2022 Q4 Form 20-F Financial Statement

#000114036123013403 Filed on March 23, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022 2021 Q4
Revenue $167.9M $454.1M $83.84M
YoY Change 100.27% 53.5% -7.87%
Cost Of Revenue $69.72M $259.3M $54.49M
YoY Change 27.94% 52.35% 53.94%
Gross Profit $98.18M $194.8M $29.34M
YoY Change 234.61% 55.07% -47.23%
Gross Profit Margin 58.48% 42.9% 35.0%
Selling, General & Admin $2.764M $16.89M $1.920M
YoY Change 43.96% 1.96% -57.33%
% of Gross Profit 2.82% 8.67% 6.54%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $27.69M $123.3M $32.75M
YoY Change -15.44% -4.19% 2.34%
% of Gross Profit 28.21% 63.26% 111.62%
Operating Expenses $30.46M $140.1M $30.06M
YoY Change 1.32% -0.32% -17.87%
Operating Profit $67.72M $54.69M -$717.0K
YoY Change -9545.19% -465.8% -103.77%
Interest Expense -$5.521M $26.20M -$1.545M
YoY Change 257.35% -318.44% -55.86%
% of Operating Profit -8.15% 47.9%
Other Income/Expense, Net -$271.0K -$2.826M -$503.0K
YoY Change -46.12% -538.82% 403.0%
Pretax Income $61.93M $62.57M -$2.765M
YoY Change -2339.78% -661.29% -135.45%
Income Tax $110.0K $587.0K $130.0K
% Of Pretax Income 0.18% 0.94%
Net Earnings $62.03M $61.98M -$2.900M
YoY Change -2238.79% -637.97% -138.16%
Net Earnings / Revenue 36.94% 13.65% -3.46%
Basic Earnings Per Share
Diluted Earnings Per Share $0.38 $0.37 -$17.41K
COMMON SHARES
Basic Shares Outstanding 162.7M
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q4 2022 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $125.9M $125.9M $60.66M
YoY Change 107.64% 107.64% -11.58%
Cash & Equivalents $125.9M $125.9M $60.66M
Short-Term Investments
Other Short-Term Assets $47.38M $47.38M $39.56M
YoY Change 19.77% 19.77% 112.68%
Inventory
Prepaid Expenses
Receivables $62.26M $62.26M $31.76M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $235.6M $235.6M $132.0M
YoY Change 78.51% 78.51% 11.56%
LONG-TERM ASSETS
Property, Plant & Equipment $1.267B $1.267B $1.472B
YoY Change -13.91% -13.91% -0.65%
Goodwill $1.356M $0.00
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $0.00 $5.406M
YoY Change -100.0% -100.0% 3.96%
Other Assets $4.582M $4.582M $372.0K
YoY Change 1131.72% 1131.72% -97.85%
Total Long-Term Assets $1.273B $1.273B $1.477B
YoY Change -13.84% -13.84% -1.75%
TOTAL ASSETS
Total Short-Term Assets $235.6M $235.6M $132.0M
Total Long-Term Assets $1.273B $1.273B $1.477B
Total Assets $1.508B $1.508B $1.609B
YoY Change -6.27% -6.27% -0.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $29.40M $18.35M $19.66M
YoY Change 49.52% -6.7% 6.28%
Accrued Expenses $11.05M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $29.63M $29.63M $9.792M
YoY Change 202.55% 202.55% 188.0%
Total Short-Term Liabilities $64.37M $64.37M $41.94M
YoY Change 53.48% 53.48% -12.43%
LONG-TERM LIABILITIES
Long-Term Debt $367.1M $367.1M $512.5M
YoY Change -28.38% -28.38% 14.76%
Other Long-Term Liabilities $3.545M $3.545M $7.552M
YoY Change -53.06% -53.06% -59.4%
Total Long-Term Liabilities $370.6M $370.6M $520.1M
YoY Change -28.74% -28.74% 11.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $64.37M $64.37M $41.94M
Total Long-Term Liabilities $370.6M $370.6M $520.1M
Total Liabilities $435.0M $440.0M $562.0M
YoY Change -22.61% -21.71% 9.54%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.068B $1.068B $1.047B
YoY Change
Total Liabilities & Shareholders Equity $1.508B $1.508B $1.609B
YoY Change -6.27% -6.27% -0.78%

Cashflow Statement

Concept 2022 Q4 2022 2021 Q4
OPERATING ACTIVITIES
Net Income $62.03M $61.98M -$2.900M
YoY Change -2238.79% -637.97% -138.16%
Depreciation, Depletion And Amortization $27.69M $123.3M $32.75M
YoY Change -15.44% -4.19% 2.34%
Cash From Operating Activities $90.26M $127.9M $18.90M
YoY Change 377.54% 111.2% -76.78%
INVESTING ACTIVITIES
Capital Expenditures $725.0K $9.902M -$14.16M
YoY Change -105.12% -105.67% 25.27%
Acquisitions
YoY Change
Other Investing Activities -$913.0K $120.4M $1.031M
YoY Change -188.55% 36.77% 28.88%
Cash From Investing Activities -$1.638M $110.5M -$13.13M
YoY Change -87.52% -227.75% 25.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$2.971M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -29.04M -173.3M -9.599M
YoY Change 202.49% -1064.79% -87.58%
NET CHANGE
Cash From Operating Activities 90.26M 127.9M 18.90M
Cash From Investing Activities -1.638M 110.5M -13.13M
Cash From Financing Activities -29.04M -173.3M -9.599M
Net Change In Cash 59.59M 65.08M -3.823M
YoY Change -1658.59% -915.24% -40.27%
FREE CASH FLOW
Cash From Operating Activities $90.26M $127.9M $18.90M
Capital Expenditures $725.0K $9.902M -$14.16M
Free Cash Flow $89.53M $118.0M $33.06M
YoY Change 170.85% -49.81% -64.34%

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CY2022 ifrs-full Disclosure Of Summary Of Significant Accounting Policies Explanatory
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<div style="font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Note 2 – Significant accounting principles</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">Statement of compliance</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">Basis of preparation</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The financial statements have been prepared on a historical cost basis, except for derivative financial instruments that have been measured at fair value.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Historical cost is generally based on the fair value of the consideration given in exchange for assets.</div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The financial statements have been prepared on a going concern basis.<br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The principal accounting policies are set out below.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">Basis of consolidation</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The consolidated financial statements comprise the financial statements of DHT Holdings, Inc. and entities controlled by the parent company (and its subsidiaries).</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Unless otherwise specified, all subsequent references to the “Company” refer to DHT Holdings, Inc. 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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Acquisitions made by the Company which do not qualify as a business combination under IFRS 3, “Business Combinations,” are accounted for as asset acquisitions.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">Business combinations</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">For business combinations achieved in stages, otherwise known as step acquisitions, previously held equity interests in the acquiree are remeasured to fair value. The resulting gain or loss is recognized in the consolidated income statement.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">At the acquisition date, all identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition are recognized at their fair value, except for non-current assets which 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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Goodwill from 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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">Investments in associates</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">An associated company is an entity over which the Company has significant influence and that is not a subsidiary. 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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">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”.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">After application of the equity method, the Company determines whether it is necessary to recognize an impairment loss.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">Cash and cash equivalents</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">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 when held for the purpose of meeting short-term cash commitments. Cash and cash equivalents are recorded at their nominal amount on the statement of financial position.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">Vessels</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Vessels are stated at historical cost, less accumulated depreciation and accumulated impairment losses. Historical 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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Capitalized drydocking costs are depreciated on a straight-line basis from the completion of a drydocking to the estimated completion of the next drydocking.