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What changed in DHT Holdings, Inc.'s 20-F — 2023 vs 2024

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Paragraph-level year-over-year comparison of DHT Holdings, Inc.'s 2023 and 2024 20-F annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2024 report.

+331 added−329 removedSource: 20-F (2025-03-20) vs 20-F (2024-03-20)

Top changes in DHT Holdings, Inc.'s 2024 20-F

331 paragraphs added · 329 removed · 262 edited across 5 sections

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

87 edited+18 added−13 removed175 unchanged
Biggest changeThe factors that influence the demand for tanker capacity include: • demand for oil and oil products, which affects the need for tanker capacity; • global and regional economic and political conditions which, among other things, could impact the supply of oil as well as trading patterns and the demand for various types of vessels; • changes in the production of crude oil, particularly by OPEC and other key producers, which could impact the need for tanker capacity; • developments in international trade, protectionism and market fragmentation; • changes in seaborne and other transportation patterns, including changes in the distances that cargoes are transported; • environmental concerns and regulations; • international sanctions, embargoes, import and export restrictions, nationalizations and wars; 12 Table of Contents • weather; and • competition from alternative sources of energy. • the factors that influence the supply of tanker capacity include: • the number of newbuilding deliveries; • the scrapping rate of older vessels; • the number of vessels that are out of service; and • environmental and maritime regulations.
Biggest changeThe factors that influence the demand for tanker capacity include: • demand for oil and oil products, which affects the need for tanker capacity; 12 Table of Contents • global and regional economic and political conditions which, among other things, could impact the supply of oil as well as trading patterns and the demand for various types of vessels; • changes in the production of crude oil, particularly by OPEC and other key producers, which could impact the need for tanker capacity; • developments in international trade, protectionism and market fragmentation; • changes in seaborne and other transportation patterns, including changes in the distances that cargoes are transported; • environmental concerns and regulations; • international sanctions, embargoes, import and export restrictions, nationalizations and wars; • weather; and • competition from alternative sources of energy.
In July 2023, the IMO adopted the 2023 IMO Strategy on Reduction of GHG Emissions from Ships, a framework for Member States that provides new emissions reduction goals and guidance. Implementation of framework may require additional capital expenditures to achieve compliance with new emissions reduction targets across the shipping sector.
In July 2023, the IMO adopted the 2023 IMO Strategy on Reduction of GHG Emissions from Ships, a framework for Member States that provides new emissions reduction goals and guidance. Implementation of the framework may require additional capital expenditures to achieve compliance with new emissions reduction targets across the shipping sector.
If these piracy attacks result in regions in which our vessels are deployed being characterized as “war risk” zones by insurers, premiums payable for insurance coverage could increase significantly and such coverage may be more difficult to obtain. In addition, crew costs, including costs in connection with employing onboard security guards, could increase in such circumstances.
If such piracy attacks result in regions in which our vessels are deployed being characterized as “war risk” zones by insurers, premiums payable for insurance coverage could increase significantly and such coverage may be more difficult to obtain. In addition, crew costs, including costs in connection with employing onboard security guards, could increase in such circumstances.
At this time, we are not aware of any such sanctionable activity, conducted by ourselves or by any affiliate that is likely to prompt an SEC disclosure requirement. 16 Table of Contents In January 2013, the U.S. enacted the Iran Freedom and Counter-Proliferation Act of 2012 (the “IFCPA”), which expanded the scope of U.S. sanctions on any person that is part of Iran’s energy, shipping or shipbuilding sector and operators of ports in Iran, and imposes penalties on any person who facilitates or otherwise knowingly provides significant financial, material, technological or other support to these entities.
At this time, we are not aware of any such sanctionable activity, conducted by ourselves or by any affiliate that is likely to prompt an SEC disclosure requirement. 17 Table of Contents In January 2013, the U.S. enacted the Iran Freedom and Counter-Proliferation Act of 2012 (the “IFCPA”), which expanded the scope of U.S. sanctions on any person that is part of Iran’s energy, shipping or shipbuilding sector and operators of ports in Iran, and imposes penalties on any person who facilitates or otherwise knowingly provides significant financial, material, technological or other support to these entities.
(“Goodwood”). Under our ship management agreements, we pay the actual cost related to the technical management of our vessels, plus an additional management fee. The amounts that we have available, if any, to pay distributions to our stockholders could be impacted by changes in the cost of operating our vessels.
Under our ship management agreements, we pay the actual cost related to the technical management of our vessels, plus an additional management fee. The amounts that we have available, if any, to pay distributions to our stockholders could be impacted by changes in the cost of operating our vessels.
The highly cyclical nature of the tanker industry may lead to changes in charter rates from time to time, which may adversely affect our earnings, financial condition and results of operations. • An oversupply of new vessels may adversely affect charter rates and vessel values. • Political decisions may affect our vessels’ trading patterns and could adversely affect our business and operation results. 6 Table of Contents • Adverse conditions and disruptions in global economies could have a material adverse effect on our business. • Compliance with environmental laws, regulations or carbon tax regimes and emissions regulation schemes, as well as increasing focus on sustainability and other environmental, social and governance matters, may adversely affect our business.
The highly cyclical nature of the tanker industry may lead to changes in charter rates from time to time, which may adversely affect our earnings, financial condition and results of operations. • An oversupply of new vessels may adversely affect charter rates and vessel values. • Political decisions may affect our vessels’ trading patterns and could adversely affect our business and operation results. • Adverse conditions and disruptions in global economies could have a material adverse effect on our business. • Compliance with environmental laws, regulations or carbon tax regimes and emissions regulation schemes, as well as increasing focus on sustainability and other environmental, social and governance matters, may adversely affect our business.
Our ability or the ability of our subsidiaries to make these distributions are subject to restrictions contained in our subsidiaries’ financing agreements and could be affected by a claim or other action by a third party, including a creditor, or by Cayman Islands, Marshall Islands or Singapore law which regulates the payment of dividends by companies.
Our ability or the ability of our subsidiaries to make these distributions are subject to restrictions contained in our subsidiaries’ financing agreements and could be affected by a claim or other action by a third party, including a creditor, or by Cayman Islands, Marshall Islands, Monaco, Norway or Singapore law which regulates the payment of dividends by companies.
For example, long-term concerns over climate change have resulted in an increased focus on the environmental footprint of the energy and transportation sectors from regulators, shareholders, lending banks, customers, environmental groups and other stakeholders and could lead to a decrease in oil and gas demand or create a more negative perception of the oil and gas industry, which could impact our ability to attract investors, access financing and capital markets and attract and retain talent.
For example, long-term concerns over climate change have resulted in an increased focus on the environmental footprint of the energy and transportation sectors from regulators, shareholders, lending banks, customers, environmental groups and other stakeholders and could lead to a decrease in oil and gas demand or contribute to a negative perception of the oil and gas industry, which could impact our ability to attract investors, access financing and capital markets and attract and retain talent.
Between the start of 2022 to the end of 2023, SOFR increased from 0.05% to 5.38%. Significant increases in SOFR could materially adversely affect our operating results and financial condition as well as our cash flows, including cash available for dividends to our stockholders.
For example, between the start of 2022 to the end of 2023, SOFR increased from 0.05% to 5.38%. Further, significant increases in SOFR could materially adversely affect our operating results and financial condition as well as our cash flows, including cash available for dividends to our stockholders.
Based on our review of the applicable United States Securities and Exchange Commission (“SEC”) documents, we believe that we qualified for this statutory tax exemption in 2023 and we will take this position for U.S. federal income tax return reporting purposes.
Based on our review of the applicable United States Securities and Exchange Commission (“SEC”) documents, we believe that we qualified for this statutory tax exemption in 2024 and we will take this position for U.S. federal income tax return reporting purposes.
Summary of Risk Factors Risks Relating to our Company • A contraction or tightening of the global credit markets and the resulting volatility in the financial markets could have a material adverse impact on credit availability, world oil demand and demand for our vessels, which could adversely affect our results of operations, financial condition and cash flows, and could cause the market price of our common stock to decline. • We may not be able to re-charter or employ our vessels profitably. • We are dependent on performance by our charterers. • We may have difficulty managing growth. • We may elect to reduce our fleet. • Restrictive covenants in the secured credit facilities may impose financial and other restrictions on us and our subsidiaries. • If we fail to comply with certain corporate or ship-specific covenants, including as a result of declining vessel values, or are unable to meet our debt obligations under the secured credit facilities, our lenders could declare their debt to be immediately due and payable and foreclose on our vessels.
Summary of Risk Factors Risks Relating to our Company • A contraction or tightening of the global credit markets and the resulting volatility in the financial markets could have a material adverse impact on credit availability, world oil demand and demand for our vessels, which could adversely affect our results of operations, financial condition and cash flows, and could cause the market price of our common stock to decline. • We may not be able to re-charter or employ our vessels profitably. • We are dependent on performance by our charterers. • We may have difficulty managing growth. • We may elect to reduce our fleet. • Restrictive covenants in the secured credit facilities may impose financial and other restrictions on us and our subsidiaries. • If we fail to comply with certain corporate or ship-specific covenants, including as a result of declining vessel values, or are unable to meet our debt obligations under the secured credit facilities, our lenders could declare their debt to be immediately due and payable and foreclose on our vessels. 6 Table of Contents Risks Relating to our Industry • Vessel values and charter rates are volatile.
If we are unable to obtain funds from our subsidiaries, we may not be able to pay dividends. Recently enacted economic substance laws of the Marshall Islands, the Cayman Islands and Bermuda may adversely impact our business, financial condition or results of operations.
If we are unable to obtain funds from our subsidiaries, we may not be able to pay dividends. Economic substance laws of the Marshall Islands, the Cayman Islands and Bermuda may adversely impact our business, financial condition or results of operations.
Fluctuations in charter rates and vessel values result from changes in the supply and demand for tanker capacity and changes in the supply and demand for oil and oil products. Additionally, as of the date of this report, 19 of our vessels operate in the spot market, which exposes us to the fluctuations in spot market rates.
Fluctuations in charter rates and vessel values result from changes in the supply and demand for tanker capacity and changes in the supply and demand for oil and oil products. Additionally, as of the date of this report, 16 of our vessels operate in the spot market, which exposes us to the fluctuations in spot market rates.
Our vessels are trading globally, and the operation of our vessels is therefore exposed to political risks. The political disturbances in Egypt, Iran and the Middle East in general may potentially result in a blockage of the Strait of Hormuz or a closure of the Suez Canal.
Our vessels are trading globally, and the operation of our vessels is therefore exposed to political risks. For example, the political disturbances in Egypt, Iran and the Middle East in general may potentially result in a blockage of the Strait of Hormuz or a closure of the Suez Canal.
We cannot give any assurance that we will be successful in executing any growth plans or that we will not incur significant expenses and losses in connection with any future growth. We may elect to reduce the size of our fleet which could materially and adversely affect our business, financial position and cash available for the payment of dividends.
We cannot give any assurance that we will be successful in executing any growth plans or that we will not incur significant expenses and losses in connection with any future growth. 8 Table of Contents We may elect to reduce the size of our fleet which could materially and adversely affect our business, financial position and cash available for the payment of dividends.
Claimants could try to assert “sister ship” liability against one vessel in our fleet for claims relating to another vessel in our fleet. 19 Table of Contents Governments could requisition our vessels during a period of war or emergency without adequate compensation which could have a material adverse effect on our results of operations and financial condition.
Claimants could try to assert “sister ship” liability against one vessel in our fleet for claims relating to another vessel in our fleet. Governments could requisition our vessels during a period of war or emergency without adequate compensation which could have a material adverse effect on our results of operations and financial condition.
However, there are factual circumstances that could cause us to lose the benefit of this tax exemption in the future, and there is a risk that those factual circumstances could arise in 2024 or future years.
However, there are factual circumstances that could cause us to lose the benefit of this tax exemption in the future, and there is a risk that those factual circumstances could arise in 2025 or future years.
For purposes of these tests, income derived from the performance of services does not constitute “passive income.” We believe it is more likely than not that the gross income derived from our transportation services or deemed to derive from our time chartering activities is properly treated as services income, rather than rental income.
For purposes of these tests, income derived from the performance of services does not constitute “passive income.” 22 Table of Contents We believe it is more likely than not that the gross income derived from our transportation services or deemed to derive from our time chartering activities is properly treated as services income, rather than rental income.
If the supply of tanker capacity increases and the demand for tanker capacity does not increase correspondingly, charter rates could decline and the value of our vessels could be adversely affected. Political decisions may affect our vessels’ trading patterns and could adversely affect our business and operation results.
If the supply of tanker capacity increases and the demand for tanker capacity does not increase correspondingly, charter rates could decline and the value of our vessels could be adversely affected. 13 Table of Contents Political decisions may affect our vessels’ trading patterns and could adversely affect our business and operation results.
The recent seizures and attacks on commercial vessels in the Red Sea, the Gulf of Aden, the Persian Gulf and the Arabian Sea have impacted seaborne trade as many companies have decided to reroute vessels to avoid the Suez Canal and Red Sea. This has caused concerns of supply disruption.
The seizures and attacks on commercial vessels in the Red Sea, the Gulf of Aden, the Persian Gulf and the Arabian Sea, for example, have impacted seaborne trade as many companies have decided to reroute vessels to avoid the Suez Canal and Red Sea. This has caused concerns of supply disruption.
Terrorist attacks, the outbreak of war, the existence of international hostilities, or the emergence or continuation of a global public health threat or pandemic crisis, such as COVID-19 or any new variants thereof, could damage the global economy, adversely affect the availability of and demand for crude oil and petroleum products and adversely affect our ability to employ our vessels.
Terrorist attacks, the outbreak of war, the existence of international hostilities, or the emergence or continuation of a global public health threat or pandemic crisis, such as COVID-19, could damage the global economy, adversely affect the availability of and demand for crude oil and petroleum products and adversely affect our ability to employ our vessels.
We are dependent on performance by our charterers and any failure by the charterers to perform their obligations could materially and adversely affect our business, financial position and cash available for the payment of dividends. As of December 31, 2023, five of our 24 vessels currently in operation are on time charters.
We are dependent on performance by our charterers and any failure by the charterers to perform their obligations could materially and adversely affect our business, financial position and cash available for the payment of dividends. As of December 31, 2024, seven of our 24 vessels currently in operation are on time charters.
Government regulation of vessels, particularly in the areas of safety and environmental requirements and climate control, can be expected to become more strict in the future and require us to incur significant capital expenditures on our vessels to keep them in compliance, or even to scrap or sell certain vessels altogether.
Government regulation of vessels, particularly in the areas of safety and environmental requirements and climate change, can be expected to become more strict in the future and require us to incur significant capital expenditures for our vessels to keep them in compliance, or even to scrap or sell certain vessels altogether.
Recent events in the Israel-Hamas conflict and the Red Sea Crisis have also created additional concerns for the stability of the supply of oil as the conflicts could broaden or escalate.
Recent events in the Israel-Hamas conflict and related conflicts in the Middle East and the Red Sea Crisis have also created additional concerns for the stability of the supply of oil as the conflicts could broaden or escalate.
To the extent the Company is subject to the recently enacted CIT Act, we may be subject to additional income tax which may adversely affect our business, financial condition of results of operations. 23 Table of Contents
To the extent the Company is subject to the recently enacted CIT Act, we may be subject to additional income tax which may adversely affect our business, financial condition of results of operations.
Our vessels may call on ports located in countries that are subject to restrictions imposed by the governments of the U.S., the United Nations (the “UN”) or the European Union (the “EU”), which could negatively affect the trading price of our shares of common stock.
Our vessels may call on ports located in countries that are subject to restrictions imposed by the governments of the U.S., the United Nations (the “UN”) or the EU, which could negatively affect the trading price of our shares of common stock.
The current maximum 20% preferential tax rate for individuals would not be available for this calculation. 22 Table of Contents Our operating income could fail to qualify for an exemption from U.S. federal income taxation, which will reduce our cash flow.
The current maximum 20% preferential tax rate for individuals would not be available for this calculation. Our operating income could fail to qualify for an exemption from U.S. federal income taxation, which will reduce our cash flow.
The recent hostilities between Russia and Ukraine and between Israel and Hamas, in addition to the sanctions announced by the United States and several European countries against Russia and any forthcoming sanctions may also adversely impact our business, given Russia’s role as a major global exporter of crude oil.
Hostilities between Russia and Ukraine and between Israel and Hamas and related conflicts in the Middle East, in addition to the sanctions announced by the United States and several European countries against Russia and any forthcoming sanctions may also adversely impact our business, given Russia’s role as a major global exporter of crude oil.
As a result, stockholders may be limited in their ability to obtain a premium for their shares. 20 Table of Contents We may not pay dividends in the future, and our dividend policy is subject to change at any time.
As a result, stockholders may be limited in their ability to obtain a premium for their shares. We may not pay dividends in the future, and our dividend policy is subject to change at any time.
The OPA allows for potentially unlimited liability without regard to fault for owners, operators and bareboat charterers of vessels for oil pollution in U.S. waters. The OPA expressly permits individual states to impose their own liability regimes with regard to hazardous materials and oil pollution incidents occurring within their boundaries.
The OPA allows for potentially unlimited liability without regard to fault for owners, operators and bareboat charterers of vessels for oil pollution in U.S. waters. The OPA expressly permits individual states to impose their own liability regimes with regard to hazardous materials and oil pollution incidents occurring within their borders, coasts and territorial seas.
Investors can expect the fair market value of our tankers to fluctuate, depending on general economic and market conditions affecting the tanker industry and competition from other shipping companies, types and sizes of vessels and other modes of transportation. In addition, as vessels age, they generally decline in value.
Tanker values have generally experienced high volatility. Investors can expect the fair market value of our tankers to fluctuate, depending on general economic and market conditions affecting the tanker industry and competition from other shipping companies, types and sizes of vessels and other modes of transportation. In addition, as vessels age, they generally decline in value.
The ability of our counterparties to perform their obligations thereunder will depend on a number of factors that are beyond our control and may include, among other things, general economic conditions, the overall financial condition of the counterparty and various expenses.
Such agreements subject us to counterparty risk. The ability of our counterparties to perform their obligations thereunder will depend on a number of factors that are beyond our control and may include, among other things, general economic conditions, the overall financial condition of the counterparty and various expenses.
Acts of piracy have historically affected ocean-going vessels trading in regions of the world, such as the Gulf of Aden off the coast of Somalia, the Gulf of Guinea in West Africa, and the South China Sea.
Acts of piracy have historically affected ocean-going vessels trading in regions of the world, such as the Gulf of Aden off the coast of Somalia, the Arabian Sea, the Red Sea, the Gulf of Guinea in West Africa, and the South China Sea, among others.
As of December 31, 2023, we had one vessel on index-based charter for which the profit sharing element is calculated based on the indexes. 10 Table of Contents Under the ship management agreements for our vessels, our operating costs could materially increase. The technical management for all our vessels is carried out by our subsidiary, Goodwood Ship Management Pte. Ltd.
As of December 31, 2024, we had one vessel on index-based charter for which the profit sharing element is calculated based on the indexes. Under the ship management agreements for our vessels, our operating costs could materially increase. The technical management for all our vessels is carried out by our subsidiary, Goodwood Ship Management Pte. Ltd. (“Goodwood”).
Terrorist attacks, international hostilities, and the emergence or continuation of a global public health threat, such as COVID-19, could affect the demand for oil transportation, which could adversely affect our business.
Terrorist attacks, international hostilities and the emergence or continuation of a global public health threat could affect the demand for oil transportation, which could adversely affect our business.
While much uncertainty remains regarding the global impact of the conflict between Russia and Ukraine, the conflict between Israel and Hamas, and the attacks on commercial ships in the Red Sea, it is possible that such tensions could adversely affect our business, financial condition, results of operation and cash flows.
While much uncertainty remains regarding the global impact of the conflict between Russia and Ukraine, the conflict between Israel and Hamas and related conflicts in the Middle East, and the attacks on commercial ships in the Red Sea, it is possible that such tensions and others that may arise could adversely affect our business, financial condition, results of operation and cash flows.
For example, in 2017, the U.S. and the IMO enacted ballast water discharge standards that require the installation of ballast water treatment systems in existing ships by September 8, 2024, which will increase compliance costs for us and other similarly regulated ocean carriers.
For example, in 2017, the U.S. and the IMO enacted ballast water discharge standards that required the installation of ballast water treatment systems in existing ships by September 8, 2024, which has increased compliance costs for us and other similarly regulated ocean carriers.
During 2018, prior to the reinstatement of U.S. nuclear-related sanctions described above, vessels in our fleet made a total of two calls to ports in Iran, representing 0.27% of our 741 calls on worldwide ports during the same period.
