XML 28 R19.htm IDEA: XBRL DOCUMENT v3.24.3
Interest bearing debt (Tables)
 9 Months Ended
Sep. 30, 2024
Interest bearing debt [Abstract]  
Scheduled Debt Repayments
Scheduled debt repayments

    Interest
              Q4
                             
$ in thousands
  
rate
       Maturity
 		     
2024
      
2025
      
2026
    
Thereafter
    
Total
  
Credit Agricole Credit Facility
    
SOFR + 2.05
%
      2028      
625
      
2,500
      
2,500
      
27,500
      
33,125
  
Danish Ship Finance Credit Facility 1
    
SOFR + 2.00
%
      2025      
1,213
      
26,693
      
-
      
-
      
27,907
  
ING Credit Facility 2
      SOFR + 1.90 %
     2029       6,250       25,000       25,000       161,150       217,400
 		 
ING Credit Facility
      SOFR + 1.80 %
     2029       750       3,000       3,000       35,250       42,000
 		 
Nordea Credit Facility 3
    
SOFR + CAS4 + 1.90
%
      2027      
-
      
23,715
      
23,715
      
46,091
      
93,521
  
Total
                    
8,838
      
80,908
      
54,215
      
269,991
      
413,952
  
Unamortized upfront fees bank loans
                                                    
(6,323
)
Total interest bearing debt
                                                    
407,629
  

1 Semiannual installment
2 $50.1 mill. undrawn as of September 30, 2024
3 $140.0 mill. undrawn as of September 30, 2024
4 3 months Credit Adjustment Spread (CAS) of 0.26%
Financial Covenant Compliance

The Company’s financial covenants as of September 30, 2024, are summarized as follows:
     ING    Credit Agricole    Danish Ship Finance    Nordea
 
  
Credit Facility
  
Credit Facility
  
Credit Facility
  
Credit Facility
Security
  
11 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
  
$300 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 $30 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)