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Capitalized exhaust gas cleaning systems costs are depreciated on a straight-line basis from the time of installation of the equipment to the end of the estimated useful life. The exhaust gas cleaning systems are estimated to have a useful life of three years.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">Vessels under construction - pre-delivery installments</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">Advances for vessel upgrades</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Advances related to exhaust gas cleaning system 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 reclassified to “Vessels and time charter contracts” under Non-current assets upon completion of maintenance or completion of installation.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">Docking and survey expenditure</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;">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. Costs related to ordinary maintenance performed during drydocking are charged to the income statement as part of vessel operating expenses for the period which they are incurred.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">Vessels held for sale</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;">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 program 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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">Impairment of vessels</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The carrying amounts of vessels held and used are reviewed for potential impairment at the end of each reporting period or whenever 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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">Property, plant and equipment other than vessels</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">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. 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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">Bunker inventory<br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Bunker inventory is stated at the lower of cost and net realizable value. Cost is determined using the first-in, first-out (“FIFO”) method and includes expenditures incurred in acquiring the bunkers and delivery cost less discounts. Bunker expenses are recognized as part of voyage expenses in the consolidated income statement upon consumption.<br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">Leases - DHT as lessee<br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The Company currently has one category of lease related to leased office space in Monaco, Norway and Singapore where the Company is a lessee.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The Company remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever:</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top;"> <div>•</div> </td> <td style="width: auto; vertical-align: top;"> <div>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.</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top;"> <div>•</div> </td> <td style="width: auto; vertical-align: top;"> <div>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).</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top;"> <div>•</div> </td> <td style="width: auto; vertical-align: top;"> <div>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.</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top;"> <div>•</div> </td> <td style="width: auto; vertical-align: top;"> <div>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.</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top;"> <div>•</div> </td> <td style="width: auto; vertical-align: top;"> <div>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.</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> </div> <div style="font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">Revenue and expense recognition</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The Company recognizes revenue from the following major sources:</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top;"> <div>•</div> </td> <td style="width: auto; vertical-align: top;"> <div>Revenue from time charters</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top;"> <div>•</div> </td> <td style="width: auto; vertical-align: top;"> <div>Revenue from spot charters</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">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. 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 <span style="font-style: italic;">Revenue from Contracts with Customers</span> and the lease components are accounted for in accordance with IFRS 16 <span style="font-style: italic;">Leases</span>. 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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Revenues from spot charterers, otherwise known as voyage charter revenues, are recognized ratably over the estimated length of each voyage, calculated on a load-to-discharge basis. Revenues from spot charterers are accounted for under IFRS 15.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Other income refers to income earned as part of operational activities which do not arise in the course of the Company’s ordinary activities, thus not categorized as revenue.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Other revenues primarily comprises revenues earned from the technical management of third party vessels and is recognized over time following the timing of satisfaction of the performance obligation.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Vessel operating expenses are expensed when incurred and include crew costs, vessel stores and supplies, lubricating oils, maintenance and repairs, insurance and communication costs.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-style: italic;"><br/> </span> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-style: italic;">Gains and losses on sale of vessels</span><br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-style: italic;"> <br/> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Gains and losses on the sale of vessels are reported as a separate line item in the consolidated income statement. For the sale of vessels, transfer of control usually occurs upon delivery of the vessel to the new owner.<br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="color: rgb(0, 0, 0); font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">Financial liabilities</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Financial liabilities are classified as either financial liabilities “at fair value through profit or loss” (FVTPL) or “other financial liabilities”. The FVTPL category is comprised of the Company’s derivatives. Any other liabilities of the Company, such as, accounts payable and accrued expenses, other current and non-current liabilities, and long-term debt, are classified as “other financial liabilities”.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; font-weight: normal;">(a)</td> <td style="width: auto; vertical-align: top;"> <div style="font-weight: normal;">Other financial liabilities</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The effective interest method is a method of calculating the amortized cost of a financial liability and 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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; font-weight: normal;">(b)</td> <td style="width: auto; vertical-align: top;"> <div style="font-weight: normal;">Derivatives</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The Company uses interest rate swaps to convert part of the interest-bearing debt from floating to fixed rate.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">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. Any resulting gain or loss is recognized in profit or loss immediately. The interest rate swaps do not qualify for hedge accounting.