income/(loss)	(45)						(45)		(45)
Total comprehensive income/(loss)	(2,223)					(2,178)	(45)		(2,223)
Cash dividends declared and paid						(21,345)			(21,345)
Purchase of treasury shares	(3,248)				(3,248)				(3,248)
Retirement of treasury shares		(1,061,241)	(11)	(4,602)	$ 4,612				0
Issuance of convertible bonds	(7)
Compensation related to options and restricted stock		780,136	8	2,594				(725)	1,877
Balance at end of period at Sep. 30, 2019	$ 836,728	$ 142,418,941	$ 1,424	$ 1,143,100		$ (308,905)	$ (13)	$ 1,123	$ 836,728

General information

General information	9 Months Ended
	Sep. 30, 2019
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 October 23, 2019 and authorized for issue on October 23, 2019.

General accounting principles

General accounting principles	9 Months Ended
	Sep. 30, 2019
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 2018. The interim results are not necessarily indicative of the 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 2018 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, 2019 are listed below. With the exception of IFRS 16, the adoption did not have any effect on the financial statements: o IFRS 16 Leases o Amendments to IFRS 9 Prepayment Features with Negative Compensation o Amendments to IAS 28 Long-term Interests in Associates and Joint Ventures o Annual Improvements to IFRS Standards 2015-2017 Cycle, Amendments to IFRS 3 Business Combinations, IFRS 11 Joint Arrangements, IAS 12 Income Taxes and IAS 23 Borrowing Costs o Amendments to IAS 19 Employee Benefits, Plan Amendments, Curtailments or Settlements o IFRS 10 Consolidated Financial Statements and IAS 28 (amendments), Sale or Contribution of Assets between an Investor and its Associate or Joint Venture o IFRIC 23 Uncertainty over Income Tax Treatments Adoption of IFRS 16 Leases Effective from January 1, 2019, the Company adopted the new accounting standard IFRS 16 Leases Leases Leases As of July 1, 2019, the Company recognized an increase of $1.6 million in the lease liability and a corresponding right-of-use lease asset related to a new contract that fall within the definition of a lease in accordance with IFRS 16. Amounts recognized in the condensed consolidated statement of financial position as of September 30, 2019 after the adoption of IFRS 16 Leases, Amounts recognized in the consolidated statement of financial position $ in thousands September 30, 2019 Lease liability (Other non-current liabilities) 2,194 Lease liability (Other current liabilities) 565 Right-of-use asset (Other property, plant and equipment) 2,732

Segment reporting

Segment reporting	9 Months Ended
	Sep. 30, 2019
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, 2019, the Company had 27 vessels in operation; 5 vessels were on time charters and 22 vessels operating in the spot market. Information about major customers: For the period from July 1, 2019 to September 30, 2019 five customers represented $17.9 million, $11.1 million, $8.7 million, $6.2 million and $5.0 million, respectively, of the Company's revenues. The five customers in aggregate represented $48.9 million, equal to 47 percent of the total revenue of $104.7 million for the period from July 1, 2019 to September 30, 2019. For the period from January 1, 2019 to September 30, 2019 five customers represented $64.2 million, $45.3 million, $38.6 million, $22.9 million and $17.2 million, respectively, of the Company's revenues. The five customers in aggregate represented $188.2 million, equal to 55 percent of the total revenue of $343.2 million for the period from January 1, 2019 to September 30, 2019. 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, equal to 49 percent 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, equal to 47 percent of the total revenue of $237.3 million for the period from January 1, 2018 to September 30, 2018.

Interest bearing debt

Interest bearing debt	9 Months Ended
	Sep. 30, 2019
Interest bearing debt [Abstract]
Interest bearing debt	Note 4 - Interest bearing debt As of September 30, 2019, DHT had interest bearing debt totaling $945.9 million (including the . Scheduled debt repayments (USD thousands) and margin above Libor Margin Q4 $ in thousands above Libor 2019 2020 2021 Thereafter Total ABN Amro Credit Facility 2.40% 8,344 33,378 33,378 369,505 444,605 Credit Agricole Credit Facility 2.19% 1,649 6,597 6,597 42,925 57,769 Danish Ship Finance Credit Facility 2.25% 1,300 39,000 40,300 Nordea Credit Facility* 2.40% 5,400 29,100 31,600 196,183 262,283 ABN Amro Revolving Credit Facility** 2.50% Convertible Senior Notes 32,860 125,000 157,860 Total 49,554 108,075 196,575 608,613 962,817 Unamortized upfront fees bank loans (7,352) Difference amortized cost/notional amount convertible note (9,615) Total interest bearing debt 945,851 *$25.0 mill. undrawn as of September 30, 2019. **$48.9 mill. available as of September 30, 2019. Quarterly reduction of $1.3 million. ABN Amro Credit Facility In April 2018 the Company 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 $8.3 million through Q2 2024 and a final payment of $286.1 with the last installment. 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 t he Company 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 $48.7million 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 * 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). Danish Ship Finance Credit Facility In November 2014 t he Company ● 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 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 in 2018, 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 * 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). In September 2018 t he Company ABN Amro Revolving Credit Facility In November 2016, t he Company t he Company t he Company ● 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). Interest rate swaps As of September 30, 2019, the Company has nine amortizing interest rate swaps totaling $385.6 million with maturity ranging from the second quarter 2023 to the third quarter 2023. The average fixed interest rate is 2.95%. As of September 30, 2019, the fair value of the derivative financial liability related to the swaps amounted to $18.6 million. Covenant compliance As of the date of the most recent compliance certificates submitted to the banks, t he Company is

