Charter arrangements

12 Months Ended

Dec. 31, 2017

Note 4 - Charter arrangements

The below table details the Company's shipping revenues:

(Dollars in thousands)	2017		2016		2015
Time charter revenues	$	100,310	$	118,997	$	122,882
Voyage charter revenues		254,742		234,646		241,679
Other shipping revenues		-		2,366		553
Shipping revenues	$	355,052	$	356,010	$	365,114

F-21

The following summarizes the Company's vessel employment as of December 31, 2017:

Vessel	Type of Employment	Expiry
VLCC
DHT Amazon	Time Charter	Q4 2018
DHT Bauhinia	Spot
DHT China	Time Charter	Q2 2021
DHT Condor	Spot
DHT Edelweiss	Spot
DHT Europe	Time Charter	Q1 2019
DHT Falcon	Spot
DHT Hawk	Spot
DHT Jaguar	Spot
DHT Lake	Spot
DHT Leopard	Spot
DHT Lion	Spot
DHT Lotus	Spot
DHT Opal	Spot
DHT Panther	Spot
DHT Peony	Time Charter	Q4 2018
DHT Puma	Spot
DHT Raven	Spot
DHT Redwood	Time Charter	Q1 2018
DHT Scandinavia	Spot
DHT Sundarbans	Spot
DHT Taiga	Spot
DHT Tiger	Spot
DHT Utik	Spot
Aframax
DHT Cathy	Time Charter	Q2 2018
DHT Sophie	Spot

Future charter payments:

The future revenues expected to be received from the time charters (not including any potential profit sharing) for the Company's vessels on existing charters as of the reporting date are as follows:

(Dollars in thousands)
Year	Amount
2018		52,457
2019		16,061
2020		14,979
2021		7,417
2022		-
Thereafter		-
Net charter payments:	$	90,915

F-22

Any extension periods, unless already exercised as of December 31, 2017, are not included. Revenues from a time charter are not received when a vessel is off-hire, including time required for normal periodic maintenance of the vessel. In arriving at the minimum future charter revenues, an estimated time for off-hire to perform periodic maintenance on each vessel has been deducted, although there is no assurance that such estimate will be reflective of the actual off-hire in the future.

Deferred Shipping Revenues:

Relates to next month charter hire payment paid in advance amounting to $2,154 thousand as of December 31, 2016 and $3,575 thousand as of December 31, 2015. No deferred shipping revenues were included as of December 31, 2017.

Concentration of risk:

As of December 31, 2017, six of the Company's 26 vessels were chartered to four different counterparties and 20 vessels were operated in the spot market. As of December 31, 2016, nine of the Company's 21 vessels were chartered to five different counterparties and 12 vessels were operated in the spot market. As of December 31, 2015, nine of the Company's 18 vessels were chartered to four different counterparties and nine vessels were operated in the spot market. The Company believes that the concentration of risk is limited and can be adequately monitored.