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">Fair value measurement</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: normal; font-variant: normal; text-transform: none;">Financial assets – receivables</div> <div style="color: rgb(0, 0, 0); font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"><br/> </span></div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"> </span></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; font-variant: normal; text-transform: none;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">Derecognition of financial assets and financial liabilities</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The Company derecognizes financial liabilities when, and only when, the Company’s obligations are discharged, cancelled, or expire.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">Foreign currency</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The functional currency of the parent 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. dollars 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 fluctuate 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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">Classification in the Statement of Financial Position</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Current assets and current liabilities include items due 12 months or less from the reporting date and items related to the operating cycle, if longer, liabilities for which the Company does not have the unconditional right to defer settlement beyond 12 months from the reporting date, and items primarily held for trading. The current portion of long-term debt is included as current liabilities. Assets other than those described above are classified as non-current assets.</div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">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).</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">Related parties</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">Taxes</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The subsidiaries acting as management companies domiciled in Monaco, Norway and Singapore are taxable in local jurisdictions.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Accumulated deficit</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Accumulated deficit is the cumulative amount of prior year profit and loss and dividends paid.</div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="color: rgb(0, 0, 0); font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">Stock compensation</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The fair value determined at the grant date is expensed over the vesting period, based on the Company’s estimate of equity instruments that will eventually vest.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">Pension</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0);">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 </span>amendment. Net interest is calculated by applying the discount rate at the beginning of the period to the net defined benefit<span style="color: rgb(0, 0, 0);"> liability or asset.</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The retirement benefit obligation recognized in the consolidated statement of financial position represents the actual deficit or surplus in the Company’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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">Segment information</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">DHT’s primary business is operating a fleet of crude oil tankers, with a secondary activity of providing technical management services. The Company is organized and managed as one segment based upon the magnitude of services provided. The Company’s chief operating decision maker (“CODM”), the President &amp; Chief Executive Officer, reviews the Company’s operating results on a consolidated basis as one operating segment as defined in IFRS 8, <span style="font-style: italic;">Operating Segments.</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">Use of estimates</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">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:</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top;"> <div>•</div> </td> <td style="width: auto; vertical-align: top;"> <div>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.<br/> </div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top;"> <div>•</div> </td> <td style="width: auto; vertical-align: top;"> <div>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.</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top;"> <div>•</div> </td> <td style="width: auto; vertical-align: top;"> <div>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.</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> </div> <div style="color: #000000; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">Use of judgment</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">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:</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 9pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">•</td> <td style="width: auto; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;"> <div style="color: rgb(0, 0, 0);">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, as disclosed in Note 6, has been applied in connection with the assessment of indicators of impairment or reversal of prior impairment.</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="color: rgb(0, 0, 0); font-style: italic; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; font-variant: normal; text-transform: none;">Application of new and revised International Financial Reporting Standards (“IFRSs”)</div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-variant: normal; text-transform: none;"> </div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"> </span></div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-weight: bold;">New and amended standards and interpretations</div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-weight: normal;"> <span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span></div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial;">A number of new standards and amendments were effective as of January 1, 2022, but they did not have a material effect on the Company’s financial statements.  </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">New standards issued but not yet effective</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">New and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Company’s financial statements are disclosed below. The below list includes the new standards and amendments that we believe are the most relevant for the Company:</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Amendments to IAS 1 <span style="font-style: italic;">Presentation of Financial Statements – Classification of Liabilities as Current or Non-current</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The amendments to IAS 1 published in January 2020 and October 2022 affect only the presentation of liabilities as current or non-current in the statement of financial position and not the amount or timing of recognition of any asset, liability, income or expense, or the information disclosed about those items.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The amendments clarify what is meant by a right to defer settlement, that a right to defer must exist at the end of the reporting period, specify that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability, explain that rights are in existence if covenants are complied with at the end of the reporting period, introduce a definition of “settlement” to make clear that settlements refers to the transfer to the counterparty of cash, equity instruments, other assets or services and required disclosures.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The amendments are effective for annual reporting periods beginning on or after January 1, 2024 and must be applied retrospectively. The Company is currently assessing the impact of the amendments, however, the adoption is not expected to have a material impact on its consolidated financial statements.