Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2023 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2023 |
Current Fiscal Year End Date | --12-31 |
Entity Registrant Name | DHT Holdings, Inc. |
Entity Central Index Key | 0001331284 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 73,920 | $ 125,948 |
Accounts receivable and accrued revenues | 55,684 | 59,465 |
Capitalized voyage expenses | 2,817 | 2,799 |
Prepaid expenses | 9,023 | 10,550 |
Derivative financial assets | 0 | 3,759 |
Bunker inventory | 37,783 | 33,069 |
Total current assets | 179,227 | 235,589 |
Non-current assets | ||
Vessels | 1,311,892 | 1,261,998 |
Advances for vessel upgrades | 15 | 4,583 |
Other property, plant and equipment | 4,985 | 4,949 |
Goodwill | 1,356 | 1,356 |
Total non-current assets | 1,318,247 | 1,272,885 |
TOTAL ASSETS | 1,497,474 | 1,508,474 |
Current liabilities | ||
Accounts payable and accrued expenses | 25,111 | 29,398 |
Current portion long-term debt | 47,933 | 29,626 |
Other current liabilities | 1,317 | 1,178 |
Deferred shipping revenues | 4,394 | 4,172 |
Total current liabilities | 78,754 | 64,374 |
Non-current liabilities | ||
Long-term debt | 388,647 | 367,069 |
Other non-current liabilities | 3,557 | 3,545 |
Total non-current liabilities | 392,203 | 370,614 |
TOTAL LIABILITIES | 470,958 | 434,988 |
Equity | ||
Common stock at par value | 1,610 | 1,627 |
Additional paid-in capital | 1,228,037 | 1,243,754 |
Accumulated deficit | (210,754) | (180,664) |
Translation differences | 69 | 138 |
Other reserves | 3,132 | 3,623 |
Total equity attributable to the Company | 1,022,095 | 1,068,478 |
Non-controlling interest | 4,421 | 5,008 |
Total equity | 1,026,516 | 1,073,486 |
TOTAL LIABILITIES AND EQUITY | $ 1,497,474 | $ 1,508,474 |
CONDENSED CONSOLIDATED INCOME S
CONDENSED CONSOLIDATED INCOME STATEMENT (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
CONDENSED CONSOLIDATED INCOME STATEMENT (UNAUDITED) [Abstract] | |||||
Shipping revenues | $ 130,322 | $ 108,227 | $ 413,783 | $ 283,860 | |
Other revenues | [1] | 1,243 | 1,711 | 3,397 | 2,392 |
Total revenues | 131,565 | 109,938 | 417,180 | 286,251 | |
Gain on sale of vessels | 0 | 6,829 | 0 | 19,513 | |
Operating expenses | |||||
Voyage expenses | (41,235) | (52,882) | (117,896) | (135,721) | |
Vessel operating expenses | (18,608) | (17,578) | (56,711) | (53,873) | |
Depreciation and amortization | (28,326) | (30,198) | (80,427) | (95,563) | |
General and administrative expenses | (4,303) | (3,867) | (13,455) | (14,125) | |
Total operating expenses | (92,472) | (104,525) | (268,490) | (299,282) | |
Operating (loss)/ income | 39,093 | 12,242 | 148,691 | 6,482 | |
Share of profit from associated companies | 0 | 0 | 0 | 1,327 | |
Interest income | 1,213 | 80 | 3,577 | 191 | |
Interest expense | (8,789) | (6,938) | (23,868) | (19,735) | |
Fair value gain/(loss) on derivative financial liabilities | 0 | 2,788 | (504) | 14,927 | |
Other financial (expense)/income | (413) | (469) | (1,385) | (2,555) | |
Profit/(loss) before tax | 31,104 | 7,703 | 126,512 | 637 | |
Income tax expense | (137) | (246) | (422) | (477) | |
Profit/(loss) after tax | 30,967 | 7,457 | 126,089 | 161 | |
Attributable to owners of non-controlling interest | 208 | 425 | 97 | 665 | |
Attributable to the owners of parent | $ 30,759 | $ 7,031 | $ 125,993 | $ (505) | |
Basic earnings/(loss) per share (in dollars per share) | $ 0.19 | $ 0.04 | $ 0.77 | $ 0 | |
Diluted earnings/(loss) per share (in dollars per share) | $ 0.19 | $ 0.04 | $ 0.77 | $ 0 | |
Weighted average number of shares (basic) (in shares) | 161,735,939 | 162,867,756 | 162,575,803 | 165,380,297 | |
Weighted average number of shares (diluted) (in shares) | 161,902,025 | 163,058,844 | 162,743,441 | 165,380,297 | |
[1] Other revenues mainly relate to technical management services provided. |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) [Abstract] | ||||
Profit/(loss) after tax | $ 30,967 | $ 7,457 | $ 126,089 | $ 161 |
Items that may be reclassified subsequently to income statement: | ||||
Exchange gain/(loss) on translation of foreign currency denominated associate and subsidiary | (106) | (324) | (163) | (536) |
Total | (106) | (324) | (163) | (536) |
Other comprehensive income/(loss) | (106) | (324) | (163) | (536) |
Total comprehensive income/(loss) for the period | 30,861 | 7,132 | 125,927 | (375) |
Attributable to the owners of non-controlling interest | 156 | 273 | 3 | 442 |
Attributable to the owners of parent | $ 30,705 | $ 6,859 | $ 125,924 | $ (818) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
CASH FLOW FROM OPERATING ACTIVITIES | ||||
Profit/(loss) after tax | $ 30,967 | $ 7,457 | $ 126,089 | $ 161 |
Items included in net income not affecting cash flows | 29,706 | 22,074 | 85,050 | 66,204 |
Depreciation and amortization | 28,326 | 30,198 | 80,427 | 95,563 |
Amortization of deferred debt issuance cost | 664 | 930 | 2,222 | 2,278 |
(Gain) / loss, disposal of property, plant and equipment | 8 | 0 | 18 | 0 |
(Gain) / loss, sale of vessels | 0 | (6,829) | 0 | (19,513) |
Fair value (gain)/loss on derivative financial instruments | 0 | (2,788) | 504 | (14,927) |
Impairment of equity accounted investment | 0 | 0 | 0 | 637 |
Compensation related to options and restricted stock | 716 | 575 | 2,583 | 3,525 |
Net foreign exchange differences | (9) | (11) | (11) | (31) |
(Gain) / loss modification of debt | 0 | 0 | (693) | 0 |
Share of profit in associated companies | 0 | 0 | 0 | (1,327) |
Income adjusted for non-cash items | 60,672 | 29,531 | 211,139 | 66,365 |
Changes in operating assets and liabilities | (4,949) | (24,052) | (1,995) | (28,719) |
Accounts receivable and accrued revenues | 1,147 | (25,203) | 3,781 | (19,675) |
Capitalized voyage expenses | (625) | (1,237) | (18) | (2,327) |
Prepaid expenses | 1,264 | 1,585 | 1,527 | (3,494) |
Accounts payable and accrued expenses | (2,214) | (4,880) | (2,639) | 1,506 |
Deferred shipping revenues | (1,116) | (244) | 222 | (1,809) |
Bunker inventory | (3,425) | 5,916 | (4,715) | (2,955) |
Pension liability | 21 | 12 | (152) | 35 |
Net cash provided by operating activities | 55,723 | 5,479 | 209,144 | 37,647 |
CASH FLOW FROM INVESTING ACTIVITIES | ||||
Investment in vessels | (92,943) | (2,293) | (125,897) | (9,177) |
