DHT (DHT) 6-K 10 Nov 20 DHT Holdings, Inc. Third Quarter 2020 Results Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 2020
Cover [Abstract]
Entity Registrant Name	DHT Holdings, Inc.
Entity Central Index Key	0001331284
Current Fiscal Year End Date	--12-31
Document Type	6-K
Amendment Flag	false
Document Period End Date	Sep. 30, 2020

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 75,107	$ 67,356
Accounts receivable and accrued revenues	61,916	107,848
Capitalized voyage expenses	1,132	4,151
Prepaid expenses	3,920	4,846
Bunkers, lube oils and consumables	13,167	34,085
Total current assets	155,243	218,286
Non-current assets
Vessels and time charter contracts	1,499,103	1,589,444
Advances for vessel upgrades	21,306	11,652
Other property, plant and equipment	4,630	3,065
Investment in associate company	5,595	4,772
Total non-current assets	1,530,635	1,608,932
TOTAL ASSETS	1,685,877	1,827,218
Current liabilities
Accounts payable and accrued expenses	10,345	23,998
Derivative financial liabilities	9,137	4,320
Current portion long-term debt	18,263	100,385
Other current liabilities	655	605
Deferred shipping revenues	18,303	930
Total current liabilities	56,702	130,239
Non-current liabilities
Long-term debt	474,106	750,586
Derivative financial liabilities	16,939	11,279
Other non-current liabilities	3,620	2,664
Total non-current liabilities	494,665	764,530
TOTAL LIABILITIES	551,367	894,768
Equity
Common stock at par value	1,708	1,468
Additional paid-in capital	1,291,505	1,169,537
Accumulated deficit	(162,027)	(240,165)
Translation differences	47	73
Other reserves	3,266	1,531
Total equity attributable to the Company	1,134,499	932,444
Non-controlling interest	12	5
Total equity	1,134,510	932,449
TOTAL LIABILITIES AND EQUITY	$ 1,685,877	$ 1,827,218

CONDENSED CONSOLIDATED INCOME S

CONDENSED CONSOLIDATED INCOME STATEMENT (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
CONDENSED CONSOLIDATED INCOME STATEMENT (UNAUDITED) [Abstract]
Shipping revenues	$ 142,196	$ 104,740	$ 600,046	$ 343,233
Operating expenses
Voyage expenses	(24,691)	(45,847)	(127,296)	(137,360)
Vessel operating expenses	(20,496)	(19,385)	(60,044)	(56,453)
Depreciation and amortization	(31,117)	(29,656)	(92,217)	(84,922)
Impairment charges	(4,920)	0	(4,920)	0
General and administrative expense	(4,084)	(3,520)	(13,418)	(11,266)
Total operating expenses	(85,307)	(98,408)	(297,894)	(290,000)
Operating income	56,889	6,331	302,152	53,233
Share of profit from associated companies	340	158	850	585
Interest income	3	113	199	720
Interest expense	(8,863)	(13,807)	(32,112)	(42,315)
Fair value gain/(loss) on derivative financial liabilities	2,611	(1,510)	(10,477)	(12,853)
Other financial (expense)/income	(181)	(661)	(1,253)	(1,440)
Profit/(loss) before tax	50,799	(9,376)	259,359	(2,070)
Income tax expense	(127)	(15)	(705)	(111)
Net income/(loss) after tax	50,672	(9,391)	258,654	(2,181)
Attributable to owners of non-controlling interest	3	(4)	7	(4)
Attributable to the owners of parent	$ 50,669	$ (9,387)	$ 258,647	$ (2,178)
Basic net income/(loss) per share (in dollars per share)	$ 0.32	$ (0.07)	$ 1.72	$ (0.02)
Diluted net income/(loss) per share (in dollars per share)	$ 0.31	$ (0.07)	$ 1.56	$ (0.02)
Weighted average number of shares (basic) (in shares)	157,771,616	142,418,941	150,647,701	142,347,867
Weighted average number of shares (diluted) (in shares)	170,853,711	142,554,889	169,788,132	142,435,420

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) [Abstract]
Net income/(loss) after tax	$ 50,672	$ (9,391)	$ 258,654	$ (2,181)
Items that will not be reclassified subsequently to income statement:
Remeasurement of defined benefit obligation (loss)	0	0	0	0
Total	0	0	0	0
Items that may be reclassified subsequently to income statement:
Exchange gain/(loss) on translation of foreign currency denominated associate and subsidiary	72	(66)	(26)	(45)
Total	72	(66)	(26)	(45)
Other comprehensive income/(loss)	72	(66)	(26)	(45)
Total comprehensive income/(loss) for the period	50,743	(9,456)	258,627	(2,227)
Attributable to owners of non-controlling interest	3	(4)	7	(4)
Attributable to the owners of parent	$ 50,740	$ (9,453)	$ 258,621	$ (2,223)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
CASH FLOW FROM OPERATING ACTIVITIES
Net income/(loss) after tax	$ 50,672	$ (9,391)	$ 258,654	$ (2,181)
Items included in net income not affecting cash flows	35,420	33,500	115,866	105,140
Depreciation and amortization	31,117	29,656	92,217	84,922
Impairment charges	4,920	0	4,920	0
Amortization of upfront fees	1,352	2,053	4,977	6,073
Fair value (gain) / loss on derivative financial liabilities	(2,611)	1,510	10,477	12,853
Compensation related to options and restricted stock	982	438	4,124	1,877
Share of profit in associated companies	(340)	(158)	(850)	(585)
Income adjusted for non-cash items	86,091	24,110	374,520	102,958
Changes in operating assets and liabilities	45,186	(2,346)	73,997	3,139
Accounts receivable and accrued revenues	35,513	(12,633)	45,931	5,220
Capitalized voyage expenses	548	241	3,019	(861)
Prepaid expenses	1,020	288	500	962
Accounts payable and accrued expenses	(6,181)	(238)	(13,738)	(6,904)
Deferred shipping revenues	7,922	0	17,373	0
Bunkers, lube oils and consumables	6,334	9,962	20,919	4,615
Pension liability	31	35	(6)	105
Net cash provided by operating activities	131,278	21,764	448,517	106,097
CASH FLOW FROM INVESTING ACTIVITIES
Investment in vessels	(3,349)	(13,976)	(15,766)	(33,310)
Investment in property, plant and equipment	(46)	(35)	(391)	(47)
Net cash used in investing activities	(3,395)	(14,011)	(16,156)	(33,357)
CASH FLOW FROM FINANCING ACTIVITIES
Cash dividends paid	(81,983)	(2,848)	(180,509)	(21,345)
Repayment principal element of lease liability	(125)	(129)	(338)	(241)
Issuance of long-term debt	57,762	54,991	71,262	54,990
Purchase of treasury shares	0	0	0	(3,248)
Issuance of convertible bonds	0	0	0	(7)
Scheduled repayment of long-term debt	(16,444)	(15,394)	(48,381)	(47,481)
Prepayment of long-term debt	(149,703)	0	(266,643)	(35,000)
Net cash (used in)/provided by financing activities	(190,493)	36,620	(424,610)	(52,332)
Net (decrease)/increase in cash and cash equivalents	(62,610)	44,373	7,751	20,407
Cash and cash equivalents at beginning of period	137,717	70,978	67,356	94,944
Cash and cash equivalents at end of period	75,107	115,352	75,107	115,352
Specification of items included in operating activities:
Interest paid	9,225	12,377	29,233	38,151
Interest received	$ 3	$ 113	$ 199	$ 720

