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Financial instruments | 12 Months Ended
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Dec. 31, 2025
Financial instruments [Abstract] |
Financial instruments | Note 8 – Financial instruments Categories of financial instruments
(Dollars in thousands) |  | Carrying amount |
Financial assets |  | 2025 |  |  | 2024 |
Cash and cash equivalents 1 2 |  | $ | 79,034 |  |  | $ | 78,143 |
Accounts receivable and accrued revenues 1 |  |  | 53,338 |  |  |  | 53,715 |
Derivative financial assets, current 3 |  |  | 10 |  |  |  | - |
Derivative financial assets, non-current 3 |  |  | 19 |  |  |  | - |
Total financial assets |  | $ | 132,402 |  |  | $ | 131,858 |
Financial liabilities |  |  |  |  |  |  |  |
Accounts payables and accrued expenses 1 |  | $ | 22,761 |  |  | $ | 23,436 |
Derivative financial liabilities, current 3 |  |  | 68 |  |  |  | - |
Current portion long term debt 1 |  |  | 39,500 |  |  |  | 78,649 |
Long term debt 1 |  |  | 389,244 |  |  |  | 330,775 |
Derivative financial liabilities, non-current 3 |  |  | 131 |  |  |  | - |
Total financial liabilities |  | $ | 451,704 |  |  | $ | 432,861 |
1 | Amounts carried at amortized cost.
2 | Cash and cash equivalents include $389 thousand in restricted cash in 2025 and $339 thousand in restricted cash in 2024, including employee withholding tax.
3 | Fair value through profit or loss.
Fair value of non-derivative financial instruments It is assumed that fair value of non-derivative financial instruments is equal to the nominal amount for all financial assets and liabilities. With regards to trade receivables, the credit risk is not viewed as significant. With regards to the credit facilities, these are floating rate with terms and conditions considered to be according to market terms and no material change in credit risk; consequently, it is assumed that carrying value has no material deviation from fair value. Fair value of derivative financial instruments Each derivative is initially recognized at fair value on the date the derivative contract was entered into and is subsequently remeasured to fair value at each reporting date. During the year ended December 31, 2025, the Company entered into eight interest rate swap agreements. The Company did not enter into any new interest rate swap agreements during the year ended December 31, 2024, but the Company previously held interest rate swaps that were fully settled during the year ended December 31, 2023. The derivative instruments did not qualify for hedge accounting. During the year ended December 31, 2025, the Company recognized a non-cash loss of $0.2 million (December 31, 2024: nil and December 31, 2023: a loss of $0.5 million), which is included in net loss on derivative instruments at fair value in the accompanying consolidated income statement. Derivatives – interest rate swaps
|  |  | Notional amount |  |  | Fair value - Financial asset |  |  | Fair value - Financial liability |
(Dollars in thousands) | Expires |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Swap pays 3.2840%, receive floating | Dec. 8, 2028 |  | $ | 18,125 |  |  | $ | - |  |  | $ | 8 |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Swap pays 3.2840%, receive floating | Dec. 8, 2028 |  |  | 18,125 |  |  |  | - |  |  |  | 8 |  |  |  | - |  |  |  | - |  |  |  | - |
Swap pays 3.3200%, receive floating | Dec. 8, 2028 |  |  | 8,125 |  |  |  | - |  |  |  | 0 |  |  |  | - |  |  |  | - |  |  |  | - |
Swap pays 3.2790%, receive floating | Dec. 8, 2028 |  |  | 23,125 |  |  |  | - |  |  |  | 13 |  |  |  | - |  |  |  | - |  |  |  | - |
Swap pays 3.3110%, receive floating | Oct. 30, 2028 |  |  | 28,580 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 7 |  |  |  | - |
Swap pays 3.3536%, receive floating | Dec. 8, 2028 |  |  | 33,125 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 61 |  |  |  | - |
Swap pays 3.3536%, receive floating | Dec. 8, 2028 |  |  | 33,125 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 61 |  |  |  | - |
Swap pays 3.3536%, receive floating | Dec. 8, 2028 |  |  | 38,250 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 70 |  |  |  | - |
Total carrying amount |  |  | $ | 200,580 |  |  | $ | - |  |  | $ | 30 |  |  | $ | - |  |  | $ | 199 |  |  | $ | - |
Interest-bearing debt
|  |  |  |  |  | Remaining |  |  | Carrying amount |
(Dollars in thousands) | Interest |  |  | Maturity |  | notional |  |  | 2025 |  |  | 2024 |
Credit Agricole Credit Facility | SOFR + 2.05% |  |  | 2028 |  | $ | 30,000 |  |  | $ | 29,541 |  |  | $ | 31,834 |
Nordea Credit Facility | SOFR + CAS1 + 1.90% |  |  | 2027 |  |  | 59,699 |  |  |  | 59,029 |  |  |  | 91,735 |
DHT Jaguar - Nordea Credit Facility | SOFR + 1.75% |  |  | 2031 |  |  | 28,580 |  |  |  | 28,246 |  |  |  | - |
DHT Nokota - Nordea Credit Facility | SOFR + 1.50% |  |  | 2032 |  |  | 62,769 |  |  |  | 62,103 |  |  |  | - |
ING Credit Facility | SOFR + 1.90% |  |  | 2029 |  |  | 213,750 |  |  |  | 211,812 |  |  |  | 218,311 |
ING Credit Facility | SOFR + 1.80% |  |  | 2029 |  |  | 38,250 |  |  |  | 38,013 |  |  |  | 40,910 |
Danish Ship Finance Credit Facility | SOFR + 2.00% |  |  | 20252 |  |  | - |  |  |  | - |  |  |  | 26,635 |
Total carrying amount |  |  |  |  |  | $ | 433,048 |  |  | $ | 428,744 |  |  | $ | 409,424 |
1 | Credit Adjustment Spread (CAS) of 0.26%.