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Amendments to IAS 1 <span style="font-style: italic;">Presentation of Financial Statements</span> and IFRS Practice Statement 2 <span style="font-style: italic;">Making Materiality Judgements</span> – <span style="font-style: italic;">Disclosure of Accounting Policies</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The amendments change the requirements in IAS 1 with regard to disclosure of accounting policies. The amendments replace all instances of the term ‘significant accounting policies’ with ‘material accounting policy information’. Accounting policy information is material if, when considered together with other information included in an entity’s financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The supporting paragraphs in IAS 1 are also amended to clarify that accounting policy information that relates to immaterial transactions, other events or conditions is immaterial and need not be disclosed. Accounting policy information may be material because of the nature of the related transactions, other events or conditions, even if the amounts are immaterial. However, not all accounting policy information relating to material transactions, other events or conditions is itself material.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The IASB has also developed guidance and examples to explain and demonstrate the application of the ‘four-step materiality process’ described in IFRS Practice Statement 2. </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The amendments to IAS 1 are effective for annual periods beginning on or after January 1, 2023 with earlier application permitted and are applied prospectively. The amendments to IFRS Practice Statement 2 do not contain an effective date or transition requirements. The Company is currently assessing the amendments to determine the impact they will have on the Company’s accounting policy disclosures. </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Amendments to IAS 8 <span style="font-style: italic;">Accounting Policies, Changes in Accounting Estimates and Errors—Definition of</span> Accounting Estimates </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The amendments replace the definition of a change in accounting estimates with a definition of accounting estimates. Under the new definition, accounting estimates are “monetary amounts in financial statements that are subject to measurement uncertainty”.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The definition of a change in accounting estimates was deleted. However, the IASB retained the concept of changes in accounting estimates in the Standard with the following clarifications: </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 9pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 18pt; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">•</td> <td style="width: auto; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;"> <div style="color: rgb(0, 0, 0);">A change in accounting estimate that results from new information or new developments is not the correction of an error</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 9pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 18pt; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">•</td> <td style="width: auto; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;"> <div style="color: rgb(0, 0, 0);">The effects of a change in an input or a measurement technique used to develop an accounting estimate are changes in accounting estimates if they do not result from the correction of prior period errors</div> </td> </tr> </table> <div style="display:none;"><br/></div> <div style="text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The IASB added two examples (Examples 4-5) to the Guidance on implementing IAS 8, which accompanies the Standard. The IASB has deleted one example (Example 3) as it could cause confusion in light of the amendments. </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The amendments are effective for annual periods beginning on or after 1 January 2023 to changes in accounting policies and changes in accounting estimates that occur on or after the beginning of that period, with earlier application permitted. The Company is currently assessing the impact of the amendments, however, the adoption is not expected to have a material impact on its consolidated financial statements.</div>
CY2022 ifrs-full Description Of Accounting Policy For Investment In Associates
DescriptionOfAccountingPolicyForInvestmentInAssociates
<div style="color: rgb(0, 0, 0); font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">Investments in associates</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">An associated company is an entity over which the Company has significant influence and that is not a subsidiary. 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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">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”.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">After application of the equity method, the Company determines whether it is necessary to recognize an impairment loss.</div>
CY2022 dht Number Of Operating Segment
NumberOfOperatingSegment
1
CY2022 ifrs-full Description Of Accounting Policy For Property Plant And Equipment Explanatory
DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory
<div style="color: rgb(0, 0, 0); font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">Property, plant and equipment other than vessels</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">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. 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.</div>
CY2022 ifrs-full Description Of Accounting Policy For Financial Liabilities Explanatory
DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory
<div style="color: rgb(0, 0, 0); font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">Financial liabilities</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Financial liabilities are classified as either financial liabilities “at fair value through profit or loss” (FVTPL) or “other financial liabilities”. The FVTPL category is comprised of the Company’s derivatives. Any other liabilities of the Company, such as, accounts payable and accrued expenses, other current and non-current liabilities, and long-term debt, are classified as “other financial liabilities”.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; font-weight: normal;">(a)</td> <td style="width: auto; vertical-align: top;"> <div style="font-weight: normal;">Other financial liabilities</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The effective interest method is a method of calculating the amortized cost of a financial liability and 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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; font-weight: normal;">(b)</td> <td style="width: auto; vertical-align: top;"> <div style="font-weight: normal;">Derivatives</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The Company uses interest rate swaps to convert part of the interest-bearing debt from floating to fixed rate.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">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. Any resulting gain or loss is recognized in profit or loss immediately. The interest rate swaps do not qualify for hedge accounting.</div>
CY2022 ifrs-full Description Of Accounting Policy For Fair Value Measurement Explanatory
DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory
<div style="color: rgb(0, 0, 0); font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">Fair value measurement</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">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.</div>
CY2021 dht Number Of Major Customers
NumberOfMajorCustomers
5
CY2021 dht Shipping Revenue
ShippingRevenue
295853000
CY2020 dht Number Of Major Customers
NumberOfMajorCustomers
5
CY2020 dht Number Of Major Customers
NumberOfMajorCustomers
5
CY2020 dht Shipping Revenue
ShippingRevenue
691039000
CY2022 ifrs-full Description Of Accounting Policy For Sharebased Payment Transactions Explanatory
DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory
<div style="color: rgb(0, 0, 0); font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">Stock compensation</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The fair value determined at the grant date is expensed over the vesting period, based on the Company’s estimate of equity instruments that will eventually vest.</div>
CY2022 dht Shipping Revenue
ShippingRevenue
450381000
CY2021 dht Shipping Revenue
ShippingRevenue
295853000
CY2022 dht Number Of Segments
