View Filing Data

^[1],[2]

$ 67,356

$ 94,944

Capitalized voyage expense

^[1]

107,848

60,196

4,151

1,633

Prepaid expenses

4,846

4,338

Bunkers, lube oils and consumables

34,085

32,212

Total current assets

218,286

193,323

Non-current assets

Vessels and time charter contracts

1,589,444

1,665,810

Advances for vessel upgrades

11,652

Other property, plant and equipment

3,065

335

4,772

4,388

Total non-current assets

1,608,932

1,670,533

Total assets

1,827,218

1,863,856

Current liabilities

Derivative financial liabilities

^[1]

23,998

28,634

^[3]

4,320

1,250

Current portion long-term debt

^[1]

100,385

93,815

Other current liabilities

605

Deferred shipping revenues

930

Total current liabilities

130,239

123,699

Non-current liabilities

Long-term debt

^[1]

750,586

873,460

Derivative financial liabilities

^[3]

11,279

4,486

Other non-current liabilities

2,664

542

Total non-current liabilities

764,530

878,489

Total liabilities

894,768

1,002,188

Equity

Common stock at par value

1,468

1,427

Additional paid-in capital

1,169,537

1,145,107

Treasury shares

(1,364)

Accumulated deficit

(240,165)

(285,383)

Translation differences

Other reserves

1,531

1,848

Total equity attributable to the Company

932,444

861,668

Non-controlling interest

Total equity

932,449

861,668

Total liabilities and equity

$ 1,827,218

$ 1,863,856

[1]	Amortized cost.
[2]	Cash and cash equivalents include $221 thousand in restricted cash in 2019 and $638 thousand in 2018, including employee withholding tax.
[3]	Fair value through profit or loss.

Consolidated Income Statement - USD ($) $ in Thousands	12 Months Ended
Consolidated Income Statement - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Consolidated Income Statement [abstract]
Shipping revenues	$ 535,068	$ 375,941	$ 355,052
Operating expenses
Voyage expenses	(187,500)	(161,891)	(113,301)
Vessel operating expenses	(78,327)	(75,800)	(72,431)
Depreciation and amortization	(115,584)	(103,476)	(96,758)
Impairment charge	0	(3,500)	(8,540)
Profit/(loss), sale of vessel	0	75	(3,540)
General and administrative expense	(14,789)	(15,052)	(17,180)
Total operating expenses	(396,201)	(359,644)	(311,749)
Operating income	138,867	16,297	43,303
Share of profit from associated companies	852	858	802
Interest income	1,077	345	140
Interest expense	(55,332)	(54,211)	(40,109)
Fair value gain/(loss) on derivative financial liabilities	(9,863)	(5,191)	2,154
Other financial (expense)/income	(1,790)	(4,943)	443
Profit/(loss) before tax	73,812	(46,845)	6,733
Income tax expense	(131)	(83)	(131)
Profit/(loss) for the year	73,680	(46,927)	6,602
Attributable to the owners of non-controlling interest	2	0	0
Attributable to the owners of parent	$ 73,679	$ (46,927)	$ 6,602
Basic net income/(loss) per share (in dollars per share)	$ 0.51	$ (0.33)	$ 0.05
Diluted net income/(loss) per share (in dollars per share)	$ 0.51	$ (0.33)	$ 0.05
Weighted average number of shares (basic) (in shares)	143,437,164	143,429,610	124,536,338
Weighted average number of shares (diluted) (in shares)	168,159,876	143,434,921	124,536,338

Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Consolidated Statement of Comprehensive Income [abstract]
Profit/(loss) for the year	$ 73,680	$ (46,927)	$ 6,602
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit obligation, net of tax	224	(148)	(166)
Items that may be reclassified subsequently to profit or loss:
Exchange gain/(loss) on translation of foreign currency denominated associate and subsidiary	42	(53)	193
Total comprehensive income/(loss) for the period net of tax	73,946	(47,128)	6,628
Attributable to the owners of non-controlling interest	2	0	0
Attributable to the owners of parent	$ 73,944	$ (47,128)	$ 6,628

The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.

+ References + Details

Balance (in shares) at Dec. 31, 2016

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 7
-IssueDate 2019-01-01
-Paragraph 18
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=7&code=ifrs-tx-2019-en-r&anchor=para_18_b&doctype=Standard
-URIDate 2019-03-27

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2019-01-01
-Paragraph 24
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2019-en-r&anchor=para_24_b&doctype=Standard
-URIDate 2019-03-27

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2019-01-01
-Paragraph 32
-Subparagraph a
-Clause ii
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2019-en-r&anchor=para_32_a_ii&doctype=Standard
-URIDate 2019-03-27

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2019-01-01
-Paragraph 28
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2019-en-r&anchor=para_28_b&doctype=Standard
-URIDate 2019-03-27

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Note Effective on first application of IFRS 9
-Name IFRS
-Number 4
-IssueDate 2019-01-01
-Paragraph 39L
-Subparagraph e
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=4&code=ifrs-tx-2019-en-b&anchor=para_39L_e&doctype=Standard
-URIDate 2019-03-27

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2019-01-01
-Paragraph 23
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2019-en-r&anchor=para_23&doctype=Standard
-URIDate 2019-03-27

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2019-01-01
-Paragraph B10
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2019-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2019-03-27

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2019-01-01
-Paragraph 106
-Subparagraph d
-Clause i
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2019-en-r&anchor=para_106_d_i&doctype=Standard
-URIDate 2019-03-27

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Note Effective 2021-01-01
-Name IFRS
-Number 17
-IssueDate 2019-01-01
-Paragraph 113
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=17&code=ifrs-tx-2019-en-r&anchor=para_113_b&doctype=Standard
-URIDate 2019-03-27

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2019-01-01
-Paragraph 81A
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2019-en-r&anchor=para_81A_a&doctype=Standard
-URIDate 2019-03-27

+ Details

Consolidated Statement of Changes in Stockholders' Equity - USD ($)
$ in Thousands

Total

Common Stock [Member]

Paid-in Additional Capital [Member]

Treasury Shares [Member]

Accumulated Deficit [Member]

Translation Differences [Member]

Other Reserves [Member]

^[1]

Non-controlling Interests [Member]

Balance at Dec. 31, 2016

$ 685,011

$ 934

$ 881,097

$ 0

$ (205,099)

$ (203)

$ 8,283

$ 0

93,433,804

Changes in equity

Other comprehensive income/(loss)

6,602

$ 0

6,602

(166)

193

Total comprehensive income/(loss)

6,628

6,435

193

Adjustment

(95)

Cash dividends declared and paid

(23,328)

Issuance of stock

254,845

$ 477

254,367

Issuance of stock (in shares)

47,724,395

Balance (Restatement Adjustment [Member]) at Dec. 31, 2017

(2,213)

$ 0

(2,213)

4,948

$ 13

7,543

(2,607)

1,259,208

921,158

$ 1,424

1,140,794

(226,821)

5,676

Balance (Impact of transition of IFRS 15 [Member]) at Dec. 31, 2017

(4,734)

Balance at Dec. 31, 2017

925,892

$ 1,424

1,140,794

(222,087)

5,676

Balance (in shares) (Restatement Adjustment [Member]) at Dec. 31, 2017

142,417,407

Balance (in shares) at Dec. 31, 2017

142,417,407

Changes in equity

Other comprehensive income/(loss)

(46,927)

$ 0

(46,927)

(201)

(148)

(53)

Total comprehensive income/(loss)

(47,128)

(47,075)

(53)

Cash dividends declared and paid

(11,487)

Purchase of treasury shares (in shares)

(5,026)

$ 0

(5,026)

Retirement of treasury shares

$ (9)

(3,654)

3,662

Retirement of treasury shares (in shares)

(892,497)

3,165

$ 0

3,165

Balance (in shares) at Dec. 31, 2018

(1,613)

2,599

$ 12

6,414

(3,827)

1,175,136

Balance at Dec. 31, 2018

861,668

$ 1,427

1,145,107

(1,364)

(285,383)

1,848

142,700,046

Changes in equity

Other comprehensive income/(loss)

73,680

$ 0

73,679

265

224

Total comprehensive income/(loss)

73,946

73,903

Cash dividends declared and paid

(28,685)

Purchase of treasury shares (in shares)

(3,248)

$ 0

(3,248)

Retirement of treasury shares

$ (11)

(4,602)

4,612

Retirement of treasury shares (in shares)

(1,061,241)

$ 0

Conversion of convertible bonds

26,435

$ 44

26,391

Conversion of convertible bonds (in shares)

4,390,025

2,331

$ 8

2,640

(317)

790,571

Balance at Dec. 31, 2019

$ 932,449

$ 1,468

$ 1,169,537

$ 0

$ (240,165)

$ 73

$ 1,531

$ 5

Balance (in shares) at Dec. 31, 2019

146,819,401

[1]	Other reserves are related to share-based payments.

Consolidated Statement of Cash Flow - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Cash flows from operating activities:

Items included in net income not affecting cash flows:

$ 73,680

$ (46,927)

$ 6,602

Depreciation and amortization

115,584

103,476

96,758

Amortization of upfront fees

3,500

8,540

8,003

11,559

7,375

Profit/(loss), sale of vessel

(75)

3,540

Fair value gain/(loss) on derivative financial liabilities

9,863

5,191

(2,154)

2,331

2,599

4,948

(Gain)/loss purchase of convertible bond

3,589

(1,035)

Share of profit in associated companies

(852)

(858)

(802)

Changes in operating assets and liabilities:

Capitalized voyage expenses

(47,651)

(25,421)

(9,869)

(2,518)

255

Prepaid expenses

(508)

(1,141)

430

Deferred shipping revenues

(1,033)

8,234

5,407

930

(2,154)

Bunkers, lube oils and consumables

(1,874)

(9,994)

(15,769)

Net cash provided by operating activities

155,956

53,985

101,817

Cash flows from investing activities:

Investment in vessels

(53,803)

(11,845)

(165,649)

Investment in vessels under construction

(223,033)

(132,536)

Proceeds from sale of vessels

46,393

111,418

Dividend received from associated company

513

409

415

Investment in property, plant and equipment

(79)

(88)

(193)

Net cash used in investing activities

(53,369)

(188,165)

(186,545)

Cash flows from financing activities

Cash dividends paid

(28,685)

(11,487)

(23,328)

Repayment principal element of lease liability

(370)

Issuance of long term debt

64,990

577,685

200,452

(3,248)

(5,026)

(7)

38,945

Repayment of long term debt

(17,104)

(156,430)

(448,285)

(107,295)

Repayments of convertible bonds

(6,426)

Net cash (used in)/provided by financing activities

(130,176)

151,832

52,725

Net (decrease)/increase in cash and cash equivalents

(27,588)

17,652

(32,003)

Cash and cash equivalents at beginning of period

94,944

^[1],[2]

77,292

109,295

Cash and cash equivalents at end of period

67,356

^[1],[2]

94,944

^[1],[2]

77,292

Specification of items included in operating activities:

Interest paid

49,233

40,040

32,253

Interest received

$ 1,077

$ 345

$ 140

[1]	Amortized cost.
[2]	Cash and cash equivalents include $221 thousand in restricted cash in 2019 and $638 thousand in 2018, including employee withholding tax.

General information	12 Months Ended
General information	Dec. 31, 2019
General information [Abstract]
General information	Note 1 – General information DHT Holdings, Inc. (“DHT” or the “Company”) is a company incorporated under the laws of the Marshall Islands whose shares are listed on the New York Stock Exchange. The Company’s principal executive office is located at Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda. DHT Maritime, Inc. (formerly Double Hull Tankers, Inc.) was incorporated on April 14, 2005 under the laws of the Marshall Islands as a wholly owned indirect subsidiary of Overseas Shipholding Group, Inc. (“OSG”). In October 2005, DHT Maritime, Inc. completed its initial public offering. During the first half of 2007, OSG sold all of its common stock of DHT Maritime, Inc. Subsequent to a corporate restructuring in March 2010, DHT Maritime, Inc. was a wholly owned subsidiary of DHT until it was dissolved in November 2018. The Company has 35 material wholly owned subsidiaries, of which 23 are Marshall Island companies, seven are Cayman Islands companies, three are Singapore companies, one is a Monegasque company and one is a Norwegian company. Twenty of the Marshall Islands subsidiaries and the seven Cayman Islands subsidiaries are vessel-owning companies (the “Vessel Subsidiaries”). The primary activity of each of the Vessel Subsidiaries is the ownership and operation of a vessel. Our principal activity is the ownership and operation of a fleet of crude oil carriers. As of December 31, 2019 our fleet consisted of 27 very large crude carriers, or “VLCCs,” which are tankers ranging in size from 200,000 to 320,000 deadweight tons, or “dwt.” Our fleet principally operates on international routes and had a combined carrying capacity of 8,360,850 dwt. With regards to amounts in the financial statements, these are shown in USD thousands.

Significant accounting principles

12 Months Ended

Dec. 31, 2019

Significant accounting principles [Abstract]

Significant accounting principles

Note 2 – Significant accounting principles

Statement of compliance

The DHT Holdings, Inc. consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

Basis of preparation

The financial statements have been prepared on a historical cost basis, except for derivative financial instruments that have been measured at fair value. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

The principal accounting policies are set out below.

Basis of consolidation

The consolidated financial statements comprise the financial statements of the Company and entities controlled by the Company (and its subsidiaries). Unless otherwise specified, all subsequent references to the “Company” refer to DHT and its subsidiaries. Control is achieved where the Company has power over the investee, is exposed or has the rights to variable returns from its investment with an entity and has the ability to affect those returns through its power over the entity.

The results of subsidiaries acquired or disposed during the year are included in the consolidated financial statements from the effective date of acquisition or up to the effective date of disposal, as appropriate.

The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. All intercompany balances and transactions have been eliminated upon consolidation.

Acquisitions made by the Company which do not qualify as a business combination under IFRS 3, “Business Combinations,” are accounted for as asset acquisitions.

Business combinations

Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Company, liabilities incurred by the Company to the former owners of the acquiree and the equity interests issued by the Company in exchange for control of the acquiree. Acquisition-related costs are generally recognized in profit or loss as incurred.

At the acquisition date, the identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition are recognized at their fair value, except for non-current assets that are classified as held for sale and are recognized at the lower of carrying amount and fair value less cost to sell, and deferred tax assets and liabilities which are recognized at nominal value.

Goodwill arising on acquisition is recognized as an asset measured at the excess of the sum of the consideration transferred, the fair value of any previously held equity interest and the amount of any non-controlling interests in the acquiree over the net amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the Company’s interest in the net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities exceed the total consideration of the business combination, the excess is recognized in the income statement immediately.

If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Company reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period, or additional assets or liabilities are recognized, to reflect new information obtained about facts or circumstances that existed at the acquisition date that, if known, would have affected the amounts recognized at that date.

Investments in associates

An associated company is an entity over which the Company has significant influence and that is not a subsidiary or a joint arrangement. Significant influence is the power to participate in the financial and operating policy decisions of the investee but without the ability to have control over those policies. Significant influence normally exists when the Company has 20% to 50% of the voting rights unless other terms and conditions affect the Company’s influence.

The investments in associates are accounted for using the equity method. Such investments are initially recognized at cost. Cost includes the purchase price and other costs directly attributable to the acquisition such as professional fees and transaction costs.

Under the equity method the interest in the investment is based on the Company’s proportional share of the associate’s equity, including any excess value and goodwill. The Company recognizes its share of net income, including depreciation and amortization of excess values and impairment losses, in “Share of profit from associated companies”.

The financial statements of the associate are prepared for the same reporting period as the Company. When necessary, adjustments are made to bring the accounting policies in line with those of the Company.

After application of the equity method, the Company determines whether it is necessary to recognize an impairment loss.

Cash and cash equivalents

Interest-bearing deposits that are highly liquid investments and have a maturity of three months or less when purchased are included in cash and cash equivalents. Cash and cash equivalents are recorded at their nominal amount on the statement of financial position.

Vessels

Vessels are stated at historical cost, less accumulated depreciation and accumulated impairment losses. For vessels purchased, these costs include expenditures that are directly attributable to the acquisition of these vessels. Depreciation is calculated on a straight-line basis over the useful life of the vessels, taking residual values into consideration, and adjusted for impairment charges or reversal of prior impairment charges, if any.

The estimated useful lives and residual values are reviewed at least at each year end, with the effect of any changes in estimate accounted for on a prospective basis. We assume an estimated useful life of 20 years. Each vessel’s residual value is equal to the product of its lightweight tonnage and an estimated scrap rate per ton.

Capitalized drydocking costs are depreciated on a straight-line basis from the completion of a drydocking to the estimated completion of the next drydocking.

Capitalized scrubber costs are depreciated on a straight-line basis from the time of installation of the equipment to the end of the estimated useful life.

Vessels under construction - pre-delivery installments

The initial pre-delivery installments made for vessels are recorded in the statement of financial position as “Advances for vessels under construction” under Non-current assets. Vessels under construction are presented at cost less identified impairment losses, if any. Costs relating to vessels under construction include pre-delivery installments to the shipyard and other vessel costs incurred during the construction period that are directly attributable to construction of the vessels, including borrowing costs, if any, incurred during the construction period.

Advances for vessel upgrades

Advances related to scrubber retrofits and capital expenditures are recorded in the statement of financial position as “Advances for vessel upgrades” under Non-current assets. Advances for vessel upgrades will be capitalized and moved to “Vessels and time charter contracts” under Non-current assets upon completion of maintenance or completion of installation.

Docking and survey expenditure

The Company’s vessels are required to be drydocked every 30 to 60 months. The Company capitalizes drydocking costs as part of the relevant vessel and depreciates those costs on a straight-line basis from the completion of a drydocking to the estimated completion of the next drydocking. The residual value of such capital expenses is estimated at nil. Drydock costs include a variety of costs incurred during the drydock project, including expenses related to the drydock preparations, tank cleaning, gas-freeing and re-inerting, purchase of spare parts, stores and services, port expenses at the drydock location, general shipyard expenses, expenses related to hull and outfitting, external surfaces and decks, cargo- and ballast tanks, engines, cargo systems, machinery, equipment and safety equipment on board the vessel as well as classification, Condition Assessment Programme surveys and regulatory requirements. Costs related to ordinary maintenance performed during drydocking are charged to the income statement as part of vessel operating expenses for the period in which they are incurred.

Vessels held for sale

Vessels are classified separately as held for sale as part of current assets in the statement of financial position when their carrying amount will be recovered through a sale of transaction rather than continuing use. For this to be the case, the asset must be available for immediate sale in its present condition and its sale must be highly probable. For the sale to be highly probable, the appropriate level of management must be committed to a plan to sell the asset, and an active programme to locate a buyer and complete the plan must have been initiated. Further, the asset must be actively marketed for sale at a price that is reasonable in relation to its current fair value. In addition, the sale should be expected to qualify for recognition as a completed sale within one year from the date of classification. The probability of shareholders’ approval should be considered as part of the assessment of whether the sale is highly probable. Vessels classified as held for sale are measured at the lower of their carrying amount and fair value less cost to sell.

Impairment of vessels

The carrying amounts of vessels held and used are reviewed for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be fully recoverable. An asset’s recoverable amount is the higher of an asset’s or cash generating unit’s (“CGU”) fair value less cost of disposal based on third-party broker valuations and its value in use and is determined for each individual asset, unless the asset does not generate cash inflows that are largely independent of those other assets or groups of assets. The Company views each vessel as a separate CGU. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. Such impairment is recognized in the income statement. In assessing value in use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

The Company assesses at each reporting date if there is any indication that an impairment recognized in prior period may no longer exist or may have decreased. A previously recognized impairment loss is reversed only if there has been a change in the estimates used to determine the recoverable amount, however, not to an extent higher than the carrying amount that would have been determined, had no impairment loss been recognized in prior years. Such reversals are recognized in the income statement.

Property, plant and equipment other than vessels

Property, plant and equipment are stated at historical cost less accumulated depreciation and any impairment charges. Depreciations are calculated on a straight-line basis over the asset’s expected useful life and adjusted for any impairment charges. Expected useful life is five years for furniture and fixtures and three years for computer equipment and software. Expected useful lives are reviewed annually. Ordinary repairs and maintenance costs are charged to the income statement during the financial period in which they are incurred. Major assets with different expected useful lives are reported as separate components. Property, plant and equipment are reviewed for potential impairment whenever events or changes in circumstances indicate that the carrying amount of an asset exceeds its recoverable amount. The difference between an asset’s carrying amount and its recoverable amount is recognized in the income statement as impairment. Property, plant and equipment that suffered impairment are reviewed for possible reversal of the impairment at each reporting date.

Bunkers

Bunkers is stated at the lower of cost and net realizable value. Cost is determined using the FIFO method and includes expenditures incurred in acquiring the bunkers and delivery cost less discounts.

Leases

Effective from January 1, 2019, the Company adopted the new accounting standard IFRS 16 using the modified retrospective method. IFRS 16 introduced a comprehensive model for the identification of lease arrangements and accounting treatments for both lessors and lessees. The Company currently has one category of lease related to leased office space in Monaco, Singapore and Norway where the Company is a lessee.

The Company assesses whether a contract is or contains a lease at inception of the contract. The Company recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low-value assets. For these leases, the Company recognizes the lease payment as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.

The lease liability is initially measured at present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate.

Subsequently, the lease liability is measured by increasing the carrying amount to reflect interest on the lease liability (using an effective interest method) and by reducing the carrying amount to reflect the lease payments made.

The Company remeasures the lease liability (and makes a corresponding adjustment to the related right –of-use asset) whenever:

•

The lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate.

•

The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used).

•

A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification.

•

The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.

•

Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.

Revenue and expense recognition

The Company recognizes revenue from the following major sources:

•

Revenue from time charters

•

Revenue from spot charters

Revenues from time charters are accounted for as operating leases and are thus recognized on a straight-line basis over the rental periods of such charters. Revenue is recognized from delivery of the vessel to the charterer until the end of the lease term.

Effective from January 1, 2018, the Company adopted IFRS 15 Revenue from Contracts with Customers using the modified retrospective method. The Company recognized the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of accumulated deficit. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods.

Revenue is measured based on the consideration to which the Company expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. The Company recognizes revenue when it transfers control of a product or service to a customer.

For vessels operating on spot charters, voyage revenues are, under the new revenue standard, recognized ratably over the estimated length of each voyage, calculated on a load-to-discharge basis.

Voyage expenses are capitalized between the previous discharge port, or contract date if later, and the next load port if they qualify as fulfilment cost under IFRS 15. To recognize costs incurred to fulfil a contract as an asset, the following criteria shall be met: (i) the costs relate directly to the contract, (ii) the costs generate or enhance resources of the entity that will be used in satisfying performance obligations in the future and (iii) the costs are expected to be recovered.

Vessel expenses are expensed when incurred and include crew costs, vessel stores and supplies, lubricating oils, maintenance and repairs, insurance and communication costs.

Effective from January 1, 2019, the Company adopted IFRS 16 Leasing using the modified retrospective method. IFRS 16 introduced a comprehensive model for the identification of lease arrangements and accounting treatments for both lessors and lessees. For vessels on time charters, where the company is a lessor, the time charter contract contains a lease component, which is the right to use the specified ship, and a non-lease component, which is the operation and maintenance of the ship. Technical management service components are accounted for in accordance with IFRS 15 and the lease components are accounted for in accordance with IFRS 16. The service elements are recognized as revenue as the service is being delivered (over time) and the timing of this coincides with timing of revenue recognized for the leasing element as per IFRS 16.

The Company has entered into time charters where the Company has the opportunity to earn additional hire when vessel earnings exceed the basic hire amounts set forth in the charters. Additional hire, if any, is calculated and paid either monthly, quarterly or semi-annually in arrears and recognized as revenue in the period in which it was earned in accordance with IFRS 16.

Financial liabilities

Financial liabilities are classified as either financial liabilities “at fair value through profit or loss” (FVTPL) or “other financial liabilities”. The FVTPL category comprises the Company’s derivatives. Other financial liabilities of the Company are classified as “other financial liabilities”.

(a)	Other financial liabilities

Other financial liabilities, including debt, are initially measured at fair value, net of transaction costs. Other financial liabilities are subsequently measured at amortized cost using the effective interest method, with interest expense recognized on an effective yield basis.

The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that discounts estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period.

(b)	Derivatives

The Company uses interest rate swaps to convert part of the interest-bearing debt from floating to fixed rate.

Derivatives are initially recognized at fair value at the date a derivative contract is entered into and are subsequently re-measured to their fair value at each reporting date. The resulting gain and loss is recognized in profit or loss immediately.

Fair Value Measurement

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal (or most advantageous) market at the measurement date under current market conditions. Fair value is an exit price regardless of whether that price is directly observable or estimated using another valuation technique.

Financial assets – receivables

Trade receivables are measured at amortized cost using the effective interest method, less any impairment. Normally the interest element could be disregarded since the receivables are short term. The Company regularly reviews its accounts receivables and estimates the amount of uncollectible receivables each period and establishes an allowance for uncollectible amounts. The amount of the allowance is based on the age of unpaid amounts, information about the current financial strength of customers and other relevant information.

Derecognition of financial assets and financial liabilities

The Company derecognizes a financial asset only when the contractual rights to cash flows from the asset expire, or when it transfers the financial asset and substantially all risks and reward of ownership of the asset to another entity.

The Company derecognizes financial liabilities when, and only when, the Company’s obligations are discharged, cancelled or expire.

Foreign currency

The functional currency of the Company and each of the Vessel Subsidiaries is the U.S. dollar. This is because the Company’s vessels operate in international shipping markets, in which revenues and expenses are settled in U.S. dollars, and the Company’s most significant assets and liabilities in the form of vessels and related liabilities are denominated in U.S. dollars. For the purposes of presenting these consolidated financial statements, the assets and liabilities of the Company’s foreign operations are translated into U.S. dollar using exchange rates prevailing at the end of each reporting period. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuates significantly during the period, in which case the exchange rates at the date of the transactions are used. Exchange differences arising, if any, are recognized in other comprehensive income and accumulated in equity.

Classification in the Statement of Financial Position

Current assets and current liabilities include items due less than one year from the reporting date, and items related to the operating cycle, if longer, and those primarily held for trading. The current portion of long-term debt is included as current liabilities. Other assets than those described above are classified as non-current assets.

Where the Company holds a derivative as an economic hedge (even if hedge accounting is not applied) for a period beyond 12 months after the reporting date, the derivative is classified as non-current (or separated into current and non-current).

Related parties

Parties are related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are related if they are subject to common control or common significant influence. Key management personnel of the Company are also related parties. All transactions between the related parties are recorded at estimated market value.

Taxes

The Company is a foreign corporation that is not subject to United States federal income taxes. Further, the Company is not subject to income taxes or tax reporting requirements imposed by the Marshall Islands, the country in which it is incorporated.

The Monegasque management company, DHT Management S.A.M., is subject to taxation in Monaco, the Norwegian management company, DHT Management AS, is subject to taxation in Norway and the companies in Singapore, DHT Ship Management (Singapore) Pte. Ltd., DHT Chartering (Singapore) Pte. Ltd. and DHT Management Pte. Ltd., are subject to taxation in Singapore.

Income tax expense represents the sum of the taxes currently payable and deferred tax. Taxes payable are provided based on taxable profits at the current tax rate. Deferred taxes are recognized on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all temporary differences and deferred tax assets are recognized to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilized.

Stock Compensation

Employees of the Company receive remuneration in the form of restricted common stock that is subject to vesting conditions. Equity-settled share-based payment is measured at the fair value of the equity instrument at the grant date.

The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of equity instruments that will eventually vest.

Pension

For defined benefit retirement plans, the cost of providing benefits is determined using the projected unit credit method, with actuarial valuations being carried out at the end of each reporting period. Remeasurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if applicable) and the return on plan assets (excluding interest), is reflected immediately in the statement of financial position with a charge or credit recognized in other comprehensive income in the period in which it occurs. Remeasurement recognized in other comprehensive income is reflected immediately in retained earnings and will not be reclassified to profit or loss. Past service cost is recognized in profit or loss in the period of a plan amendment. Net interest is calculated by applying the discount rate at the beginning of the period to the net defined benefit liability or asset.

The retirement benefit obligation recognized in the consolidated statement of financial position represents the actual deficit or surplus in the group’s defined benefit plan. Any surplus resulting from this calculation is limited to the present value of any economic benefit available in the form of refunds from the plans or reductions in future contributions to the plans.

Segment information

The Company has only one operating segment, and consequently does not provide segment information, except for the entity-wide disclosures required.

Use of estimates

The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Areas where significant estimates have been applied are:

•

Depreciation: As described above, the Company reviews estimated useful lives and residual values each year. Estimated useful lives may change due to changed end-user requirements, costs related to maintenance and upgrades, technological development and competition as well as industry, environmental and legal requirements. In addition, residual value may vary due to changes in market prices on scrap. The estimated depreciation period applied to the scrubbers is based on expected future economic life. The scrubbers are fitted to meet requirements of the IMO Sulphur Cap that was implemented from January 1, 2020 and they are expected to have a life of three years from that date.

•

Drydock period: The drydock period impacts the depreciation rate applied to capitalized survey cost. The vessels are required by their respective classification societies to go through a drydock at regular intervals. In general, vessels below the age of 15 years are docked every five years and vessels older than 15 years are docked every 2-1/2 years.

•

Value in use: As described in note 6, in assessing “value in use,” the estimated future cash flows are discounted to their present value. In developing estimates of future cash flows, we must make significant assumptions about future charter rates, future use of vessels, ship operating expenses, drydocking expenditures, utilization rates, fixed commercial and technical management fees, residual value of vessels, the estimated remaining useful lives of the vessels, and the discount rate.

Use of judgment

In the process of applying the Company’s accounting policies, management has made the following judgments which have the most significant effect on the amounts recognized in the financial statements:

Impairment

Each of the Company’s vessels has been treated as a separate CGU as the vessels have cash inflows that are largely independent of the cash inflows from other assets and therefore can be subject to a value-in-use analysis.

Judgment has been applied in connection with the assessment of indicators of impairment or reversal of prior impairment.

Application of new and revised International Financial Reporting Standards (“IFRSs”)

(a)	New and revised IFRSs, and interpretations mandatory for the first time for the financial year beginning January 1, 2019.

Impact of initial application of IFRS 16 Leases

In the current year, the Company has applied IFRS 16 (as issued by the IASB in January 2016) that is effective for annual periods that begin on or after January 1, 2019.

