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Charter arrangements | 12 Months Ended
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Dec. 31, 2022
Charter arrangements [Abstract] |
Charter arrangements | Note 4 – Charter arrangements The below table details the Company’s shipping revenues:
(Dollars in thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Time charter revenues1 |  | $ | 75,790 |  |  | $ | 140,730 |  |  | $ | 182,663 |
Voyage charter revenues |  |  | 374,592 |  |  |  | 155,124 |  |  |  | 508,375 |
Shipping revenues |  | $ | 450,381 |  |  | $ | 295,853 |  |  | $ | 691,039 |
Other revenues2 |  |  | 3,764 |  |  |  | - |  |  |  | - |
Total revenues |  | $ | 454,146 |  |  | $ | 295,853 |  |  | $ | 691,039 |
1 | Time charter revenues are presented in accordance with IFRS 16, while the portion of time charter revenues related to technical management services, equaling $19,144 thousand, $36,384 thousand and $33,224 thousand, for 2022, 2021, and 2020 respectively, is recognized in accordance with IFRS 15.
2 | Other revenues mainly relate to technical management services provided.
The following summarizes the Company’s vessel employment as of December 31, 2022:
Vessel |  | Type of Employment |  | Expiry |
VLCC |  |  |  |  |
DHT Mustang |  | Time charter |  |  | Q2 2023 |
DHT Bronco |  | Spot |  |  |  |
DHT Colt |  | Time charter |  |  | Q3 2023 |
DHT Stallion |  | Spot |  |  |  |
DHT Tiger |  | Spot |  |  |  |
DHT Harrier |  | Time charter |  |  | Q4 2024 |
DHT Puma |  | Spot |  |  |  |
DHT Panther |  | Spot |  |  |  |
DHT Osprey |  | Time charter |  |  | Q2 2027 |
DHT Lion |  | Spot |  |  |  |
DHT Leopard |  | Spot |  |  |  |
DHT Jaguar |  | Spot |  |  |  |
DHT Taiga |  | Spot |  |  |  |
DHT Opal |  | Spot |  |  |  |
DHT Sundarbans |  | Spot |  |  |  |
DHT Redwood |  | Spot |  |  |  |
DHT Amazon |  | Time charter |  |  | Q2 2023 |
DHT Peony |  | Spot |  |  |  |
DHT Lotus |  | Spot |  |  |  |
DHT China |  | Spot |  |  |  |
DHT Europe |  | Spot |  |  |  |
DHT Bauhinia |  | Spot |  |  |  |
DHT Scandinavia |  | Spot |  |  |  |
Future charter payments The future revenues expected to be received from the time charters for the Company’s vessels on existing charters as of the reporting date are as follows:
(Dollars in thousands) Year |  | Amount |
2023 |  | $ | 40,509 |
2024 |  |  | 23,359 |
2025 |  |  | 13,320 |
2026 |  |  | 12,580 |
2027 |  |  | 6,105 |
Thereafter |  |  | - |
Net charter payments |  | $ | 95,873 |
The future net charter payments were $79,942 thousand for the year ending December 31, 2021, and $122,313 thousand for the year ending December 31, 2020. Any extension periods, unless already exercised as of December 31, 2022, are not included in the table above. 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 There was no other income for 2022. 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 year due to the short-term nature of the advances.
(Dollars in thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Deferred shipping revenues |  | $ | 4,172 |  |  | $ | 4,865 |  |  | $ | 16,236 |
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) |  | 2022 |  |  | 2021 |  |  | 2020 |
Capitalized voyage expenses |  | $ | 2,799 |  |  | $ | 1,395 |  |  | $ | 1,039 |
During the twelve months of 2022, $1,395 thousand was amortized related to voyages in progress as of December 31, 2021, and $1,945 thousand was amortized related to the voyages in progress as of December 31, 2022. No impairment losses were recognized in the period. 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. Concentration of risk As of December 31, 2022, five of the Company’s 23 vessels were chartered to four different counterparties and 18 vessels were operated in the spot market. As of December 31, 2021, seven of the Company’s 26 vessels were chartered to five 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. The Company believes that the concentration of risk is limited and can be adequately monitored.

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