Proceeds from sale of vessels | 0 | 36,987 | 0 | 113,165 |
Investment in subsidiaries | 0 | 0 | 0 | (2) |
Acquisition of subsidiary, net of cash paid | 0 | 0 | 0 | 8,267 |
Investment in other property, plant and equipment | (89) | (92) | (134) | (97) |
Net cash (used in)/provided by investing activities | (93,032) | 34,602 | (126,031) | 112,156 |
CASH FLOW FROM FINANCING ACTIVITIES | ||||
Cash dividends paid | (56,661) | (6,506) | (156,082) | (13,172) |
Dividends paid to non-controlling interests | 0 | 0 | (590) | 0 |
Repayment principal element of lease liability | (346) | (356) | (1,082) | (730) |
Issuance of long-term debt | 99,492 | 0 | 315,684 | 0 |
Purchase of treasury shares | (9,942) | (8,824) | (18,808) | (24,758) |
Proceeds from sale of derivatives | 0 | 0 | 3,256 | 0 |
Scheduled repayment of long-term debt | (6,875) | (1,926) | (15,588) | (6,990) |
Prepayment of long-term debt | (45,000) | (50,000) | (45,000) | (73,125) |
Repayment of long-term debt refinancing | 0 | 0 | (216,761) | 0 |
Repayment of long-term debt, sale of vessels | 0 | (12,225) | 0 | (25,531) |
Net cash used in financing activities | (19,331) | (79,837) | (134,971) | (144,307) |
Net increase/(decrease) in cash and cash equivalents | (56,640) | (39,756) | (51,859) | 5,495 |
Net foreign exchange difference | (90) | (314) | (169) | (445) |
Cash and cash equivalents at beginning of period | 130,649 | 105,778 | 125,948 | 60,658 |
Cash and cash equivalents at end of period | 73,920 | 65,708 | 73,920 | 65,708 |
Specification of items included in operating activities: | ||||
Interest paid | 7,324 | 5,148 | 20,561 | 16,424 |
Interest received | $ 367 | $ 80 | $ 3,221 | $ 191 |
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] | Accumulated Deficit [Member] | Translation Differences [Member] | Other Reserves [Member] | Non-Controlling Interest [Member] |
Balance at Dec. 31, 2021 | $ 1,047,359 | $ 1,661 | $ 1,264,000 | $ 0 | $ (222,405) | $ 101 | $ 3,968 | $ 34 |
Balance (in shares) at Dec. 31, 2021 | 166,126,770 | |||||||
Changes in equity | ||||||||
Profit/(loss) after tax | 161 | (505) | 665 | |||||
Other comprehensive income/(loss) | (536) | 0 | (313) | (223) | ||||
Total comprehensive income/(loss) for the period | (375) | (505) | (313) | 442 | ||||
Cash dividends declared and paid | (13,172) | (13,172) | ||||||
Purchase of treasury shares | (24,758) | (24,758) | ||||||
Adjustment related to non-controlling interest | 4,452 | 4,452 | ||||||
Retirement of treasury shares | 0 | $ (43) | (24,715) | 24,758 | ||||
Retirement of treasury shares (in shares) | (4,326,379) | |||||||
Compensation related to options and restricted stock | 3,525 | $ 9 | 4,362 | (846) | ||||
Compensation related to options and restricted stock (in shares) | 852,948 | |||||||
Balance at Sep. 30, 2022 | 1,017,030 | $ 1,627 | 1,243,647 | 0 | (236,082) | (212) | 3,123 | 4,928 |
Balance (in shares) at Sep. 30, 2022 | 162,653,339 | |||||||
Balance at Dec. 31, 2022 | 1,073,486 | $ 1,627 | 1,243,754 | 0 | (180,664) | 138 | 3,623 | 5,008 |
Balance (in shares) at Dec. 31, 2022 | 162,653,339 | |||||||
Changes in equity | ||||||||
Profit/(loss) after tax | 126,089 | 125,993 | 97 | |||||
Other comprehensive income/(loss) | (163) | 0 | (69) | (94) | ||||
Total comprehensive income/(loss) for the period | 125,927 | 125,993 | (69) | 3 | ||||
Cash dividends declared and paid | (156,672) | (156,082) | (590) | |||||
Purchase of treasury shares | (18,808) | (18,808) | ||||||
Adjustment related to non-controlling interest | 0 | |||||||
Retirement of treasury shares | 0 | $ (22) | (18,786) | 18,808 | ||||
Retirement of treasury shares (in shares) | (2,209,927) | |||||||
Compensation related to options and restricted stock | 2,583 | $ 6 | 3,069 | (491) | ||||
Compensation related to options and restricted stock (in shares) | 556,130 | |||||||
Balance at Sep. 30, 2023 | $ 1,026,516 | $ 1,610 | $ 1,228,037 | $ 0 | $ (210,754) | $ 69 | $ 3,132 | $ 4,421 |
Balance (in shares) at Sep. 30, 2023 | 160,999,542 |
General information
General information | 9 Months Ended |
Sep. 30, 2023 | |
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 unaudited interim condensed consolidated financial statements were approved by the Company’s Board of Directors (the “Board”) on November 3, 2023 and authorized for issue on November 6, 2023. |
General accounting principles
General accounting principles | 9 Months Ended |
Sep. 30, 2023 | |
General accounting principles [Abstract] | |
General accounting principles | Note 2 – General accounting principles The interim condensed consolidated financial statements do not include all information and disclosures 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 2022. The interim results are not necessarily indicative of the results for the entire year or for any future periods. The interim condensed consolidated 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 consolidated 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 applied in these condensed consolidated interim financial statements are consistent with those presented in the 2022 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 amended standards and interpretations that are issued are disclosed below. o Amendments to IAS 1 Classification of Liabilities as Current or Non-current These amendments are effective for annual periods beginning on or after January 1, 2024. The Company has not early adopted the amendments and the Company does not expect the amendments to have any impact on the presentation of the Company’s consolidated financial statements and disclosures when the amendments become effective. o Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors The Company has adopted the amendments to IAS 8, effective for annual periods beginning on or after January 1, 2023. These amendments have no impact on the interim condensed consolidated financial statements. o Disclosure of Accounting Policies – Amendments to IAS 1 and IFRS Practice Statement 2 The Company will adopt the amendments to IAS 1 and IFRS Practice Statement 2, effective for annual periods beginning on or after January 1, 2023. These amendments have no impact on the interim condensed consolidated financial statements. |
Segment reporting
Segment reporting | 9 Months Ended |