IFRS 16 introduces new or amended requirements with respect to lease accounting. It introduces significant changes to lessee accounting by removing the distinction between operating and finance lease and requiring the recognition of a right-of-use asset and a lease liability at commencement for all leases, except for short-term leases and leases of low-value assets. In contrast to lessee accounting, the requirements for lessor accounting have remained largely unchanged. The impact of the adoption of IFRS 16 on the Company’s consolidated financial statements is described below.

The date of initial application of IFRS 16 for the Company is January 1, 2019.

The Company has applied IFRS 16 using the modified retrospective approach. Comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The Company recognized an initial $1.5 million lease liability and a corresponding right-of-use lease asset to comply with the new standard, and there was no transition effect on the opening balance of equity. As of July 1, 2019, the Company recognized an increase of $1.6 million in the lease liability and a corresponding right-of-use lease asset related to a new contract that falls within the definition of a lease in accordance with IFRS 16. As of December 5, 2019, the Company recognized an increase of $0.1 million in the lease liability and a corresponding right-of-use lease asset due to a modification of an existing lease.

The table below shows the initial recognition lease liability and right of use asset as of January 1, 2019:

Initial recognition lease liability and right of use asset

(Dollars in thousands)
Reconciliation of lease liability recognized to gross payments	As of January 1, 2019
Operating lease commitment at December 31, 2018 as disclosed		529
- Extension options reasonably certain to be exercised		1,162
- Practical expedient related to short-term leases		(3	)
- Practical expedient related to low-value leases		-
- Discounting using the incremental borrowing rate as of January 1, 2019		(204	)
Lease liability recognized at initial application of IFRS 16 as of January 1, 2019		1,484
The weighted average incremental borrowing rate applied:		4.03	%

After the additions and modifications during 2019, the weighted average borrowing rate for the lease liability recognized of December 31, 2019 was 3.18%.

The table below shows the amounts recognized in the consolidated statement of financial position as of December 31, 2019 after the adoption of IFRS 16, including additions in 2019:

Amounts recognized in the consolidated statement of financial position

(Dollars in thousands)	2019

Lease liability (Other non-current liabilities)		2,241
Lease liability (Other current liabilities)		605
Right-of-use asset (Other property, plant and equipment)		2,808

The table below shows the amounts recognized in the consolidated income statement and the consolidated statement of comprehensive income as of December 31, 2019 after the adoption of IFRS 16:

Consolidated income statement and consolidated statement of comprehensive income

(Dollars in thousands)	Year ended December 31, 2019

Lease payment		442
Depreciation IFRS 16 (Depreciation and amortization expense)		(405	)
IFRS 16 interest expense (other financial expense)		(72	)

The table below shows the amounts recognized in the consolidated statement of cash flow and reconciliation of changes in liabilities incurred from financing activities:

Consolidated statement of cash flow and reconciliation of changes in liabilities incurred from financing activities

(Dollars in thousands)	Year ended December 31, 2019

Principal paid on the lease liability (Repayment principal element of lease liability)		(370	)

In the current year, the Company has applied a number of amendments to IFRS Standards and Interpretations issued by the IASB that are effective for an annual period that begins on or after January 1, 2019. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements.

Amendments to IFRS 9 Prepayment Features with Negative Compensation

The Company has adopted the amendments to IFRS 9 for the first time in the current year. The amendments to IFRS 9 clarify that for the purpose of assessing whether a prepayment feature meets the ‘solely payments of principal and interest’ (“SPPI”) condition, the party exercising the option may pay or receive reasonable compensation for the prepayment irrespective of the reason for prepayment. In other words, financial assets with prepayment features with negative compensation do not automatically fail SPPI.

Amendments to IAS 28 Long-term Interests in Associates and Joint Ventures

The Company has adopted the amendments to IAS 28 for the first time in the current year. The amendment clarifies that IFRS 9, including its impairment requirements, applies to other financial instruments in an associate or joint venture to which the equity method is not applied. These include long-term interests that, in substance, form part of the entity’s net investment in an associate or joint venture.

Annual Improvements to IFRS Standards 2015–2017 Cycle

The Company has adopted the amendments included in the Annual Improvements to IFRS Standards 2015–2017 Cycle for the first time in the current year. The Annual Improvements include amendments to four Standards:

IAS 12 Income Taxes

IAS 23 Borrowing Costs

IFRS 3 Business Combinations

IFRS 11 Joint Arrangements

Amendments to IAS 19 Employee Benefits Plan Amendment, Curtailment or Settlement

The Company has adopted the amendments of IAS 19 for the first time in the current year. The amendments clarify that the past service cost (or of the gain or loss on settlement) is calculated by measuring the defined benefit liability (asset) using updated assumptions and comparing benefits offered and plan assets before and after the plan amendment (or curtailment or settlement) but ignoring the effect of the asset ceiling (that may arise when the defined benefit plan is in a surplus position). IAS 19 is now clear that the change in the effect of the asset ceiling that may result from the plan amendment (or curtailment or settlement) is determined in a second step and is recognized in the normal manner in other comprehensive income.

The paragraphs that relate to measuring the current service cost and the net interest on the net defined benefit liability (asset) have also been amended. The Company will now be required to use the updated assumptions from this remeasurement to determine current service cost and net interest for the remainder of the reporting period after the change to the plan. In the case of the net interest, the amendments make it clear that for the period post plan amendment, the net interest is calculated by multiplying the net defined benefit liability (asset) as remeasured under IAS 19:99 with the discount rate used in the remeasurement (also taking into account the effect of contributions and benefit payments on the net defined benefit liability (asset)).

IFRIC 23 Uncertainty over Income Tax Treatments

The Company has adopted IFRIC 23 for the first time in the current year. IFRIC 23 sets out how to determine the accounting tax position when there is uncertainty over income tax treatments.

(b) New and revised IFRSs that are not mandatorily effective (but allow early application) for the year ending December 31, 2019.

The Company has not applied the following new and revised IFRSs that have been issued but are not yet effective:

IFRS 17 Insurance Contracts

Amendments to IFRS 9, IAS 39 and IFRS 7

Amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associates or Joint Ventures

Amendments to IFRS 3 Definition of a business

Amendments to IAS 1 and IAS 8 Definition of material

Conceptual Framework Amendments to References to the Conceptual Framework in IFRS Standards

The Company does not expect the adoption of the Standards listed above will have a material impact on its consolidated financial statements in future periods, except as noted below:

IFRS 17 Insurance Contracts

IFRS 17 establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts and supersedes IFRS 4 Insurance Contracts.

IFRS 17 outlines a general model, which is modified for insurance contracts with direct participation features, described as the variable fee approach. The general model is simplified if certain criteria are met by measuring the liability for remaining coverage using the premium allocation approach.

The general model uses current assumptions to estimate the amount, timing and uncertainty of future cash flows and it explicitly measures the cost of that uncertainty. It takes into account market interest rates and the impact of policyholders’ options and guarantees.

The Standard is effective for annual reporting periods beginning on or after January 1, 2021, with early application permitted. It is applied retrospectively unless impracticable, in which case the modified retrospective approach or the fair value approach is applied. An exposure draft Amendments to IFRS 17 addresses concerns and implementation challenges that were identified after IFRS 17 was published. One of the main changes proposed is the deferral of the date of initial application of IFRS 17 by one year to annual periods beginning on or after January 1, 2022.

For the purpose of the transition requirements, the date of initial application is the start of the annual reporting period in which the entity first applies the Standard, and the transition date is the beginning of the period immediately preceding the date of initial application.

Amendments to IFRS 9, IAS 39 and IFRS 7

In July 2017, the Financial Conduct Authority (“FSA”), which regulates LIBOR, announced that the FCA would no longer compel banks to submit rates for the calculation of LIBOR after 2021. As a result, the Federal Reserve Board and the Federal Reserve Bank of New York organized the Alternative Reference Rate Committee (“ARRC”), which identified the Secured Overnight Financing Rate (“SOFR”) as its preferred alternative rate for USD LIBOR in derivatives and other financial contracts. The Company is not able to predict when USD LIBOR will cease to be available or when there will be sufficient liquidity in alternative markets.

The IASB has issued amendment to IFRS 9, IAS 39 and IFRS 7 that provide certain reliefs in connection with interest rate benchmarking reform. The reliefs relate to hedge accounting and have the effect that the Interbank offered rate (“IBOR”) reform should not generally cause hedge accounting to terminate. However, any hedge ineffectiveness should continue to be recorded in the income statement. The Company has not implemented hedge accounting.

The amendments should be applied for annual periods beginning on or after January 1, 2020, with early application permitted.

IFRS 10 and IAS 28 (amendments) Sale or Contribution of Assets between an Investor and its Associate or Joint Venture

The amendments to IFRS 10 and IAS 28 deal with situations where there is a sale or contribution of assets between an investor and its associate or joint venture. Specifically, the amendments state that gains or losses resulting from the loss of control of a subsidiary that does not contain a business in a transaction with an associate or a joint venture that is accounted for using the equity method, are recognized in the parent’s profit or loss only to the extent of the unrelated investors’ interests in that associate or joint venture. Similarly, gains and losses resulting from the remeasurement of investments retained in any former subsidiary (that has become an associate or a joint venture that is accounted for using the equity method) to fair value are recognized in the former parent’s profit or loss only to the extent of the unrelated investors’ interests in the new associate or joint venture.

The effective date of the amendments has yet to be set by the IASB; however, earlier application of the amendments is permitted. The directors of the Company anticipate that the application of these amendments may have an impact on the group’s consolidated financial statements in future periods should such transactions arise.

Amendments to IFRS 3 Definition of a “business”

The amendments clarify that while businesses usually have outputs, outputs are not required for an integrated set of activities and assets to qualify as a business. To be considered a business, an acquired set of activities and assets must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs.

Additional guidance is provided that helps to determine whether a substantive process has been acquired.

The amendments introduce an optional concentration test that permits a simplified assessment of whether an acquired set of activities and assets is not a business. Under the optional concentration test, the acquired set of activities and assets is not a business if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar assets.

The amendments are applied prospectively to all business combinations and asset acquisitions for which the acquisition date is on or after the first annual reporting period beginning on or after January 1, 2020, with early application permitted.

Amendments to IAS 1 and IAS 8 Definition of “material”

The amendments are intended to make the definition of “material” in IAS 1 easier to understand and are not intended to alter the underlying concept of materiality in IFRS Standards. The concept of “obscuring” material information with immaterial information has been included as part of the new definition.

The threshold for materiality influencing users has been changed from “could influence” to “could reasonably be expected to influence”.

The definition of “material” in IAS 8 has been replaced by a reference to the definition of “material” in IAS 1. In addition, the IASB amended other Standards and the Conceptual Framework that contain a definition of “material” or refer to the term “material” to ensure consistency.

The amendments are applied prospectively for annual periods beginning on or after January 1, 2020, with earlier application permitted.

Amendments to References to the Conceptual Framework in IFRS Standards

Together with the revised Conceptual Framework, which became effective upon publication on March 29, 2018, the IASB has also issued Amendments to References to the Conceptual Framework in IFRS Standards. The document contains amendments to IFRS 2, IFRS 3, IFRS 6, IFRS 14, IAS 1, IAS 8, IAS 34, IAS 37, IAS 38, IFRIC 12, IFRIC 19, IFRIC 20, IFRIC 22, and SIC-32.

Not all amendments, however, update those pronouncements with regard to references to and quotes from the framework so that they refer to the revised Conceptual Framework. Some pronouncements are only updated to indicate which version of the Framework they are referencing (the IASC Framework adopted by the IASB in 2001, the IASB Framework of 2010, or the new revised Framework of 2018) or to indicate that definitions in the Standard have not been updated with the new definitions developed in the revised Conceptual Framework.

The amendments, where there actually are updates, are effective for annual periods beginning on or after January 1, 2020, with early application permitted.

Segment information	12 Months Ended
Segment information	Dec. 31, 2019
Segment information [Abstract]
Segment information	Note 3 – Segment information Operating Segments: Since DHT’s business is limited to operating a fleet of crude oil tankers, management has organized and manages the entity as one segment based upon the service provided. The Company’s chief operating decision maker (“CODM”), being the Chief Executive Officers, reviews the Company’s operating results on a consolidated basis as one operating segment as defined in IFRS 8, Operating Segments. Entity-wide disclosures: Information about major customers: As of December 31, 2019, the Company had 27 vessels in operation of which five were on time charters and 22 were vessels operating in the spot market. For the period from January 1, 2019 to December 31, 2019, five customers represented $84,067 thousand, $79,161 thousand, $73,629 thousand, $39,477 thousand and $34,786 thousand, respectively, of the Company’s revenues. For the period from January 1, 2018 to December 31, 2018, five customers represented $76,015 thousand, $38,408 thousand, $19,269 thousand, 18,692 thousand and $18,679 thousand, respectively, of the Company’s revenues. For the period from January 1, 2017 to December 31, 2017, five customers represented $48,192 thousand, $39,488 thousand, $36,109 thousand, $32,252 thousand and $18,855 thousand, respectively, of the Company’s revenues.

Charter arrangements

12 Months Ended

Dec. 31, 2019

Charter arrangements [Abstract]

Charter arrangements

Note 4 − Charter arrangements

The below table details the Company’s shipping revenues:

(Dollars in thousands)	2019		2018		2017
Time charter revenues*	$	57,472	$	64,462	$	100,310
Voyage charter revenues**		477,595		311,480		254,742
Other shipping revenues		-		-		-
Shipping revenues	$	535,068	$	375,941	$	355,052

*2019 time charter revenue is presented in accordance with IFRS 16 Leases, while the portion of time charter revenue related to technical management services, equaling $14.8 million, is presented in accordance with IFRS 15 Revenue from Contracts with Customers.

**2019 and 2018 voyage charter revenue is presented in accordance with IFRS 15 Revenue from Contracts with Customers. The comparative information has not been restated.

The following summarizes the Company’s vessel employment as of December 31, 2019:

Vessel	Type of Employment	Expiry
VLCC
DHT Amazon	Time charter with profit sharing	Q4 2021
DHT Bauhinia	Spot
DHT Bronco	Spot
DHT China	Time charter with profit sharing	Q2 2021
DHT Colt	Spot
DHT Condor	Spot
DHT Edelweiss	Spot
DHT Europe	Spot
DHT Falcon	Spot
DHT Hawk	Spot
DHT Jaguar	Spot
DHT Lake	Spot
DHT Leopard	Spot
DHT Lion	Spot
DHT Lotus	Time charter with profit sharing	Q1 2020
DHT Mustang	Spot
DHT Opal	Spot
DHT Panther	Spot
DHT Peony	Spot
DHT Puma	Spot
DHT Raven	Spot
DHT Redwood	Spot
DHT Scandinavia	Spot
DHT Stallion	Spot
DHT Sundarbans	Time charter with profit sharing	Q4 2021
DHT Taiga	Time charter with profit sharing	Q4 2022
DHT Tiger	Spot

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
2020		47,413
2021		35,818
2022		8,325
2023		-
Thereafter		-
Net charter payments:	$	91,556

Any extension periods, unless already exercised as of December 31, 2019, are not included. Revenues from a time charter are not received when a vessel is off-hire, including time required for 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	notes 8,9

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:

		2019				2018
Capitalized voyage expense			4,151				1,633

During the twelve months of 2019, $1.6 million was amortized related to voyages in progress at the end of December 31, 2018, and $4.4 million was amortized related to the voyages in progress at the end of December 31, 2019. No impairment losses were recognized in the period. During the twelve months of 2018, $1.5 million was amortized and no impairment losses were recognized in the period.

Deferred Shipping Revenues:

Deferred shipping revenues relates to next month charter hire payment paid in advance. As of December 31, 2019, $930 thousand was recognized as deferred shipping revenues in the consolidated statement of financial position while no deferred shipping revenues were included as of December 31, 2018.

Concentration of risk:

As of December 31, 2019, five of the Company’s 27 vessels were chartered to four different counterparties and 22 vessels were operated in the spot market. As of December 31, 2018, five of the Company’s 27 vessels were chartered to four different counterparties and 22 vessels were operated in the spot market. As of December 31, 2017, six of the Company’s 26 vessels were chartered to four different counterparties and 20 vessels were operated in the spot market. The Company believes that the concentration of risk is limited and can be adequately monitored.

Earnings per share ("EPS")

12 Months Ended

Dec. 31, 2019

Earnings per share ("EPS") [Abstract]

Earnings per share ("EPS")

Note 5 – Earnings per share (“EPS”)

The computation of basic earnings per share is based on the weighted average number of common shares outstanding during the period. The computation of diluted earnings per share assumes the exercise of all dilutive stock options and restricted shares using the treasury stock method.

For the year ended December 31, 2017, the Company had an increase in earnings per share resulting from the assumption that convertible instruments are converted; thus, any effect of common stock equivalents outstanding would be antidilutive. Antidilutive potential common shares are disregarded in the calculation of diluted EPS. The following potential ordinary shares are antidilutive and therefore excluded from the weighted average number of ordinary shares for the purpose of diluted earnings per share: convertible instruments: 17,282,925 shares.

The components of the calculation of basic EPS and diluted EPS are as follows:

(Dollars in thousands)	2019		2018			2017
Profit/(loss) for the period used for calculation of EPS - basic	$	73,679	$	(46,927	)	$	6,602
Interest and amortization on the convertible notes	$	12,177	$	-		$	-
Profit/(loss) for the period used for calculation of EPS - dilutive	$	85,856	$	(46,927	)	$	6,602

Basic earnings per share:
Weighted average shares outstanding - basic		143,437,164		143,429,610			124,536,338

Diluted earnings per share:
Weighted average shares outstanding - basic		143,437,164		143,429,610			124,536,338
Dilutive equity awards		133,342		5,311			-
Dilutive shares related to convertible notes		24,589,370		-			-
Weighted average shares outstanding - dilutive		168,159,876		143,434,921			124,536,338

Vessels and subsidiaries

12 Months Ended

Dec. 31, 2019

Vessels and subsidiaries [Abstract]

Vessels and subsidiaries

Note 6 – Vessels and subsidiaries

The Vessels are owned by companies incorporated in the Marshall Islands or Cayman Islands. The Vessel Subsidiaries are wholly owned directly by the Company. The primary activity of each of the Vessel Subsidiaries is the ownership and operation of a Vessel. In addition, the Company has 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. 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 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 Puma Limited	DHT Puma	299,629	Hong Kong	2016
DHT Panther Limited	DHT Panther	299,629	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
DHT Opal Inc	DHT Opal	320,105	IOM	2012
Samco Theta Ltd	DHT Sundarbans	314,249	RIF	2012
Samco Iota Ltd	DHT Taiga	314,249	Hong Kong	2012
DHT Peony Inc	DHT Peony	320,013	Hong Kong	2011
DHT Lotus Inc	DHT Lotus	320,142	Hong Kong	2011
Samco Eta Ltd	DHT Amazon	314,249	RIF	2011
Samco Kappa Ltd	DHT Redwood	314,249	Hong Kong	2011
DHT Edelweiss Inc	DHT Edelweiss	301,021	Hong Kong	2008
Samco Epsilon Ltd	DHT China	317,794	RIF	2007
Samco Delta Ltd	DHT Europe	317,713	Marshall Islands	2007
DHT Bauhinia Inc	DHT Bauhinia	301,019	IOM	2007
DHT Hawk Inc	DHT Hawk	298,923	Hong Kong	2007
Samco Gamma Ltd	DHT Scandinavia	317,826	Hong Kong	2006
DHT Falcon Inc	DHT Falcon	298,971	Hong Kong	2006
DHT Lake Inc	DHT Lake	298,564	Hong Kong	2004
DHT Raven Inc	DHT Raven	298,563	IOM	2004
DHT Condor, Inc.	DHT Condor	320,050	Hong Kong	2004
DHT Eagle, Inc.	DHT Eagle **	309,064	Hong Kong	2002
DHT Utah, Inc	DHT Utah **	299,498	IOM	2001
DHT Utik, Inc	DHT Utik **	299,450	IOM	2001
Chris Tanker Corporation	DHT Chris ***	309,285	Hong Kong	2001
Ann Tanker Corporation	DHT Ann ****	309,327	Hong Kong	2001
DHT Phoenix, Inc.	DHT Phoenix *****	307,151	Hong Kong	1999
Cathy Tanker Corporation	DHT Cathy*	115,000	Marshall Islands	2004
Sophie Tanker Corporation	DHT Sophie*	115,000	Marshall Islands	2003

* DHT Sophie and DHT Cathy were sold to one buyer in October 2018. Both vessels were delivered to buyer during fourth quarter 2018.

** The DHT Eagle, DHT Utah and DHT Utik were sold to one buyer in November 2017. The DHT Eagle and DHT Utah were delivered to the buyer during the fourth quarter of 2017 and the DHT Utik was delivered to the buyer in January 2018.

*** The DHT Chris was sold and delivered to new owners in January 2017.

**** The DHT Ann was sold and delivered to new owners in May 2017.

***** The DHT Phoenix was sold and delivered to new owners in June 2017.

Vessels and time charter contracts

(Dollars in thousands)	Vessels			Drydock			Scrubbers			Time charter contracts			Total
Cost
As of January 1, 2019		2,007,385			44,818			12,652			6,600			2,071,456
Additions*		(42	)		(375	)		(721	)		-			(1,139	)
Transferred from vessels upgrades		6,750			2,493			30,552			-			39,795
Disposals		-			(3,116	)		-			-			(3,116	)
As of December 31, 2019		2,014,093			43,820			42,482			6,600			2,106,997

Accumulated depreciation and impairment
As of January 1, 2019		(391,894	)		(9,171	)		(388	)		(4,193	)		(405,647	)
Charge for the period		(96,102	)		(11,824	)		(6,118	)		(978	)		(115,022	)
Disposals		-			3,116			-			-			3,116
As of December 31, 2019		(487,996	)		(17,880	)		(6,507	)		(5,170	)		(517,553	)

Net book value
As of December 31, 2019		1,526,097			25,941			35,976			1,430			1,589,444

Cost
As of January 1, 2018		1,767,117			36,441			-			6,600			1,810,158
Additions		113			7,695			7,566			-			15,373
Transferred from vessels under construction		325,004			6,800			5,086			-			336,890
Transferred to asset held for sale		-			-			-			-			-
Disposals		(84,848	)		(6,117	)		-			-			(90,965	)
As of December 31, 2018		2,007,385			44,818			12,652			6,600			2,071,456

Accumulated depreciation and impairment
As of January 1, 2018		(359,066	)		(3,731	)		-			(3,215	)		(366,013	)
Charge for the period		(91,551	)		(10,342	)		(388	)		(978	)		(103,259	)
Impairment charges		(3,500	)		-			-			-			(3,500	)
Transferred to asset held for sale					-			-			-			-
Disposals		62,224			4,902			-			-			67,125
As of December 31, 2018		(391,894	)		(9,171	)		(388	)		(4,193	)		(405,647	)

Net book value
As of December 31, 2018		1,615,492			35,647			12,264			2,407			1,665,810


Vessels under construction
As of January 1, 2018		114,759			-			-			-			114,759
Additions		222,131			-			-			-			222,131
Transferred to vessels		(336,890	)		-			-			-			(336,890	)
As of December 31, 2018		-			-			-			-			-

Vessel upgrades
As of January 1, 2019		-			-			-			-			-
Additions		8,121			2,493			40,832			-			51,446
Transferred to vessels		(6,750	)		(2,493	)		(30,552	)		-			(39,795	)
As of December 31, 2019		1,371			-			10,281			-			11,652

*Additions in 2019 relates to adjustments to capitalized expenses in 2018

In March 2017, the Company acquired 11 VLCCs, including two newbuildings which were delivered in 2018.

Vessels under construction

On October 8, 2018, the Company took delivery of DHT Mustang, the last of its two VLCC newbuildings from HHI. The Company has no further vessels under construction and the cost of vessels under construction has been transferred to vessels for each of the four newbuildings delivered during 2018.

Depreciation

We have assumed an estimated useful life of 20 years for our vessels. Depreciation is calculated taking residual value into consideration. Each vessel’s residual value is equal to the product of its lightweight tonnage and an estimated scrap rate per ton. Estimated scrap rate used as a basis for depreciation is $300 per ton. Capitalized drydocking costs are depreciated on a straight-line basis from the completion of a drydocking to the estimated completion of the next drydocking. Capitalized scrubber costs are depreciated on a straight-line basis from the time of installation through the accounting year 2022, reflecting the period they are expected to be of use providing economical values.

Carrying Value and Impairment

A vessel’s recoverable amount is the higher of the vessel’s fair value less cost of disposal and its value in use. The carrying values of our vessels may not represent their fair market value at any point in time since the market prices of second-hand vessels tend to fluctuate with changes in charter rates and the cost of constructing new vessels. Historically, both charter rates and vessel values have been cyclical. The carrying amounts of vessels held and used by us are reviewed for potential impairment or reversal of prior impairment charges whenever events or changes in circumstances indicate that the carrying amount of a particular vessel may not accurately reflect the recoverable amount of a particular vessel. Each of the Company’s vessels have been viewed as a separate CGU as the vessels have cash inflows that are largely independent of the cash inflows from other assets and therefore can be subject to a value in use analysis. In instances where a vessel is considered impaired, it is written down to its recoverable amount. Each reporting period, we assess whether there is an indication that an impairment loss recognized in prior periods may no longer exist or may have decreased. In evaluating impairment or reversal of prior impairment charges under IFRS, we consider the higher of (i) fair market value less cost of disposal and (ii) the present value of the future cash flows of a vessel, or “value in use.” The fair market value of our vessels is monitored by obtaining charter-free broker valuations as of specific dates. This assessment has been made at the individual vessel level.

In developing estimates of future cash flows, we must make significant assumptions about future charter rates, future use of vessels, ship operating expenses, drydocking expenditures, utilization rate, fixed commercial and technical management fees, residual value of vessels, the estimated remaining useful lives of the vessels and the discount rate. These assumptions, and in particular for estimating future charter rates, are based on historical trends and current market conditions, as well as future expectations. Estimated outflows for ship operating expenses and drydocking expenditures are based on a combination of historical and budgeted costs and are adjusted for assumed inflation. Utilization, including estimated off-hire time, is based on historical experience.

The more significant factors that could impact management’s assumptions regarding time charter equivalent rates include (i) unanticipated changes in demand for transportation of crude oil cargoes, (ii) changes in production or supply of or demand for oil, generally or in specific geographical regions, (iii) the levels of tanker newbuilding orders or the levels of tanker scrappings, (iv) changes in rules and regulations applicable to the tanker industry, including legislation adopted by international organizations such as the IMO or by individual countries and vessels’ flag states, (v) changes in our vessels’ relative exposure to the spot and time charter markets and (vi) the prevalence of profit sharing arrangements in our time charter contracts.

When calculating the charter rate to use for a particular vessel class in its impairment testing, we rely on the contractual rates currently in effect for the remaining term of existing charters and estimated daily time charter equivalent rates for each vessel class for the unfixed days over the estimated remaining useful lives of each of the vessels as described below.

Although management believes that the assumptions used to evaluate potential impairment or reversal of prior impairment charges are reasonable and appropriate at the time they are made, such assumptions are highly subjective and could change, possibly materially, in the future. Reasonable changes in the assumptions for the discount rate or future charter rates could lead to a value in use for some of our vessels that is higher than, equal to or less than the carrying amount for such vessels.

In 2019, we did not perform an impairment test because we concluded that there were no indicators of impairment or reversal of prior impairment. The key factors evaluated included the development in estimated values for our tankers, market conditions, our estimated WACC and the carrying amount of our net assets compared to our market capitalization as of December 31, 2019.

In the third quarter of 2018, we recorded an impairment charge of $3.5 million related to the agreed upon sale of DHT Cathy and DHT Sophie. The impairment charge reflected the difference between the carrying value of the vessels and the estimated net sales price. The sale was agreed to in October 2018 and the vessels were delivered to the buyer in December 2018.

In the fourth quarter of 2017, we adjusted the carrying value of our fleet through a non-cash impairment charge totaling $7.9 million and a reversal of prior impairment totaling $7.4 million. The impairment test was performed on each individual vessel using an estimated weighted average cost of capital, or “WACC,” of 8.57%. As DHT operates in a non-taxable environment, the WACC is the same on a before- and after-tax basis. The rates used for the impairment testing were as follows: (a) the current Forward Freight Agreements (“FFA”) for the first two years, estimated by Marex Spectron, and (b) the 25-year historical average spot rates as reported by Clarksons Shipping Intelligence thereafter. The company’s decision to use FFA rates for the first two years was based on the company’s increased exposure to the spot market and the limited market availability of FFA rates beyond the first two years. The company’s determination to use historical average spot rates rather than time charter rates was based on the company’s increased exposure to the spot market, as well as the increased prevalence of profit sharing arrangements in time charter contracts, the upside of which are not reflected in historical time charter rates, rendering historical time charter rates less useful for predicting future time charter earnings. The company’s determination to use the 25-year historical average for spot rates was based on the company’s belief that such time period provides a rate that is most representative of longer term performance as it mitigates the impact of the highly cyclical nature of the tanker industry. The time charter equivalent FFA rates used for the impairment test as of December 31, 2017 for the VLCCs was $15,154 per day for the first year and $21,349 per day for the second year. Thereafter, the time charter equivalent rate used for the VLCCs was $40,347. The time charter equivalent FFA rates used for the impairment test as of December 31, 2017 for the Aframaxes was $1,368 per day for the first year and $6,363 per day for the second year. Thereafter, the time charter equivalent rates used for the Aframaxes was $24,705 per day. The above rates were reduced by 20% for vessels above the age of 15 years based on lower earnings for the company’s older vessels due to (a) charterers demanding lower rates for older vessels, (b) longer waiting time for cargo for older vessels as charterers prefer the younger vessels and (c) older vessels being less fuel-efficient. Also, reflecting the lower fuel consumption for modern vessels, $4,000 per day has been added through 2025 for VLCCs built in 2015 and later and $1,400 per day has been added through 2021 for VLCCs built between 2011 and 2014. For vessels on charter we assumed the contractual rate for the remaining term of the charter. If the estimated WACC had been 1% higher, the impairment charge would have been $55.8 million. If the estimated future net cash flows after the expiry of fixed charter periods had been 10% lower, the impairment charge would have been $104.5 million. Had we used the one-, five- and ten-year historical average for the average spot rate from year three for the expected life of the vessels, the impairment charge would have been $166.4 million, $124.8 million and $85.5 million, respectively. Also, had we used the three-year historical average for the average spot rate from year three for the expected life of the vessels, the reversal of prior impairment charge would have been $17.1 million.