Vessels

Vessels	9 Months Ended
	Sep. 30, 2019
Vessels [Abstract]
Vessels	Note 5 - Vessels The carrying values of the 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. Vessel Costs Cost of Vessels $ in thousands At January 1, 2019 2,071,456 Additions** (1,157) Transferred from vessels upgrades 30,991 Retirement (3,116) At September 30, 2019 2,098,174 Depreciation, impairment and amortization* $ in thousands At January 1, 2019 405,646 Depreciation and amortization 84,529 Impairment charges - Retirement (3,116) At September 30, 2019 487,060 Carrying Amount $ in thousands At January 1, 2019 1,665,810 At September 30, 2019 1,611,115 *Accumulated numbers **Adjustments to capitalized expenses in 2018 Vessel upgrades Cost of vessel upgrades $ in thousands At January 1, 2019 - Additions 36,639 Transferred to vessels (30,991) At September 30, 2019 5,648 Carrying Amount $ in thousands At January 1, 2019 - At September 30, 2019 5,648

Equity and Convertible Bond Off

Equity and Convertible Bond Offerings	9 Months Ended
	Sep. 30, 2019
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 t he Company In August 2018 t he Company 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 19,968,370 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 6.0442 effective May 20, 2019. Based on the adjusted conversion price the total number of shares to be issued would be 20,680,983. The 2021 Notes will mature on August 15, 2021, unless earlier converted, redeemed or repurchased in accordance with their terms. On October 1, 2019 the Company announced that holders of $26,434,000 in aggregate principal amount of the Company's 4.5% Convertible Senior Notes due October 1, 2019, exercised their right to convert their notes into shares at the conversion price of $6.0216 per share. As a result the Company issued 4,389,858 shares of common stock. The remaining $6,426,000 in aggregate principal amount was repaid in cash.

Stockholders equity and dividen

Stockholders equity and dividend payment	9 Months Ended
	Sep. 30, 2019
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, 2019 142,418,941 - Shares to be issued assuming conversion of convertible notes due 2019* 6,789,844 Shares to be issued assuming conversion of convertible notes due 2021* 30,824,087 Numbers of shares authorized for issue at September 30, 2019 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, 2019, 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. Stock repurchase The Company did not make any share repurchases during Q3 2019. In March 2019, the Company purchased 725,298 of its own shares in the open market for an aggregate consideration of $3.2 million, at an average price of $4.47 per share. Dividend payment Dividend payment as of September 30, 2019: Payment date Total Payment Per common share August 29, 2019 $ 2.8 million $ 0.02 May 28, 2019 $ 11.4 million $ 0.08 February 26, 2019 $ 7.1 million $ 0.05 Total payment as per September 30, 2019 $ 21.3 million $ 0.15 Dividend payment as of December 31, 2018: Payment date Total Payment Per common share November 23, 2018 $ 2.9 million $ 0.02 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 December 31, 2018 $ 11.5 million $ 0.08

Accounts receivable and accrued

Accounts receivable and accrued revenues	9 Months Ended
	Sep. 30, 2019
Accounts receivable and accrued revenues [Abstract]
Accounts receivable and accrued revenues	Note 8 - Accounts receivable and accrued revenues Accounts receivable and accrued revenues totaling $55.0 million as of September 30, 2019 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, 2019
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 2018 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, 2019
Subsequent events [Abstract]
Subsequent events	Note 10 - Subsequent events On October 1, 2019, the Company announced that holders of $26,434,000 in aggregate principal amount of the Company's 4.5% Convertible Senior Notes due October 1, 2019, exercised their right to convert their notes into shares at the conversion price of $6.0216 per share. As a result the Company issued 4,389,858 shares of common stock. The remaining $6,426,000 in aggregate principal amount was repaid in cash. On October 16, 2019, the Company prepaid $35 million under the Nordea Credit Facility. The prepayment was made under the revolving credit facility tranche, which remains available. On October 23, 2019, the Board approved a dividend of $0.05 per common share related to the third quarter 2019 to be paid on November 14, 2019 for shareholders of record as of November 7, 2019. 20

