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Financial instruments (Tables)
 12 Months Ended
Dec. 31, 2025
Financial instruments [Abstract]  
Categories of 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.
Derivative Financial Liability Interest Rate Swaps
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
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.
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.