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Charter arrangements | 12 Months Ended
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Dec. 31, 2025
Charter arrangements [Abstract] |
Charter arrangements | Note 4 – Charter arrangements The below table details the Company’s shipping revenues:
(Dollars in thousands) |  | 2025 |  |  | 2024 |  |  | 2023 |
Time charter revenues 1 |  | $ | 145,800 |  |  | $ | 82,640 |  |  | $ | 74,989 |
Voyage charter revenues2 |  |  | 351,397 |  |  |  | 485,195 |  |  |  | 481,087 |
Shipping revenues |  | $ | 497,197 |  |  | $ | 567,835 |  |  | $ | 556,075 |
Other revenues 3 |  |  | 1,203 |  |  |  | 3,938 |  |  |  | 4,481 |
Total revenues |  | $ | 498,400 |  |  | $ | 571,773 |  |  | $ | 560,556 |
Whereof IFRS 15 revenues |  | $ | 383,182 |  |  | $ | 507,569 |  |  | $ | 504,529 |
1 | The majority of time charter revenues are presented in accordance with IFRS 16, while the portion of time charter revenues related to technical management services, equaling $30,582 thousand, $18,436 thousand, and $18,961 thousand, for 2025, 2024 and 2023, respectively, is recognized in accordance with IFRS 15.
2 | Voyage charter revenues are related to revenue from spot charters and are presented in accordance with IFRS 15.
3 | Other revenues mainly relate to technical management services provided and are presented in accordance with IFRS 15.
The following summarizes the Company’s vessel employment as of December 31, 2025:
Vessel |  | Type of Employment |  | Expiry |
VLCC |  |  |  |  |
DHT Appaloosa |  | Time charter with profit sharing |  |  | Q2 2032 |
DHT Mustang |  | Spot |  |  |  |
DHT Nokota |  | Spot |  |  |  |
DHT Bronco |  | Spot |  |  |  |
DHT Colt |  | Spot |  |  |  |
DHT Stallion |  | Spot |  |  |  |
DHT Tiger |  | Time charter |  |  | Q1 2026 |
DHT Harrier |  | Time charter |  |  | Q1 2026 |
DHT Puma |  | Time charter with profit sharing |  |  | Q1 2026 |
DHT Panther |  | Spot |  |  |  |
DHT Osprey |  | Time charter |  |  | Q2 2027 |
DHT Lion |  | Time charter |  |  | Q1 2026 |
DHT Leopard |  | Time charter |  |  | Q4 2027 |
DHT Jaguar |  | Spot |  |  |  |
DHT Taiga |  | Spot |  |  |  |
DHT Opal |  | Spot |  |  |  |
DHT Sundarbans |  | Spot |  |  |  |
DHT Redwood |  | Spot |  |  |  |
DHT Amazon |  | Spot |  |  |  |
DHT China |  | Time charter |  |  | Q1 2026 |
DHT Europe |  | Time charter |  |  | Q1 2026 |
DHT Bauhinia |  | Time charter |  |  | Q2 2026 |
Future charter payments The future revenues expected to be received from the time charters (not including any potential profit sharing) for the Company’s vessels on existing charters as of the reporting date are as follows:
(Dollars in thousands) Year |  | Amount |
2026 |  | $ | 55,245 |
2027 |  |  | 32,693 |
2028 |  |  | 14,063 |
2029 |  |  | 14,883 |
2030 |  |  | 14,883 |
Thereafter |  |  | 19,188 |
Net charter payments |  | $ | 150,955 |
The future net charter payments were $113,117 thousand for the year ending December 31, 2024, and $147,072 thousand for the year ending December 31, 2023. Any extension periods, unless already exercised as of December 31, 2025, 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. 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 |  | 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) |  | 2025 |  |  | 2024 |  |  | 2023 |
Deferred shipping revenues |  | $ | 11,397 |  |  | $ | 6,139 |  |  | $ | 4,394 |
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) |  | 2025 |  |  | 2024 |  |  | 2023 |
Capitalized voyage expenses |  | $ | 1,684 |  |  | $ | 2,450 |  |  | $ | 2,549 |
During the twelve months of 2025, $2,450 thousand was amortized related to voyages in progress as of December 31, 2024, and $1,810 thousand was amortized related to the voyages in progress as of December 31, 2025. No impairment losses were recognized in the period. During the twelve months of 2024, $2,549 thousand was amortized related to voyages in progress as of December 31, 2023, and $2,027 thousand was amortized related to the voyages in progress as of December 31, 2024. No impairment losses were recognized in the period. During the twelve months of 2023, $2,799 thousand was amortized related to voyages in progress as of December 31, 2022, and $2,264 thousand was amortized related to the voyages in progress as of December 31, 2023. No impairment losses were recognized in the period. Concentration of risk As of December 31, 2025, 10 of the Company’s 22 vessels were chartered to five different counterparties and 12 vessels were operated in the spot market. As of December 31, 2024, seven of the Company’s 24 vessels were chartered to five different counterparties and 17 vessels were operated in the spot market. As of December 31, 2023, five of the Company’s 24 vessels were chartered to three different counterparties and 19 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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