General accounting principles (

General accounting principles (Tables)	9 Months Ended
	Sep. 30, 2019
General accounting principles (Tables) [Abstract]
Amounts recognized in the consolidated statement of financial position	Amounts recognized in the consolidated statement of financial position $ in thousands September 30, 2019 Lease liability (Other non-current liabilities) 2,194 Lease liability (Other current liabilities) 565 Right-of-use asset (Other property, plant and equipment) 2,732

Interest bearing debt (Tables)

Interest bearing debt (Tables)	9 Months Ended
	Sep. 30, 2019
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 2019 2020 2021 Thereafter Total ABN Amro Credit Facility 2.40% 8,344 33,378 33,378 369,505 444,605 Credit Agricole Credit Facility 2.19% 1,649 6,597 6,597 42,925 57,769 Danish Ship Finance Credit Facility 2.25% 1,300 39,000 40,300 Nordea Credit Facility* 2.40% 5,400 29,100 31,600 196,183 262,283 ABN Amro Revolving Credit Facility** 2.50% Convertible Senior Notes 32,860 125,000 157,860 Total 49,554 108,075 196,575 608,613 962,817 Unamortized upfront fees bank loans (7,352) Difference amortized cost/notional amount convertible note (9,615) Total interest bearing debt 945,851

Vessels (Tables)

Vessels (Tables)	9 Months Ended
	Sep. 30, 2019
Vessels (Tables) [Abstract]
Vessel Costs	Vessel Costs Cost of Vessels $ in thousands At January 1, 2019 2,071,456 Additions** (1,157) Transferred from vessels upgrades 30,991 Retirement (3,116) At September 30, 2019 2,098,174 Depreciation, impairment and amortization* $ in thousands At January 1, 2019 405,646 Depreciation and amortization 84,529 Impairment charges - Retirement (3,116) At September 30, 2019 487,060 Carrying Amount $ in thousands At January 1, 2019 1,665,810 At September 30, 2019 1,611,115
Vessel upgrades	Vessel upgrades Cost of vessel upgrades $ in thousands At January 1, 2019 - Additions 36,639 Transferred to vessels (30,991) At September 30, 2019 5,648 Carrying Amount $ in thousands At January 1, 2019 - At September 30, 2019 5,648

Stockholders equity and divid_2

Stockholders equity and dividend payment (Tables)	9 Months Ended
	Sep. 30, 2019
Stockholders equity and dividend payment (Tables) [Abstract]
Stockholders equity	Stockholders equity Common stock Preferred stock Issued at September 30, 2019 142,418,941 - Shares to be issued assuming conversion of convertible notes due 2019* 6,789,844 Shares to be issued assuming conversion of convertible notes due 2021* 30,824,087 Numbers of shares authorized for issue at September 30, 2019 250,000,000 1,000,000 Par value $ 0.01 $ 0.01
Dividend payment	Dividend payment as of September 30, 2019: Payment date Total Payment Per common share August 29, 2019 $ 2.8 million $ 0.02 May 28, 2019 $ 11.4 million $ 0.08 February 26, 2019 $ 7.1 million $ 0.05 Total payment as per September 30, 2019 $ 21.3 million $ 0.15 Dividend payment as of December 31, 2018: Payment date Total Payment Per common share November 23, 2018 $ 2.9 million $ 0.02 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 December 31, 2018 $ 11.5 million $ 0.08

General accounting principles_2

General accounting principles (Details) $ in Thousands	Sep. 30, 2019USD ($)
Disclosure of expected impact of initial application of new standards or interpretations [abstract]
Lease liability (Other non-current liabilities)	$ 2,194
Lease liability (Other current liabilities)	565
Right-of-use asset (Other property, plant and equipment)	$ 2,732