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock [Member]	Paid-in Additional Capital [Member]	Treasury Shares [Member]	Retained Earnings [Member]	Translation Differences [Member]	Other Reserves [Member]	Non-Controlling Interest [Member]
Balance at Dec. 31, 2018	$ 861,668	$ 1,427	$ 1,145,107	$ (1,364)	$ (285,383)	$ 32	$ 1,848	$ 0
Balance (in shares) at Dec. 31, 2018		142,700,046
Changes in equity
Net income/(loss) after tax	(2,181)				(2,178)			(4)
Other comprehensive income/(loss)	(45)				0	(45)
Total comprehensive income/(loss) for the period	(2,227)				(2,178)	(45)		(4)
Cash dividends declared and paid	(21,345)				(21,345)
Purchase of treasury shares	(3,248)			(3,248)
Adjustment related to non-controlling interest	3							3
Retirement of treasury shares	0	$ (11)	(4,602)	4,612
Retirement of treasury shares (in shares)		(1,061,241)
Compensation related to options and restricted stock	1,877	$ 8	2,594				(725)
Compensation related to options and restricted stock (in shares)		780,136
Balance at Sep. 30, 2019	836,728	$ 1,424	1,143,100	0	(308,905)	(13)	1,123	0
Balance (in shares) at Sep. 30, 2019		142,418,941
Balance at Dec. 31, 2018	861,668	$ 1,427	1,145,107	(1,364)	(285,383)	32	1,848	0
Balance (in shares) at Dec. 31, 2018		142,700,046
Changes in equity
Cash dividends declared and paid	(28,700)
Balance at Dec. 31, 2019	932,449	$ 1,468	1,169,537	0	(240,165)	73	1,531	5
Balance (in shares) at Dec. 31, 2019		146,819,401
Changes in equity
Net income/(loss) after tax	258,654				258,647			7
Other comprehensive income/(loss)	(26)				0	(26)
Total comprehensive income/(loss) for the period	258,627				258,647	(26)		7
Cash dividends declared and paid	(180,509)				(180,509)
Conversion of convertible bonds	119,818	$ 234	119,584
Conversion of convertible bonds (in shares)		23,377,397
Compensation related to options and restricted stock	4,124	$ 6	2,383				1,735
Compensation related to options and restricted stock (in shares)		601,530
Balance at Sep. 30, 2020	$ 1,134,510	$ 1,708	$ 1,291,505	$ 0	$ (162,027)	$ 47	$ 3,266	$ 12
Balance (in shares) at Sep. 30, 2020		170,798,328

General information

General information	9 Months Ended
	Sep. 30, 2020
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 2, 2020 and authorized for issue on November 9, 2020.

General accounting principles

General accounting principles	9 Months Ended
	Sep. 30, 2020
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 2019. 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 2019 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, 2020 are listed below. The adoption did not have any effect on the financial statements: o IFRS 17 Insurance Contracts o Amendments to IFRS 9, IAS 39 and IFRS 7 o Amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associates or Joint Venture o Amendments to IFRS 3 Definition of a business o Amendments to IAS 1 and IAS 8 Definition of material o Conceptual Framework Amendments to References to the Conceptual Framework in IFRS Standards

Segment reporting

Segment reporting	9 Months Ended
	Sep. 30, 2020
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. The below table details the Company’s shipping revenues: $ in thousands Q3 2020 Q3 2019 YTD 2020 YTD 2019 Time charter revenues* 51,835 10,055 126,168 33,553 Voyage charter revenues 90,362 94,685 473,878 309,679 Shipping revenues 142,196 104,740 600,046 343,233 *Time charter revenue is presented in accordance with IFRS 16 Leases, while the portion of time charter revenue related to technical management services, equaling $8.9 million in the third quarter of 2020, $3.1 million in the third quarter of 2019, $19.2 million in the first 9 months of 2020 and $10.7 million the first 9 months of 2019 is presented in accordance with IFRS 15 Revenue from Contracts with Customers. As of September 30, 2020, the Company had 27 vessels in operation; 14 vessels were on time charters and 13 vessels operating in the spot market. Information about major customers: For the period from July 1, 2020 to September 30, 2020 five customers represented $17.6 million, $15.2 million, $13.5 million, $11.4 million and $9.2 million, respectively, of the Company’s revenues. The five customers in aggregate represented $67.0 million, equal to 47 percent of the total revenue of $142.2 million for the period from July 1, 2020 to September 30, 2020. For the period from January 1, 2020 to September 30, 2020 five customers represented $69.1 million, $50.2 million, $50.1 million, $34.4 million and $30.6 million, respectively, of the Company’s revenues. The five customers in aggregate represented $234.3 million, equal to 39 percent of the total revenue of $600.0 million for the period from January 1, 2020 to September 30, 2020. 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.