NumberOfSegments
1
CY2022 dht Number Of Vessels In Operation
NumberOfVesselsInOperation
23
CY2022 dht Number Of Major Customers
NumberOfMajorCustomers
5
CY2022 dht Number Of Major Customers
NumberOfMajorCustomers
5
CY2022 dht Shipping Revenue
ShippingRevenue
450381000
CY2021 dht Number Of Major Customers
NumberOfMajorCustomers
5
CY2020 dht Shipping Revenue
ShippingRevenue
691039000
CY2022 ifrs-full Other Revenue
OtherRevenue
3764000
CY2021 ifrs-full Other Revenue
OtherRevenue
0
CY2020 ifrs-full Other Revenue
OtherRevenue
0
CY2022 ifrs-full Revenue
Revenue
454146000
CY2021 ifrs-full Revenue
Revenue
295853000
CY2020 ifrs-full Revenue
Revenue
691039000
CY2022Q4 dht Future Charter Payments Due Current
FutureCharterPaymentsDueCurrent
40509000
CY2022Q4 dht Future Charter Payments Due In Two Years
FutureCharterPaymentsDueInTwoYears
23359000
CY2022Q4 dht Future Charter Payments Due In Three Years
FutureCharterPaymentsDueInThreeYears
13320000
CY2022Q4 dht Future Charter Payments Due In Four Years
FutureCharterPaymentsDueInFourYears
12580000
CY2022Q4 dht Future Charter Payments Due In Five Years
FutureCharterPaymentsDueInFiveYears
6105000
CY2022Q4 dht Future Charter Payments Due Thereafter
FutureCharterPaymentsDueThereafter
0
CY2022Q4 dht Future Charter Payments Total
FutureCharterPaymentsTotal
95873000
CY2021Q4 dht Future Charter Payments Total
FutureCharterPaymentsTotal
79942000
CY2020Q4 dht Future Charter Payments Total
FutureCharterPaymentsTotal
122313000
CY2022 ifrs-full Other Income
OtherIncome
0
CY2021Q4 dht Distribution Of Equity Received
DistributionOfEquityReceived
4612000
CY2022 dht Increase Decrease Increase In Deferred Shipping Revenues
IncreaseDecreaseIncreaseInDeferredShippingRevenues
4172000
CY2021 dht Increase Decrease Increase In Deferred Shipping Revenues
IncreaseDecreaseIncreaseInDeferredShippingRevenues
4865000
CY2020 dht Increase Decrease Increase In Deferred Shipping Revenues
IncreaseDecreaseIncreaseInDeferredShippingRevenues
16236000
CY2022Q4 dht Capitalized Voyage Expenses
CapitalizedVoyageExpenses
2799000
CY2021Q4 dht Capitalized Voyage Expenses
CapitalizedVoyageExpenses
1395000
CY2020Q4 dht Capitalized Voyage Expenses
CapitalizedVoyageExpenses
1039000
CY2022 ifrs-full Impairment Loss
ImpairmentLoss
0
CY2021 ifrs-full Impairment Loss
ImpairmentLoss
0
CY2020 ifrs-full Impairment Loss
ImpairmentLoss
0
CY2022 dht Number Of Vessels In Operation
NumberOfVesselsInOperation
23
CY2022 dht Number Of Counterparties
NumberOfCounterparties
4
CY2021 dht Number Of Vessels In Operation
NumberOfVesselsInOperation
26
CY2021 dht Number Of Counterparties
NumberOfCounterparties
5
CY2020 dht Number Of Vessels In Operation
NumberOfVesselsInOperation
27
CY2020 dht Number Of Counterparties
NumberOfCounterparties
10
CY2022 ifrs-full Profit Loss Attributable To Ordinary Equity Holders Of Parent Entity
ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity
61520000
CY2021 ifrs-full Profit Loss Attributable To Ordinary Equity Holders Of Parent Entity
ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity
-11521000
CY2020 ifrs-full Profit Loss Attributable To Ordinary Equity Holders Of Parent Entity
ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity
266266000
CY2022 dht Interest And Amortization On Convertible Notes
InterestAndAmortizationOnConvertibleNotes
0
CY2021 dht Interest And Amortization On Convertible Notes
InterestAndAmortizationOnConvertibleNotes
0
CY2020 dht Interest And Amortization On Convertible Notes
InterestAndAmortizationOnConvertibleNotes
6766000
CY2022 ifrs-full Profit Loss Attributable To Ordinary Equity Holders Of Parent Entity Including Dilutive Effects
ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityIncludingDilutiveEffects
61520000
CY2021 ifrs-full Profit Loss Attributable To Ordinary Equity Holders Of Parent Entity Including Dilutive Effects
ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityIncludingDilutiveEffects
-11521000
CY2020 ifrs-full Profit Loss Attributable To Ordinary Equity Holders Of Parent Entity Including Dilutive Effects
ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityIncludingDilutiveEffects
273032000
CY2022 ifrs-full Weighted Average Shares
WeightedAverageShares
164692954
CY2021 ifrs-full Weighted Average Shares
WeightedAverageShares
169089325
CY2020 ifrs-full Weighted Average Shares
WeightedAverageShares
155712886
CY2022 ifrs-full Weighted Average Shares
WeightedAverageShares
164692954
CY2021 ifrs-full Weighted Average Shares
WeightedAverageShares
169089325
CY2020 ifrs-full Weighted Average Shares
WeightedAverageShares
155712886
CY2022 ifrs-full Dilutive Effect Of Share Options On Number Of Ordinary Shares
DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares
157137
CY2021 ifrs-full Dilutive Effect Of Share Options On Number Of Ordinary Shares
DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares
0
CY2020 ifrs-full Dilutive Effect Of Share Options On Number Of Ordinary Shares
DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares
65873
CY2022 ifrs-full Dilutive Effect Of Convertible Instruments On Number Of Ordinary Shares
DilutiveEffectOfConvertibleInstrumentsOnNumberOfOrdinaryShares
0
CY2021 ifrs-full Dilutive Effect Of Convertible Instruments On Number Of Ordinary Shares
DilutiveEffectOfConvertibleInstrumentsOnNumberOfOrdinaryShares
0
CY2020 ifrs-full Dilutive Effect Of Convertible Instruments On Number Of Ordinary Shares
DilutiveEffectOfConvertibleInstrumentsOnNumberOfOrdinaryShares
14275217
CY2022 ifrs-full Adjusted Weighted Average Shares
AdjustedWeightedAverageShares
164850091
CY2021 ifrs-full Adjusted Weighted Average Shares
AdjustedWeightedAverageShares
169089325
CY2020 ifrs-full Adjusted Weighted Average Shares
AdjustedWeightedAverageShares
170053975
CY2021 dht Antidilutive Securities Excluded From Calculation Of Diluted Weighted Average Number Of Shares Outstanding
AntidilutiveSecuritiesExcludedFromCalculationOfDilutedWeightedAverageNumberOfSharesOutstanding
77546
CY2022 dht Number Of Subsidiaries For Management Services
NumberOfSubsidiariesForManagementServices
3
CY2022Q4 dht Number Of Vessel Subsidiaries Built In2004 Sold Per Sale Agreements
NumberOfVesselSubsidiariesBuiltIn2004SoldPerSaleAgreements
3
CY2022Q4 ifrs-full Ships
Ships
1261998000
CY2021Q4 ifrs-full Ships
Ships
1467846000
CY2020 dht Non Cash Impairment Charge
NonCashImpairmentCharge
12600000
CY2020 dht Number Of Vessels Recorded Non Cash Impairment Charge Expenses
NumberOfVesselsRecordedNonCashImpairmentChargeExpenses
3
CY2020Q4 dht Non Cash Impairment Charge
NonCashImpairmentCharge
7600000
CY2020Q4 dht Impairment Rate Property Plant And Equipment
ImpairmentRatePropertyPlantAndEquipment
0.0859
CY2020Q4 dht Increasing Decreasing Impairment Rate Property Plant And Equipment
IncreasingDecreasingImpairmentRatePropertyPlantAndEquipment
0.005
CY2020Q4 dht Sensitivity Analysis Of Fair Value Impact Of05 Percent Adverse Change In Weighted Average Cost Of Capital On Impairment Charge
SensitivityAnalysisOfFairValueImpactOf05PercentAdverseChangeInWeightedAverageCostOfCapitalOnImpairmentCharge
1500000
CY2021Q4 ifrs-full Financial Assets
FinancialAssets
91018000
CY2022Q4 ifrs-full Trade And Other Current Payables
TradeAndOtherCurrentPayables
29398000
CY2020Q4 dht Increasing Decreasing In Future Charter Rates Per Day
IncreasingDecreasingInFutureCharterRatesPerDay
500
CY2020Q4 dht Sensitivity Analysis Of Fair Value Impact Of500 Dollar Per Day Favorable Change In Future Charter Rates On Impairment Charge
SensitivityAnalysisOfFairValueImpactOf500DollarPerDayFavorableChangeInFutureCharterRatesOnImpairmentCharge
1400000
CY2020Q4 dht Sensitivity Analysis Of Fair Value Impact Of500 Dollar Per Day Adverse Change In Future Charter Rates On Impairment Charge
SensitivityAnalysisOfFairValueImpactOf500DollarPerDayAdverseChangeInFutureCharterRatesOnImpairmentCharge
1400000
CY2020Q3 dht Non Cash Impairment Charge
NonCashImpairmentCharge
4900000
CY2020Q3 dht Impairment Rate Property Plant And Equipment
ImpairmentRatePropertyPlantAndEquipment
0.0812
CY2022 dht Number Of Vessels
NumberOfVessels
23
CY2022Q4 ifrs-full Trade And Other Current Payables To Trade Suppliers
TradeAndOtherCurrentPayablesToTradeSuppliers
14580000
CY2021Q4 ifrs-full Trade And Other Current Payables To Trade Suppliers
TradeAndOtherCurrentPayablesToTradeSuppliers
11111000
CY2022Q4 ifrs-full Current Interest Payable
CurrentInterestPayable
643000
CY2021Q4 ifrs-full Current Interest Payable