Interest bearing debt - Schedul

Interest bearing debt - Scheduled debt repayments (Details) $ in Thousands	Sep. 30, 2019USD ($)
Scheduled debt repayments and margin above LIBOR
Q4 2019	$ 49,554
2020	108,075
2021	196,575
Thereafter	608,613
Total	962,817
Unamortized upfront fees bank loans	(7,352)
Difference amortized cost/notional amount convertible note	(9,615)
Total interest bearing debt	945,851
Convertible Senior Notes [Member]
Scheduled debt repayments and margin above LIBOR
Q4 2019	32,860
2021	125,000
Total	$ 157,860
ABN Amro Credit Facility [Member]
Scheduled debt repayments and margin above LIBOR
Interest Rate LIBOR+	2.40%
Q4 2019	$ 8,344
2020	33,378
2021	33,378
Thereafter	369,505
Total	$ 444,605
Credit Agricole Credit Facility [Member]
Scheduled debt repayments and margin above LIBOR
Interest Rate LIBOR+	2.19%
Q4 2019	$ 1,649
2020	6,597
2021	6,597
Thereafter	42,925
Total	$ 57,769
Danish Ship Finance Credit Facility [Member]
Scheduled debt repayments and margin above LIBOR
Interest Rate LIBOR+	2.25%
Q4 2019	$ 1,300
2020	39,000
Total	$ 40,300
Nordea Credit Facility [Member]
Scheduled debt repayments and margin above LIBOR
Interest Rate LIBOR+	2.40%	[1]
Q4 2019	$ 5,400	[1]
2020	29,100	[1]
2021	31,600	[1]
Thereafter	196,183	[1]
Total	$ 262,283	[1]
ABN Amro Revolving Credit Facility [Member]
Scheduled debt repayments and margin above LIBOR
Interest Rate LIBOR+	2.50%	[2]
[1]	$25.0 mill. undrawn as of September 30, 2019.
[2]	$48.9 mill. available as of September 30, 2019. Quarterly reduction of $1.3 million.

Vessels - Vessel costs, depreci

Vessels - Vessel costs, depreciation, impairment and amortization, and carrying amount (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Property, Plant and Equipment
As of beginning of period	$ 1,665,810
As of end of period	1,611,115
Total Cost [Member]
Property, Plant and Equipment
As of January 1	2,071,456
Additions	(1,157)	[1]
Transferred from vessels upgrades	30,991
Retirement	(3,116)
As of September 30	2,098,174
Total Accumulated Depreciation and Impairment [Member]
Property, Plant and Equipment
As of beginning of period	405,646	[2]
Depreciation and amortization	84,529	[2]
Impairment charges	0	[2]
Retirement	(3,116)	[2]
As of end of period	$ 487,060	[2]
[1]	Adjustments to capitalized expenses in 2018
[2]	Accumulated numbers

Vessels - Cost of vessel upgrad

Vessels - Cost of vessel upgrades (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Cost Of Vessel Upgrades [Abstract]
At January 1	$ 0
Additions to vessel upgrades	36,639
Transferred to vessels	(30,991)
At September 30	5,648
Carrying amount at January 1	0
Carrying amount at September 30	$ 5,648

Stockholders equity and divid_3

Stockholders equity and dividend payment - Stockholders equity (Details)	Sep. 30, 2019$ / sharesshares
Common Stock [Member]
Stockholders' equity
Issued at September 30	142,418,941
Numbers of shares authorized for issue at September 30, 2019	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	6,789,844	[1]
Common Stock [Member] | Convertible Notes due 2021 [Member]
Stockholders' equity
Shares to be issued assuming conversion of convertible notes	30,824,087	[1]
Preferred Stock [Member]
Stockholders' equity
Numbers of shares authorized for issue at September 30, 2019	1,000,000
Par value | $ / shares	$ 0.01
[1]	assuming the maximum Fundamental Change conversion rate.

Stockholders equity and divid_4

Stockholders equity and dividend payment - Dividend payment (Details) - USD ($)	3 Months Ended								9 Months Ended	12 Months Ended
	Nov. 14, 2019	Aug. 29, 2019	May 28, 2019	Feb. 26, 2019	Nov. 23, 2018	Aug. 31, 2018	May 30, 2018	Feb. 28, 2018	Sep. 30, 2019	Dec. 30, 2018
Dividend Payment [Abstract]
Payment		$ 2,800,000	$ 11,400,000	$ 7,100,000	$ 2,900,000	$ 2,900,000	$ 2,900,000	$ 2,900,000
Total Payment									$ 21,300,000	$ 11,500,000
Per common share	$ 0.05	$ 0.02	$ 0.08	$ 0.05	$ 0.02	$ 0.02	$ 0.02	$ 0.02	$ 0.15	$ 0.08

Subsequent events (Details Text

Subsequent events (Details Text) - USD ($)

Oct. 03, 2019

Nov. 14, 2019

Aug. 29, 2019

May 28, 2019

Feb. 26, 2019

Nov. 23, 2018

Aug. 31, 2018

May 30, 2018

Feb. 28, 2018

Sep. 30, 2019

Dec. 30, 2018

Oct. 16, 2019

Dividend Payment

Per common share

$ 0.05

$ 0.02

$ 0.08

$ 0.05

$ 0.02

$ 0.02

$ 0.02

$ 0.02

$ 0.15

$ 0.08

Nordea Credit Facility [Member]

Debt prepayments

Prepayments of lines of credit

$ 35,000,000

Convertible notes due 2019 [Member]

Conversion of Convertible Notes

Conversion of Stock, Amount Converted

$ 26,434,000

Conversion price per share

$ 6.0216

Shares issued

4,389,858

Remaining in aggregate principal amount repaid in cash

$ 6,426,000