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Vessels, subsidiaries and other property, plant and equipment (Tables) | 12 Months Ended
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Dec. 31, 2024
Vessels, subsidiaries and other property, plant and equipment [Abstract] |
Vessel Subsidiaries | The vessels are owned by companies incorporated in the Marshall Islands or the Cayman Islands. The Company directly owns 100% of the vessel subsidiaries. The primary activity of each of the vessel subsidiaries is the ownership and operation of a vessel. In addition, the Company has four Marshall Islands subsidiaries related to the newbuilding contracts, a vessel-chartering subsidiary and three subsidiaries, DHT Management S.A.M. (Monaco), DHT Management AS (Norway) and DHT Ship Management (Singapore) Pte. Ltd., that perform management services for DHT and its subsidiaries. Furthermore, the Company directly owns 53% of Goodwood providing technical management services. The following table sets out the details of the vessel subsidiaries included in these consolidated financial statements:
Company | Vessel name | Dwt | Flag State | Year Built
DHT Appaloosa Inc | DHT Appaloosa | 318,918 | Hong Kong | 2018
DHT Mustang Inc | DHT Mustang | 317,975 | Hong Kong | 2018
DHT Bronco Inc | DHT Bronco | 317,975 | Hong Kong | 2018
DHT Colt Inc | DHT Colt | 319,713 | Hong Kong | 2018
DHT Stallion Inc | DHT Stallion | 319,713 | Hong Kong | 2018
DHT Tiger Limited | DHT Tiger | 299,629 | Hong Kong | 2017
DHT Harrier Inc | DHT Harrier | 299,985 | Hong Kong | 2016
DHT Puma Limited | DHT Puma | 299,629 | Hong Kong | 2016
DHT Panther Limited | DHT Panther | 299,629 | Hong Kong | 2016
DHT Osprey Inc | DHT Osprey | 299,999 | Hong Kong | 2016
DHT Lion Limited | DHT Lion | 299,629 | Hong Kong | 2016
DHT Leopard Limited | DHT Leopard | 299,629 | Hong Kong | 2016
DHT Jaguar Limited | DHT Jaguar | 299,629 | Hong Kong | 2015
Samco Iota Ltd | DHT Taiga | 318,130 | Hong Kong | 2012
DHT Opal Inc | DHT Opal | 320,105 | Hong Kong | 2012
Samco Theta Ltd | DHT Sundarbans | 318,123 | Hong Kong | 2012
Samco Kappa Ltd | DHT Redwood | 318,130 | Hong Kong | 2011
Samco Eta Ltd | DHT Amazon | 318,130 | Hong Kong | 2011
DHT Peony Inc | DHT Peony | 320,013 | Hong Kong | 2011
DHT Lotus Inc | DHT Lotus | 320,142 | Hong Kong | 2011
Samco Epsilon Ltd | DHT China | 317,794 | Hong Kong | 2007
Samco Delta Ltd | DHT Europe | 317,713 | Hong Kong | 2007
DHT Bauhinia Inc | DHT Bauhinia | 301,019 | Hong Kong | 2007
Samco Gamma Ltd | DHT Scandinavia | 317,826 | Hong Kong | 2006
Vessels | Vessels
(Dollars in thousands) |  | Vessels |  |  | Drydock |  |  | EGCS1 |  |  | Total |
Cost |  |  |  |  |  |  |  |  |  |  |  |
As of January 1, 2024 |  | $ | 1,929,513 |  |  | $ | 48,736 |  |  | $ | 74,630 |  |  | $ | 2,052,878 |
Transferred to asset held for sale |  |  | (62,829 | ) |  |  | (1,756 | ) |  |  | (3,836 | ) |  |  | (68,421 | )
Transferred from vessel upgrades |  |  | - |  |  |  | 6,624 |  |  |  | - |  |  |  | 6,624 |
Disposals |  |  | - |  |  |  | (8,339 | ) |  |  | - |  |  |  | (8,339 | )
As of December 31, 2024 |  | $ | 1,866,683 |  |  | $ | 45,264 |  |  | $ | 70,794 |  |  | $ | 1,982,741 |
Accumulated depreciation and impairment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of January 1, 2024 |  | $ | (690,077 | ) |  | $ | (22,535 | ) |  | $ | (56,556 | ) |  | $ | (769,168 | )
Charge for the period |  |  | (90,590 | ) |  |  | (10,647 | ) |  |  | (8,736 | ) |  |  | (109,974 | )
Reversal prior impairment |  |  | 27,909 |  |  |  | - |  |  |  | - |  |  |  | 27,909 |
Transferred to asset held for sale |  |  | 41,203 |  |  |  | 690 |  |  |  | 3,836 |  |  |  | 45,728 |
Disposals |  |  | - |  |  |  | 8,339 |  |  |  | - |  |  |  | 8,339 |
As of December 31, 2024 |  | $ | (711,556 | ) |  | $ | (24,153 | ) |  | $ | (61,456 | ) |  | $ | (797,165 | )
Net book value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of December 31, 2024 |  | $ | 1,155,127 |  |  | $ | 21,111 |  |  | $ | 9,338 |  |  | $ | 1,185,576 |
Cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of January 1, 2023 |  | $ | 1,834,769 |  |  | $ | 46,617 |  |  | $ | 51,871 |  |  | $ | 1,933,258 |