In the first quarter of 2017, we recorded an impairment charge of $7.5 million related to the sale of DHT Ann and DHT Phoenix which were agreed to be sold. The impairment charge reflected the difference between the carrying value of the vessel and the estimated net sales price. The vessels were delivered to the buyers in May 2017 and June 2017, respectively.

Intangible assets

Time charter contracts:

		Carrying amount		Carrying amount
(Dollars in thousands)	Expected useful life	2019		2018
DHT China charter	Finite		1,430		2,407
Total			1,430		2,407

Intangible assets with a finite expected useful life are as a general rule amortized on a straight-line basis over the expected useful life. The remaining amortization period of the intangible asset is 1.5 years. The time charter contract is presented on the same line as vessels in the statement of financial position.

Pledged assets

All of the Company’s vessels have been pledged as collateral under the Company’s secured credit facilities.

Technical Management Agreements

The Company has entered into agreements with technical managers which are responsible for the technical operation and upkeep of the vessels, including crewing, maintenance, repairs and drydockings, maintaining required vetting approvals and relevant inspections, and to ensure DHT’s fleet complies with the requirements of classification societies as well as relevant governments, flag states, environmental and other regulations. Under the ship management agreements, each vessel subsidiary pays the actual cost associated with the technical management and an annual management fee for the relevant vessel.

Accounts payable and accrued expenses

12 Months Ended

Dec. 31, 2019

Accounts payable and accrued expenses [Abstract]

Financial risk management, objectives and policies [Abstract]

Note 7 – Accounts payable and accrued expenses

Accounts payable and accrued expenses consist of the following:

(Dollars in thousands)	2019		2018
Accounts payable	$	7,913	$	10,885
Accrued interest		3,462		5,460
Accrued voyage expenses		8,865		3,237
Accrued employee compensation		2,976		3,043
Other*		782		6,009
Total accounts payable and accrued expenses	$	23,998	$	28,634

*Other includes accrued operating expenses in 2019 and accrued operating expenses and accrued capital expenditures in 2018.

Financial instruments

12 Months Ended

Dec. 31, 2019

Financial instruments [Abstract]

Financial instruments

Note 8 – Financial instruments

Categories of financial instruments

(Dollars in thousands)	Carrying amount
Financial assets	2019		2018
Cash and cash equivalents ⁽¹⁾⁽³⁾		67,356		94,944
Accounts receivable and accrued revenues ⁽¹⁾		107,848		60,196
Total	$	175,204	$	155,140

Financial liabilities
Accounts payables and accrued expenses ⁽¹⁾	$	23,998	$	28,634
Derivative financial liabilities, current ⁽²⁾		4,320		1,250
Current portion long-term debt ⁽¹⁾		100,385		93,815
Long-term debt ⁽¹⁾		750,586		873,460
Derivative financial liabilities, non-current ⁽²⁾		11,279		4,486
Total financial liabilities	$	890,569	$	1,001,645

(1)	Amortized cost.

(2)	Fair value through profit or loss.

(3)	Cash and cash equivalents include $221 thousand in restricted cash in 2019 and $638 thousand in 2018, including employee withholding tax.

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.

Measurement of fair value

It is only derivatives that are classified within a fair value measurement category and recognized at fair value in the statement of financial position. Fair value measurement is based on Level 2 in the fair value hierarchy as defined in IFRS 13 Fair Value Measurement. Such measurement is based on techniques for which all inputs that have a significant effect on the recorded fair value are observable. Future cash flows are estimated based on forward interest rates (from observable yield curves at the end of the reporting period) and contract interest rates, discounted at a rate that reflects the credit risk of various counterparties.

Derivatives - interest rate swaps

		Notional amount				Fair value
(Dollars in thousands)	Expires	2019		2018		2019		2018
Swap pays 2.987%, receive floating	Apr. 20, 2023	$	44,400		46,800		1,748		699
Swap pays 3.012%, receive floating	Apr. 20, 2023	$	44,400		46,800		1,780		743
Swap pays 3.019%, receive floating	Sept. 29, 2023	$	33,310		35,877		1,425		580
Swap pays 3.019%, receive floating	Sept. 29, 2023	$	32,396		34,963		1,380		563
Swap pays 2.8665%, receive floating	Sept. 29, 2023	$	48,830		51,400		1,976		606
Swap pays 2.8785%, receive floating	Jun. 30, 2023	$	43,240		45,807		1,681		503
Swap pays 2.885%, receive floating	Sept. 29, 2023	$	48,188		50,115		1,961		653
Swap pays 2.897%, receive floating	Sept. 30, 2023	$	43,419		45,986		1,789		597
Swap pays 3.020%, receive floating	Sept. 29, 2023	$	41,734		44,301		1,859		793
Total carrying amount		$	379,916		402,049		15,600		5,736

Interest-bearing debt

				Remaining		Carrying amount
(Dollars in thousands)	Interest			notional		2019		2018
Credit Agricole Credit Facility	LIBOR + 2.19 %				56,120		55,719		62,166
Danish Ship Finance Credit Facility	LIBOR + 2.25 %				39,000		38,929		41,437
Nordea BW VLCC Acquisition Credit Facility	LIBOR + 2.40 %				209,628		207,175		254,870
ABN Amro Credit Facility	LIBOR + 2.40 %				436,261		432,581		464,826
ABN Amro Revolving Credit Facility	LIBOR + 2.50 %
Convertible Senior Notes due 2019		4.50	%		-		-		32,009
Convertible Senior Notes due 2021		4.50	%		125,000		116,568		111,968
Total carrying amount					866,009		850,972		967,275

Interest on all our credit facilities is payable quarterly in arrears except the Danish Ship Finance Credit Facility and the Convertible Notes which have interest payable semi-annually in arrears. The credit facilities are principally secured by the first-priority mortgages on the vessels financed by the credit facility, assignments of earnings, pledge of shares in the borrower, insurance and the borrowers’ rights under charters for the vessels, if any, as well as a pledge 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

	As of January 1, 2019 ⁽¹⁾		Financing cash flows ⁽²⁾			Fair value changes ⁽³⁾		Amortization		Equity component of convertible notes			Other changes ⁽⁴⁾		As of December 31, 2019
Bank loans		823,299		(91,440	)				2,545							734,404
Convertible Senior Notes due 2019		32,009		(6,426	)				851		(26,434	)				-
Convertible Senior Notes due 2021		111,968		(7	)				4,607							116,568
Office leases		1,484		(370	)									1,732		2,846
Total ⁽⁵⁾		968,759		(98,243	)		-		8,003		(26,434	)		1,732		853,817

								Non-cash changes

	As of January 1, 2018		Financing cash flows ⁽²⁾		Fair value changes ⁽³⁾			Amortization		Equity component of convertible notes			Other changes ⁽⁴⁾			As of December 31, 2018
Bank loans		687,942		129,400					6,826					(869	)		823,299
Convertible Senior Notes due 2019		98,262				(74,644	)		3,188		1,613			3,589			32,009
Convertible Senior Notes due 2021				38,945		74,644			1,545		(3,165	)					111,968
Total ⁽⁵⁾		786,204		168,345		-			11,559		(1,553	)		2,720			967,275

(1)	The opening balance as of January 1, 2019, includes the initial recognition of a lease liability of $1.5 million resulting from the adoption of IFRS 16 Leases.

(2)

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. In 2018 the cash flows from the transaction related to the exchange of convertible senior notes due 2019 of $38.9 million consisted of $41.6 million cash received upon issue, less transaction costs of $2.7 million.

(3)	Fair value changes reflects the loss arising from the exchange of the convertible senior notes due 2019 to convertible senior notes due 2021 below market fair value.

(4)	Other changes for the year 2019 represents new, modified office leases and foreign exchange effects during the year related to IFRS 16 Leases. Other changes for the year 2018 represents the (gain)/loss on extinguishment of debt, including previously capitalized fees.

(5)	The reconciliation does not include interest rate swaps, which are described in note 8.

Financial risk management, objectives and policies

12 Months Ended

Dec. 31, 2019

Financial risk management, objectives and policies

Note 9 – Financial risk management, objectives and policies

Financial risk management

The Company’s principal financial liabilities consist of long-term debt, and, when applicable, current portion of long-term debt and derivatives. The main purpose of these financial liabilities is to finance the Company’s operations. The Company’s financial assets mainly comprise cash.

The Company is exposed to market risk, credit risk and liquidity risk. The Company’s senior management oversees the management of these risks.

Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices comprise four types of risk: interest rate risk, currency risk, commodity price risk and other price risk. Financial instruments affected by market risk are debt, deposits and derivative financial instruments.

a) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company’s exposure to the risk of changes in interest rates relates primarily to the Company’s long-term debt with floating interest rates. To manage this risk, the Company has at times entered into interest rate swaps in which the Company agrees to exchange, at specified intervals, the difference between fixed and variable rate interest amounts calculated by reference to an agreed-upon notional principal amount. As of December 31, 2019, the Company had nine interest rate swaps with a total aggregate notional amount of $379,916 thousand as discussed in Note 8.

Interest rate risk sensitivity

The sensitivity analyses below have been determined based on the exposure to interest rates for both derivatives and floating rate long-term debt. For floating rate long-term debt, the analysis is prepared assuming the amount of liability outstanding at the reporting date was outstanding for the whole year.

2019: If interest rates had been 50 basis points higher/lower and all other variables were held constant, the Company’s:

•	profit for the year ended December 31, 2019 would decrease/increase by $1,805 thousand; and

•	other comprehensive income would not be affected.

2018: If interest rates had been 50 basis points higher/lower and all other variables were held constant, the Company’s:

•	loss for the year ended December 31, 2018 would decrease/increase by $2,152 thousand; and

•	other comprehensive income would not be affected.

2017: If interest rates had been 50 basis points higher/lower and all other variables were held constant, the Company’s:

•	profit for the year ended December 31, 2017 would decrease/increase by $3,099 thousand; and

•	other comprehensive income would not be affected.

b) Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company has only immaterial currency risk since all revenue and major expenses, including all vessel expenses and financial expenses, are in US dollars. Consequently, no sensitivity analysis is prepared.

Credit risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations, resulting in financial loss to the Company. The Company is exposed to credit risk from its operating activities (primarily for trade receivables) and from its financing activities, including deposits with banks and financial institutions.

Credit risks related to receivables

During 2019, the Company’s vessels were either trading in the spot market or on short to medium term time charters to different counterparties. As of December 31, 2019, five of the Company’s 27 vessels are chartered to four different counterparties and 22 vessels are operated in the spot market.

During 2018, the Company’s vessels were either trading in the spot market or on short to medium term time charters to different counterparties. As of December 31, 2018, five of the Company’s 27 vessels are chartered to four different counterparties and 22 vessels are operated in the spot market.

During 2017, the Company’s vessels were either trading in the spot market or on short to medium term time charters to different counterparties. As of December 31, 2017, six of the Company’s 26 vessels are chartered to four different counterparties and 20 vessels are operated in the spot market.

See Note 5 for further details on employment of the Company’s vessels. Time charter hire is paid to DHT monthly in advance.

Credit risk related to cash and cash equivalents and accounts receivables

The Company seeks to diversify credit risks on cash by holding the majority of the cash in five financial institutions, namely, DNB, Nordea, Credit Agricole, OCBC and ABN AMRO.

As of December 31, 2019, five customers represented $7,491 thousand, $6,840 thousand, $5,983 thousand, $5,403 thousand and $4,604 thousand, respectively, of the Company’s accounts receivables.

The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting dates was:

(Dollars in thousands)	2019		2018
Cash and cash equivalents	$	67,356	$	94,944
Accounts receivable and accrued revenues		107,848		60,196
Maximum credit exposure	$	175,204	$	155,140

Liquidity risk

The Company manages its risk of a shortage of funds by continuously monitoring maturity of financial assets and liabilities, and projected cash flows from operations such as charter hire, voyage revenues and vessel operating expenses. Certain of our credit agreements contain financial covenants requiring that at all times the borrowings under the credit facilities plus the actual or notional cost of terminating any of their interest rates swaps not exceed a certain percentage of the charter-free market value of the vessels that secure each of the credit facilities. Vessel values are volatile and a decline in vessel values could result in prepayments under the Company’s credit facilities.

The following are contractual maturities of financial liabilities, including estimated interest payments on an undiscounted basis. Swap payments are the net effect from paying fixed rate/ receive LIBOR. The LIBOR interest spot rate at December 31, 2019 (and spot rate at December 31, 2018 for comparatives) is used as a basis for preparation.

As of December 31, 2019
(Dollars in thousands)	1 year		2 to 5 years		More than 5 years		Total
Interest bearing loans	$	140,707	$	855,593	$	-	$	996,301
Interest rate swaps		3,523		8,105		-		11,629
Total	$	144,230	$	863,699	$	-	$	1,007,929

As of December 31, 2018
(Dollars in thousands)	1 year		2 to 5 years		More than 5 years		Total
Interest bearing loans	$	146,574	$	723,031	$	307,692	$	1,177,298
Interest rate swaps		593		1,832		-		2,424
Total	$	147,167	$	724,863	$	307,692	$	1,179,722

Capital management

A key objective in relation to capital management is to ensure that the Company maintains a strong capital structure in order to support its business. The Company evaluates its capital structure in light of current and projected cash flow, the relative strength of the shipping markets, new business opportunities and the Company’s financial commitments. In order to maintain or adjust the capital structure, the Company may adjust or eliminate the amount of dividends paid to shareholders, issue new shares or sell assets to reduce debt.

The Company is within its financial covenants stipulated in its credit agreements.

The Credit Agricole Credit Facility

On June 22, 2015, we entered into the Credit Agricole Credit Facility with Credit Agricole to refinance the outstanding amount under a credit agreement with Credit Agricole that financed the DHT Scandinavia (“Tranche A”) as well as a financing commitment of up to $50 million to fund the acquisition of one VLCC from HHI (“Tranche B”). The Credit Agricole Credit Facility is between and among Credit Agricole, as lender, the Credit Agricole Borrowers, and DHT Holdings, Inc., as guarantor. Samco Gamma Ltd. was permitted to borrow the full amount of Tranche A. In 2016, in advance of the delivery of the DHT Tiger from HHI on January 16, 2017, we borrowed $48.7 million under Tranche B. Borrowings bear interest at a rate equal to LIBOR + 2.1875%. Tranche A is repayable in 34 consecutive quarterly installments of $1.1 million from September 2015 to December 2023. Subsequent to a voluntary prepayment of $5.0 million in June 2016, Tranche A is repayable with quarterly installments of $1.0 million each. Tranche B is repayable in 28 quarterly installments of $0.7 million from March 2017 to December 2023 and a final payment of $29.7 million in December 2023. The Credit Agricole Credit Facility contains a covenant requiring that at all times the charter-free market value of the vessels that secure the Credit Agricole Credit Facility be no less than 135% of borrowings. Also, DHT covenants that, throughout the term of the Credit Agricole Credit Facility, DHT, on a consolidated basis, shall maintain a value adjusted tangible net worth of $200 million, the value adjusted tangible net worth shall be at least 25% of the value adjusted total assets, unencumbered consolidated cash shall be at least the higher of (i) $20 million and (ii) 6% of our gross interest-bearing debt and DHT, on a consolidated basis shall have working capital greater than zero. “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 an approved broker). The Credit Agricole Credit Facility is secured by, among other things, a first-priority mortgage on the DHT Scandinavia and the DHT Tiger, a first-priority assignment of earnings, insurances and intercompany claims, a first-priority pledge of the balances of the Borrowers’ bank accounts and a first-priority pledge over the shares in the Borrowers. The Credit Agricole Credit Facility contains covenants that prohibit the Borrowers from, among other things, incurring additional indebtedness without the prior consent of the lender, permitting liens on assets, merging or consolidating with other entities or transferring all or any substantial part of their assets to another person.

The Nordea Samco Credit Facility

In December 2014, we entered into a credit facility in the amount of $302,000 thousand with Nordea, DNB and DVB as lenders, and DHT Holdings, Inc. as guarantor for the re-financing of the DHT Europe, DHT China, DHT Amazon, DHT Redwood, DHT Sundarbans and DHT Taiga as well as the financing of the DHT Condor (the “Nordea Samco Credit Facility”). Borrowings would bear interest at a rate equal to LIBOR + 2.50% and was repayable in 20 quarterly installments of $5.1 million from March 2015 to December 2019 and a final payment of $199.8 million in December 2019. The Nordea Samco Credit Facility was secured by, among other things, a first-priority mortgage on the vessels financed by the Nordea Samco Credit Facility, a first-priority assignment of earnings, insurances and intercompany claims, a first-priority pledge of the balances of each of the borrower’s bank accounts and a first-priority pledge over the shares in each of the borrowers. The Nordea Samco Credit Facility contained covenants that prohibited the borrowers from, among other things, incurring additional indebtedness without the prior consent of the lenders, permitting liens on assets, merging or consolidating with other entities or transferring all or any substantial part of their assets to another person.

The Nordea Samco Credit Facility contained a covenant requiring that at all times the charter-free market value of the vessels that secured the Nordea Samco Credit Facility be no less than 135% of borrowings. Also, on a consolidated basis, the Company should maintain a value adjusted tangible net worth of $200,000 thousand, the value adjusted tangible net worth should be at least 25% of the value adjusted total assets and unencumbered consolidated cash should be at least the higher of (i) $20,000 thousand and (ii) 6% of our gross interest-bearing debt. “Value adjusted” was 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 one approved broker).

In July 2016, the credit facility was amended whereby the DHT Amazon and the DHT Europe were replaced by the DHT Hawk, DHT Falcon and DHT Eagle and the quarterly installments changed to $5.8 million with a final payment of $190.4 million in December 2019.

Subsequent to the repayment of $16.4 million in connection with the sale of the DHT Eagle in December 2017, the quarterly installments were $5.0 million with a final payment of $180.1 million in December 2019.

In April 2018, we entered into a $484 million secured credit facility agreement for the refinancing of 13 of the Company’s VLCCs. A non-cash finance expense in total of $4.3 million, related to upfront fees, was expensed in second quarter 2018 in connection with the refinancing. The Nordea Samco Credit Facility was refinanced and the new credit facility is described below.

The ABN AMRO Credit Facility

In July 2014, we executed a credit facility to fund the acquisition of three VLCCs to be constructed at HHI through a secured term loan facility between and among ABN AMRO, DVB and Nordea as lenders, three vessel-owning companies as borrowers, and DHT Holdings, Inc. as guarantor. The borrowers were permitted to borrow up to $141.0 million across three tranches under the ABN AMRO Credit Facility. The ABN AMRO Credit Facility would be for a five-year term from the date of the first drawdown, but in any event the final maturity date would be no later than December 31, 2021, subject to earlier repayment in certain circumstances. Borrowings would bear interest at a rate equal to LIBOR + 2.60% and each tranche was repayable in 20 quarterly installments totaling approximately $2.0 million and a final payment of $31.3 million in the first quarter of 2021 and $60.2 million in the third quarter of 2021 (assuming no additional repayments discussed below). In addition, each of the three borrowers should for the first three years make additional repayments of a variable amount equal to free cash flow in the prior quarter capped at $0.3 million per quarter to be applied against the balloon. Free cash flow was defined as an amount calculated as of the last day of each quarter equal to the positive difference, if any, between (a) the sum of the earnings of the vessels during the quarter and (b) the sum of ship operating expenses, voyage expenses, estimated capital expenses for the following two quarters, general & administrative expenses, interest expenses and change in working capital.

The ABN AMRO Credit Facility was secured by, among other things, a first-priority mortgage on the vessels financed by the ABN AMRO Credit Facility, a first-priority assignment of earnings, insurances and intercompany claims, a first-priority pledge of the balances of each of the borrower’s bank accounts and a first-priority pledge over the shares in each of the borrowers. The ABN AMRO Credit Facility contained covenants that prohibited the borrowers from, among other things, incurring additional indebtedness without the prior consent of the lenders, permitting liens on assets, merging or consolidating with other entities or transferring all or any substantial part of their assets to another person.

The ABN AMRO Credit Facility contained a covenant requiring that at all times the charter-free market value of the vessels that secured the ABN AMRO Credit Facility be no less than 135% of borrowings. Also, on a consolidated basis, the Company should maintain value adjusted tangible net worth of $300 million, value adjusted tangible net worth should be at least 25% of value adjusted total assets and unencumbered consolidated cash should be at least the higher of (i) $30 million and (ii) 6% of our gross interest-bearing debt. “Value adjusted” was 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 an approved broker).

In April 2018, we entered into a $484 million secured credit facility agreement for the refinancing of 13 of the Company’s VLCCs. A non-cash finance expense in total of $4.3 million, related to upfront fees was expensed in second quarter 2018 in connection with the refinancing. The ABN AMRO Credit Facility was refinanced and the new credit facility is described below.

The Danish Ship Finance Credit Facility

In November 2014, we entered into a credit facility to fund the acquisition of one of the VLCCs to be constructed at HHI through a secured term loan facility between and among Danish Ship Finance A/S, as lender, a special purpose vessel-owning subsidiary, as borrower, and DHT Holdings, Inc., as guarantor (the “Danish Ship Finance Credit Facility”). The full amount of the Danish Ship Finance Credit Facility was borrowed in November 2015. The borrower is permitted to borrow up to $49.4 million under the Danish Ship Finance Credit Facility. The Danish Ship Finance Credit Facility is for a five-year term from the date of the first drawdown in November 2015, subject to earlier repayment in certain circumstances. Borrowings bear interest at a rate equal to LIBOR + 2.25% and are repayable in 10 semiannual installments of $1.3 million each commencing six months after drawdown and a final payment of $36.4 million at final maturity.

The Danish Ship Finance Credit Facility is secured by, among other things, a first-priority mortgage on the vessel financed by the Danish Ship Finance Credit Facility, a first-priority assignment of earnings, insurances and intercompany claims, a first-priority pledge of the balances of the borrower’s bank accounts and a first-priority pledge over the shares in the borrower. The Danish Ship Finance Credit Facility contains covenants that prohibit the borrower from, among other things, incurring additional indebtedness without the prior consent of the lender, permitting liens on assets, merging or consolidating with other entities or transferring all or any substantial part of its assets to another person.

The Danish Ship Finance Credit Facility contains a covenant requiring that at all times the charter-free market value of the vessel that secures the Danish Ship Finance Credit Facility be no less than 130% of borrowings. Also, we covenant that, throughout the term of the Danish Ship Finance Credit Facility, DHT, on a consolidated basis, shall maintain a value adjusted tangible net worth of $300 million, the value adjusted tangible net worth shall be at least 25% of value adjusted total assets and unencumbered consolidated cash shall be at least the higher of (i) $30 million and (ii) 6% of our gross interest-bearing debt. “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 an approved broker).

The Nordea/DNB Credit Facility

In October 2015, we entered into the Nordea/DNB Credit Facility (the “Nordea/DNB Credit Facility”), which allowed borrowings up to $50.0 million to fund the acquisition of one of the VLCCs to be constructed at HHI. The Nordea/DNB Credit Facility was between and among Nordea Bank Norge ASA and DNB Bank ASA, as lenders, a vessel-owning company, as borrower, and DHT Holdings, Inc., as guarantor. The full amount of the Nordea/DNB Credit Facility was borrowed in December 2015. The Nordea/DNB Credit Facility had a five-year term from the date of the first drawdown, subject to earlier repayment in certain circumstances. Borrowings would bear interest at a rate equal to LIBOR + 2.25% and was repayable in 10 semiannual installments of $0.6 million, each commencing three months after drawdown and a final payment of $37.5 million at final maturity.

The Nordea/DNB Credit Facility was secured by, among other things, a first-priority mortgage on the vessel financed by the Nordea/DNB Credit Facility, a first-priority assignment of earnings, insurances and intercompany claims, a first-priority pledge of the balances of the borrower’s bank accounts and a first-priority pledge over the shares in the borrower. The Nordea/DNB Credit Facility contained covenants that prohibited the borrower from, among other things, incurring additional indebtedness without the prior consent of the lenders, permitting liens on assets, merging or consolidating with other entities or transferring all or any substantial part of its assets to another person.

The Nordea/DNB Credit Facility contained a covenant requiring that at all times the charter-free market value of the vessel that secures the Nordea/DNB Credit Facility be no less than 135% of borrowings. Also, on a consolidated basis, the Company should maintain a value adjusted tangible net worth of $300 million, the value adjusted tangible net worth should be at least 25% of value adjusted total assets, unencumbered consolidated cash should be at least the higher of (i) $30 million and (ii) 6% of our gross interest-bearing debt and the borrower and DHT, on a consolidated basis, should have working capital greater than zero. “Value adjusted” was 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 an approved broker).

In September 2016, the remaining four vessels financed under the RBS Credit Facility (DHT Ann, DHT Chris, DHT Cathy and DHT Sophie) were included in the Nordea/DNB Credit Facility as a separate tranche totaling $40.0 million. Borrowings under the $40.0 million tranche bear interest at a rate equal to LIBOR + 2.75% and was repayable in 11 quarterly installments of $2.1 million from December 2016 to June 2019 and a final payment of $17.3 million in August 2019. Subsequent to the sale of DHT Chris and DHT Ann in 2017, the separate tranche was repayable in quarterly installments of $0.4 million with a final payment of $6.9 million in August 2019.

The Nordea/DNB Credit Facility was repaid in full in connection with the sale of DHT Cathy and DHT Sophie in December 2018.

The ABN AMRO Revolving Credit Facility

In November 2016, the Company entered into a secured five-year revolving credit facility with ABN AMRO totaling $50.0 million to be used for general corporate purposes including security repurchases and acquisitions of ships (the “ABN AMRO Revolving Credit Facility”) between and among ABN AMRO Bank N.V. Oslo Branch (“ABN AMRO”) or any of its affiliates, as lender, Samco Delta Ltd. and Samco Eta Ltd. as borrowers (each, a special purpose vessel-owning, wholly owned subsidiary of us), and DHT Holdings, Inc., as guarantor. The financing bears interest at a rate equal to LIBOR + 2.50%. In April 2018, we entered into an agreement with ABN AMRO to increase the revolving credit facility to $57.3 million with a quarterly reduction of $1.8 million starting July 31, 2018. In June 2019, the Company entered into an agreement with ABN AMRO to amend the repayment terms under the ABN AMRO Revolving Credit Facility by reducing the quarterly repayment installments thereunder from $1.8 million to $1.3 million. Other terms and conditions remain the same. The credit facility is secured by, among other things, a first-priority mortgage on the vessels financed by the credit facility, a first-priority assignment of earnings, insurances and intercompany claims, a first-priority pledge of the balances of each of the borrowers’ bank accounts and a first-priority pledge over the shares in each of the borrowers. As of December 31, 2019, there were no amounts outstanding under the ABN AMRO Revolving Credit Facility. The credit facility contains a covenant requiring that at all times the charter-free market value of the vessels that secure the credit facility be no less than 135% of borrowings. Also, DHT covenants that, throughout the term of the credit facility, DHT, on a consolidated basis, shall maintain a value adjusted tangible net worth of $300 million, the value adjusted tangible net worth shall be at least 25% of value adjusted total assets, unencumbered consolidated cash shall be at least the higher of (i) $30 million and (ii) 6% of our gross interest-bearing debt and the borrower and DHT, on a consolidated basis, shall have working capital greater than zero. “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 an approved broker).

The Nordea/DNB Newbuilding Credit Facility

In June 2017, we entered into the Nordea/DNB Newbuilding Credit Facility (the “Nordea/DNB Newbuilding Credit Facility”), which allowed borrowings up to $82.5 million to fund the acquisition of two VLCCs to be constructed at HHI. The Nordea/DNB Newbuilding Credit Facility was between and among Nordea Bank Norge ASA and DNB Bank ASA, as lenders, two vessel-owning companies, as borrowers, and DHT Holdings, Inc., as guarantor. The Nordea/DNB Newbuilding Credit Facility had a five-year term from the date of the first drawdown, subject to earlier repayment in certain circumstances. Borrowings bear interest at a rate equal to LIBOR + 2.50% and was repayable in 20 quarterly installments of $1.0 million each commencing three months after drawdown and a final payment of $61.9 million at final maturity.

The Nordea/DNB Newbuilding Credit Facility was secured by, among other things, a first-priority mortgage on the vessels financed by the Nordea/DNB Newbuilding Credit Facility, a first-priority assignment of earnings, insurances and intercompany claims, a first-priority pledge of the balances of the borrower’s bank accounts and a first-priority pledge over the shares in the borrower. The Nordea/DNB Newbuilding Credit Facility contained covenants that prohibited the borrower from, among other things, incurring additional indebtedness without the prior consent of the lenders, permitting liens on assets, merging or consolidating with other entities or transferring all or any substantial part of its assets to another person. The Nordea/DNB Newbuilding Credit Facility contained a covenant requiring that at all times the charter-free market value of the vessels that secure the Nordea/DNB Newbuilding Credit Facility be no less than 135% of borrowings. Also, on a consolidated basis, the Company should maintain a value adjusted tangible net worth of $300 million, the value adjusted tangible net worth should be at least 25% of value adjusted total assets, unencumbered consolidated cash should be at least the higher of (i) $30 million and (ii) 6% of our gross interest-bearing debt and the borrower and DHT, on a consolidated basis, should have working capital greater than zero. “Value adjusted” was 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 an approved broker).

In April 2018, we entered into a $484 million secured credit facility agreement for the refinancing of 13 of the Company’s VLCCs. A non-cash finance expense in total of $4.3 million, related to upfront fees was expensed in second quarter 2018 in connection with the refinancing. The undrawn Nordea/DNB Newbuilding Credit Facility was refinanced and the new credit facility is described below.

The Nordea BW VLCC Acquisition Credit Facility

In April 2017, we entered into a six-year credit facility in the amount of $300 million with Nordea, DNB, ABN AMRO, Danish Ship Finance, ING, SEB and Swedbank as lenders, several special purpose vessel owning subsidiaries as borrowers, and DHT Holdings, Inc. as guarantor (the “Nordea BW VLCC Acquisition Credit Facility”), for the financing of the cash portion of the acquisition of BW’s VLCC fleet as well as the remaining installments under the two newbuilding contracts. $204 million of the $300 million credit facility was borrowed during the second quarter of 2017 in connection with delivery of the nine VLCCs in water from BW. The remaining $96 million was borrowed in connection with the delivery of DHT Stallion and DHT Colt in the second quarter of 2018. Borrowings bear interest at a rate equal to LIBOR + 2.40%.