During 2024, 2023 and 2022, no vessels in our fleet made any calls to ports in Iran. During 2018, prior to the reinstatement of U.S. nuclear-related sanctions described above, vessels in our fleet made a total of two calls to ports in Iran, representing 0.27% of our 741 calls on worldwide ports during the same period.
As of March 15, 2024, the newbuilding orderbook for VLCC vessels equaled 5.0% of the existing trading fleet. This number is historically low, however, we cannot assure you that the orderbook will not increase further in proportion to the existing fleet.
As of March 15, 2025, the newbuilding orderbook for VLCC vessels equaled 10.1% of the existing trading fleet. This number is historically low; however, we cannot assure you that the orderbook will not increase further in proportion to the existing fleet.
Failure to control the spread of COVID-19 could significantly impact economic activity which could adversely affect our business, financial condition, and results of operations.
Failure to control the spread of another epidemic could significantly impact economic activity, which could adversely affect our business, financial condition, and results of operations.
Industry consolidations and alliances involving our customers could further increase the concentration of our business and reduce our bargaining power. Our financial and operating performance has been and may be adversely affected by COVID-19 or an occurrence of another epidemic and related governmental responses thereto which may have a material adverse effect on our results of operations and financial condition.
Industry consolidations and alliances involving our customers could further increase the concentration of our business and reduce our bargaining power. Our financial and operating performance was previously adversely affected by COVID-19 and an occurrence of another similar epidemic and related governmental responses may have a material adverse effect on our results of operations and financial condition.
The operation of tankers and transportation of crude oil are extremely competitive. Competition arises primarily from other tanker owners, including major oil companies or state owned entities that control vessels, as well as independent tanker companies, some of whom have substantially larger fleets and substantially greater resources than we do.
Competition arises primarily from other tanker owners, including major oil companies or state-owned entities that control vessels, as well as independent tanker companies, some of whom have substantially larger fleets and substantially greater resources than we do.
The EEXI could require the implementation of technical steps, such as power limitations or installations of technical features, to improve the energy efficiency of ships. The CII rating will be on a scale from A to E, with E as the lowest score.
The EEXI could require us to implement technical steps, such as power limitations or installations of technical features, to improve the energy efficiency of our ships. The CII rating is on a scale from A to E, with E as the lowest score.
To maintain our carrying capacity, we may enter into newbuilding agreements that subject us to certain risks, and the failure of our counterparties to meet their obligations thereunder could cause us to suffer losses or otherwise adversely affect our business. From time to time, we enter into newbuilding agreements. Such agreements subject us to counterparty risk.
To maintain our carrying capacity, we may enter into newbuilding agreements that subject us to certain risks, and the failure of our counterparties to meet their obligations thereunder could cause us to suffer losses or otherwise materially and adversely affect our operations, financial condition and cash flows. From time to time, we enter into newbuilding agreements.
Concerns over inflation, rising interest rates, energy costs, geopolitical issues, including acts of war and the availability and cost of credit, as well as a potential resurgence of COVID-19, have contributed to increased volatility and diminished expectations for the economy and the markets going forward.
Concerns over inflation, high interest rates, energy costs, geopolitical issues, including acts of war and the availability and cost of credit, have contributed to increased volatility and diminished expectations for the economy and the markets going forward.
The spot market is highly competitive, and rates within this market are subject to volatile fluctuations. We may not be able to predict whether future spot rates will be sufficient to enable our vessels to be operated profitably.
The spot market is highly competitive, and rates within this market are subject to volatile fluctuations. For example, in reaction to recent sanctions, the spot market experienced immediate and significant fluctuations, and we may not be able to predict whether future spot rates will be sufficient to enable our vessels to be operated profitably.
It is possible that such conflicts could disrupt supply chains and cause instability in the global economy. Additionally, the ongoing conflict in Ukraine could result in the imposition of further economic sanctions by the United States and the European Union against Russia.
Such conflicts have disrupted and may continue to disrupt supply chains and cause instability in the global economy. Additionally, the ongoing conflict in Ukraine could result in the imposition of further economic sanctions by the United States and the European Union against Russia.
Furthermore, it is possible that third parties with whom we have charter contracts may be impacted by the conflict between Russia and Ukraine, the conflict between Israel and Hamas and the attacks on commercial ships in the Red Sea which could adversely affect our operations. Acts of piracy on ocean-going vessels could adversely affect our business and results of operations.
Furthermore, it is possible that third parties with whom we have charter contracts may be impacted by the conflict between Russia and Ukraine, the conflict between Israel and Hamas and related conflicts in the Middle East and the attacks on commercial ships in the Red Sea which could adversely affect our operations.
The structural issues facing the EU following the European Debt Crisis and the United Kingdom’s June 2016 referendum to withdraw from the EU (commonly referred to as “Brexit”) remain, and problems could resurface that could affect financial market conditions, and, possibly, our business, results of operations, financial condition and liquidity, particularly if they lead to the exit of one or more countries from the European Monetary Union (the “EMU”) or the exit of additional countries from the EU.
Such volatile economic conditions could have a material adverse effect on our business. 14 Table of Contents In addition, the structural issues facing the EU following the United Kingdom’s June 2016 referendum to withdraw from the EU (commonly referred to as “Brexit”) remain, and problems could resurface that could affect financial market conditions, and, possibly, our business, results of operations, financial condition and liquidity, particularly if they lead to the exit of one or more countries from the European Monetary Union (the “EMU”) or the exit of additional countries from the EU.
However, if China’s growth in gross domestic product and in industrial production slows and other countries in the Asia Pacific region experience slower or negative economic growth in the future, this may negatively affect the global economy, and thus, may negatively impact shipping demand.
However, if China’s growth in gross domestic product and in industrial production slows and other countries in the Asia Pacific region experience slower or negative economic growth in the future, this may negatively affect the global economy, and thus, may negatively impact shipping demand. For example, Chinese economic growth and oil demand have year-to-date not met projections.
The initial onset of COVID-19 resulted in numerous actions taken by governments and governmental agencies in an attempt to mitigate the spread or any resurgence of the virus, including travel bans, quarantines and other emergency public health measures such as lockdowns.
The initial outbreak of COVID-19 resulted in numerous actions taken by governments and governmental agencies in an attempt to mitigate the spread or any resurgence of the virus, including travel bans, quarantines and other emergency public health measures such as lockdowns. It introduced uncertainty into global economic activity and, as such, our operational and financial activities.
The five customers together represented 53%, 50% and 61% of our revenue in 2021, 2022 and 2023, respectively. The number of companies which comprise our client base may shrink in the future, which could render us dependent on establishing relationships with new customers to generate a substantial portion of our revenues.
The number of companies which comprise our client base may shrink in the future, which could render us dependent on establishing relationships with new customers to generate a substantial portion of our revenues.
Future sales of our common stock could cause the market price of our common stock to decline and would be dilutive to existing shareholders. The market price of our common stock could decline due to sales of our shares in the market or the perception that such sales could occur.
The market price of our common stock could decline due to sales of our shares in the market or the perception that such sales could occur.
If we are not entitled to this exemption for a taxable year, we would be subject in that year to a 4% U.S. federal income tax on our U.S. source gross transportation income. This could have a negative effect on our business and would result in decreased earnings available for distribution to our stockholders.
If we are not entitled to this exemption for a taxable year, we would be subject in that year to a 4% U.S. federal income tax on our U.S. source gross transportation income.
These restrictions may limit our and our subsidiaries’ ability to, among other things: pay dividends, incur additional indebtedness, change the management of vessels, permit liens on their assets, sell vessels, merge or consolidate with, or transfer all or substantially all of their assets to, another person, enter into certain types of charters and enter into a line of business. 8 Table of Contents Therefore, we may need to seek permission from the lenders under the respective secured credit facilities in order to engage in certain corporate actions.
These restrictions may limit our and our subsidiaries’ ability to, among other things: pay dividends, incur additional indebtedness, change the management of vessels, permit liens on their assets, sell vessels, merge or consolidate with, or transfer all or substantially all of their assets to, another person, enter into certain types of charters and enter into a line of business.
We may be subject to taxation in Norway, which could have a material adverse effect on our results of operations and would subject dividends paid by us to Norwegian withholding taxes.
This could have a negative effect on our business and would result in decreased earnings available for distribution to our stockholders. 23 Table of Contents We may be subject to taxation in Norway, which could have a material adverse effect on our results of operations and would subject dividends paid by us to Norwegian withholding taxes.
Federal Reserve and other central banks to increase interest rates in response. Inflation and rising interest rates may raise the cost of capital, increase our operating costs and generally reduce economic growth, disrupting global trade, oil demand and shipping.
Inflation and continued high interest rates may raise the cost of capital, increase our operating costs and generally reduce economic growth, disrupting global trade, oil demand and shipping.
Finally, certain or future counterparties of ours may be affiliated with persons or entities that are the subject of sanctions imposed by the U.S. and EU or other international bodies as a result of the annexation of Crimea by Russia in March 2014. During 2023, 2022 and 2021, no vessels in our fleet made any calls to ports in Iran.
Finally, certain or future counterparties of ours may be affiliated with persons or entities that are the subject of sanctions imposed by the U.S. and EU or other international bodies as a result of the annexation of Crimea by Russia in March 2014 and Russia’s invasion of Ukraine in February 2022.
Our insurance coverage may be insufficient to make us whole in the event of a casualty to a vessel or other catastrophic event, or fail to cover all of the inherent operational risks associated with the tanker industry.
Any of these events could impair the ability of charterers of our vessels to make payments to us under our charters. 19 Table of Contents Our insurance coverage may be insufficient to make us whole in the event of a casualty to a vessel or other catastrophic event, or fail to cover all of the inherent operational risks associated with the tanker industry.
As the shipping industry is highly dependent on the availability of credit to finance and expand operations, we may be adversely affected by a decline in the global credit and financial markets. There is still considerable instability in the world economy that could initiate a new economic downturn. The current macroeconomic environment is characterized by inflation, causing the U.S.
As the shipping industry is highly dependent on the availability of credit to finance and expand operations, we may be adversely affected by a decline in the global credit and financial markets. 7 Table of Contents There is considerable instability in the world economy that could negatively impact the economic environment and our business.
In addition, the Marshall Islands has neither a bankruptcy nor an insolvency act, and as a result, any bankruptcy action involving our company would have to be initiated outside the Marshall Islands, and our public stockholders may find it difficult or impossible to pursue their claims in such other jurisdictions. 21 Table of Contents Our amended and restated bylaws restrict stockholders from bringing certain legal action against our officers and directors and investors may find it difficult or impossible to effect service of process and enforce judgments against us, our directors and our executive officers.
In addition, the Marshall Islands has neither a bankruptcy nor an insolvency act, and as a result, any bankruptcy action involving our company would have to be initiated outside the Marshall Islands, and our public stockholders may find it difficult or impossible to pursue their claims in such other jurisdictions.
Although all of our tankers are double-hulled and have ballast water treatment systems installed, future accidents can be expected in the industry, and such accidents or other events could be expected to result in the adoption of even stricter laws and regulations, which could limit our operations or our ability to do business and which could have a material adverse effect on our business and financial results.
Although all of our tankers are double-hulled and have ballast water treatment systems installed, future environmentally-damaging accidents can be expected in the industry, and such accidents or other events could result in the adoption of even stricter laws and regulations, which could limit our operations or our ability to do business and therefore could have a material adverse effect on our business and financial results. 15 Table of Contents Due to concern over the risks of climate change, a number of countries and the IMO have adopted, or are considering the adoption of, regulatory frameworks to reduce greenhouse gas (“GHG”) emission and other emissions from ships.
In addition, the uncertainty about current and future global economic conditions caused by a renewed financial crisis may cause our customers to defer projects in response to tighter credit, decreased cash availability and declining confidence, which may negatively impact the demand for our vessels. 7 Table of Contents We may not be able to re-charter or employ our vessels profitably which could materially and adversely affect our business, financial position and cash available for the payment of dividends.
In addition, the uncertainty about current and future global economic conditions caused by a renewed financial crisis may cause our customers to defer projects in response to tighter credit, decreased cash availability and declining confidence, which may negatively impact the demand for our vessels.
The occurrence or reoccurrence of any of the foregoing events or other epidemics, an increase in the severity or duration of epidemics and pandemics, including COVID-19, or a recession or market correction resulting from the spread of COVID-19 or another virus could have a material adverse effect on our future financial and operating performance.
The occurrence or reoccurrence of any of the foregoing events or other epidemics, an increase in the severity or duration of epidemics and pandemics or a recession or market correction resulting from the spread of another virus could have a material adverse effect on our future financial and operating performance. 10 Table of Contents The indexes used to calculate the earnings for vessels on index-based charters may, in the future, no longer reasonably reflect the estimated earnings of the vessels.
The actual or perceived tanker market rate environment and prospects and the market value of our fleet, among other things, may materially affect our ability to obtain new debt financing.
The actual or perceived tanker market rate environment and prospects and the market value of our fleet, among other things, may materially affect our ability to obtain new debt financing. If we are unable to refinance our indebtedness, we may choose to issue securities or sell certain of our assets in order to satisfy our debt obligations.
According to the International Maritime Bureau (IMB), a non-profit organization that aims to tackle maritime crime and malpractice, there was an increase in the number of reported piracy attacks in 2023.
According to the International Maritime Bureau (IMB), a non-profit organization that aims to tackle maritime crime and malpractice, after an increase in reported piracy attacks in 2023, there was a decline in global maritime incidents and piracy in 2024, but IMB urges continued caution as crew safety remains at risk.
Furthermore, if we are unable to enforce any refund guarantees related to future newbuilding agreements, we may lose all or part of our advance deposits in the newbuildings, which could have a material adverse effect on our results of operations, financial condition and cash flows.
Furthermore, if we are unable to enforce any refund guarantees related to future newbuilding agreements, we may lose all or part of our advance deposits in the newbuildings, which could have a material adverse effect on our results of operations, financial condition and cash flows. 9 Table of Contents We cannot assure you that we will be able to refinance our indebtedness incurred under the secured credit facilities which may increase our cost of borrowing or cause us to issue additional equity securities which could be dilutive to existing shareholders.
The tanker industry has been unpredictable and volatile. The market for common stock in this industry may be equally volatile. Therefore, we cannot assure you that you will be able to sell any of our common stock you may have purchased at a price greater than or equal to the original purchase price.
Therefore, we cannot assure you that you will be able to sell any of our common stock you may have purchased at a price greater than or equal to the original purchase price. 20 Table of Contents Future sales of our common stock could cause the market price of our common stock to decline and would be dilutive to existing shareholders.
The lenders’ interests may be different from ours and we cannot guarantee that we will be able to obtain their permission when needed.
Therefore, we may need to seek permission from the lenders under the respective secured credit facilities in order to engage in certain corporate actions. The lenders’ interests may be different from ours and we cannot guarantee that we will be able to obtain their permission when needed.
The European Union Code of Conduct Group has assessed the tax policies of a range of countries, including the Marshall Islands, where we and 17 of our vessel-owning subsidiaries are incorporated, the Cayman Islands, where seven of our vessel-owning subsidiaries are incorporated; and Bermuda (together with the Marshall Islands and the Cayman Islands, collectively, “Economic Substance Jurisdictions”), where our principal executive offices are located.
Information on the Company”, are incorporated, the Cayman Islands, where seven of our vessel-owning subsidiaries are incorporated, and Bermuda (together with the Marshall Islands and the Cayman Islands, collectively, “Economic Substance Jurisdictions”), where our principal executive offices are located.
We may also employ the vessels on the spot charter market, which is subject to greater rate volatility than the time charter market. If we receive lower charter rates under replacement charters or are unable to re-charter our vessels, the amounts that we have available, if any, to pay distributions to our stockholders may be reduced or eliminated.
If we receive lower charter rates under replacement charters or are unable to re-charter our vessels, our business and financial position could be materially and adversely affected and the amounts that we have available, if any, to pay distributions to our stockholders may be reduced or eliminated.
Vessel values may be depressed at a time when we sell a vessel, when our subsidiaries are required to make a repayment under the secured credit facilities or when the secured credit facilities mature, which could adversely affect our liquidity and our ability to refinance the secured credit facilities. Tanker values have generally experienced high volatility.
Furthermore, detecting, investigating, and resolving actual or alleged violations is expensive and can consume significant time and attention of our management. 18 Table of Contents Vessel values may be depressed at a time when we sell a vessel, when our subsidiaries are required to make a repayment under the secured credit facilities or when the secured credit facilities mature, which could adversely affect our liquidity and our ability to refinance the secured credit facilities.
The loss of these customers could adversely affect our results of operations, cash flows and ability to allocate capital to maintain our fleet and consolidation or alliances among these customers will reduce our bargaining power. Five customers represent the majority of our revenue.
The loss of these customers could materially and adversely affect our business, financial condition, results of operations and cash flows and consolidation or alliances among these customers will reduce our bargaining power. Five customers represent the majority of our revenue. The five customers together represented 50%, 61% and 61% of our revenue in 2022, 2023 and 2024, respectively.
Prior to making port calls to Iran, the charterer is required to conduct a due diligence to ensure that the port calls are in compliance with applicable sanctions against Iran.
Prior to making port calls to Iran, the charterer is required to conduct a due diligence to ensure that the port calls are in compliance with applicable sanctions against Iran. To our knowledge, none of our vessels made port calls to Syria, Sudan, Cuba or the Crimea Region during the period from 2011 to 2024.
Compliance with environmental laws or regulations, as well as increasing focus on sustainability and other environmental, social and governance matters, may adversely affect our business.
The partial or full breakup of the EMU or EU would be unprecedented and its impact highly uncertain, including with respect to our business. Compliance with environmental laws or regulations, as well as increasing focus on sustainability and other environmental, social and governance matters, may adversely affect our business.
The carrying values of our vessels held and used by us are reviewed for potential impairment whenever events or changes in circumstances indicate that the carrying value of a particular vessel may not be fully recoverable. 18 Table of Contents We operate in the highly competitive international tanker market and may not be able to compete effectively or operate profitably, which could affect our financial position.
The carrying values of our vessels may not represent their charter-free market value at any point in time. The carrying values of our vessels held and used by us are reviewed for potential impairment whenever events or changes in circumstances indicate that the carrying value of a particular vessel may not be fully recoverable.
Our business can be affected by a number of factors that are beyond our control, such as general geopolitical, economic and business conditions.
We operate our ships worldwide, which means adverse conditions and disruptions in the global economy could have a material adverse effect on our business. Our business can be affected by a number of factors that are beyond our control, such as general geopolitical, economic and business conditions.
We may not have sufficient surplus or net profits in the future to pay dividends, and we can give no assurance that dividends will be paid in the future or the amounts of dividends which may be paid. We have a significant number of shares of common stock that are available for resale.
We may not have sufficient surplus or net profits in the future to pay dividends, and we can give no assurance that dividends will be paid in the future or the amounts of dividends which may be paid. 21 Table of Contents We are incorporated in the Marshall Islands, which does not have a well-developed body of corporate law, a bankruptcy act or an insolvency act.
To our knowledge, none of our vessels made port calls to Syria, Sudan, Cuba or the Crimea Region during the period from 2011 to 2023. 17 Table of Contents We monitor compliance of our vessels with applicable restrictions through, among other things, communication with our charterers and administrators regarding such legal and regulatory developments as they arise.
We monitor compliance of our vessels with applicable restrictions through, among other things, communication with our charterers and administrators regarding such legal and regulatory developments as they arise.
Moreover, we operate in a sector of the economy that is likely to be adversely impacted by political instability, terrorist or other attacks, war or international hostilities. 15 Table of Contents The ongoing conflict between Russia and Ukraine, the conflict between Israel and Hamas and the recent seizures and attacks on commercial vessels in the Red Sea, the Gulf of Aden, the Persian Gulf and the Arabian Sea may lead to further regional and international conflicts or armed action.
The ongoing conflict between Russia and Ukraine, the conflict between Israel and Hamas and related conflicts in the Middle East and the seizures and attacks on commercial vessels in the Red Sea, the Gulf of Aden, the Persian Gulf and the Arabian Sea, for example, may lead to further regional and international conflicts or armed action.

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Item 4. Mine Safety Disclosures

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Biggest changeVessel employment The following table presents certain features of our vessel employment as of March 15, 2024: Vessel Type of Employment Expiry VLCC DHT Appaloosa Spot DHT Mustang Spot DHT Bronco Spot DHT Colt Spot DHT Stallion Spot DHT Tiger Spot DHT Harrier Time charter Q4 2024 DHT Puma Time charter with profit sharing Q1 2026 DHT Panther Spot DHT Osprey Time charter Q2 2027 DHT Lion Spot DHT Leopard Time charter Q2 2027 DHT Jaguar Spot DHT Taiga Spot DHT Opal Spot DHT Sundarbans Time charter with profit sharing Q1 2025 DHT Redwood Spot DHT Amazon Spot DHT Peony Spot DHT Lotus Spot DHT China Spot DHT Europe Spot DHT Bauhinia Spot DHT Scandinavia Spot SHIP MANAGEMENT AGREEMENTS The following summary of the material terms of our ship management agreements does not purport to be complete and is subject to, and qualified in its entirety by reference to, all the provisions of the ship management agreements. 25 Table of Contents Technical Management The technical management for all our vessels is carried out by our subsidiary, Goodwood (the “Technical Manager”).