CurrentInterestPayable
510000
CY2022Q4 dht Accrued Voyage Expenses Current
AccruedVoyageExpensesCurrent
8019000
CY2021Q4 dht Accrued Voyage Expenses Current
AccruedVoyageExpensesCurrent
2426000
CY2022Q4 ifrs-full Shortterm Employee Benefits Accruals
ShorttermEmployeeBenefitsAccruals
2391000
CY2021Q4 ifrs-full Shortterm Employee Benefits Accruals
ShorttermEmployeeBenefitsAccruals
1712000
CY2022Q4 ifrs-full Other Current Payables
OtherCurrentPayables
3764000
CY2021Q4 ifrs-full Other Current Payables
OtherCurrentPayables
3903000
CY2022Q4 ifrs-full Trade And Other Current Payables
TradeAndOtherCurrentPayables
29398000
CY2021Q4 ifrs-full Trade And Other Current Payables
TradeAndOtherCurrentPayables
19662000
CY2022Q4 ifrs-full Cash And Cash Equivalents
CashAndCashEquivalents
125948000
CY2021Q4 ifrs-full Cash And Cash Equivalents
CashAndCashEquivalents
60658000
CY2022Q4 ifrs-full Current Trade Receivables
CurrentTradeReceivables
59465000
CY2021Q4 ifrs-full Current Trade Receivables
CurrentTradeReceivables
30361000
CY2022Q4 ifrs-full Derivative Financial Assets
DerivativeFinancialAssets
3759000
CY2021Q4 ifrs-full Derivative Financial Assets
DerivativeFinancialAssets
0
CY2022Q4 ifrs-full Financial Assets
FinancialAssets
189172000
CY2021Q4 ifrs-full Trade And Other Current Payables
TradeAndOtherCurrentPayables
19662000
CY2022Q4 ifrs-full Current Derivative Financial Liabilities
CurrentDerivativeFinancialLiabilities
0
CY2021Q4 ifrs-full Current Derivative Financial Liabilities
CurrentDerivativeFinancialLiabilities
7002000
CY2022Q4 ifrs-full Current Portion Of Longterm Borrowings
CurrentPortionOfLongtermBorrowings
29626000
CY2021Q4 ifrs-full Current Portion Of Longterm Borrowings
CurrentPortionOfLongtermBorrowings
9792000
CY2022Q4 ifrs-full Longterm Borrowings
LongtermBorrowings
367069000
CY2021Q4 ifrs-full Longterm Borrowings
LongtermBorrowings
512507000
CY2022Q4 ifrs-full Noncurrent Derivative Financial Liabilities
NoncurrentDerivativeFinancialLiabilities
0
CY2021Q4 ifrs-full Noncurrent Derivative Financial Liabilities
NoncurrentDerivativeFinancialLiabilities
4222000
CY2022Q4 ifrs-full Financial Liabilities
FinancialLiabilities
426094000
CY2021Q4 ifrs-full Financial Liabilities
FinancialLiabilities
553184000
CY2022Q4 ifrs-full Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
316000
CY2021Q4 ifrs-full Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
289000
CY2022Q4 ifrs-full Notional Amount
NotionalAmount
311590000
CY2021Q4 ifrs-full Notional Amount
NotionalAmount
334365000
CY2022Q4 ifrs-full Financial Assets At Fair Value
FinancialAssetsAtFairValue
3759000
CY2021Q4 ifrs-full Financial Assets At Fair Value
FinancialAssetsAtFairValue
0
CY2022Q4 ifrs-full Financial Liabilities At Fair Value
FinancialLiabilitiesAtFairValue
0
CY2021Q4 ifrs-full Financial Liabilities At Fair Value
FinancialLiabilitiesAtFairValue
11224000
CY2022Q4 dht Remaining Notional Amount
RemainingNotionalAmount
403043000
CY2022Q4 ifrs-full Borrowings
Borrowings
396696000
CY2021Q4 ifrs-full Borrowings
Borrowings
522299000
CY2021Q4 ifrs-full Liabilities Arising From Financing Activities
LiabilitiesArisingFromFinancingActivities
525584000
CY2022 ifrs-full Increase Decrease Through Financing Cash Flows Liabilities Arising From Financing Activities
IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities
-128906000
CY2022 dht Increase Decrease Through Non Cash Changes In Amortization Related To Financing Activities
IncreaseDecreaseThroughNonCashChangesInAmortizationRelatedToFinancingActivities
2902000
CY2022 ifrs-full Increase Decrease Through Other Changes Liabilities Arising From Financing Activities
IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities
1054000
CY2022Q4 ifrs-full Liabilities Arising From Financing Activities
LiabilitiesArisingFromFinancingActivities
400634000
CY2020Q4 ifrs-full Liabilities Arising From Financing Activities
LiabilitiesArisingFromFinancingActivities
454019000
CY2021 ifrs-full Increase Decrease Through Financing Cash Flows Liabilities Arising From Financing Activities
IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities
72228000
CY2021 dht Increase Decrease Through Non Cash Changes In Amortization Related To Financing Activities
IncreaseDecreaseThroughNonCashChangesInAmortizationRelatedToFinancingActivities
2550000
CY2021 ifrs-full Increase Decrease Through Other Changes Liabilities Arising From Financing Activities
IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities
-3213000
CY2021Q4 ifrs-full Liabilities Arising From Financing Activities
LiabilitiesArisingFromFinancingActivities
525584000
CY2022 dht Number Of Types Of Risk In Market Prices
NumberOfTypesOfRiskInMarketPrices
4
CY2022 dht Number Of Interest Rate Swaps
NumberOfInterestRateSwaps
9
CY2022Q4 ifrs-full Notional Amount
NotionalAmount
311590000
CY2022 dht Increase Decrease In Profit Loss Due To Change In Interest Rates
IncreaseDecreaseInProfitLossDueToChangeInInterestRates
-457000
CY2021 dht Increase Decrease In Profit Loss Due To Change In Interest Rates
IncreaseDecreaseInProfitLossDueToChangeInInterestRates
-981000
CY2020 dht Increase Decrease In Profit Loss Due To Change In Interest Rates
IncreaseDecreaseInProfitLossDueToChangeInInterestRates
-488000
CY2022 dht Number Of Vessels Chartered With Counterparties
NumberOfVesselsCharteredWithCounterparties
5
CY2022 dht Number Of Vessels
NumberOfVessels
23
CY2022 dht Number Of Counterparties
NumberOfCounterparties
4
CY2022 dht Number Of Vessels Operated In Spot Market
NumberOfVesselsOperatedInSpotMarket
18
CY2021 dht Number Of Vessels Chartered With Counterparties
NumberOfVesselsCharteredWithCounterparties
7
CY2021 dht Number Of Vessels
NumberOfVessels
26
CY2021 dht Number Of Counterparties
NumberOfCounterparties
5
CY2021 dht Number Of Vessels Operated In Spot Market
NumberOfVesselsOperatedInSpotMarket
19
CY2020 dht Number Of Vessels Chartered With Counterparties
NumberOfVesselsCharteredWithCounterparties
18
CY2020 dht Number Of Vessels
NumberOfVessels
27
CY2020 dht Number Of Counterparties
NumberOfCounterparties
10
CY2020 dht Number Of Vessels Operated In Spot Market
NumberOfVesselsOperatedInSpotMarket
9
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6
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5.71
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5513254
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32200000
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DividendsPaidOrdinarySharesPerShare
0.02
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DividendsPaid
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DividendsPaidOrdinarySharesPerShare
0.04
CY2022Q4 ifrs-full Dividends Paid
DividendsPaid
6500000
CY2022Q4 ifrs-full Dividends Paid Ordinary Shares Per Share
DividendsPaidOrdinarySharesPerShare
0.04
CY2022 ifrs-full Dividends Paid
DividendsPaid
19700000
CY2022 ifrs-full Dividends Paid Ordinary Shares Per Share
DividendsPaidOrdinarySharesPerShare
0.12
CY2021Q1 ifrs-full Dividends Paid
DividendsPaid
8600000
CY2021Q1 ifrs-full Dividends Paid Ordinary Shares Per Share
DividendsPaidOrdinarySharesPerShare
0.05
CY2021Q2 ifrs-full Dividends Paid
DividendsPaid
6800000
CY2021Q2 ifrs-full Dividends Paid Ordinary Shares Per Share
DividendsPaidOrdinarySharesPerShare
0.04
CY2021Q3 ifrs-full Dividends Paid
DividendsPaid
3300000
CY2021Q3 ifrs-full Dividends Paid Ordinary Shares Per Share
DividendsPaidOrdinarySharesPerShare
0.02
CY2021Q4 ifrs-full Dividends Paid
DividendsPaid
3300000
CY2021Q4 ifrs-full Dividends Paid Ordinary Shares Per Share
DividendsPaidOrdinarySharesPerShare
0.02
CY2021 ifrs-full Dividends Paid
DividendsPaid
22100000
CY2021 ifrs-full Dividends Paid Ordinary Shares Per Share
DividendsPaidOrdinarySharesPerShare
0.13
CY2020Q1 ifrs-full Dividends Paid
DividendsPaid
47000000
CY2020Q1 ifrs-full Dividends Paid Ordinary Shares Per Share
DividendsPaidOrdinarySharesPerShare
0.32
CY2020Q2 ifrs-full Dividends Paid
DividendsPaid
51500000
CY2020Q2 ifrs-full Dividends Paid Ordinary Shares Per Share
DividendsPaidOrdinarySharesPerShare
0.35
CY2020Q3 ifrs-full Dividends Paid
DividendsPaid
82000000
CY2020Q3 ifrs-full Dividends Paid Ordinary Shares Per Share
DividendsPaidOrdinarySharesPerShare
0.48
CY2020Q4 ifrs-full Dividends Paid
DividendsPaid
34200000
CY2020Q4 ifrs-full Dividends Paid Ordinary Shares Per Share
DividendsPaidOrdinarySharesPerShare
0.2
CY2020 ifrs-full Dividends Paid
DividendsPaid
214700000
