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Charter arrangements | 12 Months Ended
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Dec. 31, 2021
Charter arrangements [Abstract] |
Charter arrangements | Note 4 — Charter arrangements The below table details the Company’s shipping revenues:
(Dollars in thousands) |  | 2021 |  |  | 2020 |  |  | 2019 |
Time charter revenues* |  | $ | 140,730 |  |  | $ | 182,663 |  |  | $ | 57,472 |
Voyage charter revenues |  |  | 155,124 |  |  |  | 508,375 |  |  |  | 477,595 |
Shipping revenues |  | $ | 295,853 |  |  | $ | 691,039 |  |  | $ | 535,068 |
* | Time charter revenue is presented in accordance with IFRS 16 Leases, while the portion of time charter revenue related to technical management services, equaling $36,384 thousand, $33,224 thousand and $14,826 thousand, for 2021, 2020 and 2019 respectively, is recognized in accordance with IFRS 15 Revenue from Contracts with Customers.
The following summarizes the Company’s vessel employment as of December 31, 2021
Vessel |  | Type of Employment |  | Expiry
VLCC |  |  |  |
DHT Amazon |  | Time charter with profit sharing |  | Q2 2023
DHT Bauhinia |  | Spot |  |
DHT Bronco |  | Spot |  |
DHT China |  | Spot |  |
DHT Colt |  | Time charter |  | Q3 2022
DHT Edelweiss |  | Spot |  |
DHT Europe |  | Spot |  |
DHT Falcon |  | Spot |  |
DHT Hawk |  | Spot |  |
DHT Harrier |  | Time charter |  | Q4 2024
DHT Jaguar |  | Spot |  |
DHT Leopard |  | Spot |  |
DHT Lion |  | Spot |  |
DHT Lotus |  | Spot |  |
DHT Mustang |  | Time charter |  | Q3 2022
DHT Opal |  | Spot |  |
DHT Osprey |  | Spot |  |
DHT Panther |  | Spot |  |
DHT Peony |  | Spot |  |
DHT Puma |  | Spot |  |
DHT Redwood |  | Spot |  |
DHT Scandinavia |  | Spot |  |
DHT Stallion |  | Time charter |  | Q2 2022
DHT Sundarbans |  | Time charter with profit sharing |  | Q1 2022
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 |
2022 |  | $ | 53,118 |
2023 |  |  | 16,785 |
2024 |  |  | 10,039 |
Thereafter |  |  | — |
Net charter payments |  | $ | 79,942 |
The future net charter payments were $122,313 thousand for the year ending December 31, 2020, and $91,556 thousand for the year ending December 31, 2019. Any extension periods, unless already exercised as of December 31, 2021, are not included. Time charter hire payments are not received when a vessel is off-hire, including off-hire related to 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. Other income In the fourth quarter of 2021, the Company received $4,612 thousand, net of tax, as a distribution of equity from The Norwegian Shipowner’s Mutual War Risk Insurance Association. 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
Deferred shipping revenues relate to charter hire payments paid in advance. The year-end deferred shipping revenues balances have been recognized as revenue in the following years due to the short-term nature of the advances. The Company had not received any hire payments for future periods at year end December 31, 2018.
(Dollars in thousands) |  | 2021 |  |  | 2020 |  |  | 2019 |
Deferred shipping revenues |  | $ | 4,865 |  |  | $ | 16,236 |  |  | $ | 930 |
Capitalized voyage expenses 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) |  | 2021 |  |  | 2020 |  |  | 2019 |
Capitalized voyage expenses |  | $ | 1,395 |  |  | $ | 1,039 |  |  | $ | 4,151 |
During the twelve months of 2021, $1,039 thousand was amortized related to voyages in progress as of December 31, 2020, and $1,661 thousand was amortized related to the voyages in progress as of December 31, 2021. No impairment losses were recognized in the period. During the twelve months of 2020, $4,151 thousand was amortized related to voyages in progress as of December 31, 2019, and $397 thousand was amortized related to the voyages in progress as of December 31, 2020. No impairment losses were recognized in the period. During the twelve months of 2019, $1,633 thousand was amortized related to voyages in progress as of December 31, 2018, and $4,440 thousand was amortized related to the voyages in progress as of December 31, 2019. No impairment losses were recognized in the period. Concentration of risk As of December 31, 2021, seven of the Company’s 26 vessels were chartered to 5 different counterparties and 19 vessels were operated in the spot market. As of December 31, 2020, 18 of the Company’s 27 vessels were chartered to 10 different counterparties and nine vessels were operated in the spot market. As of December 31, 2019, five of the Company’s 27 vessels were chartered to four different counterparties and 22 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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