Sep. 30, 2023 | |
Segment reporting [Abstract] | |
Segment reporting | Note 3 – Segment reporting DHT’s primary business is owning and operating a fleet of crude oil tankers, with a secondary activity of providing technical management services. Management organizes and manages the entity as the magnitude of services provided. The Company’s Chief Operating Decision Maker (“CODM”), being the President & Chief Executive Officer, reviews the Company’s operating results on a consolidated basis as one operating segment as defined in IFRS 8 Operating Segments. The below table details the Company’s total revenues: $ in thousands Q3 2023 Q3 2022 9M 2023 9M 2022 Time charter revenues 1 17,859 19,884 58,339 57,208 Voyage charter revenues 112,464 88,343 355,444 226,651 Shipping revenues 130,322 108,227 413,783 283,860 Other revenues 2 1,243 1,711 3,397 2,392 Total revenues 131,565 109,938 417,180 286,251 1 Time charter revenues is presented in accordance with IFRS 16 Leases, while the portion of time charter revenues related to technical management services, equaling $4.3 million in the third quarter of 2023, $4.7 million in the third quarter of 2022, $15.1 million in the first nine months of 2023 and in the first nine months of 2022 is recognized in accordance with IFRS 15 Revenue from Contracts with Customers. 2 Other revenues mainly relate to technical management services provided. As of September 30, 2023, the Company had 24 vessels in operation; four vessels were on time charters and 20 vessels operating in the spot market. Information about major customers: For the period from July 1, 2023, to September 30, 2023, five customers represented $34.3 million, $17.8 million, $13.1 million, $10.0 million, and $8.4 million, respectively, of the Company’s shipping revenues. The five customers in aggregate represented $83.6 million, equal to 64 percent of the shipping revenues of $130.3 million for the period from July 1, 2023, to September 30, 2023. For the period from January 1, 2023, to September 30, 2023, five customers represented $64.9 million, $60.8 million, $59.9 million, $38.2 million, and $29.4 million, respectively, of the Company’s total revenues. The five customers in aggregate represented $253.3 million, equal to 61 percent of the total revenue of $413.8 million for the period from January 1, 2023, to September 30, 2023. For the period from July 1, 2022, to September 30, 2022, five customers represented $13.5 million, $12.8 million, $10.9 million, $10.9 million, and $6.5 million, respectively, of the Company’s total revenues. The five customers in aggregate represented $54.6 million, equal to 50 percent of the total revenue of $108.2 million for the period from July 1, 2022, to September 30, 2022. For the period from January 1, 2022, to September 30, 2022, five customers represented $42.4 million, $39.0 million, $23.5 million, $19.1 million, and $17.1 million, respectively, of the Company’s total revenues. The five customers in aggregate represented $141.1 million, equal to 50 percent of the total revenue of $283.9 million for the period from January 1, 2022, to September 30, 2022. |
Interest bearing debt
Interest bearing debt | 9 Months Ended |
Sep. 30, 2023 | |
Interest bearing debt [Abstract] | |
Interest bearing debt | Note 4 – Interest bearing debt As of September 30, 2023, DHT had interest bearing debt totaling $436.6 million. Scheduled debt repayments Interest Q4 $ in thousands rate 2023 2024 2025 Thereafter Total Credit Agricole Credit Facility SOFR + 2.05 % 625 2,500 2,500 30,000 35,625 Danish Ship Finance Credit Facility 1 LIBOR + 2.00 % 1,213 2,427 26,693 - 30,333 ING Credit Facility 2 SOFR + 1.90 % 6,250 25,000 25,000 161,150 217,400 ING Credit Facility SOFR + 1.80 % 750 3,000 3,000 38,250 45,000 Nordea Credit Facility 3 SOFR + CAS 4 % - 23,715 23,715 69,806 117,235 Total 8,838 56,641 80,908 299,206 445,594 Unamortized upfront fees bank loans (9,014 ) Total interest bearing debt 436,579 1 2 3 4 ING Credit Facility In January 2023, the Company entered into a new $405 million secured credit facility, including a $100 million uncommitted incremental facility, with ING, Nordea, ABN AMRO, Credit Agricole, Danish Ship Finance and SEB, as lenders, ten wholly owned special-purpose vessel-owning subsidiaries as borrowers, and DHT Holdings, Inc., as guarantor. Borrowings bear interest at a rate equal to SOFR plus a margin of 1.90% and is repayable in quarterly installments of $6.3 million with maturity in January 2029 In the third quarter of 2023, the Company drew down $55 million under the revolving credit facility, which was applied towards the delivery of DHT Appaloosa and general corporate purposes. Further, the Company entered into a $45 million senior secured credit facility under the incremental facility, with ING, Nordea, ABN AMRO, Danish Ship Finance and SEB, as lenders, one wholly owned special-purpose vessel-owning subsidiary as borrower, and DHT Holdings, Inc., as guarantor. Borrowings bear interest at a rate equal to SOFR plus a margin of 1.80% and is repayable in quarterly installments of $0.75 million with maturity in January 2029 Credit Agricole Credit Facility The credit facility is repayable in quarterly installments of $0.6 million with final payment of $22.5 million in addition to the last installment in December 2028. Danish Ship Finance Credit Facility The credit facility is repayable in semiannual installments of $1.2 million and a final payment of $24.3 million in addition to the last installment in November 2025. Nordea Credit Facility All regular installments have been prepaid through 2023. The credit facility is repayable in quarterly installments of $5.9 million from the first quarter of 2024, with the final payment of $40.9 million in addition to the last installment of $5.2 million due in the first quarter of 2027. Additionally, the facility includes an uncommitted “accordion” of $250 million. In June 2023, we entered into an amended and restatement agreement in relation to the LIBOR cessation. The credit facility bear interest at a rate equal to SOFR plus CAS plus a margin of 1.90%. Covenant compliance The Company’s financial covenants as of September 30, 2023, are summarized as follows: ING Credit Agricole Danish Ship