CY2020 ifrs-full Dividends Paid Ordinary Shares Per Share
DividendsPaidOrdinarySharesPerShare
1.35
CY2021 dht Office And Administrative Expenses
OfficeAndAdministrativeExpenses
3351000
CY2020 dht Office And Administrative Expenses
OfficeAndAdministrativeExpenses
2413000
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AuditLegalAndConsultancyFees
1308000
CY2022 dht Bunkers Expenses
BunkersExpenses
154182000
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BunkersExpenses
72925000
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BunkersExpenses
106104000
CY2022 dht Other Voyage Related Expenses
OtherVoyageRelatedExpenses
31320000
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OtherVoyageRelatedExpenses
19480000
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OtherVoyageRelatedExpenses
34460000
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VoyageExpenses
185502000
CY2021 dht Voyage Expenses
VoyageExpenses
92405000
CY2020 dht Voyage Expenses
VoyageExpenses
140564000
CY2022 dht Vessel Operating Expenses Relate To Operating Expenses
VesselOperatingExpensesRelateToOperatingExpenses
67846000
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VesselOperatingExpensesRelateToOperatingExpenses
71609000
CY2020 dht Vessel Operating Expenses Relate To Operating Expenses
VesselOperatingExpensesRelateToOperatingExpenses
75944000
CY2022 ifrs-full Insurance Expense
InsuranceExpense
5963000
CY2021 ifrs-full Insurance Expense
InsuranceExpense
6198000
CY2020 ifrs-full Insurance Expense
InsuranceExpense
6244000
CY2022 dht Vessel Operating Expenses
VesselOperatingExpenses
73809000
CY2021 dht Vessel Operating Expenses
VesselOperatingExpenses
77807000
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VesselOperatingExpenses
82188000
CY2022 dht Compensation To Employees And Directors
CompensationToEmployeesAndDirectors
11763000
CY2021 dht Compensation To Employees And Directors
CompensationToEmployeesAndDirectors
11890000
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CompensationToEmployeesAndDirectors
14163000
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3818000
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1325000
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AuditLegalAndConsultancyFees
1313000
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GeneralAndAdministrativeExpense
16889000
CY2021 ifrs-full General And Administrative Expense
GeneralAndAdministrativeExpense
16565000
CY2020 ifrs-full General And Administrative Expense
GeneralAndAdministrativeExpense
17890000
CY2019Q4 ifrs-full Number Of Other Equity Instruments Outstanding In Sharebased Payment Arrangement
NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement
560000
CY2020 ifrs-full Number Of Instruments Granted In Sharebased Payment Arrangement
NumberOfInstrumentsGrantedInSharebasedPaymentArrangement
810000
CY2020 ifrs-full Number Of Other Equity Instruments Exercised Or Vested In Sharebased Payment Arrangement
NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement
550002
CY2020 ifrs-full Number Of Other Equity Instruments Forfeited In Sharebased Payment Arrangement
NumberOfOtherEquityInstrumentsForfeitedInSharebasedPaymentArrangement
0
CY2020Q4 ifrs-full Number Of Other Equity Instruments Outstanding In Sharebased Payment Arrangement
NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement
819998
CY2020Q4 ifrs-full Number Of Other Equity Instruments Outstanding In Sharebased Payment Arrangement
NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement
819998
CY2021 ifrs-full Number Of Instruments Granted In Sharebased Payment Arrangement
NumberOfInstrumentsGrantedInSharebasedPaymentArrangement
874000
CY2021 ifrs-full Number Of Other Equity Instruments Exercised Or Vested In Sharebased Payment Arrangement
NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement
733133
CY2021 ifrs-full Number Of Other Equity Instruments Forfeited In Sharebased Payment Arrangement
NumberOfOtherEquityInstrumentsForfeitedInSharebasedPaymentArrangement
0
CY2021Q4 ifrs-full Number Of Other Equity Instruments Outstanding In Sharebased Payment Arrangement
NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement
960865
CY2021Q4 ifrs-full Number Of Other Equity Instruments Outstanding In Sharebased Payment Arrangement
NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement
960865
CY2022 ifrs-full Number Of Instruments Granted In Sharebased Payment Arrangement
NumberOfInstrumentsGrantedInSharebasedPaymentArrangement
872953
CY2022 ifrs-full Number Of Other Equity Instruments Exercised Or Vested In Sharebased Payment Arrangement
NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement
800723
CY2022 ifrs-full Number Of Other Equity Instruments Forfeited In Sharebased Payment Arrangement
NumberOfOtherEquityInstrumentsForfeitedInSharebasedPaymentArrangement
149400
CY2022Q4 ifrs-full Number Of Other Equity Instruments Outstanding In Sharebased Payment Arrangement
NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement
883695
CY2022 ifrs-full Expense From Sharebased Payment Transactions In Which Goods Or Services Received Did Not Qualify For Recognition As Assets
ExpenseFromSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets
4211000
CY2021 ifrs-full Expense From Sharebased Payment Transactions In Which Goods Or Services Received Did Not Qualify For Recognition As Assets
ExpenseFromSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets
4371000
CY2020 ifrs-full Expense From Sharebased Payment Transactions In Which Goods Or Services Received Did Not Qualify For Recognition As Assets
ExpenseFromSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets
4792000
CY2022 ifrs-full Weighted Average Remaining Contractual Life Of Outstanding Share Options2019
WeightedAverageRemainingContractualLifeOfOutstandingShareOptions2019
P1Y1M2D
CY2022 ifrs-full Key Management Personnel Compensation Shortterm Employee Benefits
KeyManagementPersonnelCompensationShorttermEmployeeBenefits
2648000
CY2021 ifrs-full Key Management Personnel Compensation Shortterm Employee Benefits
KeyManagementPersonnelCompensationShorttermEmployeeBenefits
5050000
CY2020 ifrs-full Key Management Personnel Compensation Shortterm Employee Benefits
KeyManagementPersonnelCompensationShorttermEmployeeBenefits
3897000
CY2022 ifrs-full Key Management Personnel Compensation Postemployment Benefits
KeyManagementPersonnelCompensationPostemploymentBenefits
165000
CY2021 ifrs-full Key Management Personnel Compensation Postemployment Benefits
KeyManagementPersonnelCompensationPostemploymentBenefits
219000
CY2020 ifrs-full Key Management Personnel Compensation Postemployment Benefits
KeyManagementPersonnelCompensationPostemploymentBenefits
206000
CY2022 ifrs-full Key Management Personnel Compensation Sharebased Payment
KeyManagementPersonnelCompensationSharebasedPayment
3316000
CY2021 ifrs-full Key Management Personnel Compensation Sharebased Payment
KeyManagementPersonnelCompensationSharebasedPayment
3508000
CY2020 ifrs-full Key Management Personnel Compensation Sharebased Payment
KeyManagementPersonnelCompensationSharebasedPayment
4364000
CY2022 ifrs-full Key Management Personnel Compensation
KeyManagementPersonnelCompensation
6129000
CY2021 ifrs-full Key Management Personnel Compensation
KeyManagementPersonnelCompensation
8776000
CY2020 ifrs-full Key Management Personnel Compensation
KeyManagementPersonnelCompensation
8466000
CY2022 dht Number Of Shares Held By Directors And Executives As Group
NumberOfSharesHeldByDirectorsAndExecutivesAsGroup
1908331
CY2021 dht Number Of Shares Held By Directors And Executives As Group
NumberOfSharesHeldByDirectorsAndExecutivesAsGroup
2958894
CY2020 dht Number Of Shares Held By Directors And Executives As Group
NumberOfSharesHeldByDirectorsAndExecutivesAsGroup
2303011
CY2022 dht Number Of Other Equity Instruments Vested Subject To Vesting Conditions In Share Based Payment Arrangement
NumberOfOtherEquityInstrumentsVestedSubjectToVestingConditionsInShareBasedPaymentArrangement
595832
CY2021 dht Number Of Other Equity Instruments Vested Subject To Vesting Conditions In Share Based Payment Arrangement
NumberOfOtherEquityInstrumentsVestedSubjectToVestingConditionsInShareBasedPaymentArrangement
725665
CY2020 dht Number Of Other Equity Instruments Vested Subject To Vesting Conditions In Share Based Payment Arrangement
NumberOfOtherEquityInstrumentsVestedSubjectToVestingConditionsInShareBasedPaymentArrangement
