Interest bearing debt (Tables)

9 Months Ended

Sep. 30, 2022

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)