Finance Nordea Credit Facility Credit Facility Credit Facility Credit Facility Security 11 VLCCs 1 VLCC 1 VLCC 11 VLCCs Charter free market value of vessels that secure facility must be no less than 135% of borrowings 135% of borrowings 135% of borrowings 135% of borrowings Value adjusted* tangible net worth $300 million and 25% of value adjusted total assets $300 million and 25% of value adjusted total assets $300 million and 25% of value adjusted total assets $300 million and 25% of value adjusted total assets Unencumbered cash of at least Higher of $30 million or 6% of gross interest bearing debt Higher of $30 million or 6% of gross interest bearing debt Higher of $30 million or 6% of gross interest bearing debt Higher of $30 million or 6% of gross interest bearing debt Guarantor DHT Holdings, Inc. DHT Holdings, Inc. DHT Holdings, Inc. DHT Holdings, Inc. *Value adjusted is 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 a broker approved by the financial institution) As of September 30, 2023, the Company was in compliance with its financial covenants. |
Vessels
Vessels | 9 Months Ended |
Sep. 30, 2023 | |
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. Vessels Cost of Vessels $ in thousands At January 1, 2023 1,997,196 Transferred from vessels upgrades 128,791 Retirement 1 (9,040 ) At September 30, 2023 2,116,946 Depreciation and amortization $ in thousands At January 1, 2023 735,198 Depreciation and amortization 2 78,897 Retirement 1 (9,040 ) At September 30, 2023 805,055 Carrying Amount $ in thousands At January 1, 2023 1,261,998 At September 30, 2023 1,311,892 1 2 Advances for vessel and vessel upgrades Cost of advances for vessel and vessel upgrades relates to prepaid drydocking. Cost of advances of vessel and vessel upgrades $ in thousands At January 1, 2023 4,583 Additions 124,223 Transferred to vessels (128,791 ) At September 30, 2023 15 |
Stockholders' equity and divide
Stockholders' equity and dividend payment | 9 Months Ended |
Sep. 30, 2023 | |
Stockholders' equity and dividend payment [Abstract] | |
Stockholders' equity and dividend payment | Note 6 – Stockholders’ equity and dividend payment Common stock Issued at September 30 2023 160,999,542 Numbers of shares authorized for issue at September 30 2023 250,000,000 Par value $ 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. Stock repurchases In the third quarter of 2023, the Company purchased 1,137,583 of its own shares in the open market for an aggregate consideration of $9.9 million, at an average price of $8.72. In the second quarter of 2023, the Company purchased 1,072,344 of its own shares in the open market for an aggregate consideration of $8.8 million, at an average price of $8.25 per share. All shares were retired upon receipt. In the third quarter of 2022, the Company purchased 1,499,608 of its own shares in the open market for an aggregate consideration of $8.8 million, at an average price of $5.87. In the second quarter of 2022, the Company purchased 2,826,771 of its own shares in the open market for an aggregate consideration of $15.9 million, at an average price of $5.63 per share. All shares were retired upon receipt. Dividend payments Dividend payment made year-to-date as of September 30, 2023: Payment date $ in thousands, except per common share Total payment Per common share August 30, 2023 $ 56,661 $ 0.35 May 25, 2023 $ 37,487 $ 0.23 February 24, 2023 $ 61,935 $ 0.38 Total payment made year-to-date as of September 30, 2023 $ 156,082 $ 0.96 Dividend payments made during 2022: Payment date $ in thousands, except per common share Total payment Per common share November 29, 2022 $ 6,506 $ 0.04 August 30, 2022 $ 6,506 $ 0.04 May 26, 2022 $ 3,336 $ 0.02 February 24, 2022 $ 3,330 $ 0.02 Total payments made during 2022 $ 19,679 $ 0.12 |
Accounts receivable and accrued
Accounts receivable and accrued revenues | 9 Months Ended |
Sep. 30, 2023 | |
Accounts receivable and accrued revenues [Abstract] | |
Accounts receivable and accrued revenues | Note 7 – Accounts receivable and accrued revenues As of September 30, 2023, $55.7 million, consisting mainly of accounts receivable with no material amounts overdue, was recognized as accounts receivable and accrued revenues in the interim condensed consolidated statement of financial position, compared to $59.5 million as of December 31, 2022. |
Deferred shipping revenues
Deferred shipping revenues | 9 Months Ended |
Sep. 30, 2023 | |
Deferred shipping revenues [Abstract] | |
Deferred shipping revenues | Note 8 – Deferred shipping revenues Deferred shipping revenues relate to charter hire payments paid in advance. As of September 30, 2023, $4.4 million was recognized as deferred shipping revenues in the interim condensed consolidated statement of financial position, compared to $4.2 million as of December 31, 2022. |
Financial risk management, obje
Financial risk management, objectives, and policies | 9 Months Ended |
Sep. 30, 2023 | |
Financial risk management, objectives and policies [Abstract] | |
Financial risk management, objectives and policies | Note 9 – Note 9 in the 2022 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, 2023 | |
Subsequent events [Abstract] | |
Subsequent events | Note 10 – Subsequent events On November 6, 2023, the Board approved a dividend of $0.19 per common share related to the third quarter of 2023 to be paid on November 28, 2023, for shareholders of record as of November 21, 2023. |
General accounting principles (
General accounting principles (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
General accounting principles [Abstract] | |