619998
CY2022 dht Period Of Base Salary Entitled To Executive Officer In Connection With Termination Of Employment
PeriodOfBaseSalaryEntitledToExecutiveOfficerInConnectionWithTerminationOfEmployment
P18M
CY2022Q4 dht Current Prepaid Voyage Expenses
CurrentPrepaidVoyageExpenses
5678000
CY2021Q4 dht Current Prepaid Voyage Expenses
CurrentPrepaidVoyageExpenses
2959000
CY2022Q4 dht Current Prepaid Vessel Operating Expenses
CurrentPrepaidVesselOperatingExpenses
2216000
CY2021Q4 dht Current Prepaid Vessel Operating Expenses
CurrentPrepaidVesselOperatingExpenses
1828000
CY2022Q4 dht Current Prepaid Expenses Other
CurrentPrepaidExpensesOther
2655000
CY2021Q4 dht Current Prepaid Expenses Other
CurrentPrepaidExpensesOther
1375000
CY2022Q4 ifrs-full Current Prepaid Expenses
CurrentPrepaidExpenses
10550000
CY2021 ifrs-full Adjustments For Deferred Tax Expense
AdjustmentsForDeferredTaxExpense
9000
CY2021Q4 ifrs-full Current Prepaid Expenses
CurrentPrepaidExpenses
6162000
CY2022Q4 dht Current Bunkers Lube Oils And Consumables
CurrentBunkersLubeOilsAndConsumables
33069000
CY2021Q4 dht Current Bunkers Lube Oils And Consumables
CurrentBunkersLubeOilsAndConsumables
33396000
CY2022 ifrs-full Number Of Participants Of Retirement Benefit Plan Receiving Benefits
NumberOfParticipantsOfRetirementBenefitPlanReceivingBenefits
13
CY2022 dht Minimum Age To Be Entitled To Seventy Percent Of Base Salary At Retirement Date
MinimumAgeToBeEntitledToSeventyPercentOfBaseSalaryAtRetirementDate
P67Y
CY2022 dht Percentage Of Base Salary Entitled At Retirement Date
PercentageOfBaseSalaryEntitledAtRetirementDate
0.70
CY2022Q4 ifrs-full Recognised Liabilities Defined Benefit Plan
RecognisedLiabilitiesDefinedBenefitPlan
695000
CY2021Q4 ifrs-full Recognised Liabilities Defined Benefit Plan
RecognisedLiabilitiesDefinedBenefitPlan
662000
CY2020Q4 ifrs-full Recognised Liabilities Defined Benefit Plan
RecognisedLiabilitiesDefinedBenefitPlan
612000
CY2022 ifrs-full Estimate Of Contributions Expected To Be Paid To Plan
EstimateOfContributionsExpectedToBePaidToPlan
304000
CY2022 ifrs-full Current Tax Expense Income
CurrentTaxExpenseIncome
592000
CY2021 ifrs-full Current Tax Expense Income
CurrentTaxExpenseIncome
378000
CY2020 ifrs-full Current Tax Expense Income
CurrentTaxExpenseIncome
587000
CY2022 ifrs-full Adjustments For Current Tax Of Prior Period
AdjustmentsForCurrentTaxOfPriorPeriod
-4000
CY2021 ifrs-full Adjustments For Current Tax Of Prior Period
AdjustmentsForCurrentTaxOfPriorPeriod
-27000
CY2020 ifrs-full Adjustments For Current Tax Of Prior Period
AdjustmentsForCurrentTaxOfPriorPeriod
309000
CY2022 ifrs-full Adjustments For Deferred Tax Expense
AdjustmentsForDeferredTaxExpense
-1000
CY2020 ifrs-full Adjustments For Deferred Tax Expense
AdjustmentsForDeferredTaxExpense
5000
CY2022 ifrs-full Income Tax Expense Continuing Operations
IncomeTaxExpenseContinuingOperations
587000
CY2021 ifrs-full Income Tax Expense Continuing Operations
IncomeTaxExpenseContinuingOperations
360000
CY2020 ifrs-full Income Tax Expense Continuing Operations
IncomeTaxExpenseContinuingOperations
900000
CY2022 dht Increase Decrease In Deferred Tax Property Plant And Equipment
IncreaseDecreaseInDeferredTaxPropertyPlantAndEquipment
468000
CY2021 dht Increase Decrease In Deferred Tax Property Plant And Equipment
IncreaseDecreaseInDeferredTaxPropertyPlantAndEquipment
-11000
CY2020 dht Increase Decrease In Deferred Tax Property Plant And Equipment
IncreaseDecreaseInDeferredTaxPropertyPlantAndEquipment
2000
CY2022 dht Increase Decrease In Deferred Tax Pension
IncreaseDecreaseInDeferredTaxPension
-695000
CY2021 dht Increase Decrease In Deferred Tax Pension
IncreaseDecreaseInDeferredTaxPension
-662000
CY2020 dht Increase Decrease In Deferred Tax Pension
IncreaseDecreaseInDeferredTaxPension
-612000
CY2022 ifrs-full Deferred Tax Expense Income
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-227000
CY2021 ifrs-full Deferred Tax Expense Income
DeferredTaxExpenseIncome
-674000
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DeferredTaxExpenseIncome
-610000
CY2022Q4 ifrs-full Deferred Tax Liability Asset
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-113000
CY2021Q4 ifrs-full Deferred Tax Liability Asset
DeferredTaxLiabilityAsset
-152000
CY2020Q4 ifrs-full Deferred Tax Liability Asset
DeferredTaxLiabilityAsset
-140000
CY2022Q4 ifrs-full Deferred Tax Assets
DeferredTaxAssets
168000
CY2021Q4 ifrs-full Deferred Tax Assets
DeferredTaxAssets
166000
CY2020Q4 ifrs-full Deferred Tax Assets
DeferredTaxAssets
161000
CY2022Q4 ifrs-full Deferred Tax Liabilities
DeferredTaxLiabilities
55000
CY2021Q4 ifrs-full Deferred Tax Liabilities
DeferredTaxLiabilities
14000
CY2020Q4 ifrs-full Deferred Tax Liabilities
DeferredTaxLiabilities
21000
CY2022 ifrs-full Profit Loss Before Tax
ProfitLossBeforeTax
62567000
CY2021 ifrs-full Profit Loss Before Tax
ProfitLossBeforeTax
-11147000
CY2020 ifrs-full Profit Loss Before Tax
ProfitLossBeforeTax
267181000
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ExpectedIncomeTaxRateAssessedForParent
0
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ExpectedIncomeTaxRateAssessedForParent
0
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ExpectedIncomeTaxRateAssessedForParent
0
CY2022 ifrs-full Tax Expense Income At Applicable Tax Rate
TaxExpenseIncomeAtApplicableTaxRate
0
CY2021 ifrs-full Tax Expense Income At Applicable Tax Rate
TaxExpenseIncomeAtApplicableTaxRate
0
CY2020 ifrs-full Tax Expense Income At Applicable Tax Rate
TaxExpenseIncomeAtApplicableTaxRate
0
CY2022 ifrs-full Income Tax Relating To Share Of Other Comprehensive Income Of Associates And Joint Ventures Accounted For Using Equity Method
IncomeTaxRelatingToShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod
587000
CY2021 ifrs-full Income Tax Relating To Share Of Other Comprehensive Income Of Associates And Joint Ventures Accounted For Using Equity Method
IncomeTaxRelatingToShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod
360000
CY2020 ifrs-full Income Tax Relating To Share Of Other Comprehensive Income Of Associates And Joint Ventures Accounted For Using Equity Method
IncomeTaxRelatingToShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod
900000
CY2022 ifrs-full Income Tax Expense Continuing Operations
IncomeTaxExpenseContinuingOperations
587000
CY2021 ifrs-full Income Tax Expense Continuing Operations
IncomeTaxExpenseContinuingOperations
360000
CY2020 ifrs-full Income Tax Expense Continuing Operations
IncomeTaxExpenseContinuingOperations
900000
CY2022Q4 ifrs-full Investments In Associates
InvestmentsInAssociates
0
CY2021Q4 ifrs-full Investments In Associates
InvestmentsInAssociates
5406000
CY2022 ifrs-full Share Of Profit Loss Of Associates Accounted For Using Equity Method
ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod
1327000
CY2021 ifrs-full Share Of Profit Loss Of Associates Accounted For Using Equity Method
ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod
1278000
CY2022 ifrs-full Share Of Other Comprehensive Income Of Associates And Joint Ventures Accounted For Using Equity Method
ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod
-66000
CY2021 ifrs-full Share Of Other Comprehensive Income Of Associates And Joint Ventures Accounted For Using Equity Method
ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod
-74000
CY2022 ifrs-full Share Of Total Comprehensive Income Of Associates And Joint Ventures Accounted For Using Equity Method
ShareOfTotalComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod
1261000
CY2021 ifrs-full Share Of Total Comprehensive Income Of Associates And Joint Ventures Accounted For Using Equity Method
ShareOfTotalComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod
1204000
CY2022Q2 dht Cash Acquired In Excess Of Payments To Acquire Businesses
CashAcquiredInExcessOfPaymentsToAcquireBusinesses
8660000
CY2022Q2 dht Payments To Acquire Business
PaymentsToAcquireBusiness
394000
CY2022Q2 dht Acquisition Of Subsidiary Net Of Cash Paid
AcquisitionOfSubsidiaryNetOfCashPaid
8267000
CY2022 dht Percentage Of Restricted Net Assets
PercentageOfRestrictedNetAssets
0.25
CY2022 dht Percentage Of Restricted Net Assets
PercentageOfRestrictedNetAssets
0.25
CY2020 dht Percentage Of Restricted Net Assets
PercentageOfRestrictedNetAssets
0.25
CY2021 dht Percentage Of Restricted Net Assets
PercentageOfRestrictedNetAssets
0.25

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