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Charter arrangements | 12 Months Ended
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Dec. 31, 2018
Charter arrangements [Abstract] |
Charter arrangements | Note 4 - Charter arrangements The below table details the Company's shipping revenues:
(Dollars in thousands) |  | 2018 |  |  | 2017 |  |  | 2016 |
Time charter revenues* |  | $ | 64,462 |  |  | $ | 100,310 |  |  | $ | 118,997 |
Voyage charter revenues** |  |  | 311,480 |  |  |  | 254,742 |  |  |  | 234,646 |
Other shipping revenues |  |  | - |  |  |  | - |  |  |  | 2,366 |
Shipping revenues |  | $ | 375,941 |  |  | $ | 355,052 |  |  | $ | 356,010 |
*Revenue in accordance with IAS 17 Leases **2018 revenue is presented in accordance with IFRS 15 Revenue from Contracts with Customers. The comparative information has not been restated. F-22 Table of Contents The following summarizes the Company's vessel employment as of December 31, 2018:
Vessel |  |  | Type of Employment |  | Expiry
VLCC |  |  |  |  |
DHT Amazon |  |  | Time charter with profit sharing | Q4 2021
DHT Bauhinia |  |  | Spot |  |
DHT Bronco |  |  | Spot |  |
DHT China |  |  | Time charter with profit sharing |  | Q2 2021
DHT Colt |  |  | Spot |
DHT Condor |  |  | Spot |  |
DHT Edelweiss |  |  | Time charter with profit sharing |  | Q1 2019
DHT Europe |  |  | Time charter with profit sharing |  | Q1 2022
DHT Falcon |  |  | Spot |  |
DHT Hawk |  |  | Spot |  |
DHT Jaguar |  |  | Spot |  |
DHT Lake |  |  | Spot |  |
DHT Leopard |  |  | Spot |  |
DHT Lion |  |  | Spot |  |
DHT Lotus |  |  | Time charter with profit sharing |  | Q1 2019
DHT Mustang |  |  | Spot |  |
DHT Opal |  |  | Spot |  |
DHT Panther |  |  | Spot |  |
DHT Peony |  |  | Spot |  |
DHT Puma |  |  | Spot |  |
DHT Raven |  |  | Spot |  |
DHT Redwood |  |  | Spot |  |
DHT Scandinavia |  |  | Spot |  |
DHT Stallion |  |  | Spot |  |
DHT Sundarbans |  |  | Spot |  |
DHT Taiga |  |  | Spot |  |
DHT Tiger |  |  | 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:
(Dollar in thousands) |  |  |
Year |  | Amount |
2019 |  |  | 34,044 |
2020 |  |  | 36,837 |
2021 |  |  | 26,293 |
2022 |  |  | 154 |
2023 |  |  | - |
Thereafter |  |  | - |
Net charter payments: |  | $ | 97,327 |
F-23 Table of Contents Any extension periods, unless already exercised as of December 31, 2018, 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. Contract balances: Contract balances and related disclosures have been included in the following places in the notes to the Company's consolidated financial statements:
|  |  |  | Note
Accounts receivable and accrued revenues |  | note 8,9
Capitalized voyage expense |  |  |  | note 2
Deferred Shipping Revenues: Deferred shipping revenues relates to next month charter hire payment paid in advance. No deferred shipping revenues were included as of December 31, 2018 or as of December 31, 2017. Concentration of risk: As of December 31, 2018, five of the Company's 27 vessels were chartered to four different counterparties and 22 vessels were operated in the spot market. 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. The Company believes that the concentration of risk is limited and can be adequately monitored.

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