Interest bearing debt

Interest bearing debt	9 Months Ended
	Sep. 30, 2020
Interest bearing debt [Abstract]
Interest bearing debt	Note 4 – Interest bearing debt As of September 30, 2020, DHT had interest bearing debt totaling $492.4 million. Scheduled debt repayments (USD thousands) and margin above Libor $ in thousands Margin above Libor Q4 2020 2021 2022 Thereafter Total ABN Amro Credit Facility * 2.40 % 8,344 - 33,378 236,128 277,850 Credit Agricole Credit Facility 2.19 % 676 2,703 2,703 32,433 38,515 Danish Ship Finance Credit Facility ** 2.25% / 2.00 % 1,300 2,427 2,427 31,547 37,700 Nordea Credit Facility *** 2.40 % 6,450 - 25,800 110,933 143,183 Total 16,770 5,129 64,307 411,040 497,247 Unamortized upfront fees bank loans (4,879 ) Total interest bearing debt 492,368 * $100.0 mill. undrawn as of September 30, 2020. ** Change in margin relates to the refinancing of DHT Jaguar and applies from November 2020. *** $70.3 mill. undrawn as of September 30, 2020. 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 for the financing of eleven VLCCs and two newbuildings. The credit facility is guaranteed by DHT Holdings, Inc. and borrowings bear interest at a rate equal to Libor + 2.40%. In March 2020 and September 2020, the Company prepaid $57.8 million and $42.2 million, respectively, under the revolving credit facility tranche and subsequent to the prepayment, the current outstanding is repayable in quarterly installments of $8.3 million through Q2 2024 with a final payment of $186.1 with the last installment. In June 2020, the Company prepaid $33.4 million under the ABN Amro Credit Facility. The voluntary prepayment was made for all regular installments for 2021. 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, the Company entered into a credit agreement with Credit Agricole for the financing of the DHT Scandinavia and the newbuilding DHT Tiger that was delivered in January 2017. In June 2016, the Company made a voluntary prepayment of $5.0 million and in September 2020, the Company prepaid the outstanding loan totaling $12.7 million on DHT Scandinavia. 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%. The credit agreement is guaranteed by DHT and 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 $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 the Company entered into a credit facility totaling $49.4 million with Danish Ship Finance (“DSF”) as lender and DHT Holdings, Inc. as guarantor for the financing of the VLCC newbuilding DHT Jaguar delivered in Q4 2015. The full amount of the credit facility was drawn in November 2015. Borrowings bear interest at a rate equal to Libor + 2.25% and are repayable in 10 semiannual installments of $1.3 million each from May 2016 to November 2020. The credit facility contains a covenant requiring that at all times the charter-free market value of the vessel that secure the credit facility be no less than 130% 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 April 2020 the Company agreed to a $36.4 million refinancing with Danish Ship Finance. The new loan will be in direct continuation of the existing loan and the new facility will bear interest at a rate equal to Libor + 2.00%. The facility is repayable in 10 semiannual installments of $1.2 million each from November 2020 and a final payment of $24.3 million in November 2025. The credit facility contains a covenant requiring that at all times the charter-free market value of the vessel 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). 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. and borrowings bear interest at a rate equal to Libor + 2.40%. In March 2019, the Company prepaid $35 million under the revolving credit facility tranche and in November 2019, the Company prepaid the outstanding amounts on DHT Lake and DHT Raven, totaling $22.3 million. In August 2020, the Company prepaid $37.0 million under the revolving credit facility tranche and subsequent to the prepayments, 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 $4.2 million with a final payment of $82.3 million in the second quarter of 2023. In September 2018 the Company 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 bears the same interest rate equal to Libor + 2.40%. In connection with the prepayment of DHT Lake and DHT Raven in November 2019, the facility was reduced to $45.0 million. The current outstanding is repayable in quarterly installments of $2.25 million with a final payment of $18 million in the second quarter of 2023. In May 2020, the Company prepaid $25.8 million under the Nordea Credit Facility. The voluntary prepayment was made for all regular installments for 2021. 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). ABN Amro Revolving Credit Facility In November 2016, the Company 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, the Company 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. In June 2019, the Company entered into an agreement with ABN to amend the repayment profile by reducing the quarterly reductions from $1.8 million to $1.3 million. Other terms and conditions remain the same. In September 2020, the Company cancelled the ABN Amro Revolving Credit Facility. 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). Derivatives - interest rate swaps Measurement of fair value It is only derivatives that are classified within a fair value measurement category and recognized at fair value in the statement of financial position. Fair value measurement is based on Level 2 in the fair value hierarchy as defined in IFRS 13 Fair Value Measurement As of September 30, 2020, the Company has nine amortizing interest rate swaps totaling $362.8 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, 2020, the fair value of the derivative financial liability related to the swaps amounted to $26.1 million. $ in thousands Expires Notional amount Q3 2020 Fair value Q3 2020 Swap pays 2.987%, receive floating Apr. 20, 2023 42,600 (2,816 ) Swap pays 3.012%, receive floating Apr. 20, 2023 42,600 (2,842 ) Swap pays 3.019%, receive floating Sept. 29, 2023 31,385 (2,343 ) Swap pays 3.019%, receive floating Sept. 29, 2023 30,471 (2,266 ) Swap pays 2.8665%, receive floating Sep. 29, 2023 46,903 (3,452 ) Swap pays 2.8785%, receive floating Jun. 30, 2023 41,315 (2,804 ) Swap pays 2.885%, receive floating Sept. 29, 2023 46,260 (3,433 ) Swap pays 2.897%, receive floating Sept. 30, 2023 41,493 (3,066 ) Swap pays 3.020%, receive floating Sept. 29, 2023 39,808 (3,055 ) Total carrying amount 362,834 (26,076 ) Covenant compliance As of the date of the most recent compliance certificates submitted to the banks, the Company is in compliance with its financial covenants.

Vessels

Vessels	9 Months Ended
	Sep. 30, 2020
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. As market value is below book value for some of our vessels, we are of the view that there was an indication of potential impairment on some of our vessels as of September 30, 2020. We have performed an impairment test using the “value in use” method as of September 30, 2020. In assessing “value in use”, the estimated future cash flows are discounted to their present value. In developing estimates of future cash flows, we must make significant assumptions about future charter rates, future use of vessels, ship operating expenses, drydocking expenditures, utilization rate, fixed commercial and technical management fees, residual value of vessels, the estimated remaining useful lives of the vessels and the discount rate. These assumptions are based on current market conditions, historical trends as well as future expectations. Estimated outflows for ship operating expenses and drydocking expenditures are based on a combination of historical and budgeted costs and are adjusted for assumed inflation. Utilization, including estimated off hire time, is based on historical experience. The impairment test has been performed using an estimated weighted average cost of capital of 8.12%. Increasing/decreasing the weighted average cost of capital by 0.5% would increase/decrease the impairment charge by $ 2.3 million. Increasing/decreasing the future charter rates by $500 per day would decrease/increase the impairment charge by $ 2.1 million. Although management believes that the assumptions used to evaluate potential impairment are reasonable and appropriate, such assumptions are subjective. The impairment test resulted in a non-cash impairment of $4.9 million in the third quarter of 2020. Cost of Vessels $ in thousands At January 1, 2020 2,106,997 Transferred from vessels upgrades 6,196 At September 30, 2020 2,113,192 Depreciation, impairment and amortization* $ in thousands At January 1, 2020 517,553 Depreciation and amortization 91,616 Impairment charges 4,920 At September 30, 2020 614,089 Carrying Amount $ in thousands At January 1, 2020 1,589,444 At September 30, 2020 1,499,103 *Accumulated numbers Cost of vessel upgrades $ in thousands At January 1, 2020 11,652 Additions 15,850 Transferred to vessels (6,196 ) At September 30, 2020 21,306 Carrying Amount $ in thousands At January 1, 2020 11,652 At September 30, 2020 21,306