Statement of compliance | The interim condensed consolidated 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 consolidated 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 applied in these condensed consolidated interim financial statements are consistent with those presented in the 2022 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 amended standards and interpretations that are issued are disclosed below. o Amendments to IAS 1 Classification of Liabilities as Current or Non-current These amendments are effective for annual periods beginning on or after January 1, 2024. The Company has not early adopted the amendments and the Company does not expect the amendments to have any impact on the presentation of the Company’s consolidated financial statements and disclosures when the amendments become effective. o Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors The Company has adopted the amendments to IAS 8, effective for annual periods beginning on or after January 1, 2023. These amendments have no impact on the interim condensed consolidated financial statements. o Disclosure of Accounting Policies – Amendments to IAS 1 and IFRS Practice Statement 2 The Company will adopt the amendments to IAS 1 and IFRS Practice Statement 2, effective for annual periods beginning on or after January 1, 2023. These amendments have no impact on the interim condensed consolidated financial statements. |
Segment reporting (Tables)
Segment reporting (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment reporting [Abstract] | |
Total Revenues | The below table details the Company’s total revenues: $ in thousands Q3 2023 Q3 2022 9M 2023 9M 2022 Time charter revenues 1 17,859 19,884 58,339 57,208 Voyage charter revenues 112,464 88,343 355,444 226,651 Shipping revenues 130,322 108,227 413,783 283,860 Other revenues 2 1,243 1,711 3,397 2,392 Total revenues 131,565 109,938 417,180 286,251 1 Time charter revenues is presented in accordance with IFRS 16 Leases, while the portion of time charter revenues related to technical management services, equaling $4.3 million in the third quarter of 2023, $4.7 million in the third quarter of 2022, $15.1 million in the first nine months of 2023 and in the first nine months of 2022 is recognized in accordance with IFRS 15 Revenue from Contracts with Customers. 2 Other revenues mainly relate to technical management services provided. |
Interest bearing debt (Tables)
Interest bearing debt (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Interest bearing debt [Abstract] | |
Scheduled Debt Repayments | Scheduled debt repayments Interest Q4 $ in thousands rate 2023 2024 2025 Thereafter Total Credit Agricole Credit Facility SOFR + 2.05 % 625 2,500 2,500 30,000 35,625 Danish Ship Finance Credit Facility 1 LIBOR + 2.00 % 1,213 2,427 26,693 - 30,333 ING Credit Facility 2 SOFR + 1.90 % 6,250 25,000 25,000 161,150 217,400 ING Credit Facility SOFR + 1.80 % 750 3,000 3,000 38,250 45,000 Nordea Credit Facility 3 SOFR + CAS 4 % - 23,715 23,715 69,806 117,235 Total 8,838 56,641 80,908 299,206 445,594 Unamortized upfront fees bank loans (9,014 ) Total interest bearing debt 436,579 1 2 3 4 |
Financial Covenant Compliance | The Company’s financial covenants as of September 30, 2023, are summarized as follows: ING Credit Agricole Danish Ship Finance Nordea Credit Facility Credit Facility Credit Facility Credit Facility Security 11 VLCCs 1 VLCC 1 VLCC 11 VLCCs Charter free market value of vessels that secure facility must be no less than 135% of borrowings 135% of borrowings 135% of borrowings 135% of borrowings Value adjusted* tangible net worth $300 million and 25% of value adjusted total assets $300 million and 25% of value adjusted total assets $300 million and 25% of value adjusted total assets $300 million and 25% of value adjusted total assets Unencumbered cash of at least Higher of $30 million or 6% of gross interest bearing debt Higher of $30 million or 6% of gross interest bearing debt Higher of $30 million or 6% of gross interest bearing debt Higher of $30 million or 6% of gross interest bearing debt Guarantor DHT Holdings, Inc. DHT Holdings, Inc. DHT Holdings, Inc. DHT Holdings, Inc. *Value adjusted is 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 a broker approved by the financial institution) |
Vessels (Tables)
Vessels (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Vessels [Abstract] | |
Vessel Costs | Vessels Cost of Vessels $ in thousands At January 1, 2023 1,997,196 Transferred from vessels upgrades 128,791 Retirement 1 (9,040 ) At September 30, 2023 2,116,946 Depreciation and amortization $ in thousands At January 1, 2023 735,198 Depreciation and amortization 2 78,897 Retirement 1 (9,040 ) At September 30, 2023 805,055 Carrying Amount $ in thousands At January 1, 2023 1,261,998 At September 30, 2023 1,311,892 1 2 Advances for vessel and vessel upgrades Cost of advances for vessel and vessel upgrades relates to prepaid drydocking. Cost of advances of vessel and vessel upgrades $ in thousands At January 1, 2023 4,583 Additions 124,223 Transferred to vessels (128,791 ) At September 30, 2023 15 |
Stockholders' equity and divi_2
Stockholders' equity and dividend payment (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Stockholders' equity and dividend payment [Abstract] | |
Stockholders Equity | Common stock Issued at September 30 2023 160,999,542 Numbers of shares authorized for issue at September 30 2023 250,000,000 Par value $ 0.01 |
Dividend Payment | Dividend payment made year-to-date as of September 30, 2023: Payment date $ in thousands, except per common share Total payment Per common share August 30, 2023 $ 56,661 $ 0.35 May 25, 2023 $ 37,487 $ 0.23 February 24, 2023 $ 61,935 $ 0.38 Total payment made year-to-date as of September 30, 2023 $ 156,082 $ 0.96 Dividend payments made during 2022: Payment date $ in thousands, except per common share Total payment Per common share November 29, 2022 $ 6,506 $ 0.04 August 30, 2022 $ 6,506 $ 0.04 May 26, 2022 $ 3,336 $ 0.02 February 24, 2022 $ 3,330 $ 0.02 Total payments made during 2022 $ 19,679 $ 0.12 |
Segment reporting, Total revenu
Segment reporting, Total revenues (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) Segment | Sep. 30, 2022 USD ($) | ||
Operating Segments [Abstract] | |||||
Number of operating segments | Segment | 1 | ||||
Total Revenues [Abstract] | |||||
Shipping revenues | $ 130,322 | $ 108,227 | $ 413,783 | $ 283,860 | |
Other revenues | [1] | 1,243 | 1,711 | 3,397 | 2,392 |
Total revenues | 131,565 | 109,938 | 417,180 | 286,251 | |
IFRS 15 [Member] | |||||
Total Revenues [Abstract] | |||||
Total revenues | 4,300 | 4,700 | 15,100 | 14,200 | |
Time Charter Revenues [Member] | |||||
Total Revenues [Abstract] | |||||
Shipping revenues | [2] | 17,859 | 19,884 | 58,339 | 57,208 |
Voyage Charter Revenues [Member] | |||||
Total Revenues [Abstract] | |||||