2 | The Danish Ship Finance credit facility was repaid in June 2025 in connection with the refinancing of DHT Jaguar.
The difference between the remaining notional amount and the carrying amount of each credit facility represents the unamortized debt issuance costs, which are deducted from the carrying amount. For the year ended December 31, 2025, the Company incurred $1.1 million of debt issuance costs, with no comparable activity in the year ended December 31, 2024. As of December 31, 2025, $88.0 million was undrawn under the Nordea Credit Facility and $22.5 million was undrawn under the ING Credit Facility. Interest on all our credit facilities is payable quarterly in arrears. The credit facilities are principally secured by first-priority mortgages on the vessels financed by the credit facility, assignments of earnings, pledges of the borrowers’ shares, insurance, and the borrowers’ rights under charters for the vessels, if any, as well as pledges of the borrowers’ bank account balances. Reconciliation of liabilities arising from financing activities The table below details changes in liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Company’s consolidated statement of cash flows as cash flows from financing activities.
|  |  |  |  |  |  |  | Non-cash changes |  |  |  |
(Dollars in thousands) |  | As of January 1, 2025 |  |  | Financing cash flows 1 |  |  | Amortization |  |  | Other changes 2 |  |  | As of December 31, 2025 |
Bank loans 3 |  | $ | 409,424 |  |  | $ | 16,956 |  |  | $ | 2,452 |  |  | $ | (89 | ) |  | $ | 428,744 |
Office leases 4 |  |  | 4,160 |  |  |  | (1,407 | ) |  |  | - |  |  |  | 2,877 |  |  |  | 5,630 |
Total 5 |  | $ | 413,584 |  |  | $ | 15,549 |  |  | $ | 2,452 |  |  | $ | 2,787 |  |  | $ | 434,373 |
|  |  |  |  |  |  |  | Non-cash changes |  |  |  |
(Dollars in thousands) |  | As of January 1, 2024 |  |  | Financing cash flows 1 |  |  | Amortization |  |  | Other changes 2 |  |  | As of December 31, 2024 |
Bank loans 3 |  | $ | 428,726 |  |  | $ | (21,929 | ) |  | $ | 2,628 |  |  | $ | - |  |  | $ | 409,424 |
Office leases 4 |  |  | 5,849 |  |  |  | (1,390 | ) |  |  | - |  |  |  | (298 | ) |  |  | 4,160 |
Total 5 |  | $ | 434,574 |  |  | $ | (23,320 | ) |  | $ | 2,628 |  |  | $ | (298 | ) |  | $ | 413,584 |
1 | The cash flows from bank loans make up the net amount of issuance of long-term debt and repayment of long-term debt in the statement of cash flows.
2 | Other changes related to bank loans for the years 2025 represent capitalized fees directly attributable to financing activities. Other changes related to office leases for the year 2025 represent lease modification and foreign exchange effects during the year related to IFRS 16. Other changes related to office leases for 2024 represent lease modification and foreign exchange effects during the year related to IFRS 16.
3 | As of December 31, 2025, bank loans consist of current portion long-term debt of $39,500 thousand and long-term debt of $389,244 thousand. As of December 31, 2024, bank loans consist of current portion long-term debt of $78,649 thousand and long-term debt of $330,775 thousand.
4 | As of December 31, 2025, office leases consist of $994 thousand of current liabilities and $4,636 thousand of non-current liabilities. As of December 31, 2024, office leases consist of $1,389 thousand of current liabilities and $2,771 thousand of non-current liabilities. The remaining balance of non-current liabilities consists of pensions, deferred tax liability, and restoration cost related to office rental.
5 | The reconciliation does not include interest rate swaps which are described above.

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