Convertible Senior Note

Convertible Senior Note	9 Months Ended
	Sep. 30, 2020
Convertible Senior Note [Abstract]
Convertible Senior Note	Note 6 – Convertible Senior Note In July, the Company announced that it had sent notice to redeem all of the Company’s outstanding 4.5% Convertible Senior Notes due 2021 at a price equal to 100% of the principal amount plus accrued and unpaid interest. In August, holders of $125 million, representing all of the outstanding securities, exercised their right to convert their securities into shares at a conversion price of $5.3470 per share. As a result, the Company issued 23,377,397 shares of common stock, increasing the issued and outstanding shares of common stock from 147,420,931 to 170,798,328.

Stockholders equity and dividen

Stockholders equity and dividend payment	9 Months Ended
	Sep. 30, 2020
Stockholders' equity and dividend payment [Abstract]
Stockholders equity and dividend payment	Note 7 – Stockholders equity and dividend payment Common stock Preferred stock Issued at September 30, 2020 170,798,328 - Numbers of shares authorized for issue at September 30, 2020 250,000,000 1,000,000 Par value $ 0.01 $ 0.01 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, 2020, 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 repurchases The Company did not make any share repurchases during Q3 2020. Dividend payment Dividend payment as of September 30, 2020: Payment date Total Payment Per common share September 2, 2020 $ 82.0 million $ 0.48 May 26, 2020 $ 51.5 million $ 0.35 February 25, 2020 $ 47.0 million $ 0.32 Total payment as of September 30, 2020 $ 180.5 million $ 1.15 Dividend payment as of December 31, 2019: Payment date Total Payment Per common share November 14, 2019 $ 7.3 million $ 0.05 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 of December 31, 2019 $ 28.7 million $ 0.20

Accounts receivable and accrued

Accounts receivable and accrued revenues	9 Months Ended
	Sep. 30, 2020
Accounts receivable and accrued revenues [Abstract]
Accounts receivable and accrued revenues	Note 8 – Accounts receivable and accrued revenues Accounts receivable and accrued revenues totaling $61.9 million as of September 30, 2020 consists of mainly accounts receivable with no material amounts overdue.

Deferred shipping revenues

Deferred shipping revenues	9 Months Ended
	Sep. 30, 2020
Deferred shipping revenues [Abstract]
Deferred shipping revenues	Note 9 – Deferred shipping revenues Deferred shipping revenues relates to charter hire payment paid in advance. As of September 30, 2020, $18.3 million was recognized as deferred shipping revenues in the condensed consolidated statement of financial position.

Financial risk management, obje

Financial risk management, objectives and policies	9 Months Ended
	Sep. 30, 2020
Financial risk management, objectives and policies [Abstract]
Financial risk management, objectives and policies	Note 10 - Financial risk management, objectives and policies Note 9 in the 2019 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, 2020
Subsequent events [Abstract]
Subsequent events	Note 11 – Subsequent events On November 2, 2020, the Board approved a dividend of $0.20 per common share related to the third quarter 2020 to be paid on November 25, 2020 for shareholders of record as of November 18, 2020.

General accounting principles (

General accounting principles (Policies)	9 Months Ended
	Sep. 30, 2020
General accounting principles [Abstract]
Statement of compliance	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”).
Basis of preparation	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 2019 audited consolidated financial statements.
Application of new and revised International Financial Reporting Standards ("IFRSs")	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, 2020 are listed below. The adoption did not have any effect on the financial statements: o IFRS 17 Insurance Contracts o Amendments to IFRS 9, IAS 39 and IFRS 7 o Amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associates or Joint Venture o Amendments to IFRS 3 Definition of a business o Amendments to IAS 1 and IAS 8 Definition of material o Conceptual Framework Amendments to References to the Conceptual Framework in IFRS Standards

Segment reporting (Tables)

Segment reporting (Tables)	9 Months Ended
	Sep. 30, 2020
Segment reporting [Abstract]
Shipping Revenues	The below table details the Company’s shipping revenues: $ in thousands Q3 2020 Q3 2019 YTD 2020 YTD 2019 Time charter revenues* 51,835 10,055 126,168 33,553 Voyage charter revenues 90,362 94,685 473,878 309,679 Shipping revenues 142,196 104,740 600,046 343,233 *Time charter revenue is presented in accordance with IFRS 16 Leases, while the portion of time charter revenue related to technical management services, equaling $8.9 million in the third quarter of 2020, $3.1 million in the third quarter of 2019, $19.2 million in the first 9 months of 2020 and $10.7 million the first 9 months of 2019 is presented in accordance with IFRS 15 Revenue from Contracts with Customers.

Interest bearing debt (Tables)

Interest bearing debt (Tables)	9 Months Ended
	Sep. 30, 2020
Interest bearing debt [Abstract]
Scheduled Debt Repayments and Margin Above Libor	Scheduled debt repayments (USD thousands) and margin above Libor $ in thousands Margin above Libor Q4 2020 2021 2022 Thereafter Total ABN Amro Credit Facility * 2.40 % 8,344 - 33,378 236,128 277,850 Credit Agricole Credit Facility 2.19 % 676 2,703 2,703 32,433 38,515 Danish Ship Finance Credit Facility ** 2.25% / 2.00 % 1,300 2,427 2,427 31,547 37,700 Nordea Credit Facility *** 2.40 % 6,450 - 25,800 110,933 143,183 Total 16,770 5,129 64,307 411,040 497,247 Unamortized upfront fees bank loans (4,879 ) Total interest bearing debt 492,368 * $100.0 mill. undrawn as of September 30, 2020. ** Change in margin relates to the refinancing of DHT Jaguar and applies from November 2020. *** $70.3 mill. undrawn as of September 30, 2020.
Derivatives Interest Rate Swaps	$ in thousands Expires Notional amount Q3 2020 Fair value Q3 2020 Swap pays 2.987%, receive floating Apr. 20, 2023 42,600 (2,816 ) Swap pays 3.012%, receive floating Apr. 20, 2023 42,600 (2,842 ) Swap pays 3.019%, receive floating Sept. 29, 2023 31,385 (2,343 ) Swap pays 3.019%, receive floating Sept. 29, 2023 30,471 (2,266 ) Swap pays 2.8665%, receive floating Sep. 29, 2023 46,903 (3,452 ) Swap pays 2.8785%, receive floating Jun. 30, 2023 41,315 (2,804 ) Swap pays 2.885%, receive floating Sept. 29, 2023 46,260 (3,433 ) Swap pays 2.897%, receive floating Sept. 30, 2023 41,493 (3,066 ) Swap pays 3.020%, receive floating Sept. 29, 2023 39,808 (3,055 ) Total carrying amount 362,834 (26,076 )