The Nordea BW VLCC Acquisition Credit Facility is secured by, among other things, a first-priority mortgage on the vessels financed by the credit facility, a first-priority assignment of earnings, insurances and intercompany claims, a first-priority pledge of the balances of each of the borrowers’ bank accounts and a first-priority pledge over the shares in each of the borrowers. The credit facility contains covenants that prohibit the borrowers from, among other things, incurring additional indebtedness without the prior consent of the lenders, permitting liens on assets, merging or consolidating with other entities or transferring all or any substantial part of their assets to another person.

The Nordea BW VLCC Acquisition Credit Facility contains a covenant requiring that at all times the charter-free market value of the vessels that secure the credit facility be no less than 135% of borrowings. Also, we covenant that, throughout the term of the credit facility, DHT, on a consolidated basis, shall maintain a value adjusted tangible net worth of $300 million, the value adjusted tangible net worth shall be at least 25% of the value adjusted total assets and unencumbered consolidated cash shall be at least the higher of (i) $30 million and (ii) 6% of our gross interest-bearing debt. “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 one approved broker).

Subsequent to the sale of DHT Utah in November 2017 and DHT Utik in January 2018, the delivery of DHT Stallion in April 2018 and DHT Colt in May 2018 and the prepayment of DHT Lake and DHT Raven in November 2019, the quarterly installments are $4.2 million with a final payment of $119.3 million in the second quarter of 2023.

In September 2018, DHT secured commitment to a $50 million scrubber financing structured through an increase of the existing $300 million secured credit facility entered into in the second quarter of 2017. The increased facility bears the same interest rate equal to LIBOR + 2.40%. In connection with the prepayment of DHT Lake and DHT Raven in November 2019, the scrubber financing tranche of the Nordea BW VLCC Acquisition Credit Facility was reduced to $45.0 million. As of December 31, 2019, a total of $31.5 million was drawn and $13.5 million was available. The facility will have quarterly installments of $2.25 million commencing second quarter 2020. Other terms and conditions remain unchanged.

The 2018 ABN AMRO Credit Facility

In April 2018 we entered into a $484 million credit facility with ABN AMRO, Nordea, Credit Agricole, DNB, ING, Danish Ship Finance, SEB, DVB and Swedbank as lenders, two special purpose wholly owned vessel-owning subsidiaries as borrowers, and DHT Holdings, Inc. as guarantor for the financing of eleven VLCCs and two newbuildings. Borrowings bear interest at a rate equal to LIBOR + 2.40% and the loan is repayable in quarterly installments of $8.3 million through Q2 2024 and a final payment of $286.1 million with the last installment. The credit facility is secured by, among other things, a first-priority mortgage on the vessel financed by the credit facility, a first-priority assignment of earnings, insurances and intercompany claims, a first-priority pledge of the balances of each of the borrowers’ bank accounts and a first-priority pledge over the shares in each of the borrowers. The credit facility contains a covenant requiring that at all times the charter-free market value of the vessels that secure the credit facility be no less than 135% of borrowings. Also, DHT covenants that, throughout the term of the credit facility, DHT, on a consolidated basis, shall maintain a value adjusted tangible net worth of $300 million, value adjusted tangible net worth shall be at least 25% of value adjusted total assets and unencumbered consolidated cash of at least the higher of (i) $30 million and (ii) 6% of our gross interest bearing debt. “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 an approved broker).

Convertible Senior Notes due 2019

In September 2014, in connection with the acquisition of the shares of Samco, the Company issued $150 million aggregate principal amount of convertible senior notes due 2019 in a private placement to institutional accredited investors. The net proceeds of approximately $145.5 million (after placement agent expenses, but before other transaction expenses) were used, along with the net proceeds of the September 2014 registered direct offering of common stock and cash on hand, to fund the acquisition of shares in Samco. The Company paid interest at a fixed rate of 4.50% per annum, payable semiannually in arrears. The convertible senior notes due 2019 were convertible into common stock of DHT at any time until one business day prior to their maturity. The initial conversion price for the convertible senior notes due 2019 was $8.125 per share of common stock (equivalent to an initial conversion rate of 123.0769 shares of common stock per $1,000 aggregate principal amount of convertible senior notes due 2019), subject to customary anti-dilution adjustments. In October 2019, holders of $26,434,000 in aggregate principal amount of the Company’s convertible senior notes due 2019, exercised their right to convert their notes into shares at the conversion price of $6.0216 per share. As a result, the Company issued 4,389,858 shares of common stock. The remaining $6,426,000 in aggregate principal amount was repaid in cash.

Convertible Senior Notes due 2021

In August 2018, the Company entered into separate, privately negotiated exchange agreements with certain holders of its outstanding 4.5% convertible senior notes due 2019 to exchange approximately $73.0 million aggregate principal amount of the convertible senior notes due 2019 for approximately $80.3 million aggregate principal amount of the Company’s new 4.5% convertible senior notes due 2021. The Company also entered into private placement purchase agreements with investors to issue approximately $44.7 million aggregate principal amount of the Company’s new 4.5% convertible senior notes due 2021 for gross proceeds of approximately $41.6 million. We received net proceeds of approximately $38.9 million after the payment of placement agent fees. Upon the completion of such private exchanges and private placement, the aggregate principal amount outstanding of convertible senior notes due 2021 was $125.0 million. The Company pays interest at a fixed rate of 4.50% per annum, payable semiannually in arrears. The convertible senior notes due 2021 are convertible at the option of the holder and may be converted at any time prior to the business day immediately preceding the maturity date of the convertible senior notes due 2021 as specified in the 2021 Notes Indenture. Upon conversion, holders will receive shares of the Company’s common stock. The initial conversion price for the convertible senior notes due 2021 was $6.2599 per share of common stock (equivalent to an initial conversion rate of 159.7470 shares of common stock per $1,000 aggregate principal amount of convertible senior notes due 2021), subject to customary anti-dilution adjustments. In December 2019, $1,000 principal amount of convertible senior notes due 2021 was converted into 167 shares of common stock. As a result, the aggregate principal amount outstanding of convertible senior notes due 2021 was $124,999,000 as of March 19, 2020. The conversion price is subject to adjustment based on cash dividends paid on our common stock. As a result of a cash dividend paid on February 25, 2020, as of March 19, 2020, the conversion price had been adjusted to $5.6468 per share of common stock. Based on such adjusted conversion price, the total number of shares to be issued upon conversion would be 22,136,254 shares. The convertible senior notes due 2021 will mature on August 15, 2021, unless earlier converted, redeemed or repurchased in accordance with their terms.

Stockholders' equity and dividend payment

12 Months Ended

Dec. 31, 2019

Stockholders' equity and dividend payment [Abstract]

Stockholders' equity and dividend payment

Note 10 – Stockholders’ equity and dividend payment

Stockholders’ equity:

(Dollars in thousands, except per share data)	Common stock			Preferred stock
Issued at December 31, 2017		142,417,407
Restricted stock issued		1,175,136
Retirement of treasury shares		(892,497	)
Issued at December 31, 2018		142,700,046
Restricted stock issued		790,571
Conversion of convertible bonds		4,390,025
Retirement of treasury shares		(1,061,241	)
Issued at December 31, 2019		146,819,401
Par value	$	0.01		$	0.01
Shares to be issued assuming conversion of convertible notes due 2021*		31,141,489
Number of shares authorized for issue at December 31, 2019		250,000,000

* Assuming the maximum fundamental change conversion rate.

Common stock

Each outstanding share of common stock entitles the holder to one vote on all matters submitted to a vote of stockholders.

Convertible Notes Offering

Please see note 9 for information on the convertible senior notes.

Preferred stock:

Terms and rights of preferred shares will be established by the board when or if such shares would be issued.

Series C Participating Preferred stock

In January 2017, our board of directors adopted a shareholder rights plan (“Rights Plan”) and declared a dividend of one preferred share purchase right (a “Right”) for each outstanding share of common stock, par value $0.01 per share, of DHT to purchase from DHT one ten-thousandth of a share of Series C Junior Participating Preferred Stock, par value $0.01 per share, of DHT at a price of $22.00 per one ten-thousandth of a share of Series C Junior Participating Preferred Stock, subject to adjustment as provided in the Rights Agreement dated as of January 29, 2017 (as the same may be amended from time to time, the “Rights Agreement”), between DHT and American Stock Transfer & Trust Company, LLC, as Rights Agent. The description and terms of the Rights are set forth in the Rights Agreement. The Rights Plan and the preferred share purchase rights expired on January 28, 2018 in accordance with its and their terms, and have not been replaced or renewed.

Series D Junior Participating Preferred stock

In connection with the Company’s acquisition of BW Group’s VLCC fleet by DHT announced on March 23, 2017, the Company agreed to 15,700 shares of Series D Junior Participating Preferred stock that were mandatorily convertible into 15.7 million shares of DHT common stock subject to DHT shareholder approval. All outstanding shares of Series D Junior Participating Preferred stock were mandatorily converted into 15.7 million shares of DHT common stock during the second quarter of 2017.

Dividend payment:

Dividend payment as of December 31, 2019:
Payment date:	Total payment		Per share Common
February 26, 2019	$	7.1 million	$	0.05
May 28, 2019	$	11.4 million	$	0.08
August 29, 2019	$	2.8 million	$	0.02
November 14, 2019	$	7.3 million	$	0.05
Total payment as of December 31, 2019:	$	28.7 million	$	0.20

Dividend payment as of December 31, 2018:
Payment date:	Total payment		Per share Common
February 28, 2018	$	2.9 million	$	0.02
May 30, 2018	$	2.9 million	$	0.02
August 31, 2018	$	2.9 million	$	0.02
November 23, 2018	$	2.9 million	$	0.02
Total payment as of December 31, 2018:	$	11.5 million	$	0.08

Dividend payment as of December 31, 2017:
Payment date:	Total payment		Per share Common
February 22, 2017	$	7.6 million	$	0.08
May 31, 2017	$	10.1 million	$	0.08
August 31, 2017	$	2.8 million	$	0.02
December 6, 2017	$	2.8 million	$	0.02
Total payment as of December 31, 2017:	$	23.3 million	$	0.20

On February 25, 2020, DHT paid a dividend of $0.32 per common share to shareholders of record as of February 18, 2020, resulting in a total dividend payment of approximately $47.0 million.

General & Administrative Expenses

12 Months Ended

Dec. 31, 2019

General & Administrative Expenses

Note 11 – General & Administrative Expenses

General and Administrative Expenses:

(Dollars in thousands)	2019		2018		2017
Total Compensation to Employees and Directors	$	10,331	$	11,289	$	11,655
Office and Administrative Expenses		2,633		2,449		2,147
Audit, Legal and Consultancy		1,826		1,314		3,377
Total General and Administrative Expenses	$	14,789	$	15,052	$	17,180

Stock Compensation

The Company currently maintains the 2019 Incentive Compensation Plan (the “2019 Plan”) for the benefit of directors and senior management. Different awards may be granted under the 2019 Plan, including stock options, restricted shares/restricted stock units and cash incentive awards.

Stock Options

The exercise price for options cannot be less than the fair market value of a common stock on the date of grant.

Restricted shares

Restricted shares can neither be transferred nor assigned by the participant.

Vesting conditions

Awards issued vest subject to continued employment or office, except that if a member of the board of directors ceases service on the board of directors prior to the applicable vesting date for any reason, his or her restricted stock will immediately vest in full. The awards have graded vesting. For some of the awards there is an additional vesting condition requiring certain market conditions to be met.

The Plan may allow for different criteria for new grants.

Stock Compensation Series

	Number of shares/options		Vesting Period	Fair value at grant date
(1) Granted October 2005, stock options		965	10 years	$	144.00
(2) Granted March 2012, restricted shares		14,515	3 years		13.80
(3) Granted June 2013, restricted shares		155,000	4 years		4.15
(4) Granted June 2013, stock options		155,000	5 years		1.31
(5) Granted June 2013, stock options		155,000	5 years		0.97
(6) Granted February 2014, restricted shares		29,333	3 years		6.92
(7) Granted February 2014, restricted shares		29,333	3 years		6.33
(8) Granted February 2014, restricted shares		29,333	3 years		5.63
(9) Granted February 2014, restricted shares		88,000	3 years		7.61
(10) Granted June 2014, restricted shares		95,666	3 years		6.41
(11) Granted June 2014, restricted shares		95,666	3 years		5.74
(12) Granted June 2014, restricted shares		95,666	3 years		5.13
(13) Granted June 2014, restricted shares		287,000	3 years		7.15
(14) Granted January 2015, restricted shares		850,000	3 years		8.81
(15) Granted January 2016, restricted shares		824,000	2 years		6.65
(16) Granted January 2017, restricted shares		900,000	2 years		4.61
(17) Granted January 2018, restricted shares		355,000	1 year		3.92
(18) Granted January 2018, restricted shares		212,000	3 years		2.30
(19) Granted January 2019, restricted shares		360,000	3 years		4.25
(20) Granted January 2019, restricted shares		200,000	3 years		3.04
(21) Granted March 2019, restricted shares		210,000	1 year	$	4.60

The following reconciles the number of outstanding restricted common stock and share options:

	Restricted common stock		Share options		Weighted average exercise price **

Outstanding at December 31, 2016		1,376,820		310,000		9.64
Granted		900,000
Exercised*		1,132,988
Forfeited		57,501
Outstanding at December 31, 2017		1,086,331		310,000	$	9.64

Outstanding at December 31, 2017		1,086,331		310,000		9.64
Granted		567,000
Exercised*		1,085,331
Forfeited		22,500		310,000		9.64
Outstanding at December 31, 2018		545,500		-	$	-

Outstanding at December 31, 2018		545,500		-		-
Granted		770,000
Exercised*		755,500
Forfeited		-
Outstanding at December 31, 2019		560,000		-	$	-

*Does not include shares in lieu of dividends

**To be adjusted for dividends declared and paid subsequent to the respective grant dates.

Stock Compensation Expense

(Dollars in thousands)		2019				2018				2017
Expense recognized from stock compensation			2,532				2,458				4,806

The fair value on the vesting date for shares that vested in 2019 was $4.61 for 281,094 shares, $3.92 for 80,101 shares, $2.30 for 212,823 shares, $3.04 for 206,118 shares and $4.60 for 10,435 shares. The fair value on the vesting date for shares that vested in 2018 was $3.38 for 891,136 shares, $3.50 for 264,000 shares and $4.30 for 20,000 shares. The fair value on the vesting date for shares that vested in 2017 was $4.83 for 1,189,100 shares and $3.68 for 70,108 shares. All share-based compensation is equity-settled and no payments were made for the vested shares. The average contractual life for the outstanding stock compensation series was 0.87 years as of December 31, 2019.

Valuation of Stock Compensation

For the year 2018, a total of 560,000 shares of restricted stock was awarded to management in January 2019, vesting in equal amounts in January 2020, January 2021 and January 2022, respectively, subject to continued employment or office, as applicable. The calculated fair value at grant date was equal to the share price at grant date. The remaining 200,000 shares vested subject to certain market conditions in May 2019 and the calculated fair value was $3.04 per share. For the year 2018, a total of 210,000 shares of restricted stock were awarded to the board of directors in March 2019. The calculated fair value at grant date was equal to the share price at grant date and the shares will vest in June 2020. For the year 2017, a total of 567,000 shares of restricted stock were awarded to management and the board of directors in January 2018, of which 264,000 shares vested in February 2018 and 78,500 shares vested in February 2019, while 12,500 shares were forfeited in October 2018. The remaining 202,000 shares vested subject to certain market conditions in May 2019, while 10,000 shares were forfeited in October 2018. The above vesting was subject to continued employment or office, as applicable, as of the relevant vesting date, except that if a member of the board of directors ceases service on the board of directors prior to the applicable vesting date for any reason, his or her restricted stock will immediately vest in full. The estimated fair value at grant date was equal to the share price at grant date for 355,000 shares and $2.30 for 212,000 shares. The grants of restricted stock to management and the board of directors described above were generally granted in the beginning of the year following the year to which they relate.

Compensation of Directors and Executives

Remuneration of Directors and Executives as a group:

(Dollars in thousands)	2019		2018		2017
Cash compensation	$	3,518	$	3,989	$	4,171
Pension cost		36		202		155
Share compensation*		2,003		2,250		4,107
Total remuneration	$	5,556	$	6,441	$	8,433

*Share compensation reflects the expense recognized.

Shares held by Directors and Executives:

		2019				2018				2017
Directors and Executives as a group*			3,615,221				3,155,503				2,729,680

*Includes 440,000 (2018: 465,000, 2017: 906,666) shares of restricted stock subject to vesting conditions.

In connection with termination of an Executive’s employment, the Executives of the Company may be entitled to an amount equal to 18 months’ base salary and any unvested equity awards may become fully vested in certain circumstances.

Related parties	12 Months Ended
Related parties	Dec. 31, 2019
Related parties [Abstract]
Related parties	Note 12 – Related parties Related party transactions relate to the Company’s subsidiaries, associated company, employees and members of the board of directors. Transactions between the Company and its subsidiaries have been eliminated on consolidation and are not disclosed in this note. Subsequent to DHT’s acquisition of the shares in Samco, the Company owns 50% of Goodwood. As of December 31, 2019, Goodwood is the technical manager for 24 of the Company’s vessels. In 2019, total technical management fees paid to Goodwood were $3,300 thousand. In 2018, total technical management fees paid to Goodwood were $3,305 thousand. In 2017, total technical management fees paid to Goodwood were $3,031 thousand. Further, DHT has issued certain guarantees for certain of its subsidiaries. This mainly relates to the Company’s credit facilities, which are all guaranteed by DHT Holdings.

Pensions

12 Months Ended

Dec. 31, 2019

Pensions [Abstract]

Pensions

Note 13 – Pensions

The Company is required to have an occupational pension scheme in accordance with Norwegian law on required occupational pensions (“lov om obligatorisk tjenestepensjon”) for the employees in DHT Management AS. The company’s pension scheme satisfies the requirements of this law and comprises a closed defined benefit scheme. At the end of the year, there were 12 participants in the benefit plan.

Defined benefit pension

The Company established a defined benefit plan for qualifying employees in 2010. Under the plan, the employees, from age 67, are entitled to 70% of their base salary at retirement date. Parts of the pension are covered by payments from the National Insurance Scheme in Norway. The defined benefit plan is insured through an insurance company.

Calculation of this year’s pension costs:

(Dollars in thousands)
Calculation of this year’s pension costs:	2019		2018		2017
Current service cost		406		403		329
Financial costs		14		10		6
Pension costs for the year		420		413		335

The amounts recognized in the statement of financial position at the reporting date are as follows:

	2019			2018		2017
Present value of the defined benefit obligation		2,494			1,971		1,481
Fair value of plan assets		1,788			1,614		1,266
Net pension obligation		707			357		215
Remeasurement loss/(gain)		(287	)		182		211
Net balance sheet recorded pension liability December 31		420			539		425


Change in gross pension obligation:
Gross obligation January 1	2,090		1,708		1,111
Current service cost	401		398		325
Interest charge on pension liabilities	54		42		31
Past service cost - curtailment/plan amendment	-		-		-
Settlement (gain)	-		-		-
Social security expenses	(31	)	(57	)	(44	)
Remeasurements loss/(gain)	(1,055	)	119		227
Exchange rate differences	(21	)	(119	)	58
Gross pension obligation December 31	1,439		2,090		1,708


Change in gross pension assets:
Fair value plan asset January 1	1,551		1,282		886
Interest income	36		27		20
Settlement	-		-		-
Employer contribution	216		404		313
Remeasurements (loss)/gain	(768	)	(63	)	16
Exchange rate differences	(16	)	(99	)	47
Fair value plan assets December 31	1,019		1,551		1,282

The Company expects to contribute $228 thousand to its defined benefit pension plan in 2020.

Assumptions	2019			2018			2017
Discount rate		2.30	%		2.60	%		2.40	%
Yield on pension assets		2.30	%		2.60	%		2.40	%
Wage growth		2.25	%		2.75	%		2.50	%
G regulation*		2.00	%		2.50	%		2.25	%
Pension adjustment		0.50	%		0.80	%		0.50	%
Average remaining service period		19			18			18

*Increase of social security base amount (“G”) as per Norwegian regulations.

Tax

12 Months Ended

Dec. 31, 2019

Tax [Abstract]

Tax

Note 14 – Tax

The Company is a foreign corporation that is not subject to United States federal income taxes. Further, the Company is not subject to income taxes imposed by the Marshall Islands, the country in which it is incorporated. The Monegasque company, DHT Management S.A.M., is subject to income taxation in Monaco, the Norwegian management company, DHT Management AS, is subject to income taxation in Norway and the subsidiaries in Singapore, DHT Ship Management (Singapore) Pte. Ltd., DHT Chartering (Singapore) Pte. Ltd. and DHT Management Pte. Ltd. are subject to income taxation in Singapore. The tax effects for the Companies are disclosed below.

Specification of income tax:

(Dollars in thousands)	2019			2018		2017
Income tax payable	$	111		$	74	$	132
Tax expenses related to previous year		32			1		8
Change in deferred tax		(12	)		8		(8	)
Total income tax expense	$	131		$	83	$	131

Specification of temporary differences and deferred tax:

(Dollars in thousands)	December 31, 2019			December 31, 2018			December 31, 2017
Property, plant and equipment	$	(13	)	$	(164	)	$	(164	)
Pensions		(420	)		(539	)		(425	)
Total basis for deferred tax		(432	)		(703	)		(590	)
Deferred tax liability(asset), net ^{(1) ( 2)}	$	(102	)	$	(155	)	$	(136	)

Deferred tax (asset), gross^{( 3)}		(126	)		(155	)		(136	)
Deferred tax liability, gross⁽³⁾		24			-			-

⁽¹⁾ Due to materiality, recognized in prepaid expenses and not on a separate line in the statements of financial position.

⁽²⁾ The general income tax rate is reduced from 23% to 22%, effective from fiscal year 2019, reduced from 24% to 23%, effective from fiscal year 2018 and reduced from 25% to 24%, effective from fiscal year 2017.

⁽³⁾ Deferred tax liability is related to the subsidiary in Singapore and cannot be offset with the deferred tax asset related to the subsidiary in Norway.

Reconciliation of effective tax rate:

(Dollars in thousands)	2019		2018			2017
Profit/(loss) before income tax	$	73,812	$	(46,845	)	$	6,733
Expected income tax assessed at the tax rate for the Parent company (0%)		-		-			-
Adjusted for tax effect of the following items:
Income in subsidiary, subject to income tax		131		83			131
Total income tax expense	$	131	$	83		$	131

Investment in associate company

12 Months Ended

Dec. 31, 2019

Investment in associate company [Abstract]

Condensed Financial Information of DHT Holdings, Inc. (parent company only) [Abstract]

Note 15 – Investment in associate company

(Dollars in thousands)		2019				2018
Investment in associate company		$	4,772			$	4,388

Details of associate are as follows:

Name of associate	Principal activities	Place of incorporation and business	Effective equity interest
			2019			2018
Goodwood Ship Management Pte. Ltd.	Ship management	Singapore		50	%		50	%

The following summarizes the share of profit of the associate that are accounted for using the equity method:

(Dollars in thousands)

Company’s share of	2019		2018
- Profit after taxation	$	852	$	858
- Other comprehensive income for the year, net of tax	$	44	$	(53	)
- Total comprehensive income for the year	$	896	$	805

Condensed Financial Information of DHT Holdings, Inc. (parent company only)

12 Months Ended

Dec. 31, 2019

Condensed Financial Information of DHT Holdings, Inc. (parent company only)

Note 16 – Condensed Financial Information of DHT Holdings, Inc. (parent company only)

SEC Rule 12-04 Condensed Financial Information of Registrant requires DHT to disclose condensed financial statements of the parent company when the restricted net assets of consolidated subsidiaries exceed 25% of consolidated net assets as of the end of the most recently completed fiscal year. For purposes of the test, restricted net assets of consolidated subsidiaries shall mean that amount of the registrant’s proportionate share of net assets of consolidated subsidiaries (after intercompany eliminations), which as of the end of the most recent fiscal year may not be transferred to the parent company by subsidiaries in the form of loans, advances or cash dividends without the consent of a third party (i.e., lender, regulatory agency, foreign government, etc.).

The restricted net assets of consolidated subsidiaries exceeded 25% of the consolidated net assets of the parent company as of December 31, 2019, 2018 and 2017. The restricted assets mainly relate to assets restricted by covenants in our secured credit agreements entered into by the Company’s vessel-owning subsidiaries.

FINANCIAL POSITION

(Dollars in thousands)

ASSETS	December 31,			December 31,
Current assets	2019			2018
Cash and cash equivalents	$	22,492		$	17,783
Accounts receivable and prepaid expenses		874			374
Amounts due from related parties		62,822			36,216
Total current assets	$	86,188		$	54,372

Investments in subsidiaries	$	468,817		$	468,941
Loan to subsidiaries		526,574			563,349
Investment in associate company		201			201
Total non-current assets	$	995,593		$	1,032,491

Total assets	$	1,081,780		$	1,086,864

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable and accrued expenses	$	2,416		$	3,733
Current portion long term debt		-			32,009
Total current liabilities	$	2,416		$	35,742

Non-current liabilities
Long term debt		116,568			111,968
Total non-current liabilities	$	116,568		$	111,968

Total liabilities	$	118,984		$	147,710

Stockholders’ equity
Stock	$	1,468		$	1,427
Treasury shares		-			(1,364	)
Paid-in additional capital		1,121,047			1,097,099
Accumulated deficit		(159,719	)		(158,009	)
Total stockholders equity	$	962,796		$	939,154

Total liabilities and stockholders’ equity	$	1,081,780		$	1,086,864

INCOME STATEMENT

(Dollars in thousands)	Jan. 1 - Dec. 31, 2019			Jan. 1 - Dec. 31, 2018			Jan. 1 - Dec. 31, 2017

Impairment charge	$	455		$	(93,452	)	$	(4,948	)
Dividend income		25,519			9,909			25,415
General and administrative expense		(14,782	)		(13,735	)		(13,764	)
Operating income/(loss)	$	11,192		$	(97,279	)	$	6,703

Interest income	$	27,943		$	24,893		$	21,798
Interest expense		(12,177	)		(10,341	)		(9,229	)
Other financial income/(expenses)		17			(3,416	)		1,020
Profit/(loss) for the year	$	26,975		$	(86,143	)	$	20,293

Statement of Comprehensive Income

(Dollars in thousands)	Jan. 1 - Dec. 31, 2019		Jan. 1 - Dec. 31, 2018			Jan. 1 - Dec. 31, 2017
Profit/(loss) for the year	$	26,975	$	(86,143	)	$	20,293
Total comprehensive income/(loss) for the period	$	26,975	$	(86,143	)	$	20,293

Attributable to the owners	$	26,975	$	(86,143	)	$	20,293

In the condensed financial statements of the parent company, the parent company’s investments in subsidiaries were recorded at cost less any impairment. An assessment for impairment was performed when there was an indication that the investment had been impaired or the impairment losses recognized in prior years no longer existed.

CASH FLOW

(Dollars in thousands)	Jan. 1 - Dec. 31, 2019			Jan. 1 - Dec. 31, 2018			Jan. 1 - Dec. 31, 2017

Cash Flows from Operating Activities:
Profit/(loss) for the year	$	26,975		$	(86,143	)	$	20,293
Items included in net income not affecting cash flows:
Amortization		5,459			4,733			4,170
Impairment charge		(455	)		93,452			4,948
Compensation related to options and restricted stock		693			663			4,948
(Gain)/loss purchase convertible bond		-			3,589			(1,035	)
Changes in operating assets and liabilities:
Accounts receivable and prepaid expenses		(500	)		(125	)		4,305
Accounts payable and accrued expenses		(1,317	)		2,279			(291	)
Amounts due to related parties		(63,280	)		(72,365	)		11,782
Net cash provided by/(used in) operating activities	$	(32,425	)	$	(53,917	)	$	49,119

Cash flows from Investing Activities
Loan to subsidiaries	$	75,500		$	58,990		$	82,814
Investment in vessels under construction		-			(21,263	)		(86,004	)
Net cash provided by/(used in) investing activities	$	75,500		$	37,727		$	(3,191	)

Cash flows from Financing Activities
Cash dividends paid		(28,685	)		(11,487	)		(23,328	)
Purchase of treasury shares		(3,248	)		(5,026	)		-
Issuance of convertible bonds		(7	)		38,945			-
Repayment of convertible bonds		(6,426	)		-			-
Purchase of convertible bonds		-			-			(17,104	)
Net cash (used in)/provided by financing activities	$	(38,366	)	$	22,432		$	(40,431	)

Net increase/(decrease) in cash and cash equivalents	$	4,709		$	6,242		$	5,497
Cash and cash equivalents at beginning of period		17,783			11,540			6,043
Cash and cash equivalents at end of period	$	22,492		$	17,783		$	11,540

The condensed financial information of DHT Holdings Inc. has been prepared using the same accounting policies as set out in the accompanying consolidated financial statements except that the cost method has been used to account for investments in its subsidiaries.

A reconciliation of the profit/(loss) and equity of the parent company only between cost method of accounting and equity method of accounting for investments in its subsidiaries are as follows:

Profit/(Loss) Reconciliation

(Dollars in thousands)	Jan. 1 - Dec. 31, 2019		Jan. 1 - Dec. 31, 2018			Jan. 1 - Dec. 31, 2017

Profit/(loss) of the parent company only under cost method of accounting	$	26,975	$	(86,143	)	$	20,293
Additional profit/(loss) if subsidiaries had been accounted for using equity method of accounting as opposed to cost method of accounting		46,969		39,014			(13,664	)
Profit/(loss) of the parent company only under equity method of accounting	$	73,944	$	(47,128	)	$	6,628

Equity Reconciliation

(Dollars in thousands)	December 31, 2019		December 31, 2018

Equity of the parent company only under cost method of accounting	$	962,796	$	939,154
Additional profit if subsidiaries had been accounted for using equity method of accounting as opposed to cost method of accounting		69,731		22,762
Equity of the parent company only under equity method of accounting	$	1,032,527	$	961,915

Dividends from subsidiaries are recognized when they are authorized. During the year ended December 31, 2019, the parent company recorded dividend income from its subsidiaries of $25,007 thousand. During the year ended December 31, 2018, the parent company recorded dividend income from its subsidiaries of $9,500 thousand. During the year ended December 31, 2017, the parent company recorded dividend income from its subsidiaries of $25,000 thousand.