Biggest changeBecause the following is only a summary, it does not contain all information that you may find useful. 25 Table of Contents Vessel Employment The following table presents certain features of our vessel employment as of March 15, 2025: Vessel Type of Employment Expiry VLCC DHT Appaloosa Spot DHT Mustang Spot DHT Bronco Spot DHT Colt Spot DHT Stallion Spot DHT Tiger Spot DHT Harrier Time charter Q4 2025 DHT Puma Time charter with profit sharing Q1 2026 DHT Panther Spot DHT Osprey Time charter Q2 2027 DHT Lion Time charter Q3 2025 DHT Leopard Time charter Q4 2027 DHT Jaguar Spot DHT Taiga Spot DHT Opal Spot DHT Sundarbans Spot DHT Redwood Spot DHT Amazon Spot DHT Peony Spot DHT Lotus Spot DHT China Time charter Q4 2025 DHT Europe Time charter Q2 2025 DHT Bauhinia Spot SHIP MANAGEMENT AGREEMENTS The following summary of the material terms of our ship management agreements does not purport to be complete and is subject to, and qualified in its entirety by reference to, all the provisions of the ship management agreements.
We believe that the operation of our vessels is in substantial compliance with applicable environmental laws and regulations; however, because such laws and regulations are frequently changed and may impose increasingly stringent requirements, it is difficult to accurately predict the ultimate cost of complying with these requirements, or the impact of these requirements on the resale value or useful lives of our tankers.
We believe that the operation of our vessels is currently in substantial compliance with applicable environmental laws and regulations; however, because such laws and regulations are frequently changed and may impose increasingly stringent requirements, it is difficult to accurately predict the ultimate cost of complying with these requirements, or the impact of these requirements on the resale value or useful lives of our tankers.
The VGP requires owners and operators to comply with a range of best management practices, reporting requirements and other standards for a number of vessel discharges. The current VGP, which became effective in December 2013, contains more stringent requirements, including numeric ballast water discharge limits (that generally align with the most recent U.S.
The VGP requires owners and operators to comply with a range of best management practices, reporting requirements and other standards for a number of vessel discharges. The current VGP, which became effective in December 2013, contains stringent requirements, including numeric ballast water discharge limits (that generally align with the most recent U.S.
Company Vessel Year Built Dwt Flag* Yard** Classification Society*** Percent of Ownership VLCC DHT Appaloosa Inc DHT Appaloosa 7 2018 318,918 HK HHI ABS 100 % DHT Mustang Inc DHT Mustang 5 2018 317,975 HK HHI ABS 100 % DHT Bronco Inc DHT Bronco 5 2018 317,975 HK HHI ABS 100 % DHT Colt Inc DHT Colt 4 2018 319,713 HK DSME LR 100 % DHT Stallion Inc DHT Stallion 4 2018 319,713 HK DSME LR 100 % DHT Tiger Limited DHT Tiger 2 2017 299,629 HK HHI ABS 100 % DHT Harrier Inc DHT Harrier 6 2016 299,985 HK DSME LR 100 % DHT Puma Limited DHT Puma 2 2016 299,629 HK HHI ABS 100 % DHT Panther Limited DHT Panther 2 2016 299,629 HK HHI ABS 100 % DHT Osprey Inc DHT Osprey 6 2016 299,999 HK DSME LR 100 % DHT Lion Limited DHT Lion 2 2016 299,629 HK HHI ABS 100 % DHT Leopard Limited DHT Leopard 2 2016 299,629 HK HHI ABS 100 % DHT Jaguar Limited DHT Jaguar 2 2015 299,629 HK HHI ABS 100 % Samco Iota Ltd DHT Taiga 1 2012 318,130 HK HHI ABS 100 % DHT Opal Inc DHT Opal 3 2012 320,105 HK DSME LR 100 % Samco Theta Ltd DHT Sundarbans 1 2012 318,123 HK HHI LR 100 % Samco Kappa Ltd DHT Redwood 1 2011 318,130 HK HHI ABS 100 % Samco Eta Ltd DHT Amazon 1 2011 318,130 HK HHI LR 100 % DHT Peony Inc DHT Peony 3 2011 320,013 HK BSHIC ABS 100 % DHT Lotus Inc DHT Lotus 3 2011 320,142 HK BSHIC ABS 100% Samco Epsilon Ltd DHT China 1 2007 317,794 HK HHI LR 100 % Samco Delta Ltd DHT Europe 1 2007 317,713 HK HHI LR 100% DHT Bauhinia Inc DHT Bauhinia 3 2007 301,019 HK DSME LR 100 % Samco Gamma Ltd DHT Scandinavia 1 2006 317,826 HK HHI ABS 100% 26 Table of Contents *HK: Hong Kong. **HHI: Hyundai Heavy Industries Co., Ltd.; BSHIC: Bohai Shipbuilding Heavy Industries Co., Ltd.; NACKS: Nantong Cosco KHI Engineering Co.
Company Vessel Year Built Dwt Flag* Yard** Classification Society*** Percent of Ownership VLCC DHT Appaloosa Inc DHT Appaloosa 7 2018 318,918 HK HHI ABS 100 % DHT Mustang Inc DHT Mustang 5 2018 317,975 HK HHI ABS 100 % DHT Bronco Inc DHT Bronco 5 2018 317,975 HK HHI ABS 100 % DHT Colt Inc DHT Colt 4 2018 319,713 HK DSME LR 100 % DHT Stallion Inc DHT Stallion 4 2018 319,713 HK DSME LR 100 % DHT Tiger Limited DHT Tiger 2 2017 299,629 HK HHI ABS 100 % DHT Harrier Inc DHT Harrier 6 2016 299,985 HK DSME LR 100 % DHT Puma Limited DHT Puma 2 2016 299,629 HK HHI ABS 100 % DHT Panther Limited DHT Panther 2 2016 299,629 HK HHI ABS 100 % DHT Osprey Inc DHT Osprey 6 2016 299,999 HK DSME LR 100 % DHT Lion Limited DHT Lion 2 2016 299,629 HK HHI ABS 100 % DHT Leopard Limited DHT Leopard 2 2016 299,629 HK HHI ABS 100 % DHT Jaguar Limited DHT Jaguar 2 2015 299,629 HK HHI ABS 100 % Samco Iota Ltd DHT Taiga 1 2012 318,130 HK HHI ABS 100 % DHT Opal Inc DHT Opal 3 2012 320,105 HK DSME LR 100 % Samco Theta Ltd DHT Sundarbans 1 2012 318,123 HK HHI LR 100 % Samco Kappa Ltd DHT Redwood 1 2011 318,130 HK HHI ABS 100 % Samco Eta Ltd DHT Amazon 1 2011 318,130 HK HHI LR 100 % DHT Peony Inc DHT Peony 3 2011 320,013 HK BSHIC ABS 100 % DHT Lotus Inc DHT Lotus 3 2011 320,142 HK BSHIC ABS 100% Samco Epsilon Ltd DHT China 1 2007 317,794 HK HHI LR 100 % Samco Delta Ltd DHT Europe 1 2007 317,713 HK HHI LR 100% DHT Bauhinia Inc DHT Bauhinia 3 2007 301,019 HK DSME LR 100 % Samco Gamma Ltd DHT Scandinavia 1 2006 317,826 HK HHI ABS 100% *HK: Hong Kong. **HHI: Hyundai Heavy Industries Co., Ltd.; BSHIC: Bohai Shipbuilding Heavy Industries Co., Ltd.; NACKS: Nantong Cosco KHI Engineering Co.
Compliance with these standards may cause us to incur costs to install control equipment on our vessels. 31 Table of Contents The CAA also requires states to draft State Implementation Plans, or SIPs, designed to attain national health-based air quality standards. Several SIPs regulate emissions resulting from vessel loading and unloading operations by requiring the installation of vapor control equipment.
Compliance with these standards may cause us to incur costs to install control equipment on our vessels. 32 Table of Contents The CAA also requires states to draft State Implementation Plans, or SIPs, designed to attain national health-based air quality standards. Several SIPs regulate emissions resulting from vessel loading and unloading operations by requiring the installation of vapor control equipment.
This new chapter came into effect in July 2004 and imposes various detailed security obligations on vessels and port authorities, most of which are contained in the International Ship and Port Facilities Security Code (the “ISPS Code”). 33 Table of Contents The ISPS Code requires vessels to develop and maintain a ship security plan that provides security measures to address potential threats to the security of ships or port facilities.
This new chapter came into effect in July 2004 and imposes various detailed security obligations on vessels and port authorities, most of which are contained in the International Ship and Port Facilities Security Code (the “ISPS Code”). 34 Table of Contents The ISPS Code requires vessels to develop and maintain a ship security plan that provides security measures to address potential threats to the security of ships or port facilities.
ORGANIZATIONAL STRUCTURE The following table sets forth our significant subsidiaries and the vessels owned or operated by each of those subsidiaries, if any, as of December 31, 2023. Subsidiary Vessel State of Jurisdiction or Incorporation Percent of ownership DHT Management S.A.M. Monaco 99% 1 DHT Management AS Norway 100% DHT Ship Management (Singapore) Pte. Ltd.
ORGANIZATIONAL STRUCTURE The following table sets forth our significant subsidiaries and the vessels owned or operated by each of those subsidiaries, if any, as of December 31, 2024. Subsidiary Vessel State of Jurisdiction or Incorporation Percent of ownership DHT Management S.A.M. Monaco 99% 1 DHT Management AS Norway 100% DHT Ship Management (Singapore) Pte. Ltd.
Increasing environmental concerns may create demand for tankers that conform to the stricter environmental standards. Under our ship management agreements, the Technical Managers are required to maintain operating standards for our tankers emphasizing operational safety, quality maintenance, continuous training of our officers and crews and compliance with U.S. and international regulations.
Increasing environmental concerns may create demand for tankers that conform to the stricter environmental standards. Under our ship management agreements, the Technical Managers are required to maintain operating standards for our tankers that emphasize operational safety, quality maintenance, continuous training of our officers and crews and compliance with U.S. and international regulations.
The Technical Managers have provided the requisite guarantees and received certificates of financial responsibility from the U.S. Coast Guard for each of our tankers that are required to have one. 30 Table of Contents We have arranged insurance for each of our tankers with pollution liability insurance in the amount of $1 billion.
The Technical Managers have provided the requisite guarantees and received certificates of financial responsibility from the U.S. Coast Guard for each of our tankers that are required to have one. 31 Table of Contents We have arranged insurance for each of our tankers with pollution liability insurance in the amount of $1 billion.
Each of our vessels has been certified as being “in class” by a member society of the International Association of Classification Societies, indicated in the table beginning on page 26 of this report. ENVIRONMENTAL REGULATION Government regulation significantly affects the ownership and operation of our tankers.
Each of our vessels has been certified as being “in class” by a member society of the International Association of Classification Societies, indicated in the table beginning on page 27 of this report. ENVIRONMENTAL REGULATION Government regulation significantly affects the ownership and operation of our tankers.
Any passage of climate control legislation or other regulatory initiatives by the IMO, EU, the U.S. or other countries where we operate, or any treaty adopted or amended at the international level that restricts emissions of greenhouse gases, could require us to make significant financial expenditures or otherwise impact our vessels or their operation in ways that we cannot predict with certainty at this time.
Any adoption of climate control legislation or other regulatory initiatives by the IMO, EU, the U.S. or other countries or jurisdictions where we operate, or any treaty adopted or amended at the international level that restricts emissions of greenhouse gases, could require us to make significant financial expenditures or otherwise impact our vessels or their operation in ways that we cannot predict with certainty at this time.
Fuel EU sets “well-to-wake” GHG emission intensity requirements for energy used on board. The GHG intensity requirement applies to 100% of energy used on voyages and port calls within the EU and EEA, and 50% of energy used on voyages into or out of the EU and EEA.
FuelEU sets “well-to-wake” GHG emission intensity requirements for energy used on board. The GHG intensity requirement applies to 100% of energy used on voyages and port calls within the EU and EEA, and 50% of energy used on voyages into or out of the EU and EEA.
These documents and other important information on our governance are posted on our website and may be viewed at www.dhtankers.com. The information contained on or connected to our website is not a part of this annual report. B. BUSINESS OVERVIEW We operate a fleet of crude oil tankers.
These documents and other important information on our governance are posted on our website and may be viewed at www.dhtankers.com. The information contained on or connected to our website is not a part of this annual report. 24 Table of Contents B. BUSINESS OVERVIEW We operate a fleet of crude oil tankers.
As of March 15, 2024, our fleet consisted of 24 VLCC crude oil tankers, all of which are wholly owned by DHT Holdings, Inc. In addition, the Company has contracted to build four new VLCCs, two at Hyundai Heavy Industries and two at Hanwha Ocean in South Korea, for delivery in 2026.
As of March 15, 2025, our fleet consisted of 23 VLCC crude oil tankers, all of which are wholly owned by DHT Holdings, Inc. In addition, the Company has contracted to build four new VLCCs, two at Hyundai Heavy Industries and two at Hanwha Ocean in South Korea, for delivery in 2026.
The term “well-to-wake” refers to the entire process of fuel production, delivery and use onboard ships, and all emissions produced from such processes. The yearly average GHG intensity of energy used on board, measured as GHG emissions per energy unit (gCO 2 e/MJ), must be less than an applicable threshold.
The term “well-to-wake” refers to the entire process of fuel production, delivery and use onboard ships, and all emissions produced from such processes. The yearly average GHG intensity of energy used on board, measured as GHG emissions per energy unit (gCO2e/MJ), must be less than an applicable threshold.
The GHG intensity threshold will be subject to a five-year percentage reduction with respect to a reference value, which is based on the average energy used onboard in 2020, reported in the EU Monitoring Reporting and Verification data of that year, which was 91.16 gCO 2 e/MJ.
The GHG intensity threshold will be subject to a five-year percentage reduction with respect to a reference value, which is based on the average energy used onboard in 2020, reported in the EU Monitoring Reporting and Verification data of that year, which was 91.16 gCO2e/MJ.
Coast Guard standards issued in 2012), requirements to ensure ballast water treatment systems are functioning correctly, and more stringent limits for oil to sea interfaces and exhaust gas cleaning system wastewater. Vessels calling U.S. ports are required to have Coast Guard approved ballast water management systems installed by their first regular drydocking after January 1, 2016, with few exceptions.
Coast Guard standards issued in 2012), requirements to ensure ballast water treatment systems are functioning correctly, and stringent limits for oil to sea interfaces and exhaust gas cleaning system wastewater. Vessels calling U.S. ports have been required to have Coast Guard approved ballast water management systems installed by their first regular drydocking since January 2016, with few exceptions.
In addition, the operation of any ocean-going vessel is subject to the inherent possibility of catastrophic marine disaster, including oil spills and other environmental mishaps, and the liabilities arising from owning and operating vessels in international trade. 27 Table of Contents Our wholly owned subsidiaries are responsible for arranging the insurance of our vessels on terms in line with standard industry practice.
In addition, the operation of any ocean-going vessel is subject to the inherent possibility of catastrophic marine disaster, including oil spills and other environmental incidents, and the liabilities arising from owning and operating vessels in international trade. Our wholly owned subsidiaries are responsible for arranging the insurance of our vessels on terms in line with standard industry practice.
We primarily compete for charters on the basis of price, however, vessel condition, location, size, and age, in addition to our reputation as an operator, may impact our competitive position. Our competitive position may also be affected by price dislocation between other sizes of vessels that could enter the trades in which we engage.
We primarily compete for charters on the basis of price; however, vessel condition, location, size, and age, in addition to our reputation as an operator, may impact our competitive position. Our competitive position may also be affected by price dislocation between other sizes of vessels or vessels consuming alternative fuel types that could enter the trades in which we engage.
However, in such event, we may be unable to hire another party to perform these and other services, and we may incur substantial costs to comply with environmental requirements. 28 Table of Contents A variety of governmental and private entities subject our tankers to both scheduled and unscheduled inspections. These entities include the local port authorities (U.S.
However, in such event, we may be unable to hire another party to perform these and other services, and we may incur substantial costs to comply with environmental requirements. A variety of governmental and private entities subject our tankers to both scheduled and unscheduled inspections. These entities include the local port authorities (e.g., U.S.
All requisite documents of compliance have been obtained with respect to the operators of all our vessels and safety management certificates have been issued for all our vessels for which the certificates are required by the IMO.
All requisite documents of compliance have been obtained with respect to the operators of all our vessels and safety management certificates have been issued for all our vessels for which the certificates are required by the IMO. These documents of compliance and safety management certificates are renewed as required.
Annex VI also includes a global cap on the sulfur content of fuel oil and allows for special areas, known as emission control areas, or “ECAs,” to be established with more stringent controls on sulfur emissions. Currently, the Baltic Sea, the North Sea, certain coastal areas of North America and the U.S.
Annex VI also includes a global cap on the sulfur content of fuel oil and allows for special areas, known as emission control areas, or “ECAs,” to be established with more stringent controls on sulfur emissions. Currently, the Baltic Sea, the North Sea, the Mediterranean Sea, certain coastal areas of North America and the U.S. Caribbean Sea are designated ECAs.
In January 2024, the EU ETS will be extended to cover CO 2 emissions from all large ships (of 5,000 gross tonnage and above) entering EU and European Economic Area (“EEA”) ports, and will apply to methane and nitrous oxide emissions beginning in 2026. Shipping companies will need to buy allowances that correspond to the emissions covered by the system.
In January 2024, the EU ETS began to cover CO2 emissions from all large ships (of 5,000 gross tonnage and above) entering EU and European Economic Area (“EEA”) ports, and will apply to methane and nitrous oxide emissions beginning in 2026. Shipping companies will need to buy allowances that correspond to the emissions covered by the system.
Coast Guard regulation, limits of liability under OPA are equal to the greater of $2,300 per gross ton or $19.943 million for any double-hull tanker, such as our vessels, that is over 3,000 gross tons (subject to periodic adjustment for inflation).
Coast Guard regulation, limits of liability under OPA are equal to the greater of $2,500 per gross ton or $21.5 million for any double-hull tanker, such as our vessels, that is over 3,000 gross tons (subject to periodic adjustment for inflation).
Coast Guard regulations adopted under the U.S. National Invasive Species Act, or NISA, also impose mandatory ballast water management practices for all vessels equipped with ballast water tanks entering or operating in U.S. waters, including limits regarding ballast water releases. The U.S.
National Invasive Species Act, or NISA, also impose mandatory ballast water management practices for all vessels equipped with ballast water tanks entering or operating in U.S. waters, including limits regarding ballast water releases. The U.S.
As of January 1, 2015, fuel used by all vessels operating in the ECA cannot exceed 0.1% m/m sulfur. Effective January 1, 2016, NOx after-treatment requirements also apply. Additional ECAs include the Baltic Sea, North Sea and Caribbean Sea, and from May 1, 2024, the Mediterranean Sea, with compliance obligations beginning May 1, 2025.
As of January 1, 2015, fuel used by all vessels operating in the ECA cannot exceed 0.1% m/m sulfur. Effective January 1, 2016, NOx after-treatment requirements also apply. Additional ECAs include the Baltic Sea, North Sea, Mediterranean Sea and Caribbean Sea. The Mediterranean Sea became an ECA as of May 1, 2024, and compliance obligations will begin May 1, 2025.
VLCCs are tankers ranging in size from 270,000 to 320,000 deadweight tons. As of the date of this report, five of our 24 vessels are on time charters and 19 vessels are operating in the spot market. The fleet operates globally on international routes.
VLCCs are tankers ranging in size from 270,000 to 320,000 deadweight tons. As of the date of this report, seven of our 23 vessels are on time charters and 16 vessels are operating in the spot market. The fleet operates globally on international routes.
On November 1, 2022, carbon intensity measures came into force that require ships to calculate their Energy Efficiency Index (“EEXI”), which indicates a ship’s efficiency compared to a specified baseline, and their annual operational Carbon Intensity Indicator (“CII”) and CII rating.
On November 1, 2022, carbon intensity measures came into force that require ships to calculate their EEXI, which indicates a ship’s efficiency compared to a specified baseline, and their annual operational CII and CII rating.