Vessels (Tables)

Vessels (Tables)	9 Months Ended
	Sep. 30, 2020
Vessels [Abstract]
Vessel Costs	Cost of Vessels $ in thousands At January 1, 2020 2,106,997 Transferred from vessels upgrades 6,196 At September 30, 2020 2,113,192 Depreciation, impairment and amortization* $ in thousands At January 1, 2020 517,553 Depreciation and amortization 91,616 Impairment charges 4,920 At September 30, 2020 614,089 Carrying Amount $ in thousands At January 1, 2020 1,589,444 At September 30, 2020 1,499,103 *Accumulated numbers Cost of vessel upgrades $ in thousands At January 1, 2020 11,652 Additions 15,850 Transferred to vessels (6,196 ) At September 30, 2020 21,306 Carrying Amount $ in thousands At January 1, 2020 11,652 At September 30, 2020 21,306

Stockholders equity and divid_2

Stockholders equity and dividend payment (Tables)	9 Months Ended
	Sep. 30, 2020
Stockholders' equity and dividend payment [Abstract]
Stockholders Equity	Common stock Preferred stock Issued at September 30, 2020 170,798,328 - Numbers of shares authorized for issue at September 30, 2020 250,000,000 1,000,000 Par value $ 0.01 $ 0.01
Dividend Payment	Dividend payment as of September 30, 2020: Payment date Total Payment Per common share September 2, 2020 $ 82.0 million $ 0.48 May 26, 2020 $ 51.5 million $ 0.35 February 25, 2020 $ 47.0 million $ 0.32 Total payment as of September 30, 2020 $ 180.5 million $ 1.15 Dividend payment as of December 31, 2019: Payment date Total Payment Per common share November 14, 2019 $ 7.3 million $ 0.05 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 of December 31, 2019 $ 28.7 million $ 0.20

Segment reporting, Shipping rev

Segment reporting, Shipping revenues (Details) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)Segment	Sep. 30, 2019USD ($)
Operating Segments [Abstract]
Number of operating segments | Segment				1
Shipping Revenues [Abstract]
Shipping revenues		$ 142,196	$ 104,740	$ 600,046	$ 343,233
IFRS 15 [Member]
Shipping Revenues [Abstract]
Shipping revenues		8,900	3,100	19,200	10,700
Time Charter Revenues [Member]
Shipping Revenues [Abstract]
Shipping revenues	[1]	51,835	10,055	126,168	33,553
Voyage Charter Revenues [Member]
Shipping Revenues [Abstract]
Shipping revenues		$ 90,362	$ 94,685	$ 473,878	$ 309,679
[1]	Time charter revenue is presented in accordance with IFRS 16 Leases, while the portion of time charter revenue related to technical management services, equaling $8.9 million in the third quarter of 2020, $3.1 million in the third quarter of 2019, $19.2 million in the first 9 months of 2020 and $10.7 million the first 9 months of 2019 is presented in accordance with IFRS 15 Revenue from Contracts with Customers.

Segment reporting, Information

Segment reporting, Information about major customers (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)Vessel	Sep. 30, 2019USD ($)
Information about Major Customers [Abstract]
Number of vessels in operation | Vessel			27
Revenues	$ 142,196	$ 104,740	$ 600,046	$ 343,233
Time Charters [Member]
Information about Major Customers [Abstract]
Number of vessels in operation | Vessel			14
Spot Market [Member]
Information about Major Customers [Abstract]
Number of vessels in operation | Vessel			13
Customer One [Member]
Information about Major Customers [Abstract]
Revenues	17,600	17,900	$ 69,100	64,200
Customer Two [Member]
Information about Major Customers [Abstract]
Revenues	15,200	11,100	50,200	45,300
Customer Three [Member]
Information about Major Customers [Abstract]
Revenues	13,500	8,700	50,100	38,600
Customer Four [Member]
Information about Major Customers [Abstract]
Revenues	11,400	6,200	34,400	22,900
Customer Five [Member]
Information about Major Customers [Abstract]
Revenues	9,200	5,000	30,600	17,200
Five Customers [Member]
Information about Major Customers [Abstract]
Revenues	$ 67,000	$ 48,900	$ 234,300	$ 188,200
Percentage of total revenue	47.00%	47.00%	39.00%	55.00%