During the year ended December 31, 2019, the parent company was a guarantor for all of its credit facilities. Please refer to Notes 8 and 9 for a listing and summary of the credit facilities.

Events after the reporting date	12 Months Ended
Events after the reporting date	Dec. 31, 2019
Events after the reporting date [Abstract]
Events after the reporting date	Note 17 – Events after the reporting date Restricted Shares In January 2020, for the year 2019, a total of 660,000 shares of restricted stock were awarded to management pursuant to the 2019 Plan, of which 253,334 shares will vest in January 2021, 53,333 shares will vest in January 2022 and 153,333 shares will vest in January 2023. The remaining 200,000 shares will vest subject to certain market conditions prior to January 2023. The above vesting is subject to continued employment or office, as applicable, as of the relevant vesting date. The estimated fair value at grant date was equal to the share price at grant date for 460,000 shares and $3.5637 per share for 200,000 shares. In January 2020, a total of 150,000 shares of restricted stock was awarded to the board of directors pursuant to the 2019 Plan. The estimated fair value at grant date was equal to the share price at grant date and the shares will vest in June 2021. Dividend On February 5, 2020, DHT announced that it would pay a dividend of $0.32 per common share on February 25, 2020, to shareholders of record as of February 18, 2020. This resulted in a total dividend payment of $47.0 million. Approval of financial statements The financial statements were approved by the board of directors on March 19, 2020, and authorized for issue.

Significant accounting principles (Policies)

12 Months Ended

Dec. 31, 2019

Significant accounting principles [Abstract]

Statement of compliance

Basis of preparation

The principal accounting policies are set out below.

Basis of consolidation

Acquisitions made by the Company which do not qualify as a business combination under IFRS 3, “Business Combinations,” are accounted for as asset acquisitions.

Business combinations

Investments in associates

After application of the equity method, the Company determines whether it is necessary to recognize an impairment loss.

Vessels under construction - pre-delivery installments

Vessels

Capitalized drydocking costs are depreciated on a straight-line basis from the completion of a drydocking to the estimated completion of the next drydocking.

Capitalized scrubber costs are depreciated on a straight-line basis from the time of installation of the equipment to the end of the estimated useful life.

Advances for vessel upgrades

Docking and survey expenditure

Vessels held for sale

Impairment of vessels

Property, plant and equipment other than vessels

Bunkers

Bunkers is stated at the lower of cost and net realizable value. Cost is determined using the FIFO method and includes expenditures incurred in acquiring the bunkers and delivery cost less discounts.

Leases

The Company remeasures the lease liability (and makes a corresponding adjustment to the related right –of-use asset) whenever:

•

Revenue and expense recognition

The Company recognizes revenue from the following major sources:

•

Revenue from time charters

•

Revenue from spot charters

For vessels operating on spot charters, voyage revenues are, under the new revenue standard, recognized ratably over the estimated length of each voyage, calculated on a load-to-discharge basis.

Vessel expenses are expensed when incurred and include crew costs, vessel stores and supplies, lubricating oils, maintenance and repairs, insurance and communication costs.

Financial liabilities

(a)	Other financial liabilities

(b)	Derivatives

The Company uses interest rate swaps to convert part of the interest-bearing debt from floating to fixed rate.

Fair Value Measurement

Financial assets - receivables

Financial assets – receivables

Derecognition of financial assets and financial liabilities

The Company derecognizes financial liabilities when, and only when, the Company’s obligations are discharged, cancelled or expire.

Foreign currency

Classification in the Statement of Financial Position

Related parties

Taxes

Stock Compensation

The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of equity instruments that will eventually vest.

Pension

Segment information

The Company has only one operating segment, and consequently does not provide segment information, except for the entity-wide disclosures required.

Use of estimates

•

Use of judgment

Impairment

Judgment has been applied in connection with the assessment of indicators of impairment or reversal of prior impairment.

Application of new and revised International Financial Reporting Standards ("IFRSs")

Application of new and revised International Financial Reporting Standards (“IFRSs”)

(a)	New and revised IFRSs, and interpretations mandatory for the first time for the financial year beginning January 1, 2019.

Impact of initial application of IFRS 16 Leases

In the current year, the Company has applied IFRS 16 (as issued by the IASB in January 2016) that is effective for annual periods that begin on or after January 1, 2019.

The date of initial application of IFRS 16 for the Company is January 1, 2019.

The table below shows the initial recognition lease liability and right of use asset as of January 1, 2019:

Initial recognition lease liability and right of use asset

(Dollars in thousands)
Reconciliation of lease liability recognized to gross payments	As of January 1, 2019
Operating lease commitment at December 31, 2018 as disclosed		529
- Extension options reasonably certain to be exercised		1,162
- Practical expedient related to short-term leases		(3	)
- Practical expedient related to low-value leases		-
- Discounting using the incremental borrowing rate as of January 1, 2019		(204	)
Lease liability recognized at initial application of IFRS 16 as of January 1, 2019		1,484
The weighted average incremental borrowing rate applied:		4.03	%

After the additions and modifications during 2019, the weighted average borrowing rate for the lease liability recognized of December 31, 2019 was 3.18%.

The table below shows the amounts recognized in the consolidated statement of financial position as of December 31, 2019 after the adoption of IFRS 16, including additions in 2019:

Amounts recognized in the consolidated statement of financial position

(Dollars in thousands)	2019

Lease liability (Other non-current liabilities)		2,241
Lease liability (Other current liabilities)		605
Right-of-use asset (Other property, plant and equipment)		2,808

The table below shows the amounts recognized in the consolidated income statement and the consolidated statement of comprehensive income as of December 31, 2019 after the adoption of IFRS 16:

Consolidated income statement and consolidated statement of comprehensive income

(Dollars in thousands)	Year ended December 31, 2019

Lease payment		442
Depreciation IFRS 16 (Depreciation and amortization expense)		(405	)
IFRS 16 interest expense (other financial expense)		(72	)

The table below shows the amounts recognized in the consolidated statement of cash flow and reconciliation of changes in liabilities incurred from financing activities:

Consolidated statement of cash flow and reconciliation of changes in liabilities incurred from financing activities

(Dollars in thousands)	Year ended December 31, 2019

Principal paid on the lease liability (Repayment principal element of lease liability)		(370	)

Amendments to IFRS 9 Prepayment Features with Negative Compensation

Amendments to IAS 28 Long-term Interests in Associates and Joint Ventures

Annual Improvements to IFRS Standards 2015–2017 Cycle

IAS 12 Income Taxes

IAS 23 Borrowing Costs

IFRS 3 Business Combinations

IFRS 11 Joint Arrangements

Amendments to IAS 19 Employee Benefits Plan Amendment, Curtailment or Settlement

IFRIC 23 Uncertainty over Income Tax Treatments

The Company has adopted IFRIC 23 for the first time in the current year. IFRIC 23 sets out how to determine the accounting tax position when there is uncertainty over income tax treatments.

(b) New and revised IFRSs that are not mandatorily effective (but allow early application) for the year ending December 31, 2019.

The Company has not applied the following new and revised IFRSs that have been issued but are not yet effective:

IFRS 17 Insurance Contracts

Amendments to IFRS 9, IAS 39 and IFRS 7

Amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associates or Joint Ventures

Amendments to IFRS 3 Definition of a business

Amendments to IAS 1 and IAS 8 Definition of material

Conceptual Framework Amendments to References to the Conceptual Framework in IFRS Standards

The Company does not expect the adoption of the Standards listed above will have a material impact on its consolidated financial statements in future periods, except as noted below:

IFRS 17 Insurance Contracts

IFRS 17 establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts and supersedes IFRS 4 Insurance Contracts.

Amendments to IFRS 9, IAS 39 and IFRS 7

The amendments should be applied for annual periods beginning on or after January 1, 2020, with early application permitted.

IFRS 10 and IAS 28 (amendments) Sale or Contribution of Assets between an Investor and its Associate or Joint Venture

Amendments to IFRS 3 Definition of a “business”

Additional guidance is provided that helps to determine whether a substantive process has been acquired.

Amendments to IAS 1 and IAS 8 Definition of “material”

The threshold for materiality influencing users has been changed from “could influence” to “could reasonably be expected to influence”.

The amendments are applied prospectively for annual periods beginning on or after January 1, 2020, with earlier application permitted.

Amendments to References to the Conceptual Framework in IFRS Standards

The amendments, where there actually are updates, are effective for annual periods beginning on or after January 1, 2020, with early application permitted.

Significant accounting principles (Tables)

12 Months Ended

Dec. 31, 2019

Significant accounting principles [Abstract]

Initial Recognition Lease Liability and Right of Use Asset

The table below shows the initial recognition lease liability and right of use asset as of January 1, 2019:

Initial recognition lease liability and right of use asset

(Dollars in thousands)
Reconciliation of lease liability recognized to gross payments	As of January 1, 2019
Operating lease commitment at December 31, 2018 as disclosed		529
- Extension options reasonably certain to be exercised		1,162
- Practical expedient related to short-term leases		(3	)
- Practical expedient related to low-value leases		-
- Discounting using the incremental borrowing rate as of January 1, 2019		(204	)
Lease liability recognized at initial application of IFRS 16 as of January 1, 2019		1,484
The weighted average incremental borrowing rate applied:		4.03	%

Amounts Recognized in Consolidated Financial Statements

The table below shows the amounts recognized in the consolidated statement of financial position as of December 31, 2019 after the adoption of IFRS 16, including additions in 2019:

Amounts recognized in the consolidated statement of financial position

(Dollars in thousands)	2019

Lease liability (Other non-current liabilities)		2,241
Lease liability (Other current liabilities)		605
Right-of-use asset (Other property, plant and equipment)		2,808

The table below shows the amounts recognized in the consolidated income statement and the consolidated statement of comprehensive income as of December 31, 2019 after the adoption of IFRS 16:

Consolidated income statement and consolidated statement of comprehensive income

(Dollars in thousands)	Year ended December 31, 2019

Lease payment		442
Depreciation IFRS 16 (Depreciation and amortization expense)		(405	)
IFRS 16 interest expense (other financial expense)		(72	)

The table below shows the amounts recognized in the consolidated statement of cash flow and reconciliation of changes in liabilities incurred from financing activities:

Consolidated statement of cash flow and reconciliation of changes in liabilities incurred from financing activities

(Dollars in thousands)	Year ended December 31, 2019

Principal paid on the lease liability (Repayment principal element of lease liability)		(370	)

Charter arrangements (Tables)

12 Months Ended

Dec. 31, 2019

Charter arrangements [Abstract]

Shipping Revenues

The below table details the Company’s shipping revenues:

(Dollars in thousands)	2019		2018		2017
Time charter revenues*	$	57,472	$	64,462	$	100,310
Voyage charter revenues**		477,595		311,480		254,742
Other shipping revenues		-		-		-
Shipping revenues	$	535,068	$	375,941	$	355,052

**2019 and 2018 voyage charter revenue is presented in accordance with IFRS 15 Revenue from Contracts with Customers. The comparative information has not been restated.

Vessel Employment

The following summarizes the Company’s vessel employment as of December 31, 2019:

Vessel	Type of Employment	Expiry
VLCC
DHT Amazon	Time charter with profit sharing	Q4 2021
DHT Bauhinia	Spot
DHT Bronco	Spot
DHT China	Time charter with profit sharing	Q2 2021
DHT Colt	Spot
DHT Condor	Spot
DHT Edelweiss	Spot
DHT Europe	Spot
DHT Falcon	Spot
DHT Hawk	Spot
DHT Jaguar	Spot
DHT Lake	Spot
DHT Leopard	Spot
DHT Lion	Spot
DHT Lotus	Time charter with profit sharing	Q1 2020
DHT Mustang	Spot
DHT Opal	Spot
DHT Panther	Spot
DHT Peony	Spot
DHT Puma	Spot
DHT Raven	Spot
DHT Redwood	Spot
DHT Scandinavia	Spot
DHT Stallion	Spot
DHT Sundarbans	Time charter with profit sharing	Q4 2021
DHT Taiga	Time charter with profit sharing	Q4 2022
DHT Tiger	Spot

Future Charter Payments

(Dollars in thousands)
Year	Amount
2020		47,413
2021		35,818
2022		8,325
2023		-
Thereafter		-
Net charter payments:	$	91,556

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	notes 8,9

		2019				2018
Capitalized voyage expense			4,151				1,633

Earnings per share ("EPS") (Tables)

12 Months Ended

Dec. 31, 2019

Earnings per share ("EPS") [Abstract]

Calculation of Basic and Diluted Earnings Per Share

The components of the calculation of basic EPS and diluted EPS are as follows:

(Dollars in thousands)	2019		2018			2017
Profit/(loss) for the period used for calculation of EPS - basic	$	73,679	$	(46,927	)	$	6,602
Interest and amortization on the convertible notes	$	12,177	$	-		$	-
Profit/(loss) for the period used for calculation of EPS - dilutive	$	85,856	$	(46,927	)	$	6,602

Basic earnings per share:
Weighted average shares outstanding - basic		143,437,164		143,429,610			124,536,338

Diluted earnings per share:
Weighted average shares outstanding - basic		143,437,164		143,429,610			124,536,338
Dilutive equity awards		133,342		5,311			-
Dilutive shares related to convertible notes		24,589,370		-			-
Weighted average shares outstanding - dilutive		168,159,876		143,434,921			124,536,338

Vessels and subsidiaries (Tables)

12 Months Ended

Dec. 31, 2019

Vessels and subsidiaries [Abstract]

Vessel Subsidiaries

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 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 Puma Limited	DHT Puma	299,629	Hong Kong	2016
DHT Panther Limited	DHT Panther	299,629	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
DHT Opal Inc	DHT Opal	320,105	IOM	2012
Samco Theta Ltd	DHT Sundarbans	314,249	RIF	2012
Samco Iota Ltd	DHT Taiga	314,249	Hong Kong	2012
DHT Peony Inc	DHT Peony	320,013	Hong Kong	2011
DHT Lotus Inc	DHT Lotus	320,142	Hong Kong	2011
Samco Eta Ltd	DHT Amazon	314,249	RIF	2011
Samco Kappa Ltd	DHT Redwood	314,249	Hong Kong	2011
DHT Edelweiss Inc	DHT Edelweiss	301,021	Hong Kong	2008
Samco Epsilon Ltd	DHT China	317,794	RIF	2007
Samco Delta Ltd	DHT Europe	317,713	Marshall Islands	2007
DHT Bauhinia Inc	DHT Bauhinia	301,019	IOM	2007
DHT Hawk Inc	DHT Hawk	298,923	Hong Kong	2007
Samco Gamma Ltd	DHT Scandinavia	317,826	Hong Kong	2006
DHT Falcon Inc	DHT Falcon	298,971	Hong Kong	2006
DHT Lake Inc	DHT Lake	298,564	Hong Kong	2004
DHT Raven Inc	DHT Raven	298,563	IOM	2004
DHT Condor, Inc.	DHT Condor	320,050	Hong Kong	2004
DHT Eagle, Inc.	DHT Eagle **	309,064	Hong Kong	2002
DHT Utah, Inc	DHT Utah **	299,498	IOM	2001
DHT Utik, Inc	DHT Utik **	299,450	IOM	2001
Chris Tanker Corporation	DHT Chris ***	309,285	Hong Kong	2001
Ann Tanker Corporation	DHT Ann ****	309,327	Hong Kong	2001
DHT Phoenix, Inc.	DHT Phoenix *****	307,151	Hong Kong	1999
Cathy Tanker Corporation	DHT Cathy*	115,000	Marshall Islands	2004
Sophie Tanker Corporation	DHT Sophie*	115,000	Marshall Islands	2003

* DHT Sophie and DHT Cathy were sold to one buyer in October 2018. Both vessels were delivered to buyer during fourth quarter 2018.

*** The DHT Chris was sold and delivered to new owners in January 2017.

**** The DHT Ann was sold and delivered to new owners in May 2017.

***** The DHT Phoenix was sold and delivered to new owners in June 2017.

Vessels and Time Charter Contracts

Vessels and time charter contracts

(Dollars in thousands)	Vessels			Drydock			Scrubbers			Time charter contracts			Total
Cost
As of January 1, 2019		2,007,385			44,818			12,652			6,600			2,071,456
Additions*		(42	)		(375	)		(721	)		-			(1,139	)
Transferred from vessels upgrades		6,750			2,493			30,552			-			39,795
Disposals		-			(3,116	)		-			-			(3,116	)
As of December 31, 2019		2,014,093			43,820			42,482			6,600			2,106,997

Accumulated depreciation and impairment
As of January 1, 2019		(391,894	)		(9,171	)		(388	)		(4,193	)		(405,647	)
Charge for the period		(96,102	)		(11,824	)		(6,118	)		(978	)		(115,022	)
Disposals		-			3,116			-			-			3,116
As of December 31, 2019		(487,996	)		(17,880	)		(6,507	)		(5,170	)		(517,553	)

Net book value
As of December 31, 2019		1,526,097			25,941			35,976			1,430			1,589,444

Cost
As of January 1, 2018		1,767,117			36,441			-			6,600			1,810,158
Additions		113			7,695			7,566			-			15,373
Transferred from vessels under construction		325,004			6,800			5,086			-			336,890
Transferred to asset held for sale		-			-			-			-			-
Disposals		(84,848	)		(6,117	)		-			-			(90,965	)
As of December 31, 2018		2,007,385			44,818			12,652			6,600			2,071,456

Accumulated depreciation and impairment
As of January 1, 2018		(359,066	)		(3,731	)		-			(3,215	)		(366,013	)
Charge for the period		(91,551	)		(10,342	)		(388	)		(978	)		(103,259	)
Impairment charges		(3,500	)		-			-			-			(3,500	)
Transferred to asset held for sale					-			-			-			-
Disposals		62,224			4,902			-			-			67,125
As of December 31, 2018		(391,894	)		(9,171	)		(388	)		(4,193	)		(405,647	)

Net book value
As of December 31, 2018		1,615,492			35,647			12,264			2,407			1,665,810


Vessels under construction
As of January 1, 2018		114,759			-			-			-			114,759
Additions		222,131			-			-			-			222,131
Transferred to vessels		(336,890	)		-			-			-			(336,890	)
As of December 31, 2018		-			-			-			-			-

Vessel upgrades
As of January 1, 2019		-			-			-			-			-
Additions		8,121			2,493			40,832			-			51,446
Transferred to vessels		(6,750	)		(2,493	)		(30,552	)		-			(39,795	)
As of December 31, 2019		1,371			-			10,281			-			11,652

*Additions in 2019 relates to adjustments to capitalized expenses in 2018

Time Charter Contracts

Time charter contracts:

		Carrying amount		Carrying amount
(Dollars in thousands)	Expected useful life	2019		2018
DHT China charter	Finite		1,430		2,407
Total			1,430		2,407

Accounts payable and accrued expenses (Tables)

12 Months Ended

Dec. 31, 2019

Accounts payable and accrued expenses [Abstract]

Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consist of the following:

(Dollars in thousands)	2019		2018
Accounts payable	$	7,913	$	10,885
Accrued interest		3,462		5,460
Accrued voyage expenses		8,865		3,237
Accrued employee compensation		2,976		3,043
Other*		782		6,009
Total accounts payable and accrued expenses	$	23,998	$	28,634

*Other includes accrued operating expenses in 2019 and accrued operating expenses and accrued capital expenditures in 2018.

Financial instruments (Tables)

12 Months Ended

Dec. 31, 2019

Financial instruments [Abstract]

Categories of Financial Instruments

Categories of financial instruments

(Dollars in thousands)	Carrying amount
Financial assets	2019		2018
Cash and cash equivalents ⁽¹⁾⁽³⁾		67,356		94,944
Accounts receivable and accrued revenues ⁽¹⁾		107,848		60,196
Total	$	175,204	$	155,140

Financial liabilities
Accounts payables and accrued expenses ⁽¹⁾	$	23,998	$	28,634
Derivative financial liabilities, current ⁽²⁾		4,320		1,250
Current portion long-term debt ⁽¹⁾		100,385		93,815
Long-term debt ⁽¹⁾		750,586		873,460
Derivative financial liabilities, non-current ⁽²⁾		11,279		4,486
Total financial liabilities	$	890,569	$	1,001,645

(1)	Amortized cost.

(2)	Fair value through profit or loss.

(3)	Cash and cash equivalents include $221 thousand in restricted cash in 2019 and $638 thousand in 2018, including employee withholding tax.

Derivatives Interest Rate Swaps

Derivatives - interest rate swaps

		Notional amount				Fair value
(Dollars in thousands)	Expires	2019		2018		2019		2018
Swap pays 2.987%, receive floating	Apr. 20, 2023	$	44,400		46,800		1,748		699
Swap pays 3.012%, receive floating	Apr. 20, 2023	$	44,400		46,800		1,780		743
Swap pays 3.019%, receive floating	Sept. 29, 2023	$	33,310		35,877		1,425		580
Swap pays 3.019%, receive floating	Sept. 29, 2023	$	32,396		34,963		1,380		563
Swap pays 2.8665%, receive floating	Sept. 29, 2023	$	48,830		51,400		1,976		606
Swap pays 2.8785%, receive floating	Jun. 30, 2023	$	43,240		45,807		1,681		503
Swap pays 2.885%, receive floating	Sept. 29, 2023	$	48,188		50,115		1,961		653
Swap pays 2.897%, receive floating	Sept. 30, 2023	$	43,419		45,986		1,789		597
Swap pays 3.020%, receive floating	Sept. 29, 2023	$	41,734		44,301		1,859		793
Total carrying amount		$	379,916		402,049		15,600		5,736

Interest-bearing debt

				Remaining		Carrying amount
(Dollars in thousands)	Interest			notional		2019		2018
Credit Agricole Credit Facility	LIBOR + 2.19 %				56,120		55,719		62,166
Danish Ship Finance Credit Facility	LIBOR + 2.25 %				39,000		38,929		41,437
Nordea BW VLCC Acquisition Credit Facility	LIBOR + 2.40 %				209,628		207,175		254,870
ABN Amro Credit Facility	LIBOR + 2.40 %				436,261		432,581		464,826
ABN Amro Revolving Credit Facility	LIBOR + 2.50 %
Convertible Senior Notes due 2019		4.50	%		-		-		32,009
Convertible Senior Notes due 2021		4.50	%		125,000		116,568		111,968
Total carrying amount					866,009		850,972		967,275

Interest Bearing Debt

Reconciliation of Liabilities Arising from Financing Activities

								Non-cash changes

	As of January 1, 2019 ⁽¹⁾		Financing cash flows ⁽²⁾			Fair value changes ⁽³⁾		Amortization		Equity component of convertible notes			Other changes ⁽⁴⁾		As of December 31, 2019
Bank loans		823,299		(91,440	)				2,545							734,404
Convertible Senior Notes due 2019		32,009		(6,426	)				851		(26,434	)				-
Convertible Senior Notes due 2021		111,968		(7	)				4,607							116,568
Office leases		1,484		(370	)									1,732		2,846
Total ⁽⁵⁾		968,759		(98,243	)		-		8,003		(26,434	)		1,732		853,817

								Non-cash changes

	As of January 1, 2018		Financing cash flows ⁽²⁾		Fair value changes ⁽³⁾			Amortization		Equity component of convertible notes			Other changes ⁽⁴⁾			As of December 31, 2018
Bank loans		687,942		129,400					6,826					(869	)		823,299
Convertible Senior Notes due 2019		98,262				(74,644	)		3,188		1,613			3,589			32,009
Convertible Senior Notes due 2021				38,945		74,644			1,545		(3,165	)					111,968
Total ⁽⁵⁾		786,204		168,345		-			11,559		(1,553	)		2,720			967,275

(1)	The opening balance as of January 1, 2019, includes the initial recognition of a lease liability of $1.5 million resulting from the adoption of IFRS 16 Leases.

(2)

(3)	Fair value changes reflects the loss arising from the exchange of the convertible senior notes due 2019 to convertible senior notes due 2021 below market fair value.

(4)	Other changes for the year 2019 represents new, modified office leases and foreign exchange effects during the year related to IFRS 16 Leases. Other changes for the year 2018 represents the (gain)/loss on extinguishment of debt, including previously capitalized fees.

(5)	The reconciliation does not include interest rate swaps, which are described in note 8.

Financial risk management, objectives and policies (Tables)

12 Months Ended

Dec. 31, 2019

Financial risk management, objectives and policies [Abstract]

Maximum Credit Exposure

The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting dates was:

(Dollars in thousands)	2019		2018
Cash and cash equivalents	$	67,356	$	94,944
Accounts receivable and accrued revenues		107,848		60,196
Maximum credit exposure	$	175,204	$	155,140

Contractual Maturities of Financial Liabilities

As of December 31, 2019
(Dollars in thousands)	1 year		2 to 5 years		More than 5 years		Total
Interest bearing loans	$	140,707	$	855,593	$	-	$	996,301
Interest rate swaps		3,523		8,105		-		11,629
Total	$	144,230	$	863,699	$	-	$	1,007,929

As of December 31, 2018
(Dollars in thousands)	1 year		2 to 5 years		More than 5 years		Total
Interest bearing loans	$	146,574	$	723,031	$	307,692	$	1,177,298
Interest rate swaps		593		1,832		-		2,424
Total	$	147,167	$	724,863	$	307,692	$	1,179,722

Stockholders' equity and dividend payment (Tables)

12 Months Ended

Dec. 31, 2019

Stockholders' equity and dividend payment [Abstract]

Stockholders' Equity

Stockholders’ equity:

(Dollars in thousands, except per share data)	Common stock			Preferred stock
Issued at December 31, 2017		142,417,407
Restricted stock issued		1,175,136
Retirement of treasury shares		(892,497	)
Issued at December 31, 2018		142,700,046
Restricted stock issued		790,571
Conversion of convertible bonds		4,390,025
Retirement of treasury shares		(1,061,241	)
Issued at December 31, 2019		146,819,401
Par value	$	0.01		$	0.01
Shares to be issued assuming conversion of convertible notes due 2021*		31,141,489
Number of shares authorized for issue at December 31, 2019		250,000,000

* Assuming the maximum fundamental change conversion rate.

Dividend Payment

Dividend payment:

Dividend payment as of December 31, 2019:
Payment date:	Total payment		Per share Common
February 26, 2019	$	7.1 million	$	0.05
May 28, 2019	$	11.4 million	$	0.08
August 29, 2019	$	2.8 million	$	0.02
November 14, 2019	$	7.3 million	$	0.05
Total payment as of December 31, 2019:	$	28.7 million	$	0.20

Dividend payment as of December 31, 2018:
Payment date:	Total payment		Per share Common
February 28, 2018	$	2.9 million	$	0.02
May 30, 2018	$	2.9 million	$	0.02
August 31, 2018	$	2.9 million	$	0.02
November 23, 2018	$	2.9 million	$	0.02
Total payment as of December 31, 2018:	$	11.5 million	$	0.08

Dividend payment as of December 31, 2017:
Payment date:	Total payment		Per share Common
February 22, 2017	$	7.6 million	$	0.08
May 31, 2017	$	10.1 million	$	0.08
August 31, 2017	$	2.8 million	$	0.02
December 6, 2017	$	2.8 million	$	0.02
Total payment as of December 31, 2017:	$	23.3 million	$	0.20

General & Administrative Expenses (Tables)

12 Months Ended

Dec. 31, 2019

General and Administrative Expenses

General and Administrative Expenses:

(Dollars in thousands)	2019		2018		2017
Total Compensation to Employees and Directors	$	10,331	$	11,289	$	11,655
Office and Administrative Expenses		2,633		2,449		2,147
Audit, Legal and Consultancy		1,826		1,314		3,377
Total General and Administrative Expenses	$	14,789	$	15,052	$	17,180

Stock Compensation Series

	Number of shares/options		Vesting Period	Fair value at grant date
(1) Granted October 2005, stock options		965	10 years	$	144.00
(2) Granted March 2012, restricted shares		14,515	3 years		13.80
(3) Granted June 2013, restricted shares		155,000	4 years		4.15
(4) Granted June 2013, stock options		155,000	5 years		1.31
(5) Granted June 2013, stock options		155,000	5 years		0.97
(6) Granted February 2014, restricted shares		29,333	3 years		6.92
(7) Granted February 2014, restricted shares		29,333	3 years		6.33
(8) Granted February 2014, restricted shares		29,333	3 years		5.63
(9) Granted February 2014, restricted shares		88,000	3 years		7.61
(10) Granted June 2014, restricted shares		95,666	3 years		6.41
(11) Granted June 2014, restricted shares		95,666	3 years		5.74
(12) Granted June 2014, restricted shares		95,666	3 years		5.13
(13) Granted June 2014, restricted shares		287,000	3 years		7.15
(14) Granted January 2015, restricted shares		850,000	3 years		8.81
(15) Granted January 2016, restricted shares		824,000	2 years		6.65
(16) Granted January 2017, restricted shares		900,000	2 years		4.61
(17) Granted January 2018, restricted shares		355,000	1 year		3.92
(18) Granted January 2018, restricted shares		212,000	3 years		2.30
(19) Granted January 2019, restricted shares		360,000	3 years		4.25
(20) Granted January 2019, restricted shares		200,000	3 years		3.04
(21) Granted March 2019, restricted shares		210,000	1 year	$	4.60

Outstanding Restricted Common Stock and Share Options

The following reconciles the number of outstanding restricted common stock and share options:

	Restricted common stock		Share options		Weighted average exercise price **

Outstanding at December 31, 2016		1,376,820		310,000		9.64
Granted		900,000
Exercised*		1,132,988
Forfeited		57,501
Outstanding at December 31, 2017		1,086,331		310,000	$	9.64

Outstanding at December 31, 2017		1,086,331		310,000		9.64
Granted		567,000
Exercised*		1,085,331
Forfeited		22,500		310,000		9.64
Outstanding at December 31, 2018		545,500		-	$	-

Outstanding at December 31, 2018		545,500		-		-
Granted		770,000
Exercised*		755,500
Forfeited		-
Outstanding at December 31, 2019		560,000		-	$	-

*Does not include shares in lieu of dividends

**To be adjusted for dividends declared and paid subsequent to the respective grant dates.

Stock Compensation Expense

(Dollars in thousands)		2019				2018				2017
Expense recognized from stock compensation			2,532				2,458				4,806

Remuneration of Executives and Directors

Remuneration of Directors and Executives as a group:

(Dollars in thousands)	2019		2018		2017
Cash compensation	$	3,518	$	3,989	$	4,171
Pension cost		36		202		155
Share compensation*		2,003		2,250		4,107
Total remuneration	$	5,556	$	6,441	$	8,433

*Share compensation reflects the expense recognized.