For example, the U.S. Coast Guard and European Union authorities have indicated that vessels not in compliance with the ISM Code will be prohibited from trading in U.S. and European Union ports.
Coast Guard and European Union authorities have indicated that vessels not in compliance with the ISM Code are prohibited from trading in U.S. and European Union ports.
The EEXI could require the implementation of technical steps, such as power limitations or installations of technical features, to improve the energy efficiency of ships. The CII rating will be on a scale from A to E, with E as the lowest score.
The EEXI could require us to implement technical steps, such as power limitations or installations of technical features, to improve the energy efficiency of our ships. The CII rating is on a scale from A to E, with E as the lowest score.
Loss of Hire Insurance We may obtain loss of hire insurance that will generally provide coverage against business interruption for periods of more than 60 days per incident (up to a maximum of 180 days per incident per year) following any loss under our hull and machinery policy (mechanical breakdown, grounding, collision or other incidence of damage that does not result in a total loss or constructive total loss of the vessel).
Loss of Hire Insurance We may obtain loss of hire insurance that will generally provide coverage against business interruption for periods of more than 60 days per incident (up to a maximum of 180 days per incident per year) following any loss under our hull and machinery policy (mechanical breakdown, grounding, collision or other incidence of damage that does not result in a total loss or constructive total loss of the vessel). 26 Table of Contents We place the insurance requirements related to the fleet with mutual clubs and underwriters through insurance brokers.
Singapore 100% DHT Chartering (Singapore) Pte. Ltd. Singapore 100% Goodwood Ship Management Pte. Ltd. Singapore 53% DHT Appaloosa, Inc. DHT Appaloosa Marshall Islands 100% DHT Bauhinia, Inc. DHT Bauhinia Marshall Islands 100% DHT Bronco, Inc. DHT Bronco Marshall Islands 100% DHT Colt, Inc. DHT Colt Marshall Islands 100% DHT Harrier Inc.
Singapore 100% DHT Chartering (Singapore) Pte. Ltd. Singapore 100% Goodwood Ship Management Pte. Ltd. Singapore 53% DHT Addax, Inc. 2 DHT Addax Marshall Islands 100% DHT Antelope, Inc. 2 DHT Antelope Marshall Islands 100% DHT Appaloosa, Inc. DHT Appaloosa Marshall Islands 100% DHT Bauhinia, Inc. DHT Bauhinia Marshall Islands 100% DHT Bronco, Inc.
Caribbean Sea are designated ECAs, and from May 1, 2024, the Mediterranean Sea will become an ECA, with compliance obligations beginning May 1, 2025. In July 2010, the IMO amendments to Annex VI regarding emissions of sulfur oxide, nitrogen oxide particulate matter and ozone depleting substances came into effect.
The Mediterranean Sea became an ECA as of May 1, 2024, and compliance obligations will begin May 1, 2025. In July 2010, the IMO amendments to Annex VI regarding emissions of sulfur oxide, nitrogen oxide particulate matter and ozone depleting substances came into effect.
Under our ship management agreement with the Technical Manager, the Technical Manager is responsible for the technical operation and upkeep of the respective vessel, including crewing, maintenance, repairs and drydockings, maintaining required vetting approvals and relevant inspections, and for ensuring the vessel complies with the requirements of classification societies as well as relevant governments, flag state, environmental and other regulations and that the respective vessel subsidiary pays the actual cost associated with the technical management and an annual management fee.
Under our ship management agreement with the Technical Manager, the Technical Manager is responsible for the technical operation and upkeep of the respective vessel, including crewing, maintenance, repairs and drydockings, maintaining required vetting approvals and relevant inspections, and for promoting vessel compliance with the requirements of classification societies as well as relevant governments, flag state, environmental and other regulations.
CHARTER ARRANGEMENTS The following summary of the material terms of the employment of our vessels does not purport to be complete and is subject to, and qualified in its entirety by reference to, all of the provisions of the charters. Because the following is only a summary, it does not contain all information that you may find useful.
CHARTER ARRANGEMENTS The following summary of the material terms of the employment of our vessels does not purport to be complete and is subject to, and qualified in its entirety by reference to, all of the provisions of the charters.
Shares of DHT Holdings, Inc. common stock trade on the NYSE under the ticker symbol “DHT.” Our principal capital expenditures during the last three fiscal years and through the date of this report include $231 million in connection with the acquisition of three VLCCs, $38 million related to 12 exhaust gas cleaning systems and $10 million related to seven ballast water treatment systems.
Shares of DHT Holdings, Inc. common stock trade on the NYSE under the ticker symbol “DHT.” Our principal capital expenditures during the last three fiscal years and through the date of this report include $120 million in connection with the four newbuilding contracts discussed below, $95 million in connection with the acquisition of a VLCC, $23 million related to eight exhaust gas cleaning systems and $1.6 million related to a ballast water treatment system.
Ltd; DSME: Hanwha Ocean (formerly known as Daewoo Shipbuilding & Marine Engineering Co., Ltd.). ***ABS: American Bureau of Shipping, an American classification society; LR: Lloyd’s Register, a United Kingdom classification society. 1 Acquired on September 17, 2014. 2 Delivery dates from HHI for six newbuildings were as follows: DHT Jaguar on November 23, 2015, DHT Leopard on January 4, 2016, DHT Lion on March 15, 2016, DHT Panther on August 5, 2016, DHT Puma on August 31, 2016 and DHT Tiger on January 16, 2017. 3 Delivery dates for the vessels acquired from BW Group Limited (“BW Group”) were as follows: DHT Opal on April 24, 2017, DHT Peony on April 29, 2017, DHT Bauhinia on June 13, 2017 and DHT Lotus on June 20, 2017. 4 Delivery dates from DSME for the two newbuildings acquired from BW Group were as follows: DHT Stallion on April 27, 2018 and DHT Colt on May 25, 2018. 5 Delivery dates from HHI for the two newbuildings were as follows: DHT Bronco on July 27, 2018 and DHT Mustang on October 8, 2018. 6 Delivery dates were as follows: DHT Harrier on February 18, 2021 and DHT Osprey on April 12, 2021. 7 Delivery date for DHT Appaloosa was on July 31, 2023.
DHT Scandinavia is sold as of the date of this annual report. 2 Delivery dates from HHI for six newbuildings were as follows: DHT Jaguar on November 23, 2015, DHT Leopard on January 4, 2016, DHT Lion on March 15, 2016, DHT Panther on August 5, 2016, DHT Puma on August 31, 2016 and DHT Tiger on January 16, 2017. 27 Table of Contents 3 Delivery dates for the vessels acquired from BW Group Limited (“BW Group”) were as follows: DHT Opal on April 24, 2017, DHT Peony on April 29, 2017, DHT Bauhinia on June 13, 2017 and DHT Lotus on June 20, 2017. 4 Delivery dates from DSME for the two newbuildings acquired from BW Group were as follows: DHT Stallion on April 27, 2018 and DHT Colt on May 25, 2018. 5 Delivery dates from HHI for the two newbuildings were as follows: DHT Bronco on July 27, 2018 and DHT Mustang on October 8, 2018. 6 Delivery dates were as follows: DHT Harrier on February 18, 2021 and DHT Osprey on April 12, 2021. 7 Delivery date for DHT Appaloosa was on July 31, 2023.
These documents of compliance and safety management certificates are renewed as required. 29 Table of Contents Noncompliance with the ISM Code and other IMO regulations may subject the shipowner or charterer to increased liability, lead to decreases in available insurance coverage for affected vessels and result in the denial of access to, or detention in, some ports.
Non-compliance with the ISM Code and other IMO regulations may subject the shipowner or charterer to increased liability, lead to decreases in available insurance coverage for affected vessels and result in the denial of access to, or detention in, some ports. For example, the U.S.
The 2013 VGP was issued with an effective period of December 19, 2013 to December 18, 2018. The Vessel Incidental Discharge Act, or “VIDA,” enacted on December 4, 2018, requires the EPA and Coast Guard to develop new performance standards and enforcement regulations and extends the 2013 VGP provisions until new regulations are final and enforceable. U.S.
The 2013 VGP was originally effective through December 2018, and was amended by the Vessel Incidental Discharge Act, or “VIDA,” enacted on December 4, 2018, required the EPA and Coast Guard to develop new performance standards and enforcement regulations and extends the 2013 VGP provisions until new regulations become final and enforceable.
The U.S. has adopted regulations to limit greenhouse gas emissions from certain mobile and large stationary sources. Although these regulations do not apply to greenhouse gas emissions from ships, the EPA may regulate greenhouse gas emissions from ocean-going vessels in the future.
Although these regulations do not apply to greenhouse gas emissions from ships, the EPA may regulate greenhouse gas emissions from ocean-going vessels in the future.
The revised levels of ambition include (1) further decreasing the carbon intensity from ships through improvement of energy efficiency; (2) reducing carbon intensity of international shipping; (3) increasing adoption of zero or near-zero emissions technologies, fuels, and energy sources; and (4) achieving net zero GHG emissions from international shipping. 32 Table of Contents In the EU, greenhouse gas emissions are regulated under the EU Emissions Trading System (the “EU ETS”), an EU-wide trading scheme that implements GHG emissions pricing.
The revised levels of ambition include (1) further decreasing the carbon intensity from ships through improvement of energy efficiency; (2) reducing carbon intensity of international shipping; (3) increasing adoption of zero or near-zero emissions technologies, fuels, and energy sources; and (4) achieving net zero GHG emissions from international shipping.
International Maritime Organization In September 1997, the IMO adopted Annex VI to the International Convention for the Prevention of Pollution from Ships to address air pollution from ships. Annex VI, which became effective in May 2005, sets limits on sulfur oxide and nitrogen oxide emissions from ship exhausts and prohibits deliberate emissions of ozone depleting substances, such as chlorofluorocarbons.
Annex VI, which became effective in May 2005, sets limits on sulfur oxide and nitrogen oxide emissions from ship exhausts and prohibits deliberate emissions of ozone depleting substances, such as chlorofluorocarbons.
Upon termination, we are required to cover actual crew support cost and severance cost and to pay a management fee for three months following termination. We will be required to obtain the consent of any applicable charterer and our lenders before we appoint a new manager; however, such consent may not be unreasonably withheld.
We will be required to obtain the consent of any applicable charterer and our lenders before we appoint a new manager; however, such consent may not be unreasonably withheld.
DHT China Cayman Islands 100% Samco Eta Ltd. DHT Amazon Cayman Islands 100% Samco Gamma Ltd. DHT Scandinavia Cayman Islands 100% Samco Iota Ltd. DHT Taiga Cayman Islands 100% Samco Kappa Ltd. DHT Redwood Cayman Islands 100% Samco Theta Ltd.
DHT Stallion Marshall Islands 100% DHT Tiger Limited DHT Tiger Marshall Islands 100% Samco Delta Ltd. DHT Europe Cayman Islands 100% Samco Epsilon Ltd. DHT China Cayman Islands 100% Samco Eta Ltd. DHT Amazon Cayman Islands 100% Samco Gamma Ltd. DHT Scandinavia Cayman Islands 100% Samco Iota Ltd. DHT Taiga Cayman Islands 100% Samco Kappa Ltd.
We place the insurance requirements related to the fleet with mutual clubs and underwriters through insurance brokers. Such requirements are, but are not limited to, marine hull and machinery insurance, protection and indemnity insurance (including pollution risks and crew insurance), war risk insurance, and when viewed as appropriate, loss of hire insurance.
Such requirements are, but are not limited to, marine hull and machinery insurance, protection and indemnity insurance (including pollution risks and crew insurance), war risk insurance, and when viewed as appropriate, loss of hire insurance. Each vessel subsidiary pays the actual cost associated with the insurance placed for the relevant vessel.
We believe that our anticipated insurance coverage will be adequate to protect us against the accident-related risks involved in the conduct of our business and that we will maintain appropriate levels of environmental damage and pollution insurance coverage, consistent with standard industry practice.
Protection and indemnity associations are mutual marine indemnity associations formed by shipowners to provide protection from large financial loss to one member by contribution towards that loss by all members. 28 Table of Contents We believe that our anticipated insurance coverage will be adequate to protect us against the accident-related risks involved in the conduct of our business and that we will maintain appropriate levels of environmental damage and pollution insurance coverage, consistent with standard industry practice.
DHT Harrier Marshall Islands 100% DHT Jaguar Limited DHT Jaguar Marshall Islands 100% DHT Leopard Limited DHT Leopard Marshall Islands 100% DHT Lion Limited DHT Lion Marshall Islands 100% DHT Lotus, Inc. DHT Lotus Marshall Islands 100% DHT Mustang, Inc. DHT Mustang Marshall Islands 100% DHT Opal, Inc. DHT Opal Marshall Islands 100% DHT Osprey Inc.
DHT Harrier Marshall Islands 100% DHT Impala, Inc. 2 DHT Impala Marshall Islands 100% DHT Jaguar Limited DHT Jaguar Marshall Islands 100% DHT Leopard Limited DHT Leopard Marshall Islands 100% 35 Table of Contents DHT Lion Limited DHT Lion Marshall Islands 100% DHT Lotus, Inc. DHT Lotus Marshall Islands 100% DHT Mustang, Inc.
In addition, a future serious marine incident that results in significant oil pollution or otherwise causes significant adverse environmental impacts could result in additional legislation or regulation that could negatively affect our profitability.
In addition, a future serious marine incident that results in significant oil pollution or otherwise causes significant adverse environmental impacts could result in additional legislation or regulation that could negatively affect our profitability. 29 Table of Contents International Maritime Organization In September 1997, the IMO adopted MARPOL Annex VI to address air pollution from ships.
You may obtain copies of all or any part of such materials from the SEC upon payment of prescribed fees. You may also inspect reports and other information regarding registrants, such as us, that file electronically with the SEC without charge at a website maintained by the SEC at http://www.sec.gov.
In accordance with these requirements, we file reports and other information as a foreign private issuer with the SEC. You may inspect reports and other information regarding registrants, such as us, that file electronically with the SEC without charge at a website maintained by the SEC at http://www.sec.gov.
If our ships rate D for three consecutive years or E for a single year, we must develop corrective action plans to achieve the required annual operational CII. Such plans may include potentially significant capital expenditures and investments for existing ships to stay in compliance.
If our ships rate D for three consecutive years or E for a single year, we must develop corrective action plans to achieve the required annual operational CII. None of our ships have been rated as D for three consecutive years or E for a single year; thus, we have not been required to develop any corrective action plans.
DHT Osprey Marshall Islands 100% DHT Panther Limited DHT Panther Marshall Islands 100% DHT Peony, Inc. DHT Peony Marshall Islands 100% DHT Puma Limited DHT Puma Marshall Islands 100% DHT Stallion, Inc. DHT Stallion Marshall Islands 100% DHT Tiger Limited DHT Tiger Marshall Islands 100% Samco Delta Ltd. DHT Europe Cayman Islands 100% Samco Epsilon Ltd.
DHT Mustang Marshall Islands 100% DHT Opal, Inc. DHT Opal Marshall Islands 100% DHT Osprey Inc. DHT Osprey Marshall Islands 100% DHT Panther Limited DHT Panther Marshall Islands 100% DHT Peony, Inc. DHT Peony Marshall Islands 100% DHT Puma Limited DHT Puma Marshall Islands 100% DHT Stallion, Inc.
We operate our vessels through our subsidiary management companies in Monaco, Norway, Singapore and India. We are subject to the informational requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). In accordance with these requirements, we file reports and other information as a foreign private issuer with the SEC.
We own each of the vessels in our fleet through wholly owned subsidiaries incorporated under the laws of the Marshall Islands or the Cayman Islands. We operate our vessels through our subsidiary management companies in Monaco, Norway, Singapore and India. We are subject to the informational requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
The CII will be calculated annually and implemented as an operational carbon intensity measure to benchmark and improve efficiency. On January 1, 2023, it became mandatory for ships to calculate their EEXI and initiate the collection of data for reporting their CII and CII rating. The regulations and framework will be reviewed by January 1, 2026.
On January 1, 2023, it became mandatory for ships to calculate their EEXI and initiate the collection of data for reporting their CII and CII rating.
Each vessel subsidiary pays the actual cost associated with the insurance placed for the relevant vessel. OUR FLEET The following chart summarizes certain information about the vessels in our fleet as of December 31, 2023.
OUR FLEET The following chart summarizes certain information about the vessels in our fleet as of December 31, 2024.
In addition to SOPEPs, the Technical Managers have adopted Shipboard Marine Pollution Emergency Plans for our vessels, which cover potential releases not only of oil but of any noxious liquid substances. U.S.
In addition to SOPEPs, the Technical Managers have adopted Shipboard Marine Pollution Emergency Plans for our vessels, which cover potential releases not only of oil but of any noxious liquid substances. 30 Table of Contents In June 2023, a sufficient number of contracting states ratified the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, which was initially adopted by the IMO in 2009, and will apply to our vessels.
Our principal executive offices are currently located at Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda and our telephone number at that address is +1 (441) 295-1422. We own each of the vessels in our fleet through wholly owned subsidiaries incorporated under the laws of the Marshall Islands or the Cayman Islands.
Our principal divestitures during the same period comprise the sale of four VLCCs for a total of $154 million. Our principal executive offices are currently located at Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda and our telephone number at that address is +1 (441) 295-1422.
DHT Sundarbans Cayman Islands 100% 34 Table of Contents 1 The remaining 1% of DHT Management S.A.M is owned by the President & Chief Executive Officer D. PROPERTY, PLANT AND EQUIPMENT Refer to “Item 4. Information on the Company—Business Overview—Our Fleet” above for a discussion of our property, plant and equipment. ITEM 4A. UNRESOLVED STAFF COMMENTS None.
DHT Redwood Cayman Islands 100% Samco Theta Ltd. DHT Sundarbans Cayman Islands 100% 1 The remaining 1% of DHT Management S.A.M is owned by the President & Chief Executive Officer 2 Subsidiaries related to newbuilding contracts. Vessels are scheduled for delivery in 2026. D. PROPERTY, PLANT AND EQUIPMENT Refer to “Item 4.
The 24 VLCCs currently in operation have a combined carrying capacity of 7,479,177 dwt and an average age of 10.2 years as of the date of this report. RECENT DEVELOPMENTS Acquisition of VLCC On July 31, 2023, the Company took delivery of DHT Appaloosa, the 2018 VLCC acquired for $94.5 million.
The 23 VLCCs currently in operation have a combined carrying capacity of 7,161,351 dwt and an average age of 10.9 years as of the date of this report. RECENT DEVELOPMENTS Newbuilding VLCCs We have agreements for four newbuilding VLCCs, all of which will be wholly owned by the Company.
Removed
Our principal divestitures during the same period comprise the sale of six VLCC tankers for a total of $199 million. In February 2013, we relocated our principal executive offices from Jersey, Channel Islands to Bermuda.
Added
In February 2024, the Company entered into agreements with Hyundai Samho Heavy Industries for the construction of two VLCCs of 319,000 dwt scheduled for delivery in April and July 2026. The contract price for each of the newbuildings is $129.1 million.
Removed
The vessel was financed with available liquidity and proceeds of borrowings under the Company’s revolving credit facility with ING. 24 Table of Contents ING Credit Facility In January 2023, the Company entered into a new $405.0 million secured credit facility, including a $100 million uncommitted incremental facility, with ING, Nordea, ABN AMRO, Credit Agricole, Danish Ship Finance and SEB, as lenders (the “ING Credit Facility”) for the refinancing of the then-outstanding amount under the ABN AMRO Credit Facility (as defined in Item 5).
Added
In February 2024, the Company entered into agreements with Hanwha Ocean for the construction of two VLCCs of 320,000 dwt scheduled for delivery in January and April 2026. The contract price for each of the newbuildings is $130.8 million. The contract prices for all four newbuildings include exhaust gas cleaning systems and certain additions and upgrades to the standard specification.
Removed
The ING Credit Facility bears interest at a rate equal to SOFR plus a margin of 1.90%, including the historical credit adjustment spread (“CAS”) of 26 basis points and has final maturity in January 2029.
Added
The Company is planning to finance the newbuildings through a combination of cashflow from operations, existing liquidity and projected new mortgage debt. Sale of Vessel In December 2024, the Company entered into an agreement to sell DHT Scandinavia, a 2006 built VLCC, for $43.4 million, and reversed a prior impairment charge of $1.2 million in the fourth quarter of 2024.
Removed
In the third quarter of 2023, the Company drew down $55 million under the revolving credit facility, which was applied towards the delivery of DHT Appaloosa and general corporate purposes.
Added
The vessel was delivered to its new owner in January 2025. The vessel had no outstanding debt, and the Company booked a gain of $19.8 million in the first quarter of 2025 in connection with the sale. Time Charter Contract In January 2025, the Company entered into a one-year time charter contract for DHT China, built in 2007.