Interest bearing debt, Schedule

Interest bearing debt, Scheduled debt repayments (Details) - USD ($) $ in Thousands		Nov. 01, 2020	Sep. 30, 2020	Jun. 30, 2018	Jun. 30, 2017	Apr. 30, 2017	Nov. 30, 2014
Interest-bearing debt [Abstract]
Total debt			$ 497,247
Unamortized upfront fees bank loans			(4,879)
Total interest bearing debt			492,368
Q4 2020 [Member]
Interest-bearing debt [Abstract]
Total debt			16,770
2021 [Member]
Interest-bearing debt [Abstract]
Total debt			5,129
2022 [Member]
Interest-bearing debt [Abstract]
Total debt			64,307
Thereafter [Member]
Interest-bearing debt [Abstract]
Total debt			$ 411,040
ABN Amro Credit Facility [Member]
Interest-bearing debt [Abstract]
Interest rate spread	[1]		2.40%
Total debt	[1]		$ 277,850
Undrawn borrowing facilities			100,000
ABN Amro Credit Facility [Member] | Q4 2020 [Member]
Interest-bearing debt [Abstract]
Total debt	[1]		8,344
ABN Amro Credit Facility [Member] | 2021 [Member]
Interest-bearing debt [Abstract]
Total debt	[1]		0
ABN Amro Credit Facility [Member] | 2022 [Member]
Interest-bearing debt [Abstract]
Total debt	[1]		33,378
ABN Amro Credit Facility [Member] | Thereafter [Member]
Interest-bearing debt [Abstract]
Total debt	[1]		$ 236,128
Credit Agricole Credit Facility [Member]
Interest-bearing debt [Abstract]
Interest rate spread			2.19%
Total debt			$ 38,515
Total interest bearing debt			48,700
Credit Agricole Credit Facility [Member] | Q4 2020 [Member]
Interest-bearing debt [Abstract]
Total debt			676
Credit Agricole Credit Facility [Member] | 2021 [Member]
Interest-bearing debt [Abstract]
Total debt			2,703
Credit Agricole Credit Facility [Member] | 2022 [Member]
Interest-bearing debt [Abstract]
Total debt			2,703
Credit Agricole Credit Facility [Member] | Thereafter [Member]
Interest-bearing debt [Abstract]
Total debt			$ 32,433
Danish Ship Finance Credit Facility [Member]
Interest-bearing debt [Abstract]
Interest rate spread	[2]		2.25%
Total debt	[2]		$ 37,700
Total interest bearing debt							$ 49,400
Danish Ship Finance Credit Facility [Member] | Subsequent Event [Member]
Interest-bearing debt [Abstract]
Interest rate spread	[2]	2.00%
Danish Ship Finance Credit Facility [Member] | Q4 2020 [Member]
Interest-bearing debt [Abstract]
Total debt	[2]		1,300
Danish Ship Finance Credit Facility [Member] | 2021 [Member]
Interest-bearing debt [Abstract]
Total debt	[2]		2,427
Danish Ship Finance Credit Facility [Member] | 2022 [Member]
Interest-bearing debt [Abstract]
Total debt	[2]		2,427
Danish Ship Finance Credit Facility [Member] | Thereafter [Member]
Interest-bearing debt [Abstract]
Total debt	[2]		$ 31,547
Nordea Credit Facility [Member]
Interest-bearing debt [Abstract]
Interest rate spread	[3]		2.40%
Total debt	[3]		$ 143,183
Total interest bearing debt				$ 96,000	$ 204,000	$ 300,000
Undrawn borrowing facilities			70,300
Nordea Credit Facility [Member] | Q4 2020 [Member]
Interest-bearing debt [Abstract]
Total debt	[3]		6,450
Nordea Credit Facility [Member] | 2021 [Member]
Interest-bearing debt [Abstract]
Total debt	[3]		0
Nordea Credit Facility [Member] | 2022 [Member]
Interest-bearing debt [Abstract]
Total debt	[3]		25,800
Nordea Credit Facility [Member] | Thereafter [Member]
Interest-bearing debt [Abstract]
Total debt	[3]		$ 110,933
[1]	$100.0 mill. undrawn as of September 30, 2020.
[2]	Change in margin relates to the refinancing of DHT Jaguar and applies from November 2020.
[3]	$70.3 mill. undrawn as of September 30, 2020.

Interest bearing debt, ABN Amro

Interest bearing debt, ABN Amro Credit Facility (Details) - ABN Amro Credit Facility [Member] $ in Millions		1 Months Ended				9 Months Ended
		Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Apr. 30, 2018VLCCNewbuilding	Sep. 30, 2020USD ($)
Credit Facility [Abstract]
Number of VLCCs financed | VLCC					11
Number of newbuildings financed | Newbuilding					2
Adjustment to interest rate basis	[1]	2.40%				2.40%
Debt prepayment before installment term		$ 42.2	$ 33.4	$ 57.8
Frequency of periodic repayment						Quarterly
Debt repayment installment amount						$ 8.3
Debt repayment final amount						186.1
Credit facility covenant, required adjusted tangible net worth		300				$ 300
LIBOR [Member]
Credit Facility [Abstract]
Adjustment to interest rate basis					2.40%
Bottom of Range [Member]
Credit Facility [Abstract]
Credit facility covenant, required percentage of charter-free market value of vessels to borrowings						135.00%
Credit facility covenant, required percentage of adjusted tangible net worth to total assets						25.00%
Credit facility covenant, required unencumbered consolidated cash		$ 30				$ 30
Credit facility covenant, required percentage of unencumbered consolidated cash to gross interest bearing debt						6.00%
[1]	$100.0 mill. undrawn as of September 30, 2020.

Interest bearing debt, Credit A

Interest bearing debt, Credit Agricole Credit Facility (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Jun. 30, 2016	Sep. 30, 2020
Credit Facility [Abstract]
Borrowing amount		$ 492,368
Credit Agricole Credit Facility [Member]
Credit Facility [Abstract]
Debt prepayment before installment term	$ 5,000	$ 12,700
Frequency of periodic repayment		Quarterly
Borrowing amount		$ 48,700
Debt repayment installment amount		700
Debt repayment final amount		$ 29,700
Adjustment to interest rate basis		2.19%
Credit facility covenant, required adjusted tangible net worth		$ 200,000
Credit Agricole Credit Facility [Member] | Bottom of Range [Member]
Credit Facility [Abstract]
Credit facility covenant, required percentage of charter-free market value of vessels to borrowings		135.00%
Credit facility covenant, required percentage of adjusted tangible net worth to total assets		25.00%
Credit facility covenant, required unencumbered consolidated cash		$ 20,000
Credit facility covenant, required percentage of unencumbered consolidated cash to gross interest bearing debt		6.00%
Credit Agricole Credit Facility [Member] | LIBOR [Member]
Credit Facility [Abstract]
Adjustment to interest rate basis		2.19%

Interest bearing debt, Danish S

Interest bearing debt, Danish Ship Finance Credit Facility (Details) $ in Thousands		9 Months Ended
		Sep. 30, 2020USD ($)Intallment	Nov. 01, 2020	Apr. 30, 2020USD ($)	Nov. 30, 2014USD ($)
Credit Facility [Abstract]
Borrowing amount		$ 492,368
Danish Ship Finance Credit Facility [Member]
Credit Facility [Abstract]
Borrowing amount					$ 49,400
Adjustment to interest rate basis	[1]	2.25%
Number of installments for repaying debt | Intallment		10
Frequency of periodic repayment		Semi annually
Debt repayment installment amount		$ 1,300
Credit facility covenant, required adjusted tangible net worth		$ 300,000
Danish Ship Finance Credit Facility [Member] | Subsequent Event [Member]
Credit Facility [Abstract]
Adjustment to interest rate basis	[1]		2.00%
Danish Ship Finance Credit Facility [Member] | Bottom of Range [Member]
Credit Facility [Abstract]
Credit facility covenant, required percentage of charter-free market value of vessels to borrowings		130.00%
Credit facility covenant, required percentage of adjusted tangible net worth to total assets		25.00%
Credit facility covenant, required unencumbered consolidated cash		$ 30,000
Credit facility covenant, required percentage of unencumbered consolidated cash to gross interest bearing debt		6.00%
Danish Ship Finance Credit Facility [Member] | LIBOR [Member]
Credit Facility [Abstract]
Adjustment to interest rate basis					2.25%
Danish Ship Refinanced Credit Facility [Member]
Credit Facility [Abstract]
Borrowing amount				$ 36,400
Number of installments for repaying debt | Intallment		10
Frequency of periodic repayment		Semi annually
Debt repayment installment amount		$ 1,200
Debt repayment final amount		24,300
Credit facility covenant, required adjusted tangible net worth		$ 300,000
Danish Ship Refinanced Credit Facility [Member] | Bottom of Range [Member]
Credit Facility [Abstract]
Credit facility covenant, required percentage of charter-free market value of vessels to borrowings		135.00%
Credit facility covenant, required percentage of adjusted tangible net worth to total assets		25.00%
Credit facility covenant, required unencumbered consolidated cash		$ 30,000
Credit facility covenant, required percentage of unencumbered consolidated cash to gross interest bearing debt		6.00%
Danish Ship Refinanced Credit Facility [Member] | LIBOR [Member] | Subsequent Event [Member]
Credit Facility [Abstract]
Adjustment to interest rate basis			2.00%
[1]	Change in margin relates to the refinancing of DHT Jaguar and applies from November 2020.