Shares held by Executives and Directors

Shares held by Directors and Executives:

		2019				2018				2017
Directors and Executives as a group*			3,615,221				3,155,503				2,729,680

*Includes 440,000 (2018: 465,000, 2017: 906,666) shares of restricted stock subject to vesting conditions.

Pensions (Tables)

12 Months Ended

Dec. 31, 2019

Pensions [Abstract]

Calculation of Annual Pension Costs

Calculation of this year’s pension costs:

(Dollars in thousands)
Calculation of this year’s pension costs:	2019		2018		2017
Current service cost		406		403		329
Financial costs		14		10		6
Pension costs for the year		420		413		335

Amount Recognized in Statement of Financial Position

The amounts recognized in the statement of financial position at the reporting date are as follows:

	2019			2018		2017
Present value of the defined benefit obligation		2,494			1,971		1,481
Fair value of plan assets		1,788			1,614		1,266
Net pension obligation		707			357		215
Remeasurement loss/(gain)		(287	)		182		211
Net balance sheet recorded pension liability December 31		420			539		425

Change in Gross Pension Obligation


Change in gross pension obligation:
Gross obligation January 1	2,090		1,708		1,111
Current service cost	401		398		325
Interest charge on pension liabilities	54		42		31
Past service cost - curtailment/plan amendment	-		-		-
Settlement (gain)	-		-		-
Social security expenses	(31	)	(57	)	(44	)
Remeasurements loss/(gain)	(1,055	)	119		227
Exchange rate differences	(21	)	(119	)	58
Gross pension obligation December 31	1,439		2,090		1,708

Change in Gross Pension Assets


Change in gross pension assets:
Fair value plan asset January 1	1,551		1,282		886
Interest income	36		27		20
Settlement	-		-		-
Employer contribution	216		404		313
Remeasurements (loss)/gain	(768	)	(63	)	16
Exchange rate differences	(16	)	(99	)	47
Fair value plan assets December 31	1,019		1,551		1,282

Pension Contributions Assumptions

The Company expects to contribute $228 thousand to its defined benefit pension plan in 2020.

Assumptions	2019			2018			2017
Discount rate		2.30	%		2.60	%		2.40	%
Yield on pension assets		2.30	%		2.60	%		2.40	%
Wage growth		2.25	%		2.75	%		2.50	%
G regulation*		2.00	%		2.50	%		2.25	%
Pension adjustment		0.50	%		0.80	%		0.50	%
Average remaining service period		19			18			18

*Increase of social security base amount (“G”) as per Norwegian regulations.

Tax (Tables)

12 Months Ended

Dec. 31, 2019

Tax [Abstract]

Specification of Income Tax

Specification of income tax:

(Dollars in thousands)	2019			2018		2017
Income tax payable	$	111		$	74	$	132
Tax expenses related to previous year		32			1		8
Change in deferred tax		(12	)		8		(8	)
Total income tax expense	$	131		$	83	$	131

Specification of Temporary Differences and Deferred Tax

Specification of temporary differences and deferred tax:

(Dollars in thousands)	December 31, 2019			December 31, 2018			December 31, 2017
Property, plant and equipment	$	(13	)	$	(164	)	$	(164	)
Pensions		(420	)		(539	)		(425	)
Total basis for deferred tax		(432	)		(703	)		(590	)
Deferred tax liability(asset), net ^{(1) ( 2)}	$	(102	)	$	(155	)	$	(136	)

Deferred tax (asset), gross^{( 3)}		(126	)		(155	)		(136	)
Deferred tax liability, gross⁽³⁾		24			-			-

⁽¹⁾ Due to materiality, recognized in prepaid expenses and not on a separate line in the statements of financial position.

⁽³⁾ Deferred tax liability is related to the subsidiary in Singapore and cannot be offset with the deferred tax asset related to the subsidiary in Norway.

Reconciliation of Effective Tax Rate

Reconciliation of effective tax rate:

(Dollars in thousands)	2019		2018			2017
Profit/(loss) before income tax	$	73,812	$	(46,845	)	$	6,733
Expected income tax assessed at the tax rate for the Parent company (0%)		-		-			-
Adjusted for tax effect of the following items:
Income in subsidiary, subject to income tax		131		83			131
Total income tax expense	$	131	$	83		$	131

Investment in associate company (Tables)

12 Months Ended

Dec. 31, 2019

Investment in associate company [Abstract]

Investment in Associate Company

(Dollars in thousands)		2019				2018
Investment in associate company		$	4,772			$	4,388

Details of Associate

Details of associate are as follows:

Name of associate	Principal activities	Place of incorporation and business	Effective equity interest
			2019			2018
Goodwood Ship Management Pte. Ltd.	Ship management	Singapore		50	%		50	%

Share of Profit of the Associate Using in Equity Method

The following summarizes the share of profit of the associate that are accounted for using the equity method:

(Dollars in thousands)

Company’s share of	2019		2018
- Profit after taxation	$	852	$	858
- Other comprehensive income for the year, net of tax	$	44	$	(53	)
- Total comprehensive income for the year	$	896	$	805

Condensed Financial Information of DHT Holdings, Inc. (parent company only) (Tables)

12 Months Ended

Dec. 31, 2019

Condensed Financial Information of DHT Holdings, Inc. (parent company only) [Abstract]

Financial Position

FINANCIAL POSITION

(Dollars in thousands)

ASSETS	December 31,			December 31,
Current assets	2019			2018
Cash and cash equivalents	$	22,492		$	17,783
Accounts receivable and prepaid expenses		874			374
Amounts due from related parties		62,822			36,216
Total current assets	$	86,188		$	54,372

Investments in subsidiaries	$	468,817		$	468,941
Loan to subsidiaries		526,574			563,349
Investment in associate company		201			201
Total non-current assets	$	995,593		$	1,032,491

Total assets	$	1,081,780		$	1,086,864

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable and accrued expenses	$	2,416		$	3,733
Current portion long term debt		-			32,009
Total current liabilities	$	2,416		$	35,742

Non-current liabilities
Long term debt		116,568			111,968
Total non-current liabilities	$	116,568		$	111,968

Total liabilities	$	118,984		$	147,710

Stockholders’ equity
Stock	$	1,468		$	1,427
Treasury shares		-			(1,364	)
Paid-in additional capital		1,121,047			1,097,099
Accumulated deficit		(159,719	)		(158,009	)
Total stockholders equity	$	962,796		$	939,154

Total liabilities and stockholders’ equity	$	1,081,780		$	1,086,864

Income Statement

INCOME STATEMENT

(Dollars in thousands)	Jan. 1 - Dec. 31, 2019			Jan. 1 - Dec. 31, 2018			Jan. 1 - Dec. 31, 2017

Impairment charge	$	455		$	(93,452	)	$	(4,948	)
Dividend income		25,519			9,909			25,415
General and administrative expense		(14,782	)		(13,735	)		(13,764	)
Operating income/(loss)	$	11,192		$	(97,279	)	$	6,703

Interest income	$	27,943		$	24,893		$	21,798
Interest expense		(12,177	)		(10,341	)		(9,229	)
Other financial income/(expenses)		17			(3,416	)		1,020
Profit/(loss) for the year	$	26,975		$	(86,143	)	$	20,293

Statement of Comprehensive Income

(Dollars in thousands)	Jan. 1 - Dec. 31, 2019		Jan. 1 - Dec. 31, 2018			Jan. 1 - Dec. 31, 2017
Profit/(loss) for the year	$	26,975	$	(86,143	)	$	20,293
Total comprehensive income/(loss) for the period	$	26,975	$	(86,143	)	$	20,293

Attributable to the owners	$	26,975	$	(86,143	)	$	20,293

Cash Flow

CASH FLOW

(Dollars in thousands)	Jan. 1 - Dec. 31, 2019			Jan. 1 - Dec. 31, 2018			Jan. 1 - Dec. 31, 2017

Cash Flows from Operating Activities:
Profit/(loss) for the year	$	26,975		$	(86,143	)	$	20,293
Items included in net income not affecting cash flows:
Amortization		5,459			4,733			4,170
Impairment charge		(455	)		93,452			4,948
Compensation related to options and restricted stock		693			663			4,948
(Gain)/loss purchase convertible bond		-			3,589			(1,035	)
Changes in operating assets and liabilities:
Accounts receivable and prepaid expenses		(500	)		(125	)		4,305
Accounts payable and accrued expenses		(1,317	)		2,279			(291	)
Amounts due to related parties		(63,280	)		(72,365	)		11,782
Net cash provided by/(used in) operating activities	$	(32,425	)	$	(53,917	)	$	49,119

Cash flows from Investing Activities
Loan to subsidiaries	$	75,500		$	58,990		$	82,814
Investment in vessels under construction		-			(21,263	)		(86,004	)
Net cash provided by/(used in) investing activities	$	75,500		$	37,727		$	(3,191	)

Cash flows from Financing Activities
Cash dividends paid		(28,685	)		(11,487	)		(23,328	)
Purchase of treasury shares		(3,248	)		(5,026	)		-
Issuance of convertible bonds		(7	)		38,945			-
Repayment of convertible bonds		(6,426	)		-			-
Purchase of convertible bonds		-			-			(17,104	)
Net cash (used in)/provided by financing activities	$	(38,366	)	$	22,432		$	(40,431	)

Net increase/(decrease) in cash and cash equivalents	$	4,709		$	6,242		$	5,497
Cash and cash equivalents at beginning of period		17,783			11,540			6,043
Cash and cash equivalents at end of period	$	22,492		$	17,783		$	11,540

Profit/(Loss) Reconciliation

(Dollars in thousands)	Jan. 1 - Dec. 31, 2019		Jan. 1 - Dec. 31, 2018			Jan. 1 - Dec. 31, 2017

Profit/(loss) of the parent company only under cost method of accounting	$	26,975	$	(86,143	)	$	20,293
Additional profit/(loss) if subsidiaries had been accounted for using equity method of accounting as opposed to cost method of accounting		46,969		39,014			(13,664	)
Profit/(loss) of the parent company only under equity method of accounting	$	73,944	$	(47,128	)	$	6,628

Equity Reconciliation

(Dollars in thousands)	December 31, 2019		December 31, 2018

Equity of the parent company only under cost method of accounting	$	962,796	$	939,154
Additional profit if subsidiaries had been accounted for using equity method of accounting as opposed to cost method of accounting		69,731		22,762
Equity of the parent company only under equity method of accounting	$	1,032,527	$	961,915

General information (Details)	12 Months Ended
General information (Details)	Dec. 31, 2019 Subsidiaries CrudeCarrier t
Disclosure of subsidiaries [abstract]
Number of wholly owned subsidiaries	35
Number of large crude carriers \| CrudeCarrier	27
Total carrying capacity \| t	8,360,850
Top of Range [Member]
Disclosure of subsidiaries [abstract]
Weight of tankers \| t	320,000
Bottom of Range [Member]
Disclosure of subsidiaries [abstract]
Weight of tankers \| t	200,000
Marshall Island [Member]
Disclosure of subsidiaries [abstract]
Number of wholly owned subsidiaries	23
Number of vessel-owning subsidiaries	20
Cayman Islands [Member]
Disclosure of subsidiaries [abstract]
Number of wholly owned subsidiaries	7
Number of vessel-owning subsidiaries	7
Singapore [Member]
Disclosure of subsidiaries [abstract]
Number of wholly owned subsidiaries	3
Monegasque [Member]
Disclosure of subsidiaries [abstract]
Number of wholly owned subsidiaries	1
Norwegian [Member]
Disclosure of subsidiaries [abstract]
Number of wholly owned subsidiaries	1

Significant accounting principles (Details)	12 Months Ended
Significant accounting principles (Details)	Dec. 31, 2019 Segment
Property, Plant and Equipment [Abstract]
Expected useful life	20 years
Segment Information [Abstract]
Number of operating segment	1
Bottom of Range [Member]
Investments in Associates [Abstract]
Percentage of voting rights	20.00%
Docking and Survey Expenditure [Abstract]
Term for vessels to be drydocked	30 months
Top of Range [Member]
Investments in Associates [Abstract]
Percentage of voting rights	50.00%
Docking and Survey Expenditure [Abstract]
Term for vessels to be drydocked	60 months
Vessels [Member]
Property, Plant and Equipment [Abstract]
Expected useful life	20 years
Furniture and Fixtures [Member]
Property, Plant and Equipment [Abstract]
Expected useful life	5 years
Computer Equipment and Software [Member]
Property, Plant and Equipment [Abstract]
Expected useful life	3 years
Scrubbers [Member]
Property, Plant and Equipment [Abstract]
Expected useful life	3 years

Significant accounting principles, Application of new and revised international financial reporting standards ("IFRSs") (Details) - USD ($) $ in Thousands			12 Months Ended
	Dec. 05, 2019	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Initial Recognition Lease Liability and Right of Use Asset [Abstract]
The weighted average incremental borrowing rate applied			3.18%
Amounts Recognized in the Consolidated Statement of Financial Position [Abstract]
Lease liability (Other non-current liabilities)			$ 2,241
Lease liability (Other current liabilities)			605
Right-of-use asset (Other property, plant and equipment)			2,808
Consolidated Income Statement and Consolidated Statement of Comprehensive Income [Abstract]
Depreciation IFRS 16 (Depreciation and amortization expense)			(115,584)	$ (103,476)	$ (96,758)
IFRS 16 interest expense (other financial expense)			(1,790)	(4,943)	443
Consolidated Statement of Cash Flow and Reconciliation of Changes in Liabilities Incurred from Financing Activities [Abstract]
Principal paid on the lease liability (Repayment principal element of lease liability)			(370)	0	$ 0
IFRS 16 Leases [Member]
Impact of initial application of IFRS 16 Leases [Abstract]
Increase in lease liability	$ 100	$ 1,600
Increase in right-of-use lease asset	$ 100	$ 1,600
Initial Recognition Lease Liability and Right of Use Asset [Abstract]
Operating lease commitment at December 31, 2018 as disclosed				529
Extension options reasonably certain to be exercised				1,162
Practical expedient related to short-term leases				(3)
Practical expedient related to low-value leases				0
Discounting using the incremental borrowing rate as of January 1, 2019				(204)
Lease liability recognized at initial application of IFRS 16 as of January 1, 2019				$ 1,484
The weighted average incremental borrowing rate applied				4.03%
Amounts Recognized in the Consolidated Statement of Financial Position [Abstract]
Right-of-use asset (Other property, plant and equipment)				$ 1,500
Consolidated Income Statement and Consolidated Statement of Comprehensive Income [Abstract]
Lease payment			442
Depreciation IFRS 16 (Depreciation and amortization expense)			(405)
IFRS 16 interest expense (other financial expense)			(72)
Consolidated Statement of Cash Flow and Reconciliation of Changes in Liabilities Incurred from Financing Activities [Abstract]
Principal paid on the lease liability (Repayment principal element of lease liability)			$ (370)

Segment information (Details) $ in Thousands	12 Months Ended
Segment information (Details) $ in Thousands	Dec. 31, 2019 USD ($) Segment Vessel	Dec. 31, 2018 USD ($) Vessel	Dec. 31, 2017 USD ($) Vessel
Operating Segments [Abstract]
Number of operating segments \| Segment	1
Information About Major Customers [Abstract]
Number of vessels in operation \| Vessel	27	27	26
Revenues	$ 535,068	$ 375,941	$ 355,052
Time Charters [Member]
Information About Major Customers [Abstract]
Number of vessels in operation \| Vessel	5	5	6
Spot Market [Member]
Information About Major Customers [Abstract]
Number of vessels in operation \| Vessel	22	22	20
Customer One [Member]
Information About Major Customers [Abstract]
Revenues	$ 84,067	$ 76,015	$ 48,192
Customer Two [Member]
Information About Major Customers [Abstract]
Revenues	79,161	38,408	39,488
Customer Three [Member]
Information About Major Customers [Abstract]
Revenues	73,629	19,269	36,109
Customer Four [Member]
Information About Major Customers [Abstract]
Revenues	39,477	18,692	32,252
Customer Five [Member]
Information About Major Customers [Abstract]
Revenues	$ 34,786	$ 18,679	$ 18,855

Charter arrangements, Shipping revenues (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Time Charter Revenues [Member]

$ 535,068

$ 375,941

$ 355,052

Time Charter Revenues [Member] | IFRS 15 [Member]

^[1]

57,472

64,462

100,310

Voyage Charter Revenues [Member]

14,800

Other Shipping Revenues [member]

^[2]

477,595

311,480

254,742

$ 0

[1]	2019 time charter revenue is presented in accordance with IFRS 16 Leases, while the portion of time charter revenue related to technical management services, equaling $14.8 million, is presented in accordance with IFRS 15 Revenue from Contracts with Customers.
[2]	2019 and 2018 voyage charter revenue is presented in accordance with IFRS 15 Revenue from Contracts with Customers. The comparative information has not been restated.

Expiry date 2020-01-01: The income arising in the course of an entity's ordinary activities. Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in an increase in equity, other than those relating to contributions from equity participants. Effective 2020-01-01: The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2019-01-01
-Paragraph 28
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2019-en-r&anchor=para_28_a&doctype=Standard
-URIDate 2019-03-27

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2019-01-01
-Paragraph 23
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2019-en-r&anchor=para_23_a&doctype=Standard
-URIDate 2019-03-27

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2019-01-01
-Paragraph 32
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2019-en-r&anchor=para_32&doctype=Standard
-URIDate 2019-03-27

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2019-01-01
-Paragraph 33
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2019-en-r&anchor=para_33_a&doctype=Standard
-URIDate 2019-03-27

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2019-01-01
-Paragraph 34
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2019-en-r&anchor=para_34&doctype=Standard
-URIDate 2019-03-27

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2019-01-01
-Paragraph 82
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2019-en-r&anchor=para_82_a&doctype=Standard
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
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-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2019-en-r&anchor=para_103&doctype=Standard
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 5
-IssueDate 2019-01-01
-Paragraph 33
-Subparagraph b
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-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=5&code=ifrs-tx-2019-en-r&anchor=para_33_b_i&doctype=Standard
-URIDate 2019-03-27

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
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-IssueDate 2019-01-01
-Paragraph B12
-Subparagraph b
-Clause v
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2019-en-r&anchor=para_B12_b_v&doctype=Appendix&subtype=B
-URIDate 2019-03-27

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
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-IssueDate 2019-01-01
-Paragraph B10
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-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2019-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2019-03-27

+ Details

Charter arrangements, Summary of vessel employment (Details)	12 Months Ended
	Dec. 31, 2019
DHT Amazon [Member]
Vessel employment [Abstract]
Type of Employment	Time charter with profit sharing
Expiry	Q4 2021
DHT Bauhinia [Member]
Vessel employment [Abstract]
Type of Employment	Spot
DHT Bronco [Member]
Vessel employment [Abstract]
Type of Employment	Spot
DHT China [Member]
Vessel employment [Abstract]
Type of Employment	Time charter with profit sharing
Expiry	Q2 2021
DHT Colt [Member]
Vessel employment [Abstract]
Type of Employment	Spot
DHT Condor [Member]
Vessel employment [Abstract]
Type of Employment	Spot
DHT Edelweiss [Member]
Vessel employment [Abstract]
Type of Employment	Spot
DHT Europe [Member]
Vessel employment [Abstract]
Type of Employment	Spot
DHT Falcon [Member]
Vessel employment [Abstract]
Type of Employment	Spot
DHT Hawk [Member]
Vessel employment [Abstract]
Type of Employment	Spot
DHT Jaguar [Member]
Vessel employment [Abstract]
Type of Employment	Spot
DHT Lake [Member]
Vessel employment [Abstract]
Type of Employment	Spot
DHT Leopard [Member]
Vessel employment [Abstract]
Type of Employment	Spot
DHT Lion [Member]
Vessel employment [Abstract]
Type of Employment	Spot
DHT Lotus [Member]
Vessel employment [Abstract]
Type of Employment	Time charter with profit sharing
Expiry	Q1 2020
DHT Mustang [Member]
Vessel employment [Abstract]
Type of Employment	Spot
DHT Opal [Member]
Vessel employment [Abstract]
Type of Employment	Spot
DHT Panther [Member]
Vessel employment [Abstract]
Type of Employment	Spot
DHT Peony [Member]
Vessel employment [Abstract]
Type of Employment	Spot
DHT Puma [Member]
Vessel employment [Abstract]
Type of Employment	Spot
DHT Raven [Member]
Vessel employment [Abstract]
Type of Employment	Spot
DHT Redwood [Member]
Vessel employment [Abstract]
Type of Employment	Spot
DHT Scandinavia [Member]
Vessel employment [Abstract]
Type of Employment	Spot
DHT Stallion [Member]
Vessel employment [Abstract]
Type of Employment	Spot
DHT Sundarbans [Member]
Vessel employment [Abstract]
Type of Employment	Time charter with profit sharing
Expiry	Q4 2021
DHT Taiga [Member]
Vessel employment [Abstract]
Type of Employment	Time charter with profit sharing
Expiry	Q4 2022
DHT Tiger [Member]
Vessel employment [Abstract]
Type of Employment	Spot

Charter arrangements, Future charter payments (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Charter arrangements [Abstract]
2020	$ 47,413
2021	35,818
2022	8,325
2023	0
Thereafter	0
Net charter payments	$ 91,556

Charter arrangements, Contract Balances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Contract balances [Abstract]
Capitalized voyage expense	$ 4,151	$ 1,633
Amortisation expense		1,500
Impairment losses	0	$ 0
Voyage in progress at the end of December 31, 2019 [member]
Contract balances [Abstract]
Amortisation expense	1,600
Voyage in progress at the end of December 31, 2018 [Member]
Contract balances [Abstract]
Amortisation expense	$ 4,400

Charter arrangements, Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) Vessel Counterparty	Dec. 31, 2018 USD ($) Vessel Counterparty	Dec. 31, 2017 Vessel Counterparty
Charter arrangements [Abstract]
Deferred shipping revenues \| $	$ 930	$ 0
Concentration of Risk [Abstract]
Number of vessels	27	27	26
Number of counterparties \| Counterparty	4	4	4
Time Charters [Member]
Concentration of Risk [Abstract]
Number of vessels	5	5	6
Spot Market [Member]
Concentration of Risk [Abstract]
Number of vessels	22	22	20

Earnings per share ("EPS") (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Earnings per share ("EPS") [Abstract]
Antidilutive convertible instruments excluded from the weighted average number of ordinary shares (in shares)			17,282,925
Components of calculation of basic EPS and diluted EPS [Abstract]
Profit/(loss) for the period used for calculation of EPS - basic	$ 73,679	$ (46,927)	$ 6,602
Interest and amortization on the convertible notes	12,177	0	0
Profit/(loss) for the period used for calculation of EPS - dilutive	$ 85,856	$ (46,927)	$ 6,602
Basic earnings per share [Abstract]
Weighted average shares outstanding - basic (in shares)	143,437,164	143,429,610	124,536,338
Diluted earnings per share [Abstract]
Weighted average shares outstanding - basic (in shares)	143,437,164	143,429,610	124,536,338
Dilutive equity awards (in shares)	133,342	5,311	0
Dilutive shares related to convertible notes (in shares)	24,589,370	0	0
Weighted average shares outstanding - dilutive (in shares)	168,159,876	143,434,921	124,536,338

Vessels and subsidiaries (Details)

12 Months Ended

Dec. 31, 2019

DHT Mustang [Member]

DHT Mustang Inc

317,975

Hong Kong

2018

DHT Bronco Inc

317,975

Hong Kong

2018

DHT Colt Inc

319,713

Hong Kong

2018

DHT Stallion [Member]

DHT Stallion Inc

319,713

Hong Kong

2018

DHT Tiger Limited

299,629

Hong Kong

2017

DHT Puma Limited

299,629

Hong Kong

2016

DHT Panther Limited

299,629

Hong Kong

2016

DHT Lion Limited

299,629

Hong Kong

2016

DHT Leopard Limited

299,629

Hong Kong

2016

DHT Jaguar Limited

299,629

Hong Kong

2015

DHT Opal Inc

320,105

IOM

2012

DHT Sundarbans [Member]

Samco Theta Ltd

314,249

RIF

2012

Samco Iota Ltd

314,249

Hong Kong

2012

DHT Peony Inc

320,013

Hong Kong

2011

DHT Lotus Inc

320,142

Hong Kong

2011

Samco Eta Ltd

314,249

RIF

2011

Samco Kappa Ltd

314,249

Hong Kong

2011

DHT Edelweiss [Member]

DHT Edelweiss Inc

301,021

Hong Kong

2008

Samco Epsilon Ltd

317,794

RIF

2007

Samco Delta Ltd

317,713

Marshall Islands

2007

DHT Bauhinia [Member]

DHT Bauhinia Inc

301,019

IOM

2007

DHT Hawk Inc

298,923

Hong Kong

2007

DHT Scandinavia [Member]

Samco Gamma Ltd

317,826

Hong Kong

2006

DHT Falcon Inc

298,971

Hong Kong

2006

DHT Lake Inc

298,564

Hong Kong

2004

DHT Raven Inc

298,563

IOM

2004

DHT Condor, Inc.

320,050

Hong Kong

2004

DHT Eagle, Inc.

^[1]

309,064

^[1]

Hong Kong

^[1]

2002

^[1]

DHT Utah [Member]

DHT Utah, Inc

^[1]

299,498

^[1]

IOM

^[1]

2001

^[1]

DHT Utik [Member]

DHT Utik, Inc

^[1]

299,450

^[1]

IOM

^[1]

2001

^[1]

DHT Chris [Member]

Chris Tanker Corporation

^[2]

309,285

^[2]

Hong Kong

^[2]

2001

^[2]

DHT Ann [Member]

Ann Tanker Corporation

^[3]

309,327

^[3]

Hong Kong

^[3]

2001

^[3]

DHT Phoenix [Member]

DHT Phoenix, Inc.

^[4]

307,151

^[4]

Hong Kong

^[4]

1999

^[4]

DHT Cathy [Member]

Cathy Tanker Corporation

^[5]

115,000

^[5]

Marshall Islands

^[5]

2004

^[5]

DHT Sophie [Member]

Sophie Tanker Corporation

^[5]

115,000

^[5]

Marshall Islands

^[5]

Reconciliation of changes in property, plant and equipment [abstract]

2003

^[5]

[1]	The DHT Eagle, DHT Utah and DHT Utik were sold to one buyer in November 2017. The DHT Eagle and DHT Utah were delivered to the buyer during the fourth quarter of 2017 and the DHT Utik was delivered to the buyer in January 2018.
[2]	The DHT Chris was sold and delivered to new owners in January 2017.
[3]	The DHT Ann was sold and delivered to new owners in May 2017.
[4]	The DHT Phoenix was sold and delivered to new owners in June 2017.
[5]	DHT Sophie and DHT Cathy were sold to one buyer in October 2018. Both vessels were delivered to buyer during fourth quarter 2018.