Shipping revenues | $ 112,464 | $ 88,343 | $ 355,444 | $ 226,651 | |
[1] Other revenues mainly relate to technical management services provided. Time charter revenues is presented in accordance with IFRS 16 Leases, while the portion of time charter revenues related to technical management services, equaling $4.3 million in the third quarter of 2023, $4.7 million in the third quarter of 2022, $15.1 million in the first nine months of 2023 and in the first nine months of 2022 is recognized 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, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) Vessel | Sep. 30, 2022 USD ($) | |
Information about Major Customers [Abstract] | ||||
Number of vessels in operation | Vessel | 24 | |||
Shipping revenues | $ 130,322 | $ 108,227 | $ 413,783 | $ 283,860 |
Time Charters [Member] | ||||
Information about Major Customers [Abstract] | ||||
Number of vessels in operation | Vessel | 4 | |||
Spot Market [Member] | ||||
Information about Major Customers [Abstract] | ||||
Number of vessels in operation | Vessel | 20 | |||
Major Customer [Member] | ||||
Information about Major Customers [Abstract] | ||||
Shipping revenues | $ 83,600 | $ 54,600 | $ 253,300 | $ 141,100 |
Percentage of total revenue | 64% | 50% | 61% | 50% |
Customer One [Member] | ||||
Information about Major Customers [Abstract] | ||||
Shipping revenues | $ 34,300 | $ 13,500 | $ 64,900 | $ 42,400 |
Customer Two [Member] | ||||
Information about Major Customers [Abstract] | ||||
Shipping revenues | 17,800 | 12,800 | 60,800 | 39,000 |
Customer Three [Member] | ||||
Information about Major Customers [Abstract] | ||||
Shipping revenues | 13,100 | 10,900 | 59,900 | 23,500 |
Customer Four [Member] | ||||
Information about Major Customers [Abstract] | ||||
Shipping revenues | 10,000 | 10,900 | 38,200 | 19,100 |
Customer Five [Member] | ||||
Information about Major Customers [Abstract] | ||||
Shipping revenues | $ 8,400 | $ 6,500 | $ 29,400 | $ 17,100 |
Interest bearing debt, Schedule
Interest bearing debt, Scheduled debt repayments (Details) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2023 USD ($) | Jan. 31, 2023 USD ($) | |||
Interest-bearing debt [Abstract] | ||||
Total debt | $ 445,594 | |||
Unamortized upfront fees bank loans | (9,014) | |||
Total interest bearing debt | 436,579 | |||
Q4 2023 [Member] | ||||
Interest-bearing debt [Abstract] | ||||
Total debt | 8,838 | |||
2024 [Member] | ||||
Interest-bearing debt [Abstract] | ||||
Total debt | 56,641 | |||
2025 [Member] | ||||
Interest-bearing debt [Abstract] | ||||
Total debt | 80,908 | |||
Thereafter [Member] | ||||
Interest-bearing debt [Abstract] | ||||
Total debt | 299,206 | |||
Credit Agricole Credit Facility [Member] | ||||
Interest-bearing debt [Abstract] | ||||
Total debt | 35,625 | |||
Credit Agricole Credit Facility [Member] | Q4 2023 [Member] | ||||
Interest-bearing debt [Abstract] | ||||
Total debt | 625 | |||
Credit Agricole Credit Facility [Member] | 2024 [Member] | ||||
Interest-bearing debt [Abstract] | ||||
Total debt | 2,500 | |||
Credit Agricole Credit Facility [Member] | 2025 [Member] | ||||
Interest-bearing debt [Abstract] | ||||
Total debt | 2,500 | |||
Credit Agricole Credit Facility [Member] | Thereafter [Member] | ||||
Interest-bearing debt [Abstract] | ||||
Total debt | $ 30,000 | |||
Credit Agricole Credit Facility [Member] | SOFR [Member] | ||||
Interest-bearing debt [Abstract] | ||||
Interest rate spread | 2.05% | |||
Danish Ship Finance Credit Facility [Member] | ||||
Interest-bearing debt [Abstract] | ||||
Total debt | [1] | $ 30,333 | ||
Danish Ship Finance Credit Facility [Member] | Q4 2023 [Member] | ||||
Interest-bearing debt [Abstract] | ||||
Total debt | [1] | 1,213 | ||
Danish Ship Finance Credit Facility [Member] | 2024 [Member] | ||||
Interest-bearing debt [Abstract] | ||||
Total debt | [1] | 2,427 | ||
Danish Ship Finance Credit Facility [Member] | 2025 [Member] | ||||
Interest-bearing debt [Abstract] | ||||
Total debt | [1] | 26,693 | ||
Danish Ship Finance Credit Facility [Member] | Thereafter [Member] | ||||
Interest-bearing debt [Abstract] | ||||
Total debt | [1] | $ 0 | ||
Danish Ship Finance Credit Facility [Member] | LIBOR [Member] | ||||
Interest-bearing debt [Abstract] | ||||
Interest rate spread | [1] | 2% | ||
ING Credit Facility, $405 million Senior Credit Facility [Member] | ||||
Interest-bearing debt [Abstract] | ||||
Total debt | [2] | $ 217,400 | ||
Total interest bearing debt | $ 405,000 | |||
Undrawn borrowing facilities | 75,100 | |||
ING Credit Facility, $405 million Senior Credit Facility [Member] | Q4 2023 [Member] | ||||
Interest-bearing debt [Abstract] | ||||
Total debt | [2] | 6,250 | ||
ING Credit Facility, $405 million Senior Credit Facility [Member] | 2024 [Member] | ||||
Interest-bearing debt [Abstract] | ||||
Total debt | [2] | 25,000 | ||
ING Credit Facility, $405 million Senior Credit Facility [Member] | 2025 [Member] | ||||
Interest-bearing debt [Abstract] | ||||
Total debt | [2] | 25,000 | ||
ING Credit Facility, $405 million Senior Credit Facility [Member] | Thereafter [Member] | ||||
Interest-bearing debt [Abstract] | ||||
Total debt | [2] | $ 161,150 | ||
ING Credit Facility, $405 million Senior Credit Facility [Member] | SOFR [Member] | ||||
Interest-bearing debt [Abstract] | ||||
Interest rate spread | 1.90% | [2] | 1.90% | |
ING Credit Facility, $45 million Senior Credit Facility [Member] | ||||
Interest-bearing debt [Abstract] | ||||
Total debt | $ 45,000 | |||
Total interest bearing debt | 45,000 | |||
ING Credit Facility, $45 million Senior Credit Facility [Member] | Q4 2023 [Member] | ||||
Interest-bearing debt [Abstract] | ||||
Total debt | 750 | |||
ING Credit Facility, $45 million Senior Credit Facility [Member] | 2024 [Member] | ||||
Interest-bearing debt [Abstract] | ||||
Total debt | 3,000 | |||
ING Credit Facility, $45 million Senior Credit Facility [Member] | 2025 [Member] | ||||
Interest-bearing debt [Abstract] | ||||
Total debt | 3,000 | |||
ING Credit Facility, $45 million Senior Credit Facility [Member] | Thereafter [Member] | ||||
Interest-bearing debt [Abstract] | ||||
Total debt | $ 38,250 | |||
ING Credit Facility, $45 million Senior Credit Facility [Member] | SOFR [Member] | ||||
Interest-bearing debt [Abstract] | ||||