Interest bearing debt, Nordea C

Interest bearing debt, Nordea Credit Facility (Details) $ in Thousands		1 Months Ended					3 Months Ended	9 Months Ended
		Aug. 31, 2020USD ($)	May 31, 2020USD ($)	Nov. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Jun. 30, 2017USD ($)Carrier	Jun. 30, 2018USD ($)Building	Sep. 30, 2020USD ($)	Sep. 30, 2018USD ($)	Apr. 30, 2017USD ($)
Credit Facility [Abstract]
Borrowing amount								$ 492,368
Nordea Credit Facility [Member]
Credit Facility [Abstract]
Borrowing amount						$ 204,000	$ 96,000			$ 300,000
Number of VLCCs Delivered | Carrier						9
Number of newbuilding contracts | Building							2
Adjustment to interest rate basis	[1]							2.40%
Debt prepayment before installment term		$ 37,000	$ 25,800	$ 22,300	$ 35,000
Frequency of periodic repayment								Quarterly
Debt repayment installment amount								$ 4,200
Credit facility covenant, required adjusted tangible net worth								$ 300,000
Nordea Credit Facility [Member] | Scrubbers [Member]
Credit Facility [Abstract]
Frequency of periodic repayment								Quarterly
Debt repayment installment amount								$ 2,250
Secured commitment related to financing				$ 45,000					$ 50,000
Nordea Credit Facility [Member] | Bottom of Range [Member]
Credit Facility [Abstract]
Credit facility covenant, required percentage of charter-free market value of vessels to borrowings								135.00%
Credit facility covenant, required percentage of adjusted tangible net worth to total assets								25.00%
Credit facility covenant, required unencumbered consolidated cash								$ 30,000
Credit facility covenant, required percentage of unencumbered consolidated cash to gross interest bearing debt								6.00%
Nordea Credit Facility [Member] | Second Quarter of 2023 [Member]
Credit Facility [Abstract]
Debt repayment final amount								$ 82,300
Nordea Credit Facility [Member] | Second Quarter of 2023 [Member] | Scrubbers [Member]
Credit Facility [Abstract]
Debt repayment final amount								$ 18,000
Nordea Credit Facility [Member] | LIBOR [Member]
Credit Facility [Abstract]
Adjustment to interest rate basis								2.40%
Nordea Credit Facility [Member] | LIBOR [Member] | Scrubbers [Member]
Credit Facility [Abstract]
Adjustment to interest rate basis									2.40%
[1]	$70.3 mill. undrawn as of September 30, 2020.

Interest bearing debt, ABN Am_2

Interest bearing debt, ABN Amro Revolving Credit Facility (Details) - ABN AMRO Revolving Credit Facility [Member] - USD ($) $ in Millions	Jun. 30, 2019	Jul. 31, 2018	Sep. 30, 2020	Apr. 30, 2018	Nov. 30, 2016
Credit Facility [Abstract]
Term			5 years
Maximum borrowing capacity				$ 57.3	$ 50
Reduction amount in credit facility	$ 1.3	$ 1.8
Frequency of periodic repayment			Quarterly
Credit facility covenant, required adjusted tangible net worth			$ 300
Bottom of Range [Member]
Credit Facility [Abstract]
Credit facility covenant, required percentage of charter-free market value of vessels to borrowings			135.00%
Credit facility covenant, required percentage of adjusted tangible net worth to total assets			25.00%
Credit facility covenant, required unencumbered consolidated cash			$ 30
Credit facility covenant, required percentage of unencumbered consolidated cash to gross interest bearing debt			6.00%
LIBOR [Member]
Credit Facility [Abstract]
Adjustment to interest rate basis					2.50%

Interest bearing debt, Derivati

Interest bearing debt, Derivatives - Interest rate swaps (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)Swap
Derivatives - interest rate swaps [Abstract]
Interest rate	2.95%
Notional amount	$ 362,834
Fair value	$ (26,076)
Swap Pays 2.987% [Member]
Derivatives - interest rate swaps [Abstract]
Interest rate	2.987%
Expiries	Apr. 20, 2023
Notional amount	$ 42,600
Fair value	$ (2,816)
Swap Pays 3.012%, [Member]
Derivatives - interest rate swaps [Abstract]
Interest rate	3.012%
Expiries	Apr. 20, 2023
Notional amount	$ 42,600
Fair value	$ (2,842)
Swap Pays 3.019% [Member]
Derivatives - interest rate swaps [Abstract]
Interest rate	3.019%
Expiries	Sep. 29, 2023
Notional amount	$ 31,385
Fair value	$ (2,343)
Swap Pays 3.019% [Member]
Derivatives - interest rate swaps [Abstract]
Interest rate	3.019%
Expiries	Sep. 29, 2023
Notional amount	$ 30,471
Fair value	$ (2,266)
Swap Pays 2.8665% [Member]
Derivatives - interest rate swaps [Abstract]
Interest rate	2.8665%
Expiries	Sep. 29, 2023
Notional amount	$ 46,903
Fair value	$ (3,452)
Swap Pays 2.8785% [Member]
Derivatives - interest rate swaps [Abstract]
Interest rate	2.8785%
Expiries	Jun. 30, 2023
Notional amount	$ 41,315
Fair value	$ (2,804)
Swap Pays 2.885% [Member]
Derivatives - interest rate swaps [Abstract]
Interest rate	2.885%
Expiries	Sep. 29, 2023
Notional amount	$ 46,260
Fair value	$ (3,433)
Swap Pays 2.897% [Member]
Derivatives - interest rate swaps [Abstract]
Interest rate	2.897%
Expiries	Sep. 30, 2023
Notional amount	$ 41,493
Fair value	$ (3,066)
Swap Pays 3.020% [Member]
Derivatives - interest rate swaps [Abstract]
Interest rate	3.02%
Expiries	Sep. 29, 2023
Notional amount	$ 39,808
Fair value	$ (3,055)
Second Quarter 2023 to Third Quarter 2023 [Member]
Derivatives - interest rate swaps [Abstract]
Number of interest rate swaps | Swap	9
Notional amount	$ 362,800