Vessels and subsidiaries, Vessels and time charter contracts (Details)

1 Months Ended

3 Months Ended

12 Months Ended

Oct. 08, 2018

Building

Mar. 31, 2017

Carrier

Building

Sep. 30, 2018

USD ($)

Dec. 31, 2017

USD ($)

Mar. 31, 2017

USD ($)

Dec. 31, 2019

USD ($)

Dec. 31, 2018

USD ($)

Building

Dec. 31, 2017

USD ($)

Number of VLCCs acquired | Carrier

$ 1,589,444,000

$ 1,665,810,000

Acquisition of VLCCs [Abstract]

Depreciation and amortisation expense [abstract]

Estimated useful life of assets

20 years

Estimated scrap rate used as a basis for depreciation per ton

$ 300

Non-cash impairment charge

$ 7,900,000

Reversal of impairment charge

$ 7,400,000

Percentage of estimated weighted average cost of capital

8.57%

Cost [Member]

Reconciliation of changes in property, plant and equipment [abstract]

2,071,456,000

1,810,158,000

^[1]

(1,139,000)

15,373,000

39,795,000

336,890,000

(3,116,000)

(90,965,000)

Accumulated Depreciation and Impairment [Member]

$ 1,810,158,000

2,106,997,000

2,071,456,000

$ 1,810,158,000

Reconciliation of changes in property, plant and equipment [abstract]

(405,647,000)

(366,013,000)

(115,022,000)

(103,259,000)

(3,500,000)

3,116,000

67,125,000

Vessels Under Construction [Member]

(366,013,000)

(517,553,000)

(405,647,000)

(366,013,000)

Reconciliation of changes in property, plant and equipment [abstract]

114,759,000

222,131,000

(336,890,000)

Reconciliation of changes in property, plant and equipment [abstract]

114,759,000

Vessel Upgrades [Member]

51,446,000

(39,795,000)

Time Charter Contracts [Member]

11,652,000

Reconciliation of changes in property, plant and equipment [abstract]

Time Charter Contracts [Member] | Cost [Member]

1,430,000

2,407,000

Reconciliation of changes in property, plant and equipment [abstract]

6,600,000

^[1]

Time Charter Contracts [Member] | Accumulated Depreciation and Impairment [Member]

6,600,000

Reconciliation of changes in property, plant and equipment [abstract]

(4,193,000)

(3,215,000)

(978,000)

Time Charter Contracts [Member] | Vessels Under Construction [Member]

(3,215,000)

(5,170,000)

(4,193,000)

(3,215,000)

Reconciliation of changes in property, plant and equipment [abstract]

Time Charter Contracts [Member] | Vessel Upgrades [Member]

Reconciliation of changes in property, plant and equipment [abstract]

VLCC [Member]

Reversal of impairment charge

17,100,000

Impairment rate for time charter equivalents, first year

15,154

Impairment rate for time charter equivalents, second year

21,349

Impairment rate for time charter equivalents, thereafter

$ 40,347

Percentage of reduction in impairment rate

20.00%

Consideration period for reduction in impairment rate

15 years

Impairment charges for vessels on charter if WACC was charged 1% higher

$ 55,800,000

Impairment charges for fixed charter

104,500,000

VLCC [Member] | VLCCs built 2015 and Later [Member]

Lower fuel consumption for modern vessels

4,000

VLCC [Member] | VLCCs Built Between 2011 to 2014 [Member]

Lower fuel consumption for modern vessels

1,400

VLCC [Member] | First Year Historical Average Spot Rate [Member]

VLCC [Member] | Fifth Year Historical Average Spot Rate [Member]

166,400,000

VLCC [Member] | Tenth Year Historical Average Spot Rate [Member]

124,800,000

85,500,000

Aframax [Member]

Impairment rate for time charter equivalents, first year

1,368

Impairment rate for time charter equivalents, second year

6,363

Impairment rate for time charter equivalents, thereafter

24,705

Vessels [Member]

Reconciliation of changes in property, plant and equipment [abstract]

Depreciation and amortisation expense [abstract]

$ 1,526,097,000

1,615,492,000

Estimated useful life of assets

20 years

Vessels [Member] | Cost [Member]

Reconciliation of changes in property, plant and equipment [abstract]

$ 2,007,385,000

1,767,117,000

^[1]

(42,000)

113,000

6,750,000

325,004,000

(84,848,000)

Vessels [Member] | Accumulated Depreciation and Impairment [Member]

1,767,117,000

2,014,093,000

2,007,385,000

1,767,117,000

Reconciliation of changes in property, plant and equipment [abstract]

(391,894,000)

(359,066,000)

(96,102,000)

(91,551,000)

(3,500,000)

62,224,000

Vessels [Member] | Vessels Under Construction [Member]

(359,066,000)

(487,996,000)

(391,894,000)

(359,066,000)

Reconciliation of changes in property, plant and equipment [abstract]

114,759,000

222,131,000

(336,890,000)

Vessels [Member] | Vessel Upgrades [Member]

114,759,000

Reconciliation of changes in property, plant and equipment [abstract]

8,121,000

(6,750,000)

Reconciliation of changes in property, plant and equipment [abstract]

1,371,000

Drydock [Member]

Drydock [Member] | Cost [Member]

25,941,000

35,647,000

Reconciliation of changes in property, plant and equipment [abstract]

44,818,000

36,441,000

^[1]

(375,000)

7,695,000

2,493,000

6,800,000

(3,116,000)

(6,117,000)

Drydock [Member] | Accumulated Depreciation and Impairment [Member]

36,441,000

43,820,000

44,818,000

36,441,000

Reconciliation of changes in property, plant and equipment [abstract]

(9,171,000)

(3,731,000)

(11,824,000)

(10,342,000)

3,116,000

4,902,000

Drydock [Member] | Vessels Under Construction [Member]

(3,731,000)

(17,880,000)

(9,171,000)

(3,731,000)

Reconciliation of changes in property, plant and equipment [abstract]

Drydock [Member] | Vessel Upgrades [Member]

Reconciliation of changes in property, plant and equipment [abstract]

2,493,000

(2,493,000)

Reconciliation of changes in property, plant and equipment [abstract]

Scrubbers [Member]

Depreciation and amortisation expense [abstract]

$ 35,976,000

12,264,000

Estimated useful life of assets

3 years

Scrubbers [Member] | Cost [Member]

Reconciliation of changes in property, plant and equipment [abstract]

$ 12,652,000

^[1]

(721,000)

7,566,000

30,552,000

5,086,000

Scrubbers [Member] | Accumulated Depreciation and Impairment [Member]

42,482,000

12,652,000

Reconciliation of changes in property, plant and equipment [abstract]

(388,000)

(6,118,000)

(388,000)

Scrubbers [Member] | Vessel Upgrades [Member]

$ 0

(6,507,000)

(388,000)

$ 0

Reconciliation of changes in property, plant and equipment [abstract]

40,832,000

(30,552,000)

Number of VLCC buildings delivered | Building

$ 10,281,000

$ 0

New Buildings [member]

Acquisition of VLCCs [Abstract]

New Buildings [member] | Vessels Under Construction [Member]

Acquisition of VLCCs [Abstract]

Number of VLCC buildings delivered | Building

DHT Cathy and DHT Sophie [Member]

DHT Ann and DHT Phoenix [Member]

$ 3,500,000

Accounts payable and accrued expenses [Abstract]

$ 7,500,000

[1]	Additions in 2019 relates to adjustments to capitalized expenses in 2018

Vessels and subsidiaries, Time charter contracts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Intangible assets [Abstract]
Carrying amount	$ 1,430	$ 2,407
Amortization period of intangible asset	1 year 6 months
DHT China Charter [Member]
Intangible assets [Abstract]
Carrying amount	$ 1,430	$ 2,407

Accounts payable and accrued expenses (Details) - USD ($)
$ in Thousands

Dec. 31, 2019

Dec. 31, 2018

Accounts payable

$ 7,913

$ 10,885

Accrued interest

3,462

5,460

Accrued voyage expenses

8,865

3,237

Accrued employee compensation

2,976

3,043

Other

^[1]

782

6,009

Total accounts payable and accrued expenses

^[2]

$ 23,998

$ 28,634

[1]	Other includes accrued operating expenses in 2019 and accrued operating expenses and accrued capital expenditures in 2018.
[2]	Amortized cost.

Financial instruments, Categories of financial instruments (Details) - USD ($)
$ in Thousands

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Financial assets [Abstract]

$ 67,356

^[1],[2]

$ 94,944

^[1],[2]

$ 77,292

$ 109,295

^[1]

107,848

60,196

Total

175,204

155,140

Financial liabilities [Abstract]

Derivative financial liabilities, current

^[1]

23,998

28,634

^[3]

4,320

1,250

Current portion long-term debt

^[1]

100,385

93,815

Long-term debt

^[1]

750,586

873,460

Derivative financial liabilities, non-current

^[3]

11,279

4,486

Total financial liabilities

890,569

1,001,645

Restricted cash

$ 221

$ 638

[1]	Amortized cost.
[2]	Cash and cash equivalents include $221 thousand in restricted cash in 2019 and $638 thousand in 2018, including employee withholding tax.
[3]	Fair value through profit or loss.

Financial instruments, Derivatives interest rate swaps (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Derivatives - interest rate swaps [Abstract]
Notional amount	$ 379,916	$ 402,049
Fair value	$ 15,600	5,736
Swap Pays 2.987% [Member]
Derivatives - interest rate swaps [Abstract]
Interest rate	2.987%
Expiries	Apr. 20, 2023
Notional amount	$ 44,400	46,800
Fair value	$ 1,748	699
Swap Pays 3.012%, [Member]
Derivatives - interest rate swaps [Abstract]
Interest rate	3.012%
Expiries	Apr. 20, 2023
Notional amount	$ 44,400	46,800
Fair value	$ 1,780	743
Swap Pays 3.019% [Member]
Derivatives - interest rate swaps [Abstract]
Interest rate	3.019%
Expiries	Sep. 29, 2023
Notional amount	$ 33,310	35,877
Fair value	$ 1,425	580
Swap Pays 3.019% [Member]
Derivatives - interest rate swaps [Abstract]
Interest rate	3.019%
Expiries	Sep. 29, 2023
Notional amount	$ 32,396	34,963
Fair value	$ 1,380	563
Swap Pays 2.8665% [Member]
Derivatives - interest rate swaps [Abstract]
Interest rate	2.8665%
Expiries	Sep. 29, 2023
Notional amount	$ 48,830	51,400
Fair value	$ 1,976	606
Swap Pays 2.8785% [Member]
Derivatives - interest rate swaps [Abstract]
Interest rate	2.8785%
Expiries	Jun. 30, 2023
Notional amount	$ 43,240	45,807
Fair value	$ 1,681	503
Swap Pays 2.885% [Member]
Derivatives - interest rate swaps [Abstract]
Interest rate	2.885%
Expiries	Sep. 29, 2023
Notional amount	$ 48,188	50,115
Fair value	$ 1,961	653
Swap Pays 2.897% [Member]
Derivatives - interest rate swaps [Abstract]
Interest rate	2.897%
Expiries	Sep. 30, 2023
Notional amount	$ 43,419	45,986
Fair value	$ 1,789	597
Swap Pays 3.020% [Member]
Derivatives - interest rate swaps [Abstract]
Interest rate	3.02%
Expiries	Sep. 29, 2023
Notional amount	$ 41,734	44,301
Fair value	$ 1,859	$ 793

Financial instruments, Interest bearing debt (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Jun. 30, 2017	Apr. 30, 2017	Nov. 30, 2016	Nov. 30, 2014
Interest-bearing debt [Abstract]
Remaining notional	$ 866,009
Carrying amount	850,972	$ 967,275
Credit Agricole Credit Facility [Member]
Interest-bearing debt [Abstract]
Remaining notional	56,120
Carrying amount	$ 55,719	62,166
Credit Agricole Credit Facility [Member] \| LIBOR [Member]
Interest-bearing debt [Abstract]
Interest rate spread	2.19%
Danish Ship Finance Credit Facility [Member]
Interest-bearing debt [Abstract]
Remaining notional	$ 39,000
Carrying amount	$ 38,929	41,437					$ 49,400
Danish Ship Finance Credit Facility [Member] \| LIBOR [Member]
Interest-bearing debt [Abstract]
Interest rate spread	2.25%						2.25%
Nordea BW VLCC Acquisition Credit Facility [Member]
Interest-bearing debt [Abstract]
Remaining notional	$ 209,628
Carrying amount	$ 207,175	254,870	$ 96,000	$ 204,000	$ 300,000
Nordea BW VLCC Acquisition Credit Facility [Member] \| LIBOR [Member]
Interest-bearing debt [Abstract]
Interest rate spread	2.40%		2.40%
ABN Amro Credit Facility [Member]
Interest-bearing debt [Abstract]
Remaining notional	$ 436,261
Carrying amount	$ 432,581	464,826
ABN Amro Credit Facility [Member] \| LIBOR [Member]
Interest-bearing debt [Abstract]
Interest rate spread	2.40%
ABN AMRO Revolving Credit Facility [Member]
Interest-bearing debt [Abstract]
Remaining notional	$ 0
Carrying amount	$ 0
ABN AMRO Revolving Credit Facility [Member] \| LIBOR [Member]
Interest-bearing debt [Abstract]
Interest rate spread	2.50%					2.50%
Convertible Senior Notes due 2019 [Member]
Interest-bearing debt [Abstract]
Interest rate	4.50%
Remaining notional	$ 0
Carrying amount	$ 0	32,009
Convertible Senior Notes due 2021 [Member]
Interest-bearing debt [Abstract]
Interest rate	4.50%
Remaining notional	$ 125,000
Carrying amount	$ 116,568	$ 111,968

Financial instruments, Reconciliation of liabilities arising from financing activities (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Reconciliation of liabilities arising from financing activities [Abstract]

^[1]

$ 967,275

$ 786,204

^[1],[2]

(98,243)

168,345

^[1],[3]

^[1]

8,003

11,559

^[1]

(26,434)

(1,553)

^[1],[4]

1,732

2,720

Reconciliation of liabilities arising from financing activities [Abstract]

^[1]

853,817

967,275

IFRS 16 Leases [Member]

^[1],[5]

968,759

Initial recognition of a lease liability

^[1],[5]

968,759

1,484

Bank Loans [Member]

Reconciliation of liabilities arising from financing activities [Abstract]

823,299

^[5]

687,942

^[2]

(91,440)

129,400

^[3]

2,545

6,826

^[4]

(869)

Convertible Senior Notes due 2019 [Member]

734,404

823,299

^[5]

Reconciliation of liabilities arising from financing activities [Abstract]

32,009

^[5]

98,262

^[2]

(6,426)

^[3]

(74,644)

851

3,188

(26,434)

1,613

^[4]

3,589

Exchange of convertible senior notes

32,009

^[5]

38,900

Cash received upon issuance of notes

41,600

Transaction cost for issuance of notes

2,700

Convertible Senior Notes due 2021 [Member]

Reconciliation of liabilities arising from financing activities [Abstract]

111,968

^[5]

^[2]

(7)

38,945

^[3]

74,644

4,607

1,545

(3,165)

^[4]

Reconciliation of liabilities arising from financing activities [Abstract]

116,568

111,968

^[5]

Office Leases [Member]

^[2]

(370)

^[3]

^[4]

1,732

Office Leases [Member] | IFRS 16 Leases [Member]

2,846

Reconciliation of liabilities arising from financing activities [Abstract]

^[5]

$ 1,484

^[5]

$ 1,484

[1]	The reconciliation does not include interest rate swaps, which are described in note 8.
[2]	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. In 2018 the cash flows from the transaction related to the exchange of convertible senior notes due 2019 of $38.9 million consisted of $41.6 million cash received upon issue, less transaction costs of $2.7 million.
[3]	Fair value changes reflects the loss arising from the exchange of the convertible senior notes due 2019 to convertible senior notes due 2021 below market fair value.
[4]	Other changes for the year 2019 represents new, modified office leases and foreign exchange effects during the year related to IFRS 16 Leases. Other changes for the year 2018 represents the (gain)/loss on extinguishment of debt, including previously capitalized fees.
[5]	The opening balance as of January 1, 2019, includes the initial recognition of a lease liability of $1.5 million resulting from the adoption of IFRS 16 Leases.

Financial risk management, objectives and policies, Market risk (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) Swap	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Market risk [Abstract]
Number of interest rate swaps \| Swap	9
Interest rate swaps total aggregate notional amount	$ 379,916	$ 402,049
Increase (decrease) in profit (loss) due to change in interest rates by fifty basis points	$ (1,805)	$ (2,152)	$ (3,099)

Financial risk management, objectives and policies, Credit risk (Details)
$ in Thousands

12 Months Ended

Dec. 31, 2019

USD ($)

Vessel

Counterparty

Institution

Customer

Dec. 31, 2018

USD ($)

Vessel

Counterparty

Dec. 31, 2017

Vessel

Counterparty

Number of vessels chartered with counterparties | Vessel

Number of vessels | Vessel

Number of counterparties | Counterparty

Number of vessels operated in spot market | Vessel

Number of financial institutions for holding cash | Institution

Number of major customers | Customer

Disclosure of maximum credit exposure [Abstract]

^[1]

$ 107,848

$ 60,196

67,356

94,944

107,848

60,196

Maximum credit exposure

175,204

$ 155,140

Customer One [Member]

7,491

Customer Two [Member]

6,840

Customer Three [Member]

5,983

Customer Four [Member]

5,403

Customer Five [Member]

Number of vote per common stock | Vote

$ 4,604

[1]	Amortized cost.

Financial risk management, objectives and policies, Liquidity risk (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Contractual Maturities of Financial Liabilities [Abstract]
Interest bearing loans	$ 996,301	$ 1,177,298
Interest rate swaps	11,629	2,424
Total	1,007,929	1,179,722
1 Year [Member]
Contractual Maturities of Financial Liabilities [Abstract]
Interest bearing loans	140,707	146,574
Interest rate swaps	3,523	593
Total	144,230	147,167
2 to 5 Years [Member]
Contractual Maturities of Financial Liabilities [Abstract]
Interest bearing loans	855,593	723,031
Interest rate swaps	8,105	1,832
Total	863,699	724,863
More than 5 Years [Member]
Contractual Maturities of Financial Liabilities [Abstract]
Interest bearing loans	0	307,692
Interest rate swaps	0	0
Total	$ 0	$ 307,692

Financial risk management, objectives and policies, The Credit Agricole Credit Facility (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2016 USD ($)	Dec. 31, 2019 USD ($) Intallment	Dec. 31, 2018 USD ($)	Jan. 16, 2017 USD ($)	Jun. 22, 2015 USD ($)
Credit Facility [Abstract]
Borrowing amount		$ 850,972	$ 967,275
Frequency of periodic repayment		Quarterly
Credit Agricole Credit Facility [Member]
Credit Facility [Abstract]
Borrowing amount		$ 55,719	$ 62,166
Credit facility covenant to maintain adjusted tangible net worth		$ 200,000
Credit Agricole Credit Facility [Member] \| Top of Range [Member]
Credit Facility [Abstract]
Financing commitment					$ 50,000
Credit Agricole Credit Facility [Member] \| Bottom of Range [Member]
Credit Facility [Abstract]
Covenants requiring all times charter-free market value of vessels		135.00%
Percentage of covenant to maintain adjusted tangible net worth to total assets for credit facility		25.00%
Credit facility covenant to maintain encumbered cash		$ 20,000
Percentage of covenant required unencumbered consolidated cash to gross interest-bearing debt for credit facility		6.00%
Credit Agricole Credit Facility [Member] \| LIBOR [Member]
Credit Facility [Abstract]
Adjustment to interest rate basis		2.19%
Credit Agricole Credit Facility [Member] \| December 2023 [Member]
Credit Facility [Abstract]
Debt repayment final amount		$ 29,700
Credit Agricole Credit Facility [Member] \| Tranche A [Member] \| September 2015 to December 2023 [Member]
Credit Facility [Abstract]
Number of installments for repaying debt \| Intallment		34
Debt repayment installment amount		$ 1,100
Frequency of periodic repayment		Quarterly
Credit Agricole Credit Facility [Member] \| Tranche A [Member] \| June 2016 [Member]
Credit Facility [Abstract]
Debt repayment installment amount	$ 1,000
Frequency of periodic repayment		Quarterly
Debt prepayment before installment term	$ 5,000
Credit Agricole Credit Facility [Member] \| Tranche B [Member]
Credit Facility [Abstract]
Borrowing amount				$ 48,700
Credit Agricole Credit Facility [Member] \| Tranche B [Member] \| LIBOR [Member]
Credit Facility [Abstract]
Adjustment to interest rate basis				2.1875%
Credit Agricole Credit Facility [Member] \| Tranche B [Member] \| March 2017 to December 2023 [Member]
Credit Facility [Abstract]
Number of installments for repaying debt \| Intallment		28
Debt repayment installment amount		$ 700
Frequency of periodic repayment		Quarterly

Financial risk management, objectives and policies, The Nordea Samco Credit Facility (Details) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Apr. 30, 2018 USD ($) Carrier	Jun. 30, 2018 USD ($)	Dec. 31, 2019 USD ($) Intallment	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2014 USD ($)
Credit Facility [Abstract]
Borrowing amount			$ 850,972	$ 967,275
Frequency of periodic repayment			Quarterly
Nordea Samco Credit Facility [Member]
Credit Facility [Abstract]
Borrowing amount	$ 484,000					$ 302,000
Credit facility covenant to maintain adjusted tangible net worth			$ 200,000
Amended debt repayment quarterly installment amount			$ 5,800
Number of VLCCs refinanced \| Carrier	13
Noncash finance expense related to upfront fees		$ 4,300
Nordea Samco Credit Facility [Member] \| Bottom of Range [Member]
Credit Facility [Abstract]
Covenants requiring all times charter-free market value of vessels			135.00%
Percentage of covenant to maintain adjusted tangible net worth to total assets for credit facility			25.00%
Credit facility covenant to maintain encumbered cash			$ 20,000
Percentage of covenant required unencumbered consolidated cash to gross interest-bearing debt for credit facility			6.00%
Nordea Samco Credit Facility [Member] \| DHT Eagle [Member]
Credit Facility [Abstract]
Frequency of periodic repayment			Quarterly
Debt repayment installment amount			$ 5,000
Debt repayment amount in connection with sale					$ 16,400
Nordea Samco Credit Facility [Member] \| March 2015 to December 2019 [Member]
Credit Facility [Abstract]
Number of installments for repaying debt \| Intallment			20
Frequency of periodic repayment			Quarterly
Debt repayment installment amount			$ 5,100
Nordea Samco Credit Facility [Member] \| December 2019 [Member]
Credit Facility [Abstract]
Debt repayment final amount			199,800
Amended debt repayment final amount			190,400
Nordea Samco Credit Facility [Member] \| December 2019 [Member] \| DHT Eagle [Member]
Credit Facility [Abstract]
Debt repayment final amount			$ 180,100
Nordea Samco Credit Facility [Member] \| LIBOR [Member]
Credit Facility [Abstract]
Adjustment to interest rate basis						2.50%

Financial risk management, objectives and policies, The ABN AMRO Credit Facility (Details) $ in Thousands	1 Months Ended		3 Months Ended	12 Months Ended
	Apr. 30, 2018 USD ($) Carrier	Jul. 31, 2014 USD ($) Carrier	Jun. 30, 2018 USD ($)	Dec. 31, 2019 USD ($) Intallment	Dec. 31, 2018 USD ($)
Credit Facility [Abstract]
Borrowing amount				$ 850,972	$ 967,275
Frequency of periodic repayment				Quarterly
ABN AMRO Credit Facility [Member]
Credit Facility [Abstract]
Number of VLCCs executed a credit facility to fund the acquisition \| Carrier		3
Borrowing amount	$ 484,000	$ 141,000
Term				5 years
Borrowings maturity				December 31, 2021
Number of installments for repaying debt \| Intallment				20
Debt repayment installment amount				$ 2,000
Period to make additional repayment equal to free cash flow in prior quarter				3 years
Additional amount capped per quarter applied against the balloon				$ 300
Credit facility covenant to maintain adjusted tangible net worth				$ 300,000
Number of VLCCs refinanced \| Carrier	13
Noncash finance expense related to upfront fees			$ 4,300
ABN AMRO Credit Facility [Member] \| Bottom of Range [Member]
Credit Facility [Abstract]
Covenants requiring all times charter-free market value of vessels				135.00%
Percentage of covenant to maintain adjusted tangible net worth to total assets for credit facility				25.00%
Credit facility covenant to maintain encumbered cash				$ 30,000
Percentage of covenant required unencumbered consolidated cash to gross interest-bearing debt for credit facility				6.00%
ABN AMRO Credit Facility [Member] \| March 31, 2021 [Member]
Credit Facility [Abstract]
Debt repayment final amount				$ 31,300
ABN AMRO Credit Facility [Member] \| September 30, 2021 [Member]
Credit Facility [Abstract]
Debt repayment final amount				$ 60,200
ABN AMRO Credit Facility [Member] \| LIBOR [Member]
Credit Facility [Abstract]
Adjustment to interest rate basis		2.60%

Financial risk management, objectives and policies, The Danish Ship Finance Credit Facility (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2014 USD ($) Carrier	Dec. 31, 2019 USD ($) Intallment	Dec. 31, 2018 USD ($)
Credit Facility [Abstract]
Borrowing amount		$ 850,972	$ 967,275
Frequency of periodic repayment		Quarterly
Danish Ship Finance Credit Facility [Member]
Credit Facility [Abstract]
Number of VLCCs executed a credit facility to fund the acquisition \| Carrier	1
Borrowing amount	$ 49,400	$ 38,929	$ 41,437
Term		5 years
Number of installments for repaying debt \| Intallment		10
Frequency of periodic repayment		Semi annually
Debt repayment installment amount		$ 1,300
Debt repayment final amount		36,400
Credit facility covenant to maintain adjusted tangible net worth		$ 300,000
Danish Ship Finance Credit Facility [Member] \| Bottom of Range [Member]
Credit Facility [Abstract]
Covenants requiring all times charter-free market value of vessels		130.00%
Percentage of covenant to maintain adjusted tangible net worth to total assets for credit facility		25.00%
Credit facility covenant to maintain encumbered cash		$ 30,000
Percentage of covenant required unencumbered consolidated cash to gross interest-bearing debt for credit facility		6.00%
Danish Ship Finance Credit Facility [Member] \| LIBOR [Member]
Credit Facility [Abstract]
Adjustment to interest rate basis	2.25%	2.25%

Financial risk management, objectives and policies, The Nordea/DNB Credit Facility (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Sep. 30, 2016 USD ($) Vessel	Oct. 31, 2015 USD ($) Carrier	Dec. 31, 2019 USD ($) Intallment	Dec. 31, 2018 USD ($)
Credit Facility [Abstract]
Borrowing amount			$ 850,972	$ 967,275
Frequency of periodic repayment			Quarterly
Nordea/DNB Credit Facility [Member]
Credit Facility [Abstract]
Borrowing amount		$ 50,000
Number of VLCCs executed a credit facility to fund the acquisition \| Carrier		1
Term			5 years
Frequency of periodic repayment			Semi annually
Number of installments for repaying debt \| Intallment			10
Debt repayment installment amount			$ 600
Debt repayment final amount			37,500
Credit facility covenant to maintain adjusted tangible net worth			$ 300,000
Nordea/DNB Credit Facility [Member] \| Bottom of Range [Member]
Credit Facility [Abstract]
Covenants requiring all times charter-free market value of vessels			135.00%
Percentage of covenant to maintain adjusted tangible net worth to total assets for credit facility			25.00%
Credit facility covenant to maintain encumbered cash			$ 30,000
Percentage of covenant required unencumbered consolidated cash to gross interest-bearing debt for credit facility			6.00%
Nordea/DNB Credit Facility [Member] \| LIBOR [Member]
Credit Facility [Abstract]
Adjustment to interest rate basis		2.25%
RBS Credit Facility [Member]
Credit Facility [Abstract]
Borrowing amount	$ 40,000
Frequency of periodic repayment			Quarterly
Number of remaining vessels financed \| Vessel	4
RBS Credit Facility [Member] \| LIBOR [Member]
Credit Facility [Abstract]
Adjustment to interest rate basis	2.75%
RBS Credit Facility [Member] \| December 2016 to June 2019 [Member]
Credit Facility [Abstract]
Number of installments for repaying debt \| Intallment			11
Debt repayment installment amount			$ 2,100
RBS Credit Facility [Member] \| August 2019 [Member]
Credit Facility [Abstract]
Debt repayment final amount			$ 17,300
RBS Credit Facility [Member] \| DHT Chris and DHT Ann [Member]
Credit Facility [Abstract]
Frequency of periodic repayment			Quarterly
Debt repayment installment amount			$ 400
RBS Credit Facility [Member] \| DHT Chris and DHT Ann [Member] \| August 2019 [Member]
Credit Facility [Abstract]
Debt repayment final amount			$ 6,900

Financial risk management, objectives and policies, The ABN AMRO Revolving Credit Facility (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Jul. 31, 2018	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Apr. 30, 2018	Nov. 30, 2016
Credit Facility [Abstract]
Borrowing amount			$ 850,972	$ 967,275
Frequency of periodic repayment			Quarterly
ABN AMRO Revolving Credit Facility [Member]
Credit Facility [Abstract]
Term			5 years
Maximum borrowing capacity					$ 57,300	$ 50,000
Borrowing amount			$ 0
Frequency of periodic repayment			Quarterly
Reduction amount in credit facility	$ 1,800	$ 1,300
Credit facility covenant to maintain adjusted tangible net worth			$ 300,000
ABN AMRO Revolving Credit Facility [Member] \| Bottom of Range [Member]
Credit Facility [Abstract]
Covenants requiring all times charter-free market value of vessels			135.00%
Percentage of covenant to maintain adjusted tangible net worth to total assets for credit facility			25.00%
Credit facility covenant to maintain encumbered cash			$ 30,000
Percentage of covenant required unencumbered consolidated cash to gross interest-bearing debt for credit facility			6.00%
ABN AMRO Revolving Credit Facility [Member] \| LIBOR [Member]
Credit Facility [Abstract]
Adjustment to interest rate basis			2.50%			2.50%

Financial risk management, objectives and policies, The Nordea/DNB Newbuilding Credit Facility (Details) $ in Thousands	1 Months Ended			3 Months Ended	12 Months Ended
	Apr. 30, 2018 USD ($) Carrier	Jun. 30, 2017 USD ($) Carrier	Jun. 30, 2017 USD ($) Borrower	Jun. 30, 2018 USD ($)	Dec. 31, 2019 USD ($) Intallment	Dec. 31, 2018 USD ($)
Credit Facility [Abstract]
Borrowing amount					$ 850,972	$ 967,275
Frequency of periodic repayment					Quarterly
Nordea/DNB Newbuilding Credit Facility [Member]
Credit Facility [Abstract]
Borrowing amount	$ 484,000	$ 82,500	$ 82,500
Number of VLCCs executed a credit facility to fund the acquisition		2	2
Term					5 years
Frequency of periodic repayment					Quarterly
Number of installments for repayment of borrowings \| Intallment					20
Debt repayment installment amount					$ 1,000
Debt repayment final amount					61,900
Credit facility covenant to maintain adjusted tangible net worth					$ 300,000
Number of VLCCs refinanced \| Carrier	13
Noncash finance expense related to upfront fees				$ 4,300
Nordea/DNB Newbuilding Credit Facility [Member] \| Bottom of Range [Member]
Credit Facility [Abstract]
Covenants requiring all times charter-free market value of vessels					135.00%
Percentage of covenant to maintain adjusted tangible net worth to total assets for credit facility					25.00%
Credit facility covenant to maintain encumbered cash					$ 30,000
Percentage of covenant required unencumbered consolidated cash to gross interest-bearing debt for credit facility					6.00%
Nordea/DNB Newbuilding Credit Facility [Member] \| LIBOR [Member]
Credit Facility [Abstract]
Adjustment to interest rate basis		2.50%	2.50%

Financial risk management, objectives and policies, The Nordea BW VLCC Acquisition Credit Facility (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Jun. 30, 2017 USD ($) Carrier	Apr. 30, 2017 USD ($) Building	Dec. 31, 2019 USD ($)	Nov. 30, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)
Credit Facility [Abstract]
Borrowing amount			$ 850,972		$ 967,275
Frequency of periodic repayment			Quarterly
Nordea BWVLCC Acquisition Credit Facility [Member]
Credit Facility [Abstract]
Term			6 years
Borrowing amount	$ 204,000	$ 300,000	$ 207,175		$ 254,870		$ 96,000
Number of VLCCs Delivered \| Carrier	9
Credit facility covenant to maintain adjusted tangible net worth			$ 300,000
Frequency of periodic repayment			Quarterly
Debt repayment installment amount			$ 4,200
Drawn secured commitment related to financing				$ 31,500
Remaining secured commitment related to financing				13,500
Nordea BWVLCC Acquisition Credit Facility [Member] \| Bottom of Range [Member]
Credit Facility [Abstract]
Covenants requiring all times charter-free market value of vessels			135.00%
Percentage of covenant to maintain adjusted tangible net worth to total assets for credit facility			25.00%
Credit facility covenant to maintain encumbered cash			$ 30,000
Percentage of covenant required unencumbered consolidated cash to gross interest-bearing debt for credit facility			6.00%
Nordea BWVLCC Acquisition Credit Facility [Member] \| Second Quarter of 2023 [Member]
Credit Facility [Abstract]
Debt repayment final amount			$ 119,300
Nordea BWVLCC Acquisition Credit Facility [Member] \| LIBOR [Member]
Credit Facility [Abstract]
Adjustment to interest rate basis			2.40%				2.40%
Nordea BWVLCC Acquisition Credit Facility [Member] \| Scrubbers [Member]
Credit Facility [Abstract]
Frequency of periodic repayment			Quarterly
Debt repayment installment amount			$ 2,250
Secured commitment related to financing				$ 45,000		$ 50,000
Nordea BWVLCC Acquisition Credit Facility [Member] \| New Buildings [member]
Credit Facility [Abstract]
Number of newbuilding contracts \| Building		2

