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Interest bearing debt (Tables) | 9 Months Ended
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Sep. 30, 2022
Interest bearing debt [Abstract] |
Scheduled Debt Repayments and Margin Above Libor | Scheduled debt repayments (USD thousands) and margin above Libor
|  | Margin |  |  |  | Q4 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$ in thousands |  | above Libor |  |  |  | 2022 |  |  |  | 2023 |  |  |  | 2024 |  |  | Thereafter |  |  | Total |
ABN Amro Credit Facility * |  |  | 2.40 | % |  |  | - |  |  |  | 25,677 |  |  |  | 191,084 |  |  |  | - |  |  |  | 216,761 |
Credit Agricole Credit Facility |  |  | 2.19 | % |  |  | 676 |  |  |  | 32,433 |  |  |  | - |  |  |  | - |  |  |  | 33,109 |
Danish Ship Finance Credit Facility |  |  | 2.00 | % |  |  | 1,213 |  |  |  | 2,427 |  |  |  | 2,427 |  |  |  | 26,693 |  |  |  | 32,760 |
Nordea Credit Facility ** |  |  | 1.90 | % |  |  | 1,250 |  |  |  | 23,715 |  |  |  | 23,715 |  |  |  | 93,521 |  |  |  | 142,200 |
Total |  |  |  |  |  |  | 3,139 |  |  |  | 84,251 |  |  |  | 217,226 |  |  |  | 120,214 |  |  |  | 424,830 |
Unamortized upfront fees bank loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (5,900 | )
Total interest bearing debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 418,930 |
* $90.1 mill. undrawn as of September 30, 2022. ** $145.0 mill. undrawn as of September 30, 2022.
Derivatives Interest Rate Swaps |
|  |  | Notional amount |  |  | Current assets |  |  | Non-current assets |  |  | Fair value |
$ in thousands | Expires |  | Q3 2022 |  |  | Q3 2022 |  |  | Q3 2022 |  |  | Q3 2022 |
Swap pays 2.987%, receive floating | Apr. 20, 2023 |  |  | 37,800 |  |  |  | 217 |  |  |  | - |  |  |  | 217 |
Swap pays 3.012%, receive floating | Apr. 20, 2023 |  |  | 37,800 |  |  |  | 212 |  |  |  | - |  |  |  | 212 |
Swap pays 3.019%, receive floating | Sep. 29, 2023 |  |  | 26,250 |  |  |  | 345 |  |  |  | - |  |  |  | 345 |
Swap pays 3.019%, receive floating | Sep. 29, 2023 |  |  | 25,337 |  |  |  | 332 |  |  |  | - |  |  |  | 332 |
Swap pays 2.8665%, receive floating | Sep. 29, 2023 |  |  | 41,763 |  |  |  | 622 |  |  |  | - |  |  |  | 622 |
Swap pays 2.8785%, receive floating | Jun. 30, 2023 |  |  | 36,181 |  |  |  | 395 |  |  |  | - |  |  |  | 395 |
Swap pays 2.885%, receive floating | Sep. 29, 2023 |  |  | 41,120 |  |  |  | 603 |  |  |  | - |  |  |  | 603 |
Swap pays 2.897%, receive floating | Sep. 30, 2023 |  |  | 36,359 |  |  |  | 521 |  |  |  | - |  |  |  | 521 |
Swap pays 3.020%, receive floating | Sep. 29, 2023 |  |  | 34,674 |  |  |  | 458 |  |  |  | - |  |  |  | 458 |
Total carrying amount |  |  |  | 317,284 |  |  |  | 3,703 |  |  |  | - |  |  |  | 3,703 |
Financial Covenant Compliance | The Company’s financial covenants as of September 30, 2022, are summarized as follows:
|  | ABN Amro |  | Credit Agricole |  | Danish Ship Finance |  | Nordea
|  | Credit Facility |  | Credit Facility |  | Credit Facility |  | Credit Facility
Security |  | 10 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 |  | $200 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 $20 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)

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