Interest rate spread | 1.80% | |||
Nordea Credit Facility [Member] | ||||
Interest-bearing debt [Abstract] | ||||
Total debt | [3] | $ 117,235 | ||
Undrawn borrowing facilities | $ 142,500 | |||
Percentage of Credit Adjustment Spread (CAS) | 0.0026 | |||
Nordea Credit Facility [Member] | Q4 2023 [Member] | ||||
Interest-bearing debt [Abstract] | ||||
Total debt | [3] | $ 0 | ||
Nordea Credit Facility [Member] | 2024 [Member] | ||||
Interest-bearing debt [Abstract] | ||||
Total debt | [3] | 23,715 | ||
Nordea Credit Facility [Member] | 2025 [Member] | ||||
Interest-bearing debt [Abstract] | ||||
Total debt | [3] | 23,715 | ||
Nordea Credit Facility [Member] | Thereafter [Member] | ||||
Interest-bearing debt [Abstract] | ||||
Total debt | [3] | $ 69,806 | ||
Nordea Credit Facility [Member] | SOFR + CAS [Member] | ||||
Interest-bearing debt [Abstract] | ||||
Interest rate spread | [3],[4] | 1.90% | ||
[1]Semiannual installment and will be transferred to SOFR in November 2023[2]$75.1 mill. undrawn as of September 30, 2023.[3]$142.5 mill. undrawn as of September 30, 2023.[4]Credit Adjustment Spread (CAS) of 0.26%. |
Interest bearing debt, Credit F
Interest bearing debt, Credit Facility (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2023 USD ($) Borrower | Sep. 30, 2023 USD ($) Borrower | Sep. 30, 2023 USD ($) | ||||
Credit Facility [Abstract] | ||||||
Borrowing amount | $ 436,579 | $ 436,579 | ||||
ING Credit Facility, $405 million Senior Credit Facility [Member] | ||||||
Credit Facility [Abstract] | ||||||
Borrowing amount | $ 405,000 | |||||
Uncommitted accordion available | $ 100,000 | |||||
Number of borrowers | Borrower | 10 | |||||
Frequency of periodic repayment | quarterly | |||||
Debt repayment installment amount | $ 6,300 | |||||
Maturity date | Jan. 31, 2029 | |||||
ING Credit Facility, $405 million Senior Credit Facility [Member] | SOFR [Member] | ||||||
Credit Facility [Abstract] | ||||||
Interest rate spread | 1.90% | 1.90% | [1] | 1.90% | [1] | |
Revolving Credit Facility [Member] | ||||||
Credit Facility [Abstract] | ||||||
Drawdown | $ 55,000 | |||||
ING Credit Facility, $45 million Senior Credit Facility [Member] | ||||||
Credit Facility [Abstract] | ||||||
Borrowing amount | $ 45,000 | $ 45,000 | ||||
Number of borrowers | Borrower | 1 | |||||
Frequency of periodic repayment | quarterly | |||||
Debt repayment installment amount | $ 750 | |||||
Maturity date | Jan. 31, 2029 | |||||
Drawdown | $ 45,000 | |||||
ING Credit Facility, $45 million Senior Credit Facility [Member] | SOFR [Member] | ||||||
Credit Facility [Abstract] | ||||||
Interest rate spread | 1.80% | 1.80% | ||||
Credit Agricole Credit Facility [Member] | ||||||
Credit Facility [Abstract] | ||||||
Frequency of periodic repayment | quarterly | |||||
Debt repayment installment amount | $ 600 | |||||
Debt repayment final payment | $ 22,500 | |||||
Credit Agricole Credit Facility [Member] | SOFR [Member] | ||||||
Credit Facility [Abstract] | ||||||
Interest rate spread | 2.05% | 2.05% | ||||
Danish Ship Finance Credit Facility [Member] | ||||||
Credit Facility [Abstract] | ||||||
Frequency of periodic repayment | semiannual | |||||
Debt repayment installment amount | $ 1,200 | |||||
Debt repayment final payment | 24,300 | |||||
Nordea Credit Facility [Member] | ||||||
Credit Facility [Abstract] | ||||||
Uncommitted accordion available | $ 250,000 | $ 250,000 | ||||
Frequency of periodic repayment | quarterly | |||||
Debt repayment final payment | $ 40,900 | |||||
Debt repayment next periodic installment payment | 5,900 | |||||
Debt repayment last periodic installment payment | $ 5,200 | |||||
Nordea Credit Facility [Member] | SOFR + CAS [Member] | ||||||
Credit Facility [Abstract] | ||||||
Interest rate spread | [2],[3] | 1.90% | 1.90% | |||
[1]$75.1 mill. undrawn as of September 30, 2023.[2]$142.5 mill. undrawn as of September 30, 2023.[3]Credit Adjustment Spread (CAS) of 0.26%. |
Interest bearing debt, Covenant
Interest bearing debt, Covenant compliance (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 USD ($) VLCC | ||
ING Credit Facility [Member] | ||
Summary of financial covenants [Abstract] | ||
Security | 11 VLCCs | |
Charter free market value of vessels that secure facility must be no less than | 135% of borrowings | |
Value adjusted tangible net worth | $300 million and 25% of value adjusted total assets | [1] |
Unencumbered cash of at least | Higher of $30 million or 6% of gross interest bearing debt | |
Guarantor | DHT Holdings, Inc. | |
Credit facility covenant, Number of VLCCs used as security | VLCC | 11 | |
Credit facility covenant, required adjusted tangible net worth | $ 300 | |
Credit facility covenant, required percentage of adjusted tangible net worth to total assets | 25% | |
ING Credit Facility [Member] | Bottom of range [member] | ||
Summary of financial covenants [Abstract] | ||
Credit facility covenant, required percentage of charter-free market value of vessels to borrowings | 135% | |
Credit facility covenant, required unencumbered consolidated cash | $ 30 | |
Credit facility covenant, required percentage of unencumbered consolidated cash to gross interest bearing debt | 6% | |
Credit Agricole Credit Facility [Member] | ||
Summary of financial covenants [Abstract] | ||
Security | 1 VLCC | |
Charter free market value of vessels that secure facility must be no less than | 135% of borrowings | |
Value adjusted tangible net worth | $300 million and 25% of value adjusted total assets | [1] |
Unencumbered cash of at least | Higher of $30 million or 6% of gross interest bearing debt | |
Guarantor | DHT Holdings, Inc. | |
Credit facility covenant, Number of VLCCs used as security | VLCC | 1 | |
Credit facility covenant, required adjusted tangible net worth | $ 300 | |
Credit facility covenant, required percentage of adjusted tangible net worth to total assets | 25% | |
Credit Agricole Credit Facility [Member] | Bottom of range [member] | ||
Summary of financial covenants [Abstract] | ||
Credit facility covenant, required percentage of charter-free market value of vessels to borrowings | 135% | |
Credit facility covenant, required unencumbered consolidated cash | $ 30 | |
Credit facility covenant, required percentage of unencumbered consolidated cash to gross interest bearing debt | 6% | |