Financial risk management, objectives and policies, The 2018 ABN AMRO Credit Facility (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Apr. 30, 2018 USD ($) Carrier Borrower Newbuilding	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Credit Facility [Abstract]
Borrowings		$ 850,972	$ 967,275
Frequency of periodic repayment		Quarterly
2018 ABN AMRO Credit Facility [Member]
Credit Facility [Abstract]
Borrowings	$ 484,000
Number of borrowers \| Borrower	2
Number of VLCCs financed \| Carrier	11
Number of newbuildings financed \| Newbuilding	2
Adjustment to interest rate basis	2.40%
Frequency of periodic repayment		Quarterly
Debt repayment installment amount	$ 8,300
Debt repayment final amount		$ 286,100
Credit facility covenant to maintain adjusted tangible net worth		$ 300,000
2018 ABN AMRO Credit Facility [Member] \| Bottom of Range [Member]
Credit Facility [Abstract]
Covenants requiring all times charter-free market value of vessels		135.00%
Percentage of covenant to maintain adjusted tangible net worth to total assets for credit facility		25.00%
Credit facility covenant to maintain encumbered cash		$ 30,000
Percentage of covenant required unencumbered consolidated cash to gross interest-bearing debt for credit facility		6.00%

Financial risk management, objectives and policies, Convertible Senior Notes due 2019 and 2021 (Details) - USD ($)		1 Months Ended				12 Months Ended
	Mar. 19, 2020	Dec. 31, 2019	Oct. 31, 2019	Aug. 31, 2018	Sep. 30, 2014	Dec. 31, 2019
Credit Facility [Abstract]
Frequency of periodic repayment						Quarterly
Convertible Senior Notes due 2019 [Member]
Credit Facility [Abstract]
Aggregate principal amount of convertible senior notes issued amount				$ 73,000,000
Convertible Senior Notes due 2019 [Member] \| Samco Ltd [Member]
Credit Facility [Abstract]
Frequency of periodic repayment						Semi annually
Adjustment to interest rate basis					4.50%
Initial conversion price of common stock (in dollars per share)					$ 8.125
Initial conversion rate of common stock (in shares)					123.0769
Aggregate Principal of Convertible Senior Notes, Subjected to Anti Dilution					$ 1,000
Amount converted into shares			$ 26,434,000
Conversion price (in dollars per share)			$ 6.0216
Amount of aggregate principal repaid in cash			$ 6,426,000
Convertible Senior Notes due 2019 [Member] \| Samco Ltd [Member] \| Private Placement [Member]
Credit Facility [Abstract]
Aggregate principal amount of convertible senior notes issued amount					150,000,000
Net proceeds from after conversion					$ 145,500,000
Convertible Senior Notes due 2019 [Member] \| Samco Ltd [Member] \| Common Stock [Member]
Credit Facility [Abstract]
Number of shares issued at conversion (in shares)			4,389,858
Convertible Senior Notes due 2021 [Member]
Credit Facility [Abstract]
Aggregate principal amount of convertible senior notes issued amount				80,300,000
Initial conversion rate of common stock (in shares)		167
Convertible Senior Notes due 2021 [Member] \| Private Placement [Member]
Credit Facility [Abstract]
Aggregate principal amount of convertible senior notes issued amount	$ 124,999,000			125,000,000
Net proceeds from after conversion				$ 38,900,000
Frequency of periodic repayment						Semi annually
Adjustment to interest rate basis				4.50%
Initial conversion price of common stock (in dollars per share)	$ 5.6468			$ 6.2599
Initial conversion rate of common stock (in shares)				159.7470
Principal amount of convertible senior notes issued amount				$ 44,700,000
Aggregate Principal of Convertible Senior Notes, Subjected to Anti Dilution		$ 1,000		1,000
Net proceeds from conversion of senior notes				$ 41,600,000
Aggregate number of shares of common stock to be issued at conversion (in shares)		22,136,254				22,136,254
Maturity date		August 15, 2021

Stockholders' equity and dividend payment, Stockholders' equity (Details)

12 Months Ended

Dec. 31, 2019

Vote

$ / shares

Dec. 31, 2018

Jan. 31, 2017

$ / shares

Common Stock [Abstract]

Common Stock [Member]

Stockholders' Equity [Abstract]

Issued, Beginning balance (in shares)

142,700,046

142,417,407

Restricted stock issued (in shares)

790,571

1,175,136

Conversion of convertible bonds (in shares)

4,390,025

Retirement of treasury shares (in shares)

(1,061,241)

(892,497)

Issued, Ending balance (in shares)

146,819,401

142,700,046

Par value (in dollars per share) | $ / shares

$ 0.01

Shares to be issued assuming conversion of convertible notes due in 2021 (in shares)

^[1]

31,141,489

Number of shares authorized for issue (in shares)

250,000,000

Preference Shares [Member]

Stockholders' Equity [Abstract]

Par value (in dollars per share) | $ / shares

$ 0.01

[1]	Assuming the maximum fundamental change conversion rate.

Stockholders' equity and dividend payment, Series C Participating Preferred stock (Details) - $ / shares	Dec. 31, 2019	Jan. 31, 2017
Common Stock [Member]
Series C Participating Preferred Stock [Abstract]
Par value (in dollars per share)	$ 0.01	$ 0.01
Series C Participating Preferred Stock [Member]
Series C Participating Preferred Stock [Abstract]
Number of preferred share purchase right, for each outstanding common stock (in shares)		1
Par value (in dollars per share)		$ 0.01
Share price (in dollars per share)		$ 22.00
Number of shares purchased (in shares)		0.0001

Stockholders' equity and dividend payment, Series D Junior Participating Preferred stock (Details) - BW Group [Member] - shares		3 Months Ended
	Mar. 23, 2017	Jun. 30, 2017
Common Stock [Member]
Series D junior participating preferred stock [Abstract]
Preferred stock convertible to common stock (in shares)		15,700,000
Series D junior participating preferred stock [Member]
Series D junior participating preferred stock [Abstract]
Number of shares converted to common stock (in shares)	15,700

Stockholders' equity and dividend payment, Dividend payment (Details) - USD ($) $ / shares in Units, $ in Thousands														12 Months Ended
	Feb. 25, 2020	Nov. 14, 2019	Aug. 29, 2019	May 28, 2019	Feb. 26, 2019	Nov. 23, 2018	Aug. 31, 2018	May 30, 2018	Feb. 28, 2018	Dec. 06, 2017	Aug. 31, 2017	May 31, 2017	Feb. 22, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Dividend Payment [Abstract]
Total payment		$ 7,300	$ 2,800	$ 11,400	$ 7,100	$ 2,900	$ 2,900	$ 2,900	$ 2,900	$ 2,800	$ 2,800	$ 10,100	$ 7,600	$ 28,685	$ 11,487	$ 23,328
Per share Common (in dollars per share)		$ 0.05	$ 0.02	$ 0.08	$ 0.05	$ 0.02	$ 0.02	$ 0.02	$ 0.02	$ 0.02	$ 0.02	$ 0.08	$ 0.08	$ 0.20	$ 0.08	$ 0.20
Subsequent events [Member]
Dividend Payment [Abstract]
Per share Common (in dollars per share)	$ 0.32
Dividend paid, record date	Feb. 18, 2020
Payment	$ 47,000

General & Administrative Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
General & Administrative Expenses [Abstract]
Total Compensation to Employees and Directors	$ 10,331	$ 11,289	$ 11,655
Office and Administrative Expenses	2,633	2,449	2,147
Audit, Legal and Consultancy	1,826	1,314	3,377
Total General and Administrative Expenses	$ 14,789	$ 15,052	$ 17,180

General & Administrative Expenses, Stock compensation series (Details)	12 Months Ended
	Dec. 31, 2019 shares $ / shares
October 2005 [Member] \| Stock Options [Member]
Stock Compensation Series [Abstract]
Number of stock options (in shares)	965
Vesting period	10 years
Fair value at grant date of stock options (in dollars per share) \| $ / shares	$ 144.00
March 2012 [Member] \| Restricted Shares [Member]
Stock Compensation Series [Abstract]
Number of restricted shares (in shares)	14,515
Vesting period	3 years
Fair value at grant date of restricted shares (in dollars per share) \| $ / shares	$ 13.80
June 2013 One [Member] \| Restricted Shares [Member]
Stock Compensation Series [Abstract]
Number of restricted shares (in shares)	155,000
Vesting period	4 years
Fair value at grant date of restricted shares (in dollars per share) \| $ / shares	$ 4.15
June 2013 Two [Member] \| Stock Options [Member]
Stock Compensation Series [Abstract]
Number of stock options (in shares)	155,000
Vesting period	5 years
Fair value at grant date of stock options (in dollars per share) \| $ / shares	$ 1.31
June 2013 Three [Member] \| Stock Options [Member]
Stock Compensation Series [Abstract]
Number of stock options (in shares)	155,000
Vesting period	5 years
Fair value at grant date of stock options (in dollars per share) \| $ / shares	$ 0.97
February 2014 One [Member] \| Restricted Shares [Member]
Stock Compensation Series [Abstract]
Number of restricted shares (in shares)	29,333
Vesting period	3 years
Fair value at grant date of restricted shares (in dollars per share) \| $ / shares	$ 6.92
February 2014 Two [Member] \| Restricted Shares [Member]
Stock Compensation Series [Abstract]
Number of restricted shares (in shares)	29,333
Vesting period	3 years
Fair value at grant date of restricted shares (in dollars per share) \| $ / shares	$ 6.33
February 2014 Three [Member] \| Restricted Shares [Member]
Stock Compensation Series [Abstract]
Number of restricted shares (in shares)	29,333
Vesting period	3 years
Fair value at grant date of restricted shares (in dollars per share) \| $ / shares	$ 5.63
February 2014 Four [Member] \| Restricted Shares [Member]
Stock Compensation Series [Abstract]
Number of restricted shares (in shares)	88,000
Vesting period	3 years
Fair value at grant date of restricted shares (in dollars per share) \| $ / shares	$ 7.61
June 2014 One [Member] \| Restricted Shares [Member]
Stock Compensation Series [Abstract]
Number of restricted shares (in shares)	95,666
Vesting period	3 years
Fair value at grant date of restricted shares (in dollars per share) \| $ / shares	$ 6.41
June 2014 Two [Member] \| Restricted Shares [Member]
Stock Compensation Series [Abstract]
Number of restricted shares (in shares)	95,666
Vesting period	3 years
Fair value at grant date of restricted shares (in dollars per share) \| $ / shares	$ 5.74
June 2014 Three [Member] \| Restricted Shares [Member]
Stock Compensation Series [Abstract]
Number of restricted shares (in shares)	95,666
Vesting period	3 years
Fair value at grant date of restricted shares (in dollars per share) \| $ / shares	$ 5.13
June 2014 Four [Member] \| Restricted Shares [Member]
Stock Compensation Series [Abstract]
Number of restricted shares (in shares)	287,000
Vesting period	3 years
Fair value at grant date of restricted shares (in dollars per share) \| $ / shares	$ 7.15
January 2015 [Member] \| Restricted Shares [Member]
Stock Compensation Series [Abstract]
Number of restricted shares (in shares)	850,000
Vesting period	3 years
Fair value at grant date of restricted shares (in dollars per share) \| $ / shares	$ 8.81
January 2016 [Member] \| Restricted Shares [Member]
Stock Compensation Series [Abstract]
Number of restricted shares (in shares)	824,000
Vesting period	2 years
Fair value at grant date of restricted shares (in dollars per share) \| $ / shares	$ 6.65
January 2017 [Member] \| Restricted Shares [Member]
Stock Compensation Series [Abstract]
Number of restricted shares (in shares)	900,000
Vesting period	2 years
Fair value at grant date of restricted shares (in dollars per share) \| $ / shares	$ 4.61
January 2018 One [Member]
Stock Compensation Series [Abstract]
Number of restricted shares (in shares)	355,000
January 2018 One [Member] \| Restricted Shares [Member]
Stock Compensation Series [Abstract]
Number of restricted shares (in shares)	355,000
Vesting period	1 year
Fair value at grant date of restricted shares (in dollars per share) \| $ / shares	$ 3.92
January 2018 Two [Member]
Stock Compensation Series [Abstract]
Number of restricted shares (in shares)	212,000
January 2018 Two [Member] \| Restricted Shares [Member]
Stock Compensation Series [Abstract]
Number of restricted shares (in shares)	212,000
Vesting period	3 years
Fair value at grant date of restricted shares (in dollars per share) \| $ / shares	$ 2.30
January 2019 One [Member] \| Restricted Shares [Member]
Stock Compensation Series [Abstract]
Number of restricted shares (in shares)	360,000
Vesting period	3 years
Fair value at grant date of restricted shares (in dollars per share) \| $ / shares	$ 4.25
January 2019 Two [Member] \| Restricted Shares [Member]
Stock Compensation Series [Abstract]
Number of restricted shares (in shares)	200,000
Vesting period	3 years
Fair value at grant date of restricted shares (in dollars per share) \| $ / shares	$ 3.04
March 2019 [Member] \| Restricted Shares [Member]
Stock Compensation Series [Abstract]
Number of restricted shares (in shares)	210,000
Vesting period	1 year
Fair value at grant date of restricted shares (in dollars per share) \| $ / shares	$ 4.60

General & Administrative Expenses, Outstanding restricted common stock and share options (Details)

12 Months Ended

Dec. 31, 2019

$ / shares

Dec. 31, 2018

$ / shares

Dec. 31, 2017

$ / shares

Restricted common stock [Abstract]

Outstanding beginning of period (in shares)

545,500

1,086,331

1,376,820

Granted (in shares)

770,000

567,000

900,000

Exercised (in shares)

^[1]

755,500

1,085,331

1,132,988

Forfeited (in shares)

22,500

57,501

Outstanding end of period (in shares)

560,000

545,500

1,086,331

Share options

Outstanding beginning of period (in shares)

310,000

Forfeited (in shares)

310,000

Outstanding end of period (in shares)

310,000

Weighted average exercise price

Outstanding beginning of period (in dollars per share) | $ / shares

^[2]

$ 0

$ 9.64

Forfeited (in dollars per share) | $ / shares

^[2]

9.64

Outstanding end of period (in dollars per share) | $ / shares

^[2]

$ 0

$ 9.64

[1]	Does not include shares in lieu of dividends
[2]	To be adjusted for dividends declared and paid subsequent to the respective grant dates.

General & Administrative Expenses, Stock compensation expense (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) shares $ / shares	Dec. 31, 2018 USD ($) shares $ / shares	Dec. 31, 2017 USD ($) shares $ / shares
General & Administrative Expenses [Abstract]
Expense recognized from stock compensation \| $	$ 2,532	$ 2,458	$ 4,806
Stock compensation expense [Abstract]
Contractual life for outstanding stock compensation series	10 months 13 days
Vesting value $4.61 [Member]
Stock compensation expense [Abstract]
Fair value of shares vested (in dollars per share) \| $ / shares	$ 4.61
Number of shares vested (in shares) \| shares	281,094
Vesting value $3.92 [Member]
Stock compensation expense [Abstract]
Fair value of shares vested (in dollars per share) \| $ / shares	$ 3.92
Number of shares vested (in shares) \| shares	80,101
Vesting value $2.30 [Member]
Stock compensation expense [Abstract]
Fair value of shares vested (in dollars per share) \| $ / shares	$ 2.30
Number of shares vested (in shares) \| shares	212,823
Vesting value $3.04 [Member]
Stock compensation expense [Abstract]
Fair value of shares vested (in dollars per share) \| $ / shares	$ 3.04
Number of shares vested (in shares) \| shares	206,118
Vesting value $4.60 [Member]
Stock compensation expense [Abstract]
Fair value of shares vested (in dollars per share) \| $ / shares	$ 4.60
Number of shares vested (in shares) \| shares	10,435
Vesting value $3.38 [Member]
Stock compensation expense [Abstract]
Fair value of shares vested (in dollars per share) \| $ / shares		$ 3.38
Number of shares vested (in shares) \| shares		891,136
Vesting value $3.50 [Member]
Stock compensation expense [Abstract]
Fair value of shares vested (in dollars per share) \| $ / shares		$ 3.50
Number of shares vested (in shares) \| shares		264,000
Vesting value $4.30 [Member]
Stock compensation expense [Abstract]
Fair value of shares vested (in dollars per share) \| $ / shares		$ 4.30
Number of shares vested (in shares) \| shares		20,000
Vesting value $4.83 [Member]
Stock compensation expense [Abstract]
Fair value of shares vested (in dollars per share) \| $ / shares			$ 4.83
Number of shares vested (in shares) \| shares			1,189,100
Vesting value $3.68 [Member]
Stock compensation expense [Abstract]
Fair value of shares vested (in dollars per share) \| $ / shares			$ 3.68
Number of shares vested (in shares) \| shares			70,108

General & Administrative Expenses, Valuation of stock compensation (Details)

1 Months Ended

12 Months Ended

May 31, 2019

$ / shares

Mar. 31, 2019

Feb. 28, 2019

Jan. 31, 2019

Oct. 31, 2018

Feb. 28, 2018

Jan. 31, 2018

Dec. 31, 2019

$ / shares

Dec. 31, 2018

Dec. 31, 2017

Number of restricted stock, vested (in shares)

^[1]

755,500

1,085,331

1,132,988

Number of restricted stock, forfeited (in shares)

22,500

57,501

January 2019 [Member] | Management [Member]

Number of restricted stock, vested subject to certain market conditions (in shares)

560,000

200,000

March 2019 [Member] | Broad of Directors [Member]

January 2018 [Member] | Management and Broad of Directors [Member]

210,000

January 2018 One [Member]

567,000

January 2018 One [Member] | Management [Member]

355,000

Number of shares vested, fair value (in dollars per share) | $ / shares

$ 3.04

January 2018 One [Member] | Management and Broad of Directors [Member]

Number of restricted stock, vested (in shares)

78,500

264,000

Number of restricted stock, forfeited (in shares)

12,500

January 2018 Two [Member]

Number of shares vested, fair value (in dollars per share) | $ / shares

212,000

$ 2.30

January 2018 Two [Member] | Management and Broad of Directors [Member]

Number of restricted stock, vested subject to certain market conditions (in shares)

202,000

Number of restricted stock, forfeited subject to certain market conditions (in shares)

10,000

[1]	Does not include shares in lieu of dividends

General & Administrative Expenses, Compensation of directors and executives (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Cash compensation

$ 3,518

$ 3,989

^[1]

$ 4,171

Pension cost

202

155

Share compensation

^[2]

2,003

2,250

4,107

Total remuneration

$ 5,556

$ 6,441

$ 8,433

[1]	Compensation for 2018 includes full year compensation for both current and former chief financial officer.
[2]	Share compensation reflects the expense recognized.

General & Administrative Expenses- Shares held by directors and executives (Details) - shares

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Number of shares held by Directors and Executives as a group (in shares)

^[1]

3,615,221

3,155,503

2,729,680

Number of restricted stock subject to vesting conditions (in shares)

440,000

465,000

906,666

Base salary entitled to executive officer for termination of employment

18 months

[1]	Includes 440,000 (2018: 465,000, 2017: 906,666) shares of restricted stock subject to vesting conditions.

Related parties (Details) $ in Thousands	12 Months Ended
Related parties (Details) $ in Thousands	Dec. 31, 2019 USD ($) Vessel	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Related parties transactions [Abstract]
Ownership interest percentage	50.00%	50.00%
Goodwood [Member]
Related parties transactions [Abstract]
Ownership interest percentage	50.00%
Number of vessels technically managed by related party \| Vessel	24
Technical management fees paid \| $	$ 3,300	$ 3,305	$ 3,031

Pensions (Details)
$ in Thousands

12 Months Ended

Dec. 31, 2019

USD ($)

Participant

Dec. 31, 2018

USD ($)

Dec. 31, 2017

USD ($)

Pensions [Abstract]

Number of participants in benefit plan | Participant

Defined Benefit Pension Plan [Abstract]

Minimum age to entitled 70% of base salary at retirement date

67 years

Percentage of base salary entitled at retirement date

70.00%

Calculation of Annual Pension Costs [Abstract]

Current service cost

$ 406

$ 403

$ 329

Financial costs

Pension costs for the year

420

413

335

Pension liability recorded in balance sheet [Abstract]

Present value of the defined benefit obligation

2,494

1,971

1,481

Fair value of plan assets

1,788

1,614

1,266

Net pension obligation

707

357

215

Remeasurement loss/(gain)

(287)

182

211

Net balance sheet recorded pension liability

420

539

425

Change in Gross Pension Obligation [Abstract]

Gross obligation January 1

2,090

1,708

1,111

Current service cost

401

398

325

Interest charge on pension liabilities

Past service cost - curtailment/plan amendment

Settlement (gain)

Social security expenses

(31)

(57)

(44)

Remeasurements loss/(gain)

(1,055)

119

227

Exchange rate differences

(21)

(119)

Gross pension obligation December 31

1,439

2,090

1,708

Change in Gross Pension Assets [Abstract]

Fair value plan asset January 1

1,551

1,282

886

Interest income

Settlement

Employer contribution

216

404

313

Remeasurements (loss)/gain

(768)

(63)

Exchange rate differences

(16)

(99)

Fair value plan assets December 31

1,019

$ 1,551

$ 1,282

Estimated contribution to pension plan in 2020

$ 228

Assumptions [Abstract]

Discount rate

2.30%

2.60%

2.40%

Yield on pension assets

2.30%

2.60%

2.40%

Wage growth

2.25%

2.75%

2.50%

G regulation

^[1]

2.00%

2.50%

2.25%

Pension adjustment

0.50%

0.80%

0.50%

Average remaining service period

19 years

18 years

[1]	Increase of social security base amount ("G") as per Norwegian regulations.

Tax (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Specification of income tax [Abstract]

Income tax payable

$ 111

$ 74

$ 132

Tax expenses related to previous year

Change in deferred tax

(12)

(8)

Total income tax expense

131

Specification of Temporary Differences and Deferred Tax [Abstract]

Property, plant and equipment

(13)

(164)

Pensions

(420)

(539)

(425)

Total basis for deferred tax

(432)

(703)

(590)

Deferred tax liability (asset), net

^[1],[2]

(102)

(155)

(136)

Deferred tax (asset), gross

^[3]

(126)

(155)

(136)

Deferred tax liability, gross

^[3]

Reconciliation of Effective Tax Rate [Abstract]

Profit/(loss) before income tax

73,812

(46,845)

6,733

Expected income tax assessed at the tax rate for the Parent company (0%)

Adjusted for tax effect of the following items [Abstract]

Income in subsidiary, subject to income tax

131

Total income tax expense

$ 131

$ 83

$ 131

Expected income tax rate

0.00%

Changes in Tax Rates [Member]

Specification of Temporary Differences and Deferred Tax [Abstract]

General income tax rate

22.00%

23.00%

24.00%

25.00%

[1]	Due to materiality, recognized in prepaid expenses and not on a separate line in the statements of financial position.
[2]	The general income tax rate is reduced from 23% to 22%, effective from fiscal year 2019, reduced from 24% to 23%, effective from fiscal year 2018 and reduced from 25% to 24%, effective from fiscal year 2017.
[3]	Deferred tax liability is related to the subsidiary in Singapore and cannot be offset with the deferred tax asset related to the subsidiary in Norway.

Investment in associate company (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Investment in associate company [Abstract]
Investment in associate company	$ 4,772	$ 4,388
Details of Associates [Abstract]
Name of associate	Goodwood Ship Management Pte. Ltd.
Principal activities	Ship management
Place of incorporation and business	Singapore
Effective equity interest	50.00%	50.00%
Share of Profit of the Associate Using in Equity Method [Abstract]
Profit after taxation	$ 852	$ 858	$ 802
Other comprehensive income for the year, net of tax	44	(53)
Total comprehensive income for the year	$ 896	$ 805

Condensed Financial Information of DHT Holdings, Inc. (parent company only) (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Condensed Financial Information of DHT Holdings, Inc. (parent company only) [Abstract]
Percentage of restricted net assets of consolidated subsidiaries exceeds of consolidated net assets	25.00%	25.00%	25.00%

Condensed Financial Information of DHT Holdings, Inc. (parent company only), Financial Position (Details) - USD ($)
$ in Thousands

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Current assets [Abstract]

$ 67,356

^[1],[2]

$ 94,944

^[1],[2]

$ 77,292

$ 109,295

Total current assets

218,286

193,323

4,772

4,388

Total non-current assets

1,608,932

1,670,533

Total assets

1,827,218

1,863,856

Current liabilities [Abstract]

Current portion long term debt

^[1]

23,998

28,634

^[1]

100,385

93,815

Total current liabilities

130,239

123,699

Non-current liabilities [Abstract]

Long term debt

^[1]

750,586

873,460

Total non-current liabilities

764,530

878,489

Total liabilities

894,768

1,002,188

Stockholders' equity [Abstract]

Stock

1,468

1,427

Treasury shares

(1,364)

Paid-in additional capital

1,169,537

1,145,107

Accumulated deficit

(240,165)

(285,383)

Total equity

932,449

861,668

925,892

685,011

Total liabilities and equity

1,827,218

1,863,856

Parent Company [Member]

Current assets [Abstract]

Accounts receivable and prepaid expenses

22,492

17,783

$ 11,540

$ 6,043

874

374

Amounts due from related parties

62,822

36,216

Total current assets

86,188

54,372

Investments in subsidiaries

468,817

468,941

Loans to subsidiaries

526,574

563,349

201

Total non-current assets

995,593

1,032,491

Total assets

1,081,780

1,086,864

Current liabilities [Abstract]

Current portion long term debt

2,416

3,733

32,009

Total current liabilities

2,416

35,742

Non-current liabilities [Abstract]

Long term debt

116,568

111,968

Total non-current liabilities

116,568

111,968

Total liabilities

118,984

147,710

Stockholders' equity [Abstract]

Stock

1,468

1,427

Treasury shares

(1,364)

Paid-in additional capital

1,121,047

1,097,099

Accumulated deficit

(159,719)

(158,009)

Total equity

962,796

939,154

Total liabilities and equity

$ 1,081,780

$ 1,086,864

[1]	Amortized cost.
[2]	Cash and cash equivalents include $221 thousand in restricted cash in 2019 and $638 thousand in 2018, including employee withholding tax.

Condensed Financial Information of DHT Holdings, Inc. (parent company only), Income Statement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
INCOME STATEMENT [abstract]
Impairment charge	$ 0	$ (3,500)	$ (8,540)
General and administrative expense	(14,789)	(15,052)	(17,180)
Operating income	138,867	16,297	43,303
Interest income	1,077	345	140
Interest expense	(55,332)	(54,211)	(40,109)
Other financial income/(expenses)	(1,790)	(4,943)	443
Profit/(loss) for the year	73,680	(46,927)	6,602
Parent Company [Member]
INCOME STATEMENT [abstract]
Impairment charge	455	(93,452)	(4,948)
Dividend income	25,519	9,909	25,415
General and administrative expense	(14,782)	(13,735)	(13,764)
Operating income	11,192	(97,279)	6,703
Interest income	27,943	24,893	21,798
Interest expense	(12,177)	(10,341)	(9,229)
Other financial income/(expenses)	17	(3,416)	1,020
Profit/(loss) for the year	$ 26,975	$ (86,143)	$ 20,293

Condensed Financial Information of DHT Holdings, Inc. (parent company only), Statement of Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
Profit/(loss) for the year	$ 73,680	$ (46,927)	$ 6,602
Total comprehensive income/(loss) for the period net of tax	73,946	(47,128)	6,628
Attributable to the owners of parent	73,944	(47,128)	6,628
Parent Company [Member]
Statement of Comprehensive Income [Abstract]
Profit/(loss) for the year	26,975	(86,143)	20,293
Total comprehensive income/(loss) for the period net of tax	26,975	(86,143)	20,293
Attributable to the owners of parent	$ 26,975	$ (86,143)	$ 20,293

The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.

+ References + Details

Cash Flows from Operating Activities [Abstract]

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

+ Details

Condensed Financial Information of DHT Holdings, Inc. (parent company only), Cash Flow (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Items included in net income not affecting cash flows [Abstract]

$ 73,680

$ (46,927)

$ 6,602

1,500

Changes in operating assets and liabilities [Abstract]

3,500

8,540

2,331

2,599

4,948

Net cash provided by operating activities

(1,033)

8,234

5,407

155,956

53,985

101,817

Cash flows from Investing Activities [Abstract]

Net cash used in investing activities

(53,369)

(188,165)

(186,545)

Cash flows from Financing Activities [Abstract]

Cash dividends paid

(28,685)

(11,487)

(23,328)

(3,248)

(5,026)

Repayments of convertible bonds

(7)

38,945

(6,426)

Net cash (used in)/provided by financing activities

(17,104)

(130,176)

151,832

52,725

Net (decrease)/increase in cash and cash equivalents

(27,588)

17,652

(32,003)

Cash and cash equivalents at beginning of period

94,944

^[1],[2]

77,292

109,295

Cash and cash equivalents at end of period

67,356

^[1],[2]

94,944

^[1],[2]

77,292

Parent Company [Member]

Cash Flows from Operating Activities [Abstract]

Items included in net income not affecting cash flows [Abstract]

26,975

(86,143)

20,293

5,459

4,733

4,170

(Gain)/loss purchase convertible bond

(455)

93,452

4,948

693

663

4,948

3,589

(1,035)

Changes in operating assets and liabilities [Abstract]

Accounts receivable and prepaid expenses

(500)

(125)

4,305

Amounts due to related parties

(1,317)

2,279

(291)

(63,280)

(72,365)

11,782

Net cash provided by operating activities

(32,425)

(53,917)

49,119

Cash flows from Investing Activities [Abstract]

Loans to subsidiaries

75,500

58,990

82,814

Investments in vessels under construction

(21,263)

(86,004)

Net cash used in investing activities

75,500

37,727

(3,191)

Cash flows from Financing Activities [Abstract]

Cash dividends paid

(28,685)

(11,487)

(23,328)

(3,248)

(5,026)

Repayments of convertible bonds

(7)

38,945

(6,426)