Removed
Further, the Company entered into a $45 million senior secured credit facility under the incremental facility, with ING, Nordea, ABN AMRO, Danish Ship Finance and SEB, as lenders, a wholly owned special-purpose vessel-owner subsidiary of the Company as borrower, and DHT Holdings, Inc., as guarantor.
Added
The time charter contract has a rate of $40,000 per day. The vessel was delivered into the time charter contract in January. In March 2025, the Company entered into a one-year time charter contract for DHT Tiger, built in 2017. The time charter contract has a rate of $52,500 per day.
Removed
Borrowings bear interest at a rate equal to SOFR plus a margin of 1.80% and is repayable in quarterly installments of $0.75 million with maturity in January 2029. The draw down of the $45 million senior secured credit facility was used to repay the revolving credit facility.
Added
The vessel is expected to be delivered into the time charter contract at the end of March. Repurchase of Common Stock In 2024, the Company repurchased 1,481,383, or 0.9%, of its outstanding shares in the open market at an average price of $8.89 per share.
Removed
Protection and indemnity associations are mutual marine indemnity associations formed by shipowners to provide protection from large financial loss to one member by contribution towards that loss by all members.
Added
Technical Management The technical management for all our vessels is carried out by our subsidiary, Goodwood (the “Technical Manager”).
Added
The relevant vessel-owning subsidiary pays the actual cost associated with the technical management and an annual management fee. Upon termination, we are required to cover actual crew support cost and severance cost and to pay a management fee for three months following termination.
Added
Ltd; DSME: Hanwha Ocean (formerly known as Daewoo Shipbuilding & Marine Engineering Co., Ltd.). ***ABS: American Bureau of Shipping, an American classification society; LR: Lloyd’s Register, a United Kingdom classification society. 1 Fleet acquired on September 17, 2014.
Added
The Convention introduces regulations covering the design, construction, operation and preparation of ships in order to facilitate recycling and the operation of ship recycling facilities and establishes an enforcement mechanism for ship recycling, incorporating certification and reporting requirements, and will enter into force on June 26, 2025.
Added
Pursuant to the Convention, ships must have an Inventory of Hazardous Materials specific to each ship on board, which must be prepared and verified in line with IMO guidelines. In addition to that initial verification, ships will be subject to additional surveys during the life of the ship, and a final survey prior to recycling.
Added
In 2022, the IMO amended MARPOL Annex I to prohibit the use of Heavy Fuel Oil, or “HFO,” in Artic waters, which came into force in July 2024. The amendment prohibits the use of oils having a density at 15°C higher than 900 kg/m 3 or a kinematic viscosity at 50°C higher than 180 mm 2 /s.
Added
Parties to MARPOL with coastlines bordering Arctic waters may temporarily waive the requirements for ships flying their flags while operating in waters subject to that Party's sovereignty or jurisdiction until July 1, 2029. Our vessels do not typically operate in Arctic waters; however, if they do enter these waters, they will be required to comply with this prohibition. U.S.
Added
On October 9, 2024, the EPA issued Vessel Incidental Discharge National Standards of Performance, new final regulations pursuant to VIDA which set discharge standards that are as least as stringent as the VGP. These new standards are enforceable through U.S. Coast Guard regulations, which must be promulgated within two years.
Added
Until the Coast Guard’s regulations are final and enforceable, vessels will continue to be subject to the existing discharge requirements under the VGP. U.S. Coast Guard regulations adopted under the U.S.

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Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

62 edited+17 added−38 removed60 unchanged
Biggest changeRisk Factors—Risks Relating to Our Company—We may not pay dividends in the future”). 38 Table of Contents Operating Period Total Payment Per Common Share Record Date Payment Date Jan. 1 – Mar. 31, 2021 $6.8 million $ 0.04 May 19, 2021 May 26, 2021 Apr. 1 – Jun. 30, 2021 $3.3 million $ 0.02 Aug. 19, 2021 Aug. 26, 2021 Jul. 1 - Sep. 30, 2021 $3.3 million $ 0.02 Nov. 16, 2021 Nov. 23, 2021 Oct. 1 - Dec. 31, 2021 $3.3 million $ 0.02 Feb. 17, 2022 Feb. 24, 2022 Jan. 1 – Mar. 31, 2022 $3.3 million $ 0.02 May 19, 2022 May 26, 2022 Apr. 1 – Jun. 30, 2022 $6.5 million $ 0.04 Aug. 23, 2022 Aug. 30, 2022 Jul. 1 - Sep. 30, 2022 $6.5 million $ 0.04 Nov. 22, 2022 Nov. 29, 2022 Oct. 1 - Dec. 31, 2022 $61.9 million $ 0.38 Feb. 17, 2023 Feb. 24, 2023 Jan. 1 – Mar. 31, 2023 $37.5 million $ 0.23 May 18, 2023 May 25, 2023 Apr. 1 – Jun. 30, 2023 $56.7 million $ 0.35 Aug. 23, 2023 Aug. 30, 2023 Jul. 1 – Sep. 30, 2023 $30.6 million $ 0.19 Nov. 21, 2023 Nov. 28, 2023 Oct. 1 – Dec. 31, 2023 $35.5 million $ 0.22 Feb. 21, 2024 Feb. 28, 2024 Working capital, defined as total current assets less total current liabilities, was $143.9 million at December 31, 2023 compared to $171.2 million at December 31, 2022.
Biggest changeOperating Period Total Payment Per Common Share Record Date Payment Date Jan. 1 - Mar. 31, 2022 $3.3 million $0.02 May 19, 2022 May 26, 2022 Apr. 1 - Jun. 30, 2022 $6.5 million $0.04 Aug. 23, 2022 Aug. 30, 2022 Jul. 1 - Sep. 30, 2022 $6.5 million $0.04 Nov. 22, 2022 Nov. 29, 2022 Oct. 1 - Dec. 31, 2022 $61.9 million $0.38 Feb. 17, 2023 Feb. 24, 2023 Jan. 1 - Mar. 31, 2023 $37.5 million $0.23 May 18, 2023 May 25, 2023 Apr. 1 - Jun. 30, 2023 $56.7 million $0.35 Aug. 23, 2023 Aug. 30, 2023 Jul. 1 - Sep. 30, 2023 $30.6 million $0.19 Nov. 21, 2023 Nov. 28, 2023 Oct. 1 - Dec. 31, 2023 $35.5 million $0.22 Feb. 21, 2024 Feb. 28, 2024 Jan. 1 - Mar. 31, 2024 $46.8 million $0.29 May 24, 2024 May 31, 2024 Apr. 1 - Jun. 30, 2024 $43.6 million $0.27 Aug. 23, 2024 Aug. 30, 2024 Jul. 1 - Sep. 30, 2024 $35.5 million $0.22 Nov. 22, 2024 Nov. 29, 2024 Oct. 1 - Dec. 31, 2024 $27.3 million $0.17 Feb. 18, 2025 Feb. 25, 2025 Working capital, defined as total current assets less total current liabilities, was $92.3 million at December 31, 2024 compared to $143.9 million at December 31, 2023.
In March 2024, our board of directors approved a repurchase through March 2025 of up to $100 million of DHT securities through open market purchases, negotiated transactions or other means in accordance with applicable securities laws. The repurchase program may be suspended or discontinued at any time.
In March 2025, our board of directors approved a repurchase through March 2026 of up to $100 million of DHT securities through open market purchases, negotiated transactions or other means in accordance with applicable securities laws. The repurchase program may be suspended or discontinued at any time.
BUSINESS We currently operate a fleet of 24 VLCC crude oil tankers, all of which are wholly owned by DHT Holdings, Inc. VLCCs are tankers ranging in size from 270,000 to 320,000 deadweight tons, or “dwt”.
BUSINESS We currently operate a fleet of 23 VLCC crude oil tankers, all of which are wholly owned by DHT Holdings, Inc. VLCCs are tankers ranging in size from 270,000 to 320,000 deadweight tons, or “dwt”.
The credit facility bears interest at a rate equal to SOFR plus CAS plus a margin of 2.00%.
The credit facility bears interest at a rate equal to SOFR plus a margin of 2.00%.
Borrowings bear interest at a rate equal to SOFR + 2.05% and is repayable in 24 quarterly installments of $0.6 million from March 2023 to December 2028 and a final payment of $22.5 million in December 2028.
Borrowings bear interest at a rate equal to SOFR + 2.05% and are repayable in 24 quarterly installments of $0.6 million from March 2023 to December 2028 and a final payment of $22.5 million in December 2028.
The Nordea Credit Facility consists of a $119.8 million term loan and a $196.4 million revolving credit facility, of which $60 million is subject to quarterly reductions down to $45 million. 41 Table of Contents In June 2021, the Company drew down $233.8 million under the Nordea Credit Facility and repaid the total outstanding under the Old Nordea Credit Facility, amounting to $175.9 million.
The Nordea Credit Facility consists of a $119.8 million term loan and a $196.4 million revolving credit facility, of which $60 million is subject to quarterly reductions down to $45 million. In June 2021, the Company drew down $233.8 million under the Nordea Credit Facility and repaid the total outstanding under the Old Nordea Credit Facility, amounting to $175.9 million.
Further, the Company entered into a $45 million senior secured credit facility under the incremental facility, with ING, Nordea, ABN AMRO, Danish Ship Finance and SEB, as lenders, a wholly owned special-purpose vessel-owning subsidiary of the Company as borrower, and DHT Holdings, Inc., as guarantor.
In September 2023, the Company entered into a $45 million senior secured credit facility under the incremental facility, with ING, Nordea, ABN AMRO, Danish Ship Finance and SEB, as lenders, a wholly owned special-purpose vessel-owning subsidiary of the Company as borrower, and DHT Holdings, Inc., as guarantor.
All shares of DHT common stock acquired by DHT are expected to be retired and restored to authorized but unissued shares. Since 2021, we have paid the dividends set forth in the table below. The aggregate and per share dividend amounts set forth in the table below are not expressed in thousands.
All shares of DHT common stock acquired by DHT are expected to be retired and restored to authorized but unissued shares. 39 Table of Contents Since 2022, we have paid the dividends set forth in the table below. The aggregate and per share dividend amounts set forth in the table below are not expressed in thousands.
In addition, we have contracted to build four new VLCCs for delivery in 2026, with two each at Hyundai Heavy Industries and Hanwha Ocean, both in South Korea. As of the date of this report, five of the vessels are on time charters and 19 vessels are operating in the spot market. The fleet operates globally on international routes.
In addition, we have contracted to build four new VLCCs for delivery in 2026, with two each at Hyundai Samho Heavy Industries and Hanwha Ocean, both in South Korea. As of the date of this report, seven of the vessels are on time charters and 16 vessels are operating in the spot market. The fleet operates globally on international routes.
As an indication of the extent of our sensitivity to interest rate changes, a one percentage point increase in SOFR would have increased our interest expense for the year ended December 31, 2023 by $4.4 million based upon our debt level as of December 31, 2023. There were no material changes in market risk exposures from 2021 to 2023.
As an indication of the extent of our sensitivity to interest rate changes, a one percentage point increase in SOFR would have increased our interest expense for the year ended December 31, 2024 by $4.2 million based upon our debt level as of December 31, 2024. There were no material changes in market risk exposures from 2022 to 2024.
General and administrative expenses for 2023, 2022 and 2021 include directors’ fees and expenses, the salary and benefits of our executive officers, legal fees, fees of independent auditors and advisors, directors and officers insurance, rent and miscellaneous fees and expenses.
General and administrative expenses for 2024 and 2023 include directors’ fees and expenses, the salary and benefits of our executive officers, legal fees, fees of independent auditors and advisors, directors and officers insurance, rent and miscellaneous fees and expenses.
For additional information, refer to Note 6 to our consolidated financial statements for December 31, 2023, included as Item 18 of this report. SAFE HARBOR Applicable to the extent the disclosures required by this Item 5. of Form 20-F require the statutory safe harbor protections provided to forward-looking statements. 46 Table of Contents
For additional information, refer to Note 6 to our consolidated financial statements for December 31, 2024, included as Item 18 of this report. SAFE HARBOR Applicable to the extent the disclosures required by this Item 5. of Form 20-F require the statutory safe harbor protections provided to forward-looking statements.
The Technical Manager is generally responsible for the technical operation and upkeep of our vessels, including crewing, maintenance, repairs and drydockings, maintaining required vetting approvals and relevant inspections, and for ensuring our fleet complies with the requirements of classification societies as well as relevant governments, flag states, environmental and other regulations.
The Technical Manager is generally responsible for the technical operation and upkeep of our vessels, including crewing, maintenance, repairs and drydockings, maintaining required vetting approvals and relevant inspections, and helping ensure our fleet compliance with the requirements of classification societies as well as relevant governments, flag states, environmental and other regulations.
FACTORS AFFECTING OUR RESULTS OF OPERATIONS AND FINANCIAL CONDITION The principal factors that affect our results of operations and financial condition include: • with respect to vessels on charter, the charter rate that we are paid; • with respect to vessels operating in the spot market, the revenues earned by such vessels and cost of bunkers; • our vessels’ operating expenses; • our insurance premiums and vessel taxes; 35 Table of Contents • the required maintenance capital expenditures related to our vessels; • the required capital expenditures related to newbuilding orders; • our ability to access capital markets to finance our fleet; • our vessels’ depreciation and potential impairment charges; • our general and administrative and other expenses; • our interest expense including any interest swaps; • any future vessel sales and acquisitions; • general market conditions when charters expire; • fluctuations in the supply of and demand for oil transportation; • the impact of any new outbreaks or new variants of COVID-19 that may emerge; and • prepayments under our credit facilities to remain in compliance with covenants.
FACTORS AFFECTING OUR RESULTS OF OPERATIONS AND FINANCIAL CONDITION The principal factors that affect our results of operations and financial condition include: • with respect to vessels on charter, the charter rate that we are paid; • with respect to vessels operating in the spot market, the revenues earned by such vessels and cost of bunkers; • our vessels’ operating expenses; • our insurance premiums and vessel taxes; • the required maintenance capital expenditures related to our vessels; • the required capital expenditures related to newbuilding orders; • our ability to access capital markets to finance our fleet; • our vessels’ depreciation and potential impairment charges; • our general and administrative and other expenses; • our interest expense including any interest swaps; • any future vessel sales and acquisitions; • general market conditions when charters expire; • fluctuations in the supply of and demand for oil transportation; and • prepayments under our credit facilities to remain in compliance with covenants.
For the year ended December 31, 2023, the Company performed an assessment using both internal and external sources of information and concluded there were no indicators of impairment or reversal of prior impairment.
For the year ended December 31, 2023, the Company performed an assessment using both internal and external sources of information and concluded there were no indicators of impairment or reversal of prior impairment. 45 Table of Contents For the year ended December 31, 2022, the Company performed an assessment using both internal and external sources of information and concluded there were no indicators of impairment or reversal of prior impairment.
Such expenditures are insignificant and are expensed as they are incurred. Time and resources spent to stay updated on technological developments, new regulations and market developments are expensed as general and administrative expenses. 43 Table of Contents D. Trend Information See “Item 5. Operating and Financial Review and Prospects - Market Outlook for 2024.” E.
Such expenditures are insignificant and are expensed as they are incurred. Time and resources spent to stay updated on technological developments, new regulations and market developments are expensed as general and administrative expenses. D. Trend Information See “Item 5. Operating and Financial Review and Prospects—Market Outlook for 2025.” E.
In connection with the vessels’ increasing age and market development, a decline in market value of the vessels could take place in 2025. As of December 31, 2023, all of our vessels had charter-free fair market value above their carrying value.
In connection with the vessels’ increasing age and market development, a decline in market value of the vessels could take place in 2025. 46 Table of Contents As of December 31, 2024, all of our vessels had charter-free fair market value above their carrying value.
We finance our vessel acquisitions, including newbuilding contracts, with a combination of cash generated from operations, debt secured by our vessels, and the sale of equity.
We finance our vessel acquisitions, including newbuilding contracts, with a combination of cash generated from operations, existing liquidity, proceeds from sale of older vessels, debt secured by our vessels, and the sale of equity.
For the year ended December 31, 2022, the Company performed an assessment using both internal and external sources of information and concluded there were no indicators of impairment or reversal of prior impairment.
For the year ended December 31, 2024, the Company performed an assessment using both internal and external sources of information and concluded there were no indicators of impairment. However, indicators of reversal of prior impairment were identified.
In the third quarter of 2023, the Company drew down $55 million under the revolving credit facility, which was applied towards the delivery of DHT Appaloosa and general corporate purposes.
In the third quarter of 2023, the Company drew down $55 million under the revolving credit facility, which was applied towards the delivery of DHT Appaloosa and general corporate purposes. In the fourth quarter of 2023, the Company drew down $24 million under the revolving credit facility, which was subsequently repaid in January 2024.
The decrease resulted from a decrease in depreciation related to exhaust gas cleaning systems of $12.2 million, a decrease in depreciation of vessels of $1.9 million and a decrease in depreciation of drydocking cost of $0.6 million, partly offset by additional depreciation related to other property, plant and equipment of $0.4 million.
The increase resulted from an increase in depreciation related to vessels of $2.9 million and an increase in depreciation of exhaust gas cleaning systems of $0.3 million, partly offset by a decrease in depreciation of drydocking cost of $0.1 million and a decrease in depreciation related to other property, plant and equipment of $0.1 million.
We believe that our working capital is sufficient for our present requirements. The cash and cash equivalents were $74.7 million at December 31, 2023 and $125.9 million at December 31, 2022.
We believe that our working capital is sufficient for our present requirements. The cash and cash equivalents were $78.1 million at December 31, 2024 and $74.7 million at December 31, 2023.
The aggregate carrying value of vessels having charter-free market values that exceed their respective carrying values was $1,283.7 million, and the aggregate charter-free fair market value of such vessels was $1,965.5 million.
The aggregate carrying value of vessels having charter-free market values that exceed their respective carrying values was $1,208.3 million, and the aggregate charter-free fair market value of such vessels was $1,992.5 million.
Interest Expense and Amortization of Deferred Debt Issuance Cost Net financial expenses were $31.1 million in 2023 compared to $11.6 million in 2022.
Interest Expense and Amortization of Deferred Debt Issuance Cost Net financial expenses were $28.6 million in 2024 compared to $31.1 million resulting from 2023.
With respect to vessels on time charters, the charterers generally pay us charter hire monthly, fully or partly, in advance. With respect to vessels operating in the spot market, our customers typically pay us the freight upon discharge of the cargo. We fund daily vessel operating expenses under our ship management agreements monthly in advance.
With respect to vessels operating in the spot market, our customers typically pay us the freight upon discharge of the cargo. We fund daily vessel operating expenses under our ship management agreements monthly in advance.
In March 2021, our board of directors approved a repurchase through March 2022 of up to $50 million of DHT securities through open market purchases, negotiated transactions or other means in accordance with applicable securities laws. In 2021, the Company repurchased and retired 5,513,254 shares of common stock in the open market at an average price of $5.82 per share.
In March 2024, our board of directors approved a repurchase through March 2025 of up to $100 million of DHT securities through open market purchases, negotiated transactions or other means in accordance with applicable securities laws. In 2024, the Company repurchased and retired 1,481,383 shares of common stock in the open market at an average price of $8.89 per share.
Critical Accounting Estimates Our financial statements for the fiscal years 2023, 2022 and 2021 have been prepared in accordance with International Financial Reporting Standards, or “IFRS,” as issued by the International Accounting Standards Board, or the “IASB,” which require us to make estimates in the application of our accounting policies based on the best assumptions, judgments, and opinions of management.
Critical Accounting Estimates Our financial statements for the fiscal years 2024, 2023 and 2022 have been prepared in accordance with IFRS Accounting Standards which require us to make estimates in the application of our accounting policies based on the best assumptions, judgments, and opinions of management.
Because the following is only a summary, it does not contain all information that you may find useful. 40 Table of Contents Danish Ship Finance Credit Facility In November 2014, the Company entered into a credit facility in the amount of $49.4 million, to fund the acquisition of one of the VLCCs to be constructed at HHI through a secured term loan facility between and among Danish Ship Finance A/S, as lender, a special-purpose wholly owned vessel-owning subsidiary, as borrower, and DHT Holdings, Inc., as guarantor (the “Danish Ship Finance Credit Facility”).
Danish Ship Finance Credit Facility In November 2014, the Company entered into a credit facility in the amount of $49.4 million to fund the acquisition of one of the VLCCs to be constructed at HHI through a secured term loan facility between and among Danish Ship Finance A/S, as lender, a special-purpose wholly owned vessel-owning subsidiary, as borrower, and DHT Holdings, Inc., as guarantor (the “Danish Ship Finance Credit Facility”).