Additions |  |  | 94,743 |  |  |  | - |  |  |  | - |  |  |  | 94,743 |
Transferred from vessel upgrades |  |  | - |  |  |  | 11,159 |  |  |  | 22,758 |  |  |  | 33,917 |
Disposals |  |  | - |  |  |  | (9,040 | ) |  |  | - |  |  |  | (9,040 | )
As of December 31, 2023 |  | $ | 1,929,513 |  |  | $ | 48,736 |  |  | $ | 74,630 |  |  | $ | 2,052,878 |
Accumulated depreciation and impairment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of January 1, 2023 |  | $ | (602,390 | ) |  | $ | (20,792 | ) |  | $ | (48,079 | ) |  | $ | (671,260 | )
Charge for the period |  |  | (87,688 | ) |  |  | (10,784 | ) |  |  | (8,477 | ) |  |  | (106,948 | )
Disposals |  |  | - |  |  |  | 9,040 |  |  |  | - |  |  |  | 9,040 |
As of December 31, 2023 |  | $ | (690,077 | ) |  | $ | (22,535 | ) |  | $ | (56,556 | ) |  | $ | (769,168 | )
Net book value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of December 31, 2023 |  | $ | 1,239,435 |  |  | $ | 26,201 |  |  | $ | 18,074 |  |  | $ | 1,283,710 |
Vessel upgrades |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of January 1, 2024 |  | $ | - |  |  | $ | 10 |  |  | $ | - |  |  | $ | 10 |
Additions |  |  | - |  |  |  | 6,614 |  |  |  | - |  |  |  | 6,614 |
Transferred to vessels |  |  | - |  |  |  | (6,624 | ) |  |  | - |  |  |  | (6,624 | )
As of December 31, 2024 |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
As of January 1, 2023 |  | $ | - |  |  | $ | 2,807 |  |  | $ | 1,776 |  |  | $ | 4,583 |
Additions |  |  | - |  |  |  | 8,362 |  |  |  | 20,983 |  |  |  | 29,345 |
Transferred to vessels |  |  | - |  |  |  | (11,159 | ) |  |  | (22,758 | ) |  |  | (33,917 | )
As of December 31, 2023 |  | $ | - |  |  | $ | 10 |  |  | $ | - |  |  | $ | 10 |
Vessels under construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of January 1, 2024 |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Additions |  |  | 93,178 |  |  |  | - |  |  |  | - |  |  |  | 93,178 |
As of December 31, 2024 |  | $ | 93,178 |  |  | $ | - |  |  | $ | - |  |  | $ | 93,178 |
1 | Exhaust Gas Cleaning Systems (“EGCS”).
Future Expected Payments Vessels Under Construction | The future expected payments to the builders for the Company’s vessels under construction as of December 31, 2024 are as follows:
(Dollars in thousands) |  |  |
Year |  | Amount |
2025 |  | $ | 128,393 |
2026 |  |  | 301,312 |
Total future expected payments |  | $ | 429,705 |
Fair value based on market values less cost of disposal | The recoverable amount is the fair value based on market values less cost of disposal for all vessels except for DHT Scandinavia, in which case the recoverable amount is the agreed sales price minus cost of disposal.
(Dollars in thousands) |  |  |  |  |  |
Vessel |  | Recoverable amount |  |  | Reversal of impairment |
DHT Tiger |  | $ | 98,940 |  |  | $ | 3,474 |
DHT Puma |  |  | 94,090 |  |  |  | 254 |
DHT Panther |  |  | 94,090 |  |  |  | 315 |
DHT Lion |  |  | 94,090 |  |  |  | 42 |
DHT Leopard |  |  | 94,090 |  |  |  | 2,544 |
DHT Jaguar |  |  | 89,240 |  |  |  | 2,622 |
DHT Taiga |  |  | 72,750 |  |  |  | 4,265 |
DHT Sundarbans |  |  | 72,750 |  |  |  | 4,728 |
DHT Redwood |  |  | 66,930 |  |  |  | 2,120 |
DHT Amazon |  |  | 66,930 |  |  |  | 2,894 |
DHT Europe |  |  | 46,560 |  |  |  | 2,431 |
DHT China |  |  | 46,560 |  |  |  | 1,010 |
DHT Scandinavia¹ |  |  | 42,060 |  |  |  | 1,210 |
Total |  | $ | 979,080 |  |  | $ | 27,909 |
1 | DHT Scandinavia was classified as held for sale from December 10, 2024.
Other Property, Plant and Equipment | The Company’s other property, plant and equipment line item in the consolidated statement of financial position mainly consists of right-of-use (“ROU”) assets, fixtures, furniture and computer equipment. The ROU assets relate to the Company’s leased office space in Monaco, Norway, Singapore and India where the Company is a lessee.
(Dollars in thousands) |  | 2024 |  |  | 2023 |
Right-of-use assets |  | $ | 3,952 |  |  | $ | 5,693 |
Other property, plant and equipment |  |  | 637 |  |  |  | 956 |
Total other property. plant and equipment |  | $ | 4,589 |  |  | $ | 6,649 |

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