Vessels (Details)

Vessels (Details) - USD ($)		3 Months Ended	9 Months Ended
		Sep. 30, 2020	Sep. 30, 2020
Impairment [Abstract]
Percentage of estimated weighted average cost of capital			8.12%
Percentage of increasing/decreasing the weighted average cost of capital			0.50%
Impact of a 0.5% adverse change of weighted average cost of capital on impairment charge			$ 2,300,000
Impact of a 0.5% favorable change of weighted average cost of capital on impairment charge			(2,300,000)
Increasing/(decreasing) in future charter rates per day			500
Impact of $500 per day adverse change of future charter rates on impairment charge			2,100,000
Impact of $500 per day favorable change of future charter rates on impairment charge			(2,100,000)
Non-cash impairment charge		$ 4,900,000
Reconciliation of changes in property, plant and equipment [abstract]
Balance, beginning of period			1,589,444,000
Balance, end of period		1,499,103,000	1,499,103,000
Cost of Vessels [Member]
Reconciliation of changes in property, plant and equipment [abstract]
Balance, beginning of period			2,106,997,000
Transferred from vessels upgrades			6,196,000
Balance, end of period		2,113,192,000	2,113,192,000
Depreciation, Impairment and Amortization [Member]
Reconciliation of changes in property, plant and equipment [abstract]
Balance, beginning of period	[1]		(517,553,000)
Depreciation and amortization	[1]		(91,616,000)
Impairment charges	[1]		(4,920,000)
Balance, end of period	[1]	(614,089,000)	(614,089,000)
Cost of Vessel Upgrades [Member]
Reconciliation of changes in property, plant and equipment [abstract]
Balance, beginning of period			11,652,000
Additions			15,850,000
Transferred to vessels			(6,196,000)
Balance, end of period		21,306,000	21,306,000
Carrying Vessel Upgrades [Member]
Reconciliation of changes in property, plant and equipment [abstract]
Balance, beginning of period			11,652,000
Balance, end of period		$ 21,306,000	$ 21,306,000
[1]	Accumulated numbers

Convertible Senior Note (Detail

Convertible Senior Note (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Aug. 31, 2020	Jul. 31, 2020	Sep. 30, 2020
Common Stock [Member]
Credit facility [Abstract]
Number of shares issued (in shares)	170,798,328	147,420,931	170,798,328
Number of shares outstanding (in shares)	170,798,328	147,420,931
Convertible Senior Notes due 2021 [Member]
Credit facility [Abstract]
Interest rate		4.50%
Percentage of principal amount plus accrued and unpaid interest to be redeemed		100.00%
Aggregate principal amount of convertible senior notes issued	$ 125
Conversion price (in dollars per share)	$ 5.3470
Convertible Senior Notes due 2021 [Member] | Common Stock [Member]
Credit facility [Abstract]
Number of shares issued at conversion (in shares)	23,377,397

Stockholders equity and divid_3

Stockholders equity and dividend payment, Stockholders equity (Details)	9 Months Ended
	Sep. 30, 2020Vote$ / sharesshares	Aug. 31, 2020shares	Jul. 31, 2020shares
Common Stock [Abstract]
Number of vote per common stock | Vote	1
Common Stock [Member]
Stockholders' Equity [Abstract]
Issued (in shares)	170,798,328	170,798,328	147,420,931
Number of shares authorized for issue (in shares)	250,000,000
Par value (in dollars per share) | $ / shares	$ 0.01
Preferred stock [Abstract]
Shares outstanding (in shares)		170,798,328	147,420,931
Preference Shares [Member]
Stockholders' Equity [Abstract]
Issued (in shares)	0
Number of shares authorized for issue (in shares)	1,000,000
Par value (in dollars per share) | $ / shares	$ 0.01
Series C preference shares [Member]
Preferred stock [Abstract]
Shares outstanding (in shares)	0
Series D Preferred Stock [Member]
Preferred stock [Abstract]
Shares outstanding (in shares)	0

Stockholders equity and divid_4

Stockholders equity and dividend payment, Stock repurchase (Details)	3 Months Ended
	Sep. 30, 2020shares
Stock repurchase [Abstract]
Share repurchases (in shares)	0

Stockholders equity and divid_5

Stockholders equity and dividend payment, Dividend payment (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 02, 2020	May 26, 2020	Feb. 25, 2020	Nov. 14, 2019	Aug. 29, 2019	May 28, 2019	Feb. 26, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Dividend Payment [Abstract]
Total payment	$ 82,000	$ 51,500	$ 47,000	$ 7,300	$ 2,800	$ 11,400	$ 7,100	$ 180,509	$ 21,345	$ 28,700
Per share Common (in dollars per share)	$ 0.48	$ 0.35	$ 0.32	$ 0.05	$ 0.02	$ 0.08	$ 0.05	$ 1.15		$ 0.20

Accounts receivable and accru_2

Accounts receivable and accrued revenues (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Accounts receivable and accrued revenues [Abstract]
Accounts receivable and accrued revenues	$ 61,916	$ 107,848

Deferred shipping revenues (Det

Deferred shipping revenues (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Deferred shipping revenues [Abstract]
Deferred shipping revenues	$ 18,303	$ 930

Subsequent events (Details)

Subsequent events (Details) - $ / shares	Nov. 02, 2020	Sep. 02, 2020	May 26, 2020	Feb. 25, 2020	Nov. 14, 2019	Aug. 29, 2019	May 28, 2019	Feb. 26, 2019	Sep. 30, 2020	Dec. 31, 2019
Dividend Payment [Abstract]
Per common share (in dollars per share)		$ 0.48	$ 0.35	$ 0.32	$ 0.05	$ 0.02	$ 0.08	$ 0.05	$ 1.15	$ 0.20
Subsequent events [Member]
Dividend Payment [Abstract]
Per common share (in dollars per share)	$ 0.20
Dividend payable, record date	Nov. 18, 2020
Dividend payable date	Nov. 25, 2020