The depreciation per day is calculated based on a vessel’s original cost less a residual value which is equal to the product of such vessel’s lightweight tonnage and an estimated scrap rate per ton. Capitalized drydocking costs are depreciated on a straight-line basis from the completion of a drydocking to the estimated completion of the next drydocking.
The depreciation per day is calculated based on a vessel’s original cost less a residual value which is equal to the product of such vessel’s lightweight tonnage and an estimated scrap rate per ton.
Secured Credit Facilities The following summary of the material terms of our secured credit facilities does not purport to be complete and is subject to, and qualified in its entirety by reference to, all the provisions of our secured credit facilities.
Secured Credit Facilities The following summary of the material terms of our secured credit facilities does not purport to be complete and is subject to, and qualified in its entirety by reference to, all the provisions of our secured credit facilities. Because the following is only a summary, it does not contain all information that you may find useful.
The 24 VLCCs have a combined carrying capacity of 7,479,177 dwt and an average age of 10.2 years as of the date of this report. As of March 2024, we have entered into a ship management agreement with one of our subsidiaries.
The 23 VLCCs have a combined carrying capacity of 7,161,351 dwt and an average age of 10.9 years as of the date of this report. 36 Table of Contents As of March 2025, we have entered into a ship management agreement with one of our subsidiaries.
In 2022, financing activities related to repayment of long-term debt of $131.8 million, $24.8 million related to purchase of treasury shares, $19.7 million related to cash dividends paid and $1.1 million related to repayment of the principal element of lease liability, partly offset by $4.0 million related to issuance of long-term debt.
In 2024, financing activities related to cash dividends paid of $161.4 million, $106.9 million related to repayment of long-term debt, $13.2 million related to purchase of treasury shares and $1.4 million related to repayment of the principal element of lease liability, partly offset by $85.0 million related to issuance of long-term debt.
Due to the uncertainty related to the market conditions for oil tankers, we can provide no assurances that our cash flow from the operations of our vessels will be sufficient to cover our vessel operating expenses, vessel capital expenditures, interest payments and contractual installments under our secured credit facilities, insurance premiums, vessel taxes, general and administrative expenses and other costs, and any other working capital requirements for the short term.
We have also included commitment fees for the undrawn $139.4 million Nordea Credit Facility and the undrawn $40.1 million of the ING Credit Facility. 2 These are estimates only and are subject to change as construction progresses. 43 Table of Contents Due to the uncertainty related to the market conditions for oil tankers, we can provide no assurances that our cash flow from the operations of our vessels will be sufficient to cover our vessel operating expenses, vessel capital expenditures, interest payments and contractual installments under our secured credit facilities, insurance premiums, vessel taxes, general and administrative expenses and other costs, and any other working capital requirements for the short term.
Credit Agricole Credit Facility In November 2022, the Company entered into an amended and restated agreement between and among Credit Agricole, as lender, DHT Tiger Limited as borrower, and DHT Holdings, Inc. as guarantor for a $37.5 million credit facility to refinance the outstanding amount under a credit agreement with Credit Agricole that financed DHT Tiger.
“Value adjusted” is defined as an adjustment to reflect the difference between the carrying amount and the market valuations of the Company’s vessels (as determined quarterly by an approved broker). 41 Table of Contents Credit Agricole Credit Facility In November 2022, the Company entered into an amended and restated agreement between and among Credit Agricole, as lender, DHT Tiger Limited as borrower, and DHT Holdings, Inc. as guarantor for a $37.5 million credit facility to refinance the outstanding amount under a credit agreement with Credit Agricole that financed DHT Tiger.
We are required to pay interest under our secured credit facilities quarterly or semiannually in arrears, insurance premiums either annually or more frequently (depending on the policy) and our vessel taxes, registration dues and classification expenses annually.
We are required to pay interest under our secured credit facilities quarterly or semiannually in arrears, insurance premiums either annually or more frequently (depending on the policy) and our vessel taxes, registration dues and classification expenses annually. MARKET OUTLOOK FOR 2025 Current geopolitical events and tensions are causing strains on energy security and global trade, thus impacting oil flows.
New regulations, market deterioration or other future events could reduce the economic lives assigned to our vessels and result in higher depreciation expense and impairment losses in future periods.
The actual life of a vessel may be different, and the useful lives of the vessels are reviewed at fiscal year-end. New regulations, market deterioration or other future events could reduce the economic lives assigned to our vessels and result in higher depreciation expense and impairment losses in future periods.
ING Credit Facility In January 2023, the Company entered into a new $405.0 million secured credit facility, including a $100.0 million uncommitted incremental facility, with ING, Nordea, ABN AMRO, Credit Agricole, Danish Ship Finance and SEB, as lenders, 10 wholly owned special-purpose vessel-owning subsidiaries as borrowers, and DHT Holdings, Inc., as guarantor.
“Value adjusted” is defined as an adjustment to reflect the difference between the carrying amount and the market valuations of the Company’s vessels (as determined quarterly by one approved broker). 42 Table of Contents ING Credit Facility In January 2023, the Company entered into a new $405.0 million secured credit facility, including a $100.0 million uncommitted incremental facility, with ING, Nordea, ABN AMRO, Credit Agricole, Danish Ship Finance and SEB, as lenders, 10 wholly owned special-purpose vessel-owning subsidiaries as borrowers, and DHT Holdings, Inc., as guarantor.
The interest on $235.2 million is SOFR + 1.90%, the interest on $93.5 million is SOFR + CAS + 1.90%, the interest on $44.3 million is SOFR + 1.80%, the interest on $35.0 million is SOFR + 2.05% and the interest on $29.1 million is SOFR + CAS + 2.00%.
The interest on $221.2 million is SOFR + 1.90%, the interest on $93.5 million is SOFR + CAS + 1.90%, the interest on $41.3 million is SOFR + 1.80%, the interest on $32.5 million is SOFR + 2.05% and the interest on $26.7 million is SOFR + 2.00%.
In 2023, net cash provided by operating activities was $251.4 million compared to $127.9 million in 2022. The increase resulted from net income of $161.4 million in 2023 compared to net income of $62.0 million in 2022, an increase of $99.4 million.
In 2024, net cash provided by operating activities was $298.7 million compared to $251.4 million in 2023. The increase resulted from net income of $181.5 million in 2024 compared to net income of $161.4 million in 2023, an increase of $20.1 million.
The following non-cash items, which do not directly impact the cash flow, explain the non-cash elements of the increase in net income, a decrease of $14.4 million related to depreciation and amortization, a decrease of $0.9 million related to compensation related to options and restricted stock, a decrease of $0.6 million related to impairment of equity accounted investment, partly offset by a decrease of $19.5 million related to gain on sale of vessels and $15.5 million related to fair value on derivative financial liabilities.
The following non-cash items, which do not directly impact the cash flow, explain the non-cash elements of the increase in net income, a decrease of $27.9 million related to reversal of prior impairment charges, a decrease of $0.5 million related to fair value loss on derivative financial liabilities in 2023 and a decrease of $0.3 million related to amortization of deferred debt issuance cost, partly offset by an increase of $3.0 million related to depreciation and amortization, $1.1 million related to compensation related to options and restricted stock, and $0.7 million related to modification of debt.
A. OPERATING RESULTS Income from Vessel Operations Shipping revenues increased by $105.7 million, or 23.5%, to $556.1 million in 2023 from $450.4 million in 2022. The increase from 2022 to 2023 includes $131.5 million attributable to higher tanker rates partly offset by $25.9 million attributable to a decrease in total revenue days.
OPERATING RESULTS Income from Vessel Operations Shipping revenues increased by $11.8 million, or 2.1%, to $567.8 million in 2024 from $556.1 million in 2023. The increase from 2023 to 2024 includes $25.3 million attributable to increased total revenue days, partly offset by $13.5 million attributable to lower tanker rates.
In 2023, net cash provided by operating activities was $251.4 million, net cash used in investing activities was $125.0 million (comprising $128.1 million related to investment in vessels, partly offset by $3.3 million related to proceeds from sale of derivatives), and net cash used in financing activities was $177.8 million (comprising $309.9 million related to repayment of long-term debt, $186.7 million related to cash dividends paid, $18.8 million related to purchase of treasury shares and $1.4 million related to repayment of the principal element of lease liability, partly offset by $339.6 million related to issuance of long-term debt ).
In 2024, net cash provided by operating activities was $298.7 million, net cash used in investing activities was $97.0 million (comprising $90.2 million related to investment in vessels under construction and $6.7 million related to investment in vessels), and net cash used in financing activities was $197.9 million (comprising $161.4 million related to cash dividends paid, $106.9 million related to repayment of long-term debt, $13.2 million related to purchase of treasury shares and $1.4 million related to repayment of the principal element of lease liability, partly offset by $85.0 million related to issuance of long-term debt).
The outstanding amount is repayable in quarterly installments of $5.9 million from March 2025, with the final payment of $40.9 million in addition to the last installment of $5.2 million due in the first quarter of 2027. Additionally, the facility includes an uncommitted incremental facility of $250 million.
The vessel had no outstanding debt; however, the Company cancelled an undrawn RCF tranche of $15 million in connection with the sale. The outstanding amount is repayable in quarterly installments of $5.9 million from March 2025, with the final payment of $40.9 million in addition to the last installment of $5.2 million due in the first quarter of 2027.
Further, changes in operating assets and liabilities were $3.5 million and resulted from changes in accounts receivable and accrued revenues of $12.3 million, capitalized voyage expenses of $1.7 million, deferred shipping revenues of $0.9 million and prepaid expenses of $0.5 million, partly offset by accounts payable and accrued expenses of $10.8 million and $1.1 million related to bunker inventory. 39 Table of Contents In 2022, net cash provided by operating activities was $127.9 million compared to $60.6 million in 2021.
Further, changes in operating assets and liabilities were $51.2 million and resulted from changes in accounts receivable and accrued revenues of $38.5 million, prepaid expenses of $9.4 million, accounts payable and accrued expenses of $5.1 million and deferred shipping revenues of $1.5 million, partly offset by $3.1 million related to inventories. 40 Table of Contents Net cash used in investing activities was $97.0 million in 2024 compared to net cash provided by investing activities of $125.0 million in 2023.
The decrease in working capital in 2023 resulted from a decrease in cash and cash equivalents of $51.2 million, a decrease in derivative financial assets of $3.8 million, an increase in current portion long-term debt of $0.7 million, a decrease in capitalized voyage expenses of $0.3 million, an increase in other current liabilities of $0.2 million and an increase in deferred shipping revenues of $0.2 million, partly offset by an increase in accounts receivable and accrued revenues of $16.4 million, a decrease in accounts payable and accrued expenses of $8.9 million, an increase in prepaid expenses of $3.0 million and an increase in bunker inventory of $0.7 million.
The decrease in working capital in 2024 resulted from an increase in current portion long-term debt of $48.3 million, a decrease in accounts receivable and accrued revenue of $22.1 million, a decrease in prepaid expenses of $6.4 million, an increase in accounts payable and accrued expenses of $2.9 million and an increase in deferred shipping revenues of $1.7 million, partly offset by an increase in asset held for sale of $22.7 million, an increase in inventories of $3.9 million and an increase in cash and cash equivalents of $3.4 million.
Please see our risk factor under the heading “The value of our vessels may be depressed at the time we sell a vessel” in Item 3.D of this report for a discussion of additional risks relating to fair market value in assessing the value of our vessels.
Please see our risk factor under the heading “Vessel values may be depressed at a time when we sell a vessel, when our subsidiaries are required to make a repayment under the secured credit facilities or when the secured credit facilities mature, which could adversely affect our liquidity and our ability to refinance the secured credit facilities” in Item 3.D of this report for a discussion of additional risks relating to fair market value in assessing the value of our vessels.
The increase was due to a non-cash gain of $15.0 million related to interest rate derivatives in 2022 compared to a non-cash loss of $0.5 million in 2023 and increased interest expenses of $6.9 million due to increased interest rates, partly offset by interest income of $4.5 million in 2023 compared to $1.1 million in 2022.
The decrease was due to decreased interest expenses of $2.7 million, due to a decline in interest rates, and a non-cash loss of $0.5 million in 2023, partly offset by reduced interest income of $0.6 million in 2024 compared to 2023.
In September 2022, our board of directors revised the dividend policy to return 100% of our net income to shareholders in the form of quarterly cash dividends (refer to “Item 3.D.
In September 2022, our board of directors revised the dividend policy to return 100% of our ordinary net income to shareholders in the form of quarterly cash dividends (refer to “Item 3.D. Risk Factors—Risks Relating to Our Capital Stock—We may not pay dividends in the future, and our dividend policy is subject to change at any time”).
Also, shipyard capacity for large tankers is scarce due to significant demand to build other types of ships, and inflationary pressure on labor, materials and equipment have increased costs and extended delivery time. 36 Table of Contents We believe our strategy continues to be well suited for the market that we operate in and is based on the following core principles: ◾ an experienced organization focused on first rate operations and customer service; ◾ maintain a prudent capital structure and robust cash break-even levels for our fleet that promote staying power through the business cycles; ◾ combination of market exposure and fixed income for our fleet; ◾ disciplined philosophy with respects to investments, employment of our fleet and capital allocation; and ◾ transparent corporate structure maintaining a high level of integrity and good governance.
We believe our strategy continues to be well suited for the market that we operate in and is based on the following core principles: ▪ An experienced organization with focus on first rate operations and customer service ▪ Quality ships ▪ A prudent capital structure that promotes staying power through the business cycles ▪ Fleet employment with a combination of market exposure and fixed income contracts ▪ A disciplined capital allocation strategy through cash dividends, investments in vessels, debt prepayments and share buybacks ▪ Transparent corporate structure maintaining a high level of integrity and corporate governance A.
Our expenses consist primarily of voyage expenses, hereunder primarily cost of bunkers and port charges; vessel operating expenses, hereunder crew cost, maintenance expenses, spare parts, various consumables, insurance premium expenses; interest expense, financing expenses, depreciation expense, impairment charges, vessel taxes and general and administrative expenses.
Our expenses consist primarily of voyage expenses, including primarily cost of bunkers and port charges; vessel operating expenses, hereunder crew cost, maintenance expenses, spare parts, various consumables, insurance premium expenses; interest expense, financing expenses, depreciation expense, impairment charges, vessel taxes and general and administrative expenses. 37 Table of Contents With respect to vessels on time charters, the charterers generally pay us charter hire monthly, fully or partly, in advance.
The decrease resulted from a decrease in depreciation related to vessels of $5.1 million, a decrease in depreciation of drydocking cost of $1.9 million, partly offset by additional depreciation related to exhaust gas cleaning systems of $1.4 million. 37 Table of Contents General and administrative expenses in 2023 were $17.4 million (of which $3.3 million was non-cash cost related to restricted share agreements for our management and board of directors), compared to $16.9 million in 2022 (of which $4.2 million was non-cash cost related to restricted share agreements for our management and board of directors) and $16.6 million in 2021 (of which $4.4 million was non-cash cost related to restricted share agreements for our management and board of directors).
General and administrative expenses in 2024 were $18.9 million (of which $4.2 million was non-cash cost related to restricted share agreements for our management and board of directors), compared to $17.4 million in 2023 (of which $3.3 million was non-cash cost related to restricted share agreements for our management and board of directors).
The interest on the balance outstanding is payable quarterly, except for the Danish Ship Finance Credit Facility which is payable semiannually. We have also included commitment fees for the undrawn $141.9 million Nordea Credit Facility and the undrawn $51.1 million of the ING Credit Facility.
The interest on the balance outstanding is payable quarterly, except for the Danish Ship Finance Credit Facility which is payable semiannually.
Following is a discussion of the accounting policies that involve a higher degree of judgment and the methods of their application. For a complete description of all our material accounting policy information, see Note 2 to our consolidated financial statements for December 31, 2023, included as Item 18 of this report.
For a complete description of all our material accounting policy information, see Note 2 to our consolidated financial statements for December 31, 2024, included as Item 18 of this report. 44 Table of Contents Depreciation The Company estimates the average useful life of a vessel to be 20 years.
The following chart sets forth our fleet information, purchase prices, carrying values and estimated charter free fair market values as of December 31, 2023. 45 Table of Contents Vessel Built Vessel Type Purchase Month and Year Carrying Value 1 Estimated Charter-Free Fair Market Value 2 (Dollars in thousands) DHT Appaloosa 2018 VLCC Jul. 2023 94,371 103,000 DHT Mustang 2018 VLCC Oct. 2018 64,630 103,000 DHT Bronco 2018 VLCC Jul. 2018 63,866 103,000 DHT Colt 2018 VLCC May 2018 66,220 103,000 DHT Stallion 2018 VLCC Apr. 2018 66,203 103,000 DHT Tiger 2017 VLCC Jan. 2017 67,945 98,000 DHT Harrier 2016 VLCC Jan.2021 57,619 93,000 DHT Puma 2016 VLCC Aug. 2016 66,481 93,000 DHT Panther 2016 VLCC Aug. 2016 66,333 93,000 DHT Osprey 2016 VLCC Jan.2021 58,090 93,000 DHT Lion 2016 VLCC Mar. 2016 65,297 93,000 DHT Leopard 2016 VLCC Jan. 2016 64,299 93,000 DHT Jaguar 2015 VLCC Nov. 2015 64,203 88,000 DHT Taiga 2012 VLCC Sep. 2014 50,443 74,000 DHT Opal 2012 VLCC Apr. 2017 44,560 74,000 DHT Sundarbans 2012 VLCC Sep. 2014 49,364 74,000 DHT Redwood 2011 VLCC Sep. 2014 48,419 70,000 DHT Amazon 2011 VLCC Sep. 2014 46,699 70,000 DHT Peony 2011 VLCC Apr. 2017 39,299 66,000 DHT Lotus 2011 VLCC Jun. 2017 38,371 66,000 DHT China 2007 VLCC Sep. 2014 28,119 54,000 DHT Europe 2007 VLCC Sep. 2014 24,892 54,000 DHT Bauhinia 2007 VLCC Jun. 2017 22,640 54,000 DHT Scandinavia 2006 VLCC Sep. 2014 25,347 50,500 1 Carrying value does not include value of time charter contracts. 2 Estimated charter-free fair market value is provided for informational purposes only.
Vessel Built Vessel Type Purchase Month and Year Carrying Value 1 Estimated Charter-Free Fair Market Value 2 (Dollars in thousands) DHT Appaloosa 2018 VLCC Jul. 2023 88,636 107,500 DHT Mustang 2018 VLCC Oct. 2018 60,925 107,500 DHT Bronco 2018 VLCC Jul. 2018 60,156 107,500 DHT Colt 2018 VLCC May 2018 61,566 107,500 DHT Stallion 2018 VLCC Apr. 2018 61,517 107,500 DHT Tiger 2017 VLCC Jan. 2017 66,146 102,000 DHT Harrier 2016 VLCC Jan.2021 53,837 97,000 DHT Puma 2016 VLCC Aug. 2016 61,418 97,000 DHT Panther 2016 VLCC Aug. 2016 61,374 97,000 DHT Osprey 2016 VLCC Jan.2021 54,210 97,000 DHT Lion 2016 VLCC Mar. 2016 59,930 97,000 DHT Leopard 2016 VLCC Jan. 2016 61,497 97,000 DHT Jaguar 2015 VLCC Nov. 2015 61,387 92,000 DHT Taiga 2012 VLCC Sep. 2014 50,325 75,000 DHT Opal 2012 VLCC Apr. 2017 40,183 75,000 DHT Sundarbans 2012 VLCC Sep. 2014 49,594 75,000 DHT Redwood 2011 VLCC Sep. 2014 45,898 69,000 DHT Amazon 2011 VLCC Sep. 2014 45,090 69,000 DHT Peony 2011 VLCC Apr. 2017 35,513 64,000 DHT Lotus 2011 VLCC Jun. 2017 34,558 64,000 DHT China 2007 VLCC Sep. 2014 25,722 48,000 DHT Europe 2007 VLCC Sep. 2014 24,831 48,000 DHT Bauhinia 2007 VLCC Jun. 2017 21,263 48,000 DHT Scandinavia 2006 VLCC Sep. 2014 22,693 44,000 1 Carrying value does not include value of time charter contracts.
In general, vessels below the age of 15 years are docked every five years and vessels older than 15 years are docked every 2.5 years. 44 Table of Contents Carrying Value and Impairment A vessel’s recoverable amount is the higher of the vessel’s fair value less cost of disposal and its value in use.
Value in use and Fair value less cost of disposal A vessel’s recoverable amount is the higher of the vessel’s fair value less cost of disposal and its value in use.
The decrease was related to a decrease in bunker expenses of $19.1 million and a decrease in port expenses and other voyage-related costs of $2.2 million, partly offset by an increase in broker commission of $1.4 million. Voyage expenses increased by $93.1 million to $185.5 million in 2022 from $92.4 million in 2021.
The increase was mainly related to an increase in bunker expenses of $17.3 million, partly offset by a decrease in port expenses of $4.4 million. Vessel operating expenses increased by $3.2 million to $78.6 million in 2024 from $75.4 million in 2023.
Depreciation and amortization expenses, including depreciation of capitalized drydocking cost, decreased by $14.4 million to $108.9 million in 2023 from $123.3 million in 2022.
The increase was due to an additional vessel in the fleet and insurance deductibles. 38 Table of Contents Depreciation and amortization expenses, including depreciation of capitalized drydocking cost, increased by $3.0 million to $111.9 million in 2024 from $108.9 million in 2023.
Net cash used in financing activities was $177.8 million in 2023 compared to $173.3 million in 2022.
In 2024, investing activities related to investment in vessels under construction of $90.2 million and $6.7 million related to investment in vessels. Net cash used in financing activities was $197.9 million in 2024 compared to $177.8 million in 2023.
“Value adjusted” is defined as an adjustment to reflect the difference between the carrying amount and the market valuations of the Company’s vessels (as determined quarterly by an approved broker). 42 Table of Contents AGGREGATE CONTRACTUAL OBLIGATIONS As of December 31, 2023, our long-term contractual obligations were as follows: 2024 2025 2026 2027 2028 Thereafter Total Long-term debt 1 $ 65,665 $ 110,503 $ 77,736 $ 93,407 $ 64,638 $ 143,919 $ 555,867 Total $ 65,665 $ 110,503 $ 77,736 $ 93,407 $ 64,638 $ 143,919 $ 555,867 1 Amounts shown include contractual installment and interest obligations on $235.2 million under the ING Credit Facility, $93.5 million under the Nordea Credit Facility, $44.3 million under the incremental ING Credit Facility, $35.0 million under the Credit Agricole Credit Facility and $29.1 million under the Danish Ship Finance Credit Facility.
AGGREGATE CONTRACTUAL OBLIGATIONS As of December 31, 2024, our long-term contractual obligations were as follows: (Dollars in thousands) 2025 2026 2027 2028 2029 Total Long-term debt 1 $ 106,976 $ 75,210 $ 93,077 $ 63,003 $ 154,706 $ 492,972 Vessels under construction 2 $ 128,393 $ 301,312 $ - $ - $ - $ 429,705 Total $ 235,369 $ 376,522 $ 93,077 $ 63,003 $ 154,706 $ 922,677 1 Amounts shown include contractual installment and interest obligations on $221.2 million under the ING Credit Facility, $93.5 million under the Nordea Credit Facility, $41.3 million under the incremental ING Credit Facility, $32.5 million under the Credit Agricole Credit Facility and $26.7 million under the Danish Ship Finance Credit Facility.
The orderbook for supply of new ships is in a historical perspective very low, equal to 5% of the existing fleet. The fleet is rapidly aging with close to 50% of the fleet projected to be older than 15-years of age by the end of 2026.
This is in stark contrast with close to 50% of the fleet projected to be older than 15-years of age by the end of 2026. Given that shipyards with experience in building large tankers are experiencing backlogs to build other types of ships, it is unlikely that this supply situation will be improved in the near-to-medium term.
We had $428.7 million of total debt outstanding at December 31, 2023, compared to $396.7 million at December 31, 2022 and $522.3 million at December 31, 2021. During 2024, three of our vessels are scheduled to be drydocked and capital expenditures related to these drydockings are estimated to be $8.3 million.
We had $409.4 million of total debt outstanding at December 31, 2024, compared to $428.7 million at December 31, 2023. For a discussion of the year ended December 31, 2023 compared to the year ended December 31, 2022, refer to “Item 5.
Other revenues for 2022 apply for the period from May 31 to December 31, 2022 (the period of 2022 during which Goodwood was a consolidated subsidiary). The Company did not record any gain or loss related to sale of vessels in 2023.
Other revenues for 2024 were $3.9 million compared to $4.5 million in 2023 and mainly relate to technical management services provided. The Company did not record any gain or loss related to sale of vessels in 2024 or 2023. Voyage expenses increased by $13.9 million to $179.6 million in 2024 from $165.7 million in 2023.
Removed
MARKET OUTLOOK FOR 2024 We have three key pillars in support of our expectations for the market going forward: First, the general macroeconomic environment seems to be steadying following a period of inflationary pressure and rising interest rates, and the consensus of the key energy agencies is forecasting continued oil demand growth.
Added
While we think it impossible to present a clear and credible view on the outcome of current geopolitical events and tensions, outcomes could include redirection or reduction in Russian and Iranian oil flows.
Removed
Second, geopolitical events are presenting stress to energy security and global trade while challenging the efficiency of oil flows. Additionally, OPEC+ has elected to cut oil production to balance the oil markets, likely a recognition of non-OPEC production growth in the Atlantic basin, offering this region market share.
Added
In these scenarios and under these assumptions, voids in oil supply could be filled by reversals in OPEC production cuts and continued growth in non-OPEC production from the Atlantic basin, in sum expected to be supportive of the VLCC segment. The global tanker fleet continues to rapidly age with limited new supply entering the market.
Removed
These two issues combined are requiring longer transportation distances for crude oil to reach customers, reducing the productivity of the global tanker fleet. Third, the global tanker fleet is rapidly aging with limited new supply coming to the market.
Added
Last year’s interest to contract new supply of VLCCs has receded, supporting an increasingly favorable supply picture. The orderbook for supply of new ships is benign with some 10% of capacity scheduled for delivery over the coming three years.
Removed
Interest to contract new supply of VLCCs has increased over the past few months, but this is not expected to impair the favorable supply picture as the lack of investments over the past several years will take time to rebalance.
Added
An increasing number of ships are being sanctioned by the United States and the EU, likely reducing transportation capacity, and regulations related to emissions from transportation work will increasingly constrain the productivity of the older part of the global fleet.
Removed
A significant portion of the older fleet is engaged in what is referred to as “the shadow fleet”, a fleet with limited commercial opportunities in the compliant markets and trades. Further, regulations such as the Carbon Intensity Indicator (CII), will increasingly constrain the efficiency of the mature fleet.
Added
Reversal of prior impairment charges totaled $27.9 million in 2024, compared to $nil in 2023, due to continued strong market values and triggered by the agreement to sell DHT Scandinavia in the fourth quarter of 2024. There was no reversal of prior impairment charges in 2023. Please refer to “Item 5.E.
Removed
Shipping revenues increased by $154.5 million, or 52.2%, to $450.4 million in 2022 from $295.9 million in 2021. The increase from 2021 to 2022 includes $168.6 million attributable to higher tanker rates partly offset by $14.1 million attributable to a decrease in total revenue days as a result of sale of vessels.
Added
Operating and Financial Review and Prospects—Critical Accounting Estimates” for a discussion of the key reasons for the reversal of prior impairment charges in 2024.
Removed
Other revenues for 2023 were $4.5 million compared to $3.8 million in 2022 and mainly relate to technical management services provided. In May 2022, the Company acquired an additional 3% of Goodwood and increased the ownership to 53% through a step acquisition, which led to the consolidation of Goodwood into the Company’s financial statements as of May 31, 2022.
Added
For a discussion of the year ended December 31, 2023 compared to the year ended December 31, 2022, refer to “Item 5. Operating and Financial Review and Prospects” in our Annual Report on Form 20-F for the year ended December 31, 2023. B. LIQUIDITY AND CAPITAL RESOURCES We operate in a capital-intensive industry.
Removed
The Company recorded a gain of $19.5 million for 2022 related to sale of vessels compared to a gain of $15.2 million for 2021 related to the same.
Added
Operating and Financial Review and Prospects” in our Annual Report on Form 20-F for the year ended December 31, 2023. During 2025, two of our vessels are scheduled to be drydocked and capital expenditures related to these drydockings are estimated to be $4.0 million. We plan to finance the planned maintenance capital expenditures through our internal financial resources.
Removed
There was no other income for 2023 or 2022, whereas other income for 2021 was $4.6 million which related to the distribution of equity received from The Norwegian Shipowner’s Mutual War Risk Insurance Association. Voyage expenses decreased by $19.8 million to $165.7 in 2023 from $185.5 million in 2022.
Added
In December 2024, the Company entered into an agreement to sell DHT Scandinavia, a 2006 built VLCC, for $43.4 million. The vessel was delivered to its new owner during the first quarter of 2025, and the sale generated a gain of $19.8 million.

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Item 6. [Reserved]

Selected Financial Data — reserved (removed by SEC in 2021)

36 edited+6 added−6 removed28 unchanged
Biggest changeChange of control The 2022 Plan provides that, unless otherwise provided in an award agreement, in the event we experience a change of control (as defined in the 2022 Plan), unless provision is made in connection with the change of control for assumption for, or substitution of, awards previously granted: • all options outstanding as of the date the change of control is determined to have occurred will become fully exercisable and vested as of immediately prior to the change of control; 50 Table of Contents • all outstanding restricted shares that are still subject to restrictions on forfeiture will become fully vested and all restrictions and forfeiture provisions related thereto will lapse as of immediately prior to the change in control; • all cash incentive awards will be paid out as if the date of the change of control were the last day of the applicable performance period and “target” performance levels had been attained; and • all other outstanding awards will automatically be deemed exercisable or vested and all restrictions and forfeiture provisions related thereto will lapse as of immediately prior to such change of control.
Biggest changeThe compensation committee may waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate any award previously granted, prospectively or retroactively; provided, however, that, unless otherwise provided in the 2022 Plan or by the compensation committee in the applicable award agreement, any such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination that would materially and adversely impair the rights of any participant to any award previously granted will not to that extent be effective without the consent of the affected participant, holder or beneficiary. 50 Table of Contents Change of control The 2022 Plan provides that, unless otherwise provided in an award agreement, in the event we experience a change of control (as defined in the 2022 Plan), unless provision is made in connection with the change of control for assumption for, or substitution of, awards previously granted: • all options outstanding as of the date the change of control is determined to have occurred will become fully exercisable and vested as of immediately prior to the change of control; • all outstanding restricted shares that are still subject to restrictions on forfeiture will become fully vested and all restrictions and forfeiture provisions related thereto will lapse as of immediately prior to the change in control; • all cash incentive awards will be paid out as if the date of the change of control were the last day of the applicable performance period and “target” performance levels had been attained; and • all other outstanding awards will automatically be deemed exercisable or vested and all restrictions and forfeiture provisions related thereto will lapse as of immediately prior to such change of control.
Mr. Erik Lind is our “audit committee financial expert” as that term is defined in Item 401(h) of Regulation S-K. The members of the audit committee are Mr. Kramer (chairperson), Mr. Lind and Mrs.
Mr. Erik Lind is our “audit committee financial expert” as that term is defined in Item 401(h) of Regulation S-K. The members of the audit committee are Mr. Kramer (chairperson), Mr. Lind and Mrs. Rossini.
Our board is currently composed of six directors, all of whom are independent under the rules of the NYSE applicable to U.S. companies. To promote open discussion among the directors, our directors meet in regularly scheduled and ad hoc executive session without participation of management and will continue to do so in 2024.
Our board is currently composed of six directors, all of whom are independent under the rules of the NYSE applicable to U.S. companies. To promote open discussion among the directors, our directors meet in regularly scheduled and ad hoc executive session without participation of management and will continue to do so in 2025.
We have no service contracts between us and any of our directors providing for benefits upon termination of their employment or service. Our board of directors is elected annually on a staggered basis, and each director elected holds office for a three-year term. Mr. Erik Lind was initially elected in July 2005. Mr.
We have no service contracts between us and any of our directors providing for benefits upon termination of their employment or service. 51 Table of Contents Our board of directors is elected annually on a staggered basis, and each director elected holds office for a three-year term. Mr. Erik Lind was initially elected in July 2005. Mr.
Einar Michael Steimler was initially appointed in March 2010. Mr. Joseph H. Pyne was initially appointed in September 2015. Mr. Jeremy Kramer was initially elected in June 2017. Mrs. Sophie Rossini was initially appointed in November 2020. Ms. Ana Zambelli was initially appointed in February 2024. The term of our Class III directors, Mr. Lind and Mrs.
Einar Michael Steimler was initially appointed in March 2010. Mr. Joseph H. Pyne was initially appointed in September 2015. Mr. Jeremy Kramer was initially elected in June 2017. Mrs. Sophie Rossini was initially appointed in November 2020. Ms. Ana Zambelli was initially appointed in February 2024. The term of our Class II directors, Mr. Steimler and Mr.
Operating and Financial Review and Prospects—Stock Compensation.” Amendment and termination of the 2022 Plan Subject to any government regulation and to the rules of the NYSE or any successor exchange or quotation system on which shares of our common stock may be listed or quoted, the 2022 Plan may be amended, modified or terminated by our board of directors without the approval of our stockholders, except that stockholder approval will be required for any amendment that would (i) increase the maximum number of shares of our common stock available for awards under the 2022 Plan or increase the maximum number of shares of our common stock that may be delivered pursuant to ISOs granted under the 2022 Plan or (ii) modify the requirements for participation under the 2022 Plan.
Amendment and termination of the 2022 Plan Subject to any government regulation and to the rules of the NYSE or any successor exchange or quotation system on which shares of our common stock may be listed or quoted, the 2022 Plan may be amended, modified or terminated by our board of directors without the approval of our stockholders, except that stockholder approval will be required for any amendment that would (i) increase the maximum number of shares of our common stock available for awards under the 2022 Plan or increase the maximum number of shares of our common stock that may be delivered pursuant to ISOs granted under the 2022 Plan or (ii) modify the requirements for participation under the 2022 Plan.
Ms. Halvorsen has more than 25 years of experience in international accounting and shipping. Ms. Halvorsen is a resident and citizen of Norway. B. COMPENSATION DIRECTORS’ COMPENSATION During the year ending December 31, 2023, we paid the members of our board of directors aggregate cash compensation of $670,500.
Ms. Halvorsen has more than 25 years of experience in international accounting and shipping. Ms. Halvorsen is a resident and citizen of Norway. B. COMPENSATION DIRECTORS’ COMPENSATION During the year ending December 31, 2024, we paid the members of our board of directors aggregate cash compensation of $706,500.
Either the executive or the Company may terminate the employment agreements for any reason and at any time, subject to certain provisions of the employment agreements described below. 48 Table of Contents In the event that we terminate Mr.
Either the executive or the Company may terminate the employment agreements for any reason and at any time, subject to certain provisions of the employment agreements described below. In the event that we terminate Mr.
Harfjeld’s base monthly salary and his monthly director fee for service as a director of DHT Management S.A.M., in arrears on a monthly basis for 18 months from the month immediately following the expiration of the notice period (as provided for in his employment agreement). In the event that Mr.
Harfjeld’s base monthly salary and his monthly director fee for service as a director of DHT Management S.A.M., in arrears on a monthly basis for 18 months from the month immediately following the expiration of the notice period (as provided for in his employment agreement). In the event that we terminate Ms.
ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES A. DIRECTORS AND SENIOR MANAGEMENT The following table sets forth information regarding our executive officers and directors: Name Age Position Erik A. Lind 68 Class III Director and Chairman Einar Michael Steimler 75 Class II Director Joseph H.
ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES A. DIRECTORS AND SENIOR MANAGEMENT The following table sets forth information regarding our executive officers and directors: Name Age Position Erik A. Lind 69 Class III Director and Chairman Einar Michael Steimler 76 Class II Director Joseph H.
Halvorsen pursuant to which we have agreed to indemnify each executive substantially in accordance with the indemnification provisions related to our officers and directors in our bylaws. Incentive Compensation Plan We currently maintain one equity compensation plan, the 2022 Incentive Compensation Plan (the “2022 Plan”).
Halvorsen pursuant to which we have agreed to indemnify each executive substantially in accordance with the indemnification provisions related to our officers and directors in our bylaws. 49 Table of Contents Incentive Compensation Plan We currently maintain one equity compensation plan, the 2022 Incentive Compensation Plan (the “2022 Plan”).
Prior to this, she was the Head of Relative Value within Man’s external multi-manager business. Before joining Man Group in August 2008, she was at Atlas Capital. Mrs.Rossini holds a Master in Banking and Financial Techniques from the University of Paris Assas. Mrs. Rossini is a resident of the United Kingdom and a citizen of France. Ana Zambelli–Director. Ms.
Prior to this, she was the Head of Relative Value within Man’s external multi-manager business. Prior to joining Man Group in 2008, she was at Atlas Capital. Mrs. Rossini holds an M.A. in Banking and Financial Techniques from Paris-Panthéon-Assas University. Mrs. Rossini is a resident of the United Kingdom and a citizen of France. Ana Zambelli - Director. Ms.
The aggregate number of shares of our common stock that may be delivered pursuant to awards granted under the 2022 Plan is 3,000,000. The aggregate number of shares of our common stock that have been granted under the 2022 Plan is 871,070, which does not include shares with respect to non-vested awards.
The aggregate number of shares of our common stock that may be delivered pursuant to awards granted under the 2022 Plan is 3,000,000. The aggregate number of shares of our common stock that have been granted under the 2022 Plan is 1,394,191, which does not include shares with respect to non-vested awards.
Compensation” for a description of the Company’s Incentive Compensation Plan under which employees of the Company can be awarded restricted shares of the Company.
Compensation” for a description of the Company’s Incentive Compensation Plan under which employees of the Company can be awarded restricted shares of the Company. 52 Table of Contents
Rossini. 51 Table of Contents The purpose of our compensation committee is to (i) discharge the board of director’s responsibilities relating to the evaluation and compensation of our executives, (ii) oversee the administration of our compensation plans, (iii) review and determine director compensation and (iv) prepare any report on executive compensation required by the rules and regulations of the SEC.
The purpose of our compensation committee is to (i) discharge the board of directors’ responsibilities relating to the evaluation and compensation of our executives, (ii) oversee the administration of our compensation plans, (iii) review and determine director compensation and (iv) prepare any report on executive compensation required by the rules and regulations of the SEC.
Halvorsen’s employment other than due to summary dismissal or her reaching the Company’s age limit, we will continue to pay her base salary through the first anniversary of such date of termination. In the event that Ms.
Halvorsen’s employment other than due to summary dismissal or her reaching the Company’s age limit, we will continue to pay her base salary through the first anniversary of such date of termination. The Executive Officer Employment Agreements also provide that, in the event that Mr. Harfjeld’s or Ms.
Halvorsen has agreed (i) to protect our confidential information and (ii) during the term of the agreements, and for a period of one year following his or her termination, to abide by certain non-competition and non-solicitation restrictions. Mr.
Pursuant to each Executive Officer Employment Agreement, each of Mr. Harfjeld and Ms. Halvorsen has agreed (i) to protect our confidential information and (ii) during the term of the agreements, and for a period of one year following his or her termination, to abide by certain non-competition and non-solicitation restrictions. Mr.
In addition, in January 2024, our executive officers were awarded an aggregate of 200,000 shares of restricted stock for the year 2023 pursuant to the 2022 Plan with certain vesting conditions. Executive Officer Employment Agreements We have entered into employment agreements with Mr. Harfjeld and Ms.
In addition, in January 2025, our executive officers were awarded an aggregate of 200,000 shares of restricted stock for the year 2024 pursuant to the 2022 Plan with certain vesting conditions. Executive Officer Employment Agreements We have entered into employment agreements with Mr. Harfjeld, dated as of October 30, 2019, as amended on December 10, 2024, and Ms.
Pyne 76 Class II Director Jeremy Kramer 62 Class I Director Sophie Rossini 42 Class III Director Ana Zambelli 51 Class I Director Svein Moxnes Harfjeld 59 President & Chief Executive Officer Laila Cecilie Halvorsen 49 Chief Financial Officer Set forth below is a brief description of the business experience of our current directors and executive officers. Erik A.
Pyne 77 Class II Director Jeremy Kramer 63 Class I Director Sophie Rossini 43 Class III Director Ana Zambelli 52 Class I Director Svein Moxnes Harfjeld 60 President & Chief Executive Officer Laila Cecilie Halvorsen 50 Chief Financial Officer Set forth below is a brief description of the business experience of our current directors and executive officers. Erik A.
Halvorsen (each, an “Executive Officer Employment Agreement” and collectively, the “Executive Officer Employment Agreements”) that set forth their rights and obligations as our president & chief executive officer, in the case of Mr. Harfjeld, and chief financial officer, in the case of Ms. Halvorsen.
Halvorsen, dated as of January 30, 2019, as amended on December 10, 2024, (each, an “Executive Officer Employment Agreement” and collectively, the “Executive Officer Employment Agreements”) that set forth their rights and obligations as our president & chief executive officer, in the case of Mr. Harfjeld, and chief financial officer, in the case of Ms. Halvorsen.
Awards The 2022 Plan provides for the grant of options intended to qualify as incentive stock options, or “ISOs,” under Section 422 of the Internal Revenue Code of 1986, as amended, non-statutory stock options, or “NSOs,” restricted share awards, restricted stock units, or “RSUs,” cash incentive awards, dividend equivalents and other equity-based or equity-related awards. 49 Table of Contents Plan administration The 2022 Plan is administered by the compensation committee of our board of directors or such other committee as our board of directors may designate to administer the 2022 Plan.
Awards The 2022 Plan provides for the grant of options intended to qualify as incentive stock options, or “ISOs,” under Section 422 of the Internal Revenue Code of 1986, as amended, non-statutory stock options, or “NSOs,” restricted share awards, restricted stock units, or “RSUs,” cash incentive awards, dividend equivalents and other equity-based or equity-related awards.
Rossini, expires in 2024, the term of our Class II directors, Mr. Steimler and Mr. Pyne, expires in 2025 and the term of our Class I directors, Mr. Kramer and Ms. Zambelli, expires in 2026. Mr. Kramer was re-elected as our Class I director at our annual stockholders meeting on June 15, 2023. Mr. Steimler and Mr.
Pyne, expires in 2025, the term of our Class I directors, Mr. Kramer and Ms. Zambelli, expires in 2026 and the term of our Class III directors, Mr. Lind and Mrs. Rossini, expires in 2027. Mr. Steimler and Mr. Pyne were re-elected as our Class II directors at our annual stockholders meeting on June 16, 2022. Mr.
Zambelli graduated in mechanical engineering from the Federal University of Rio de Janeiro, and she holds a master’s degree in petroleum engineering from Heriot Watt University in the UK. She also has a postgraduate degree in Digital Business from Columbia University. Ms. Zambelli is a citizen and resident of Brazil. Svein Moxnes Harfjeld–President & Chief Executive Officer. Mr.
Zambelli graduated in mechanical engineering from the Federal University of Rio de Janeiro, and she holds a master’s degree in petroleum engineering from Heriot Watt University in the UK. She also has a postgraduate degree in Digital Business from Columbia University and a postgraduate degree in Management, Innovation and Technology from MIT. Ms.
Joseph H. Pyne–Director. Mr. Joseph H. Pyne is the Non-Executive Chairman of Kirby Corporation. Mr. Pyne was the Executive Chairman from April 2014 to April 2018 and a director since 1988. He served as the Chief Executive Officer of the company from 1995 to April 29, 2014 and served as Executive Vice President from 1992 to 1995. Mr.
Joseph H. Pyne - Director. Mr. Joseph H. Pyne was the Non-Executive Chairman of Kirby Corporation until April 2024. Mr. Pyne was the Executive Chairman from April 2014 to April 2018 and a director since 1988.
Sophie Rossini is Deputy Head of Public Markets within the Discretionary business at Man Group. She previously held the position of Head of Business Management of Man AHL, working closely with the senior management team to set and deliver MAN AHL’s strategic goals, and ensuring smooth operational management.
She is responsible for overseeing Discretionary’s investment management teams and is a member of the Discretionary management team. Previously, she was Head of Business Management at Man AHL, working closely with the senior management team to set and deliver MAN AHL’s strategic goals, and ensuring smooth operational management of the engine.
Kramer was a Senior Portfolio Manager in the Straus Group at Neuberger Berman from 1998 to 2016, managing equity portfolios primarily for high net worth clients. Prior to that, he worked at Alliance Capital from 1994 to 1998, first as a Securities Analyst and then as a Portfolio Manager focused on small and mid-cap equity securities. Mr.
Prior to that, he worked at Alliance Capital from 1994 to 1998, first as a Securities Analyst and then as a Portfolio Manager focused on small and mid-cap equity securities. Mr. Kramer also managed a closed-end fund, the Alliance Global Environment Fund. He worked at Neuberger Berman from 1988 to 1994 as a Securities Analyst. Mr.
Stockholders may change the number of directors only by the affirmative vote of holders of a majority of the outstanding common stock. D. EMPLOYEES As of December 31, 2023, we had 1,212 employees, comprised of 1,106 seafarers and 106 shore-side staff employed through the subsidiaries in Monaco, Norway, Singapore and India, compared to 1,252 employees as of December 31, 2022.
EMPLOYEES As of December 31, 2024, we had 924 employees, comprised of 816 seafarers and 108 shore-side staff employed through the subsidiaries in Monaco, Norway, Singapore and India, compared to 1,212 employees as of December 31, 2023, and 1,252 employees as of December 31, 2022.
Pyne also served as President of Kirby Inland Marine, LP, Kirby Corp.’s principal transportation subsidiary, from 1984 to November 1999. Mr. Pyne joined Kirby in 1978. He served at Northrop Services, Inc. and served as an Officer in the Navy. He serves as a Member of the Board of Trustee of the Webb Institute. Mr.
He served as the Chief Executive Officer of the company from 1995 to April 29, 2014, and served as Executive Vice President from 1992 to 1995. Mr. Pyne also served as President of Kirby Inland Marine, LP, Kirby Corp.’s principal transportation subsidiary, from 1984 to November 1999. Mr. Pyne joined Kirby in 1978.
Kramer also managed a closed-end fund, the Alliance Global Environment Fund. He worked at Neuberger Berman from 1988 to 1994 as a Securities Analyst. Mr.Kramer earned an M.B.A. from Harvard University Graduate School of Business. He graduated with a B.A. from Connecticut College. Mr. Kramer is a resident and citizen of the U.S. 47 Table of Contents Sophie Rossini–Director. Mrs.
Kramer earned an M.B.A. from Harvard University Graduate School of Business. He graduated with a B.A. from Connecticut College. Mr. Kramer is a resident and citizen of the U.S. Sophie Rossini - Director. Mrs. Sophie Rossini is Deputy Head of Public Markets within the Discretionary team at Man Group.
Pyne were re-elected as our Class II directors at our annual stockholders meeting on June 16, 2022. Mr. Lind and Mrs. Rossini were re-elected as our Class III directors at our annual stockholders meeting on June 23, 2021. Ms. Iman Hill did not stand for re-election at our annual stockholders meeting on June 15, 2023.
Kramer was re-elected as our Class I director at our annual stockholders meeting on June 15, 2023. Mr. Lind and Mrs. Rossini were re-elected as our Class III directors at our annual stockholders meeting on June 12, 2024.
Despite Mr. Harfjeld’s employment agreement providing that he will be compensated in both salary and director fees, in respect of 2022 and 2023, Mr. Harfjeld was compensated entirely in salary. In the event that we terminate Ms.
Additionally, we may, at our discretion, pay the executive’s then-current cash bonus award at the same time cash bonuses are paid to other executives. Despite Mr. Harfjeld’s employment agreement providing that he will be compensated in both salary and director fees, in respect of 2023 and 2024, Mr. Harfjeld was compensated entirely in salary.
Svein Moxnes Harfjeld joined DHT on September 1, 2010. Mr.Harfjeld has over 30 years of experience in the shipping industry. Prior to joining DHT, he was with the BW Group, where he held senior management positions including Group Executive Director, CEO of BW Offshore, Director of Bergesen dy and Director of World-Wide Shipping.
Prior to joining DHT, he was with the BW Group, where he held senior management positions including Group Executive Director, CEO of BW Offshore, Director of Bergesen dy and Director of World-Wide Shipping. Previously, he held senior management positions at Andhika Maritime, Coeclerici and Mitsui O.S.K. He started his shipping career with The Torvald Klaveness Group. Mr.
Pyne holds a degree in Liberal Arts from the University of North Carolina. Mr. Pyne is a resident and citizen of the U.S. Jeremy Kramer–Director. Mr. Jeremy Kramer previously served on the Board of Directors of Golar LNG Partners and served as Chairman of its Conflicts Committee. He also served on the Board of Directors of 2020 Bulkers Ltd. Mr.
He served at Northrop Services, Inc. and served as an Officer in the Navy. He serves as a Member of the Board of Trustee of the Webb Institute. Mr. Pyne holds a degree in Liberal Arts from the University of North Carolina. Mr. Pyne is a resident and citizen of the U.S. 47 Table of Contents Jeremy Kramer - Director.
In addition, in January 2024, our directors were awarded an aggregate of 125,000 shares of restricted stock pursuant to the 2022 Plan. We have no service contracts between us and any of our directors providing for benefits upon termination of their employment or service.
In addition, in January 2025, our directors were awarded an aggregate of 150,000 shares of restricted stock pursuant to the 2022 Plan.
EXECUTIVE COMPENSATION, EMPLOYMENT AGREEMENTS During the year ending December 31, 2023, we paid our executive officers aggregate cash compensation of $1,754,628 and accrued an aggregate amount of $124,592 for pension and retirement benefits.
We have no service contracts between us and any of our directors providing for benefits upon termination of their employment or service. 48 Table of Contents EXECUTIVE COMPENSATION, EMPLOYMENT AGREEMENTS During the year ending December 31, 2024, we paid our executive officers aggregate cash compensation of $2,308,310 and accrued an aggregate amount of $130,191 for pension and retirement benefits.
Previously, he held senior management positions at Andhika Maritime, Coeclerici and Mitsui O.S.K. He started his shipping career with The Torvald Klaveness Group. Mr. Harfjeld is a citizen of Norway and a resident of the Principality of Monaco. Laila Cecilie Halvorsen–Chief Financial Officer. Ms.
Harfjeld is a citizen of Norway and a resident of the Principality of Monaco. Laila Cecilie Halvorsen - Chief Financial Officer. Ms.
Removed
Harfjeld terminates his employment within six months following a “change of control” (as defined in his employment agreement) for “good reason” (as defined in his employment agreement), then we will continue to pay Mr.
Added
Mr. Jeremy Kramer previously served on the Board of Directors of Golar LNG Partners and served as Chairman of its Conflicts Committee. He also served on the Board of Directors of 2020 Bulkers Ltd. Mr. Kramer was a Senior Portfolio Manager in the Straus Group at Neuberger Berman from 1998 to 2016, managing equity portfolios primarily for high-net-worth clients.
Removed
Harfjeld his base monthly salary and his monthly director fee for services as a director of DHT Management S.A.M., in arrears on a monthly basis for 18 months from the month immediately following the expiration of the notice period (as provided for in his employment agreement). In addition, in the event that Mr.
Added
Zambelli is a citizen and resident of Brazil. Svein Moxnes Harfjeld - President & Chief Executive Officer. Mr. Svein Moxnes Harfjeld joined DHT on September 1, 2010. Mr. Harfjeld has over 30 years of experience in the shipping industry.
Removed
Harfjeld terminates his employment within six months following a change of control for good reason, he will be entitled to his target bonus (as provided for in his employment agreement), prorated for the actual period he has worked during the year of termination, and all of his granted but unvested shares will vest immediately and become exercisable, provided that if there is no applicable target bonus, the bonus payment will be calculated as 100% of salary and director fees.
Added
Halvorsen’s employment is terminated on or within two years following a “change of control” without “cause” or for “good reason”(but not due to death, disability or retirement) (as such terms are defined in the Executive Officer Employment Agreements), then, subject to the executive’s execution of an employment termination and release agreement and compliance with the restrictive covenants described below, we will pay and provide the following: (i) two times (for Mr.
Removed
Halvorsen terminates her employment following a change of control (as defined in her employment agreement) as a consequence of the change in control, we will continue to pay her base salary through the first anniversary of such date of termination. Pursuant to each Executive Officer Employment Agreement, each of Mr. Harfjeld and Ms.
Added
Harfjeld) and one and a half times (for Ms. Halvorsen) the sum of his or her annual base salary and target bonus, on the sixtieth day following the expiration of any applicable notice or garden leave period, (ii) vesting of all outstanding and unvested equity awards and (iii) reimbursement of certain residential lease payments (if any).
Removed
For a description of the terms of the shares of restricted stock awarded under the 2022 Plan see, “Item 5.
Added
Plan administration The 2022 Plan is administered by the compensation committee of our board of directors or such other committee as our board of directors may designate to administer the 2022 Plan.
Removed
The compensation committee may waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate any award previously granted, prospectively or retroactively; provided, however, that, unless otherwise provided in the 2022 Plan or by the compensation committee in the applicable award agreement, any such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination that would materially and adversely impair the rights of any participant to any award previously granted will not to that extent be effective without the consent of the affected participant, holder or beneficiary.
Added
Stockholders may change the number of directors only by the affirmative vote of holders of a majority of the outstanding common stock. D.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

19 edited+6 added−3 removed15 unchanged
Biggest changeNotwithstanding the Standstill Expiration, however, until BW Group ceases to hold at least 10% of DHT common stock, we are not permitted to extend, declare or enter into any Arrangement that would restrict BW Group from consummating, or that would otherwise be triggered by, a Non-Coercive Offer by BW Group. 54 Table of Contents Minority Representation on Board of Directors and Committees The IRA provides that nominees to the DHT board of directors will be composed of four individuals selected by DHT’s nominating and corporate governance committee plus up to two individuals that BW Group has the right to nominate as a minority shareholder.
Biggest changeNotwithstanding the Standstill Expiration, however, until BW Group ceases to hold at least 10% of DHT common stock, we are not permitted to extend, declare or enter into any Arrangement that would restrict BW Group from consummating, or that would otherwise be triggered by, a Non-Coercive Offer by BW Group.
MAJOR STOCKHOLDERS The following table sets forth certain information regarding (i) the owners of more than 5% of our common stock that we are aware of based on Schedule 13G and/or Schedule 13D filings with the SEC and (ii) the total amount of common stock owned by all of our officers and directors, individually and as a group, as of March 15, 2024.
MAJOR STOCKHOLDERS The following table sets forth certain information regarding (i) the owners of more than 5% of our common stock that we are aware of based on Schedule 13G and/or Schedule 13D filings with the SEC and (ii) the total amount of common stock owned by all of our officers and directors, individually and as a group, as of March 15, 2025.
We have one class of common stock outstanding, with each outstanding share entitled to one vote. Our major stockholders do not have different voting rights. 52 Table of Contents Beneficial ownership is determined in accordance with the rules of the SEC based on voting and investment power with respect to such shares of common stock.
We have one class of common stock outstanding, with each outstanding share entitled to one vote. Our major stockholders do not have different voting rights. Beneficial ownership is determined in accordance with the rules of the SEC based on voting and investment power with respect to such shares of common stock.
All shares beneficially owned are shares of common stock. 53 Table of Contents Subject to the discussion of the IRA below, our major stockholders generally have the same voting rights as our other stockholders. To our knowledge, no corporation or foreign government or other natural or legal person(s) owns more than 50% of our outstanding stock.
All shares beneficially owned are shares of common stock. Subject to the discussion of the IRA below, our major stockholders generally have the same voting rights as our other stockholders. To our knowledge, no corporation or foreign government or other natural or legal person(s) owns more than 50% of our outstanding stock.
The provisions that remain in effect are, in each case, described below. Non-Coercive Offers On October 20, 2018 (the “Fall Away Date”), BW Group held less than 35% of DHT’s issued and outstanding common stock.
The provisions that remain in effect are, in each case, described below. 54 Table of Contents Non-Coercive Offers On October 20, 2018 (the “Fall Away Date”), BW Group held less than 35% of DHT’s issued and outstanding common stock.
Further, we have issued certain guarantees for certain of our subsidiaries. This mainly relates to our secured credit facilities, all of which are entered into by special-purpose wholly owned vessel-owning subsidiaries as borrowers and guaranteed by DHT Holdings, Inc. A summary of these secured credit facilities can be found under “Item 5.
B. RELATED PARTY TRANSACTIONS We have issued certain guarantees for certain of our subsidiaries. This mainly relates to our secured credit facilities, all of which are entered into by special-purpose wholly owned vessel-owning subsidiaries as borrowers and guaranteed by DHT Holdings, Inc. A summary of these secured credit facilities can be found under “Item 5.
On November 19, 2019, BW Group sold 14,680,880 shares of common stock at a public offering price of $6.90 per share (the “BW Group Offering”), after which BW Group held 23.3% of the total voting power of DHT capital stock and owned 72% of the aggregate number of shares that BW Group received as consideration under the VAA.
On November 19, 2019, BW Group sold 14,680,880 shares of common stock at a public offering price of $6.90 per share (the “BW Group Offering”), after which BW Group held 23.3% of the total voting power of DHT capital stock and owned 72% of the aggregate number of shares that BW Group received as consideration under the Vessel Acquisition Agreement, dated March 23, 2017 (the “VAA”).
For purposes of the reporting requirements of the Exchange Act, FMR LLC was deemed to be a beneficial owner of such shares as of February 9, 2024.
For purposes of the reporting requirements of the Exchange Act, FMR LLC was deemed to be a beneficial owner of such shares as of September 30, 2024.
All shares beneficially owned are shares of common stock. 4 Based on a Schedule 13G/A filed with the SEC on February 9, 2024, by Dimensional Fund Advisors LP (“Dimensional”), which, as investment manager, possesses the power to direct investments or power to vote shares owned by various investment companies, commingled group trusts and separate accounts.
All shares beneficially owned are shares of common stock. 5 Based on a Schedule 13G/A filed with the SEC on January 23, 2025, by Dimensional Fund Advisors LP (“Dimensional”), which, as investment manager, possesses the power to direct investments or power to vote shares owned by various investment companies, commingled group trusts and separate accounts.
However, one of the U.S. shareholders of record is CEDE & CO., a nominee of The Depository Trust Company, which held 142,948,880 of our common shares as of March 15, 2024. Accordingly, we believe that the shares held by CEDE & CO. include common shares beneficially owned by both holders in the U.S. and non-U.S. beneficial owners.
However, one of the U.S. shareholders of record is CEDE & CO., a nominee of The Depository Trust Company, which held 160,487,897 of our common shares as of March 15, 2025. Accordingly, we believe that the shares held by CEDE & CO. include common shares beneficially owned by both holders in the U.S. and non-U.S. beneficial owners.
Minority Investor Protections Effective as of the Fall Away Date in accordance with the IRA, BW Group no longer has the approval rights previously provided for in the IRA with regard to any merger or other transaction resulting in a change of control of DHT, or a sale of all or substantially all of DHT’s assets or stock, if the per-share value of the consideration in such transaction received by the holders of common stock is less than the per-share value implied by the sale and purchase of the vessels under the VAA (i.e., $5.37 per share, subject to an annual uptick of 10%).
Minority Investor Protections Effective as of the Fall Away Date in accordance with the IRA, BW Group no longer has the approval rights previously provided for in the IRA with regard to any merger or other transaction resulting in a change of control of DHT, or a sale of all or substantially all of DHT’s assets or stock, if the per-share value of the consideration in such transaction received by the holders of common stock is less than the per-share value implied by the sale and purchase of the vessels under the VAA (i.e., $5.37 per share, subject to an annual uptick of 10%). 55 Table of Contents The above summary of the IRA does not purport to be complete and is qualified in its entirety by the IRA, a copy of which is incorporated by reference to this report.
Operating and Financial Review and Prospects—Liquidity and Sources of Capital.” C. INTEREST OF EXPERTS AND COUNSEL Not applicable. 55 Table of Contents
Operating and Financial Review and Prospects—Liquidity and Capital Resources.” C. INTEREST OF EXPERTS AND COUNSEL Not applicable.
We are not aware of any arrangements, the operation of which may at a subsequent date result in a change of control. As of March 15, 2024, we had 21 shareholders of record, 19 of which were located in the U.S. and held an aggregate of 142,965,537 of our common shares, representing 88.62% of our outstanding common shares.
We are not aware of any arrangements, the operation of which may at a subsequent date result in a change of control. As of March 15, 2025, we had 23 shareholders of record, 17 of which were located in the U.S. and held an aggregate of 160,506,950 of our common shares, representing 99.97% of our outstanding common shares.
For purposes of the reporting requirements of the Exchange Act, Dimensional was deemed to be a beneficial owner of such shares as of February 9, 2024. As of February 9, 2024, Dimensional possessed the sole power to vote or direct the vote of 13,185,426 shares and the sole power to dispose or to direct the disposition of 13,361,401 shares.
For purposes of the reporting requirements of the Exchange Act, Dimensional was deemed to be a beneficial owner of such shares as of January 23, 2025. As of January 23, 2025, Dimensional possessed the sole power to vote or direct the vote of 11,513,966 shares and the sole power to dispose or to direct the disposition of 11,681,341 shares.
For purposes of the reporting requirements of the Exchange Act, BW Group Limited was deemed to be a beneficial owner of such shares