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Charter arrangements (Tables) | 12 Months Ended
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Dec. 31, 2020
Charter arrangements [Abstract] |
Shipping Revenues | The below table details the Company’s shipping revenues:
(Dollars in thousands) |  | 2020 |  |  | 2019 |  |  | 2018
Time charter revenues* |  | $ | 182,663 |  |  | $ | 57,472 |  |  | $ | 64,462
Voyage charter revenues |  |  | 508,375 |  |  |  | 477,595 |  |  |  | 311,480
Shipping revenues |  | $ | 691,039 |  |  | $ | 535,068 |  |  | $ | 375,941
* | 2020 and 2019 time charter revenue is presented in accordance with IFRS 16 Leases, while the portion of time charter revenue related to technical management services, equaling $33,224 thousand and $14,826 thousand, respectively, is presented in accordance with IFRS 15 Revenue from Contracts with Customers.
Vessel Employment | The following summarizes the Company’s vessel employment as of December 31, 2020
Vessel |  | Type of Employment |  | Expiry
VLCC |  |  |  |
DHT Amazon |  | Time charter with profit sharing |  | Q3 2021
DHT Bauhinia |  | Time charter |  | Q1 2021
DHT Bronco |  | Spot |  |
DHT China |  | Time charter with profit sharing |  | Q2 2021
DHT Colt |  | Time charter |  | Q3 2022
DHT Condor |  | Spot |  |
DHT Edelweiss |  | Time charter |  | Q1 2021
DHT Europe |  | Time charter |  | Q1 2021
DHT Falcon |  | Spot |  |
DHT Hawk |  | Time charter |  | Q1 2021
DHT Jaguar |  | Spot |  |
DHT Lake |  | Time charter |  | Q1 2021
DHT Leopard |  | Spot |  |
DHT Lion |  | Time charter |  | Q1 2021
DHT Lotus |  | Spot |  |
DHT Mustang |  | Time charter |  | Q2 2021
DHT Opal |  | Time charter |  | Q3 2021
DHT Panther |  | Spot |  |
DHT Peony |  | Time charter |  | Q1 2021
DHT Puma |  | Time charter |  | Q1 2021
DHT Raven |  | Time charter |  | Q1 2021
DHT Redwood |  | Time charter |  | Q1 2021
DHT Scandinavia |  | Spot |  |
DHT Stallion |  | Time charter |  | Q2 2022
DHT Sundarbans |  | Time charter with profit sharing |  | Q4 2021
DHT Taiga |  | Time charter with profit sharing |  | Q4 2022
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:
(Dollars in thousands) Year |  | Amount
2021 |  | $ | 99,264
2022 |  |  | 23,049
2023 |  |  | —
2024 |  |  | —
Thereafter |  |  | —
Net charter payments |  | $ | 122,313
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 |  | notes 8,9
Voyage expenses are capitalized between the previous discharge port, or contract date if later, and the next load port and amortized between load port and discharge port. The closing balance of assets recognized from the costs to obtain or fulfil a contract was:
(Dollars in thousands) |  | 2020 |  |  | 2019 |  |  | 2018
Capitalized voyage expense |  | $ | 1,039 |  |  | $ | 4,151 |  |  | $ | 1,633

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