Danish Ship Finance Credit Facility [Member] | ||
Summary of financial covenants [Abstract] | ||
Security | 1 VLCC | |
Charter free market value of vessels that secure facility must be no less than | 135% of borrowings | |
Value adjusted tangible net worth | $300 million and 25% of value adjusted total assets | [1] |
Unencumbered cash of at least | Higher of $30 million or 6% of gross interest bearing debt | |
Guarantor | DHT Holdings, Inc. | |
Credit facility covenant, Number of VLCCs used as security | VLCC | 1 | |
Credit facility covenant, required adjusted tangible net worth | $ 300 | |
Credit facility covenant, required percentage of adjusted tangible net worth to total assets | 25% | |
Danish Ship Finance Credit Facility [Member] | Bottom of range [member] | ||
Summary of financial covenants [Abstract] | ||
Credit facility covenant, required percentage of charter-free market value of vessels to borrowings | 135% | |
Credit facility covenant, required unencumbered consolidated cash | $ 30 | |
Credit facility covenant, required percentage of unencumbered consolidated cash to gross interest bearing debt | 6% | |
Nordea Credit Facility [Member] | ||
Summary of financial covenants [Abstract] | ||
Security | 11 VLCCs | |
Charter free market value of vessels that secure facility must be no less than | 135% of borrowings | |
Value adjusted tangible net worth | $300 million and 25% of value adjusted total assets | [1] |
Unencumbered cash of at least | Higher of $30 million or 6% of gross interest bearing debt | |
Guarantor | DHT Holdings, Inc. | |
Credit facility covenant, Number of VLCCs used as security | VLCC | 11 | |
Credit facility covenant, required adjusted tangible net worth | $ 300 | |
Credit facility covenant, required percentage of adjusted tangible net worth to total assets | 25% | |
Nordea Credit Facility [Member] | Bottom of range [member] | ||
Summary of financial covenants [Abstract] | ||
Credit facility covenant, required percentage of charter-free market value of vessels to borrowings | 135% | |
Credit facility covenant, required unencumbered consolidated cash | $ 30 | |
Credit facility covenant, required percentage of unencumbered consolidated cash to gross interest bearing debt | 6% | |
[1]Value adjusted is 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 a broker approved by the financial institution) |
Vessels (Details)
Vessels (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 USD ($) | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
At January 1, 2023 | $ 1,261,998 | |
At September 30, 2023 | 1,311,892 | |
Cost [Member] | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
At January 1, 2023 | 1,997,196 | |
Transferred from vessels upgrades | 128,791 | |
Retirement | (9,040) | [1] |
At September 30, 2023 | 2,116,946 | |
Depreciation and Amortization [Member] | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
At January 1, 2023 | (735,198) | |
Depreciation and amortization | (78,897) | [2] |
Retirement | 9,040 | [1] |
At September 30, 2023 | (805,055) | |
Advances for Vessel and Vessel Upgrades [Member] | Cost [Member] | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
At January 1, 2023 | 4,583 | |
Additions | 124,223 | |
Transferred to vessels | (128,791) | |
At September 30, 2023 | $ 15 | |
[1]Relates to completed depreciation of drydocking for DHT Bronco, DHT Colt, DHT Mustang, DHT Scandinavia and DHT Stallion.[2]Relates solely to depreciation of vessels, drydocking, and EGCS. Depreciation of office leases and other property, plant, and equipment represents an additional $1,530 thousand, which combined with the depreciation of vessels, drydocking, and EGCS comprises $80,427 thousand in depreciation and amortization. |
Stockholders' equity and divi_3
Stockholders' equity and dividend payment, Stockholders equity (Details) | 9 Months Ended |
Sep. 30, 2023 Vote $ / shares shares | |
Common Stock [Abstract] | |
Number of vote per common stock | Vote | 1 |
Common Stock [Member] | |
Stockholders' Equity [Abstract] | |
Issued (in shares) | 160,999,542 |
Numbers of shares authorized for issue at September 30, 2023 (in shares) | 250,000,000 |
Par value (in dollars per share) | $ / shares | $ 0.01 |
Stockholders' equity and divi_4
Stockholders' equity and dividend payment, Stock repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Stock Repurchases [Abstract] | ||||||
Share repurchases (in shares) | 1,137,583 | 1,072,344 | 1,499,608 | 2,826,771 | ||
Aggregate consideration | $ 9,900 | $ 8,800 | $ 8,800 | $ 15,900 | $ 18,808 | $ 24,758 |
Average price (in dollars per share) | $ 8.72 | $ 8.25 | $ 5.87 | $ 5.63 |
Stockholders' equity and divi_5
Stockholders' equity and dividend payment, Dividend payments (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | ||||||||
Nov. 06, 2023 | Aug. 30, 2023 | May 25, 2023 | Feb. 24, 2023 | Nov. 29, 2022 | Aug. 30, 2022 | May 26, 2022 | Feb. 24, 2022 | Sep. 30, 2023 | Dec. 31, 2022 | |
Dividend Payments [Abstract] | ||||||||||
Total payment | $ 56,661 | $ 37,487 | $ 61,935 | $ 6,506 | $ 6,506 | $ 3,336 | $ 3,330 | $ 156,082 | $ 19,679 | |
Per common share (in dollars per share) | $ 0.19 | $ 0.35 | $ 0.23 | $ 0.38 | $ 0.04 | $ 0.04 | $ 0.02 | $ 0.02 | $ 0.96 | $ 0.12 |
Accounts receivable and accru_2
Accounts receivable and accrued revenues (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Accounts receivable and accrued revenues [Abstract] | ||
Accounts receivable and accrued revenues | $ 55,684 | $ 59,465 |
Deferred shipping revenues (Det
Deferred shipping revenues (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Deferred shipping revenues [Abstract] | ||
Deferred shipping revenues | $ 4,394 | $ 4,172 |
Subsequent events (Details)
Subsequent events (Details) - $ / shares | 9 Months Ended | 12 Months Ended | ||||||||
Nov. 06, 2023 | Aug. 30, 2023 | May 25, 2023 | Feb. 24, 2023 | Nov. 29, 2022 | Aug. 30, 2022 | May 26, 2022 | Feb. 24, 2022 | Sep. 30, 2023 | Dec. 31, 2022 | |
Dividend Payments [Abstract] | ||||||||||
Per common share (in dollars per share) | $ 0.19 | $ 0.35 | $ 0.23 | $ 0.38 | $ 0.04 | $ 0.04 | $ 0.02 | $ 0.02 | $ 0.96 | $ 0.12 |
Dividend payable date | Nov. 28, 2023 | |||||||||
Dividend payable, record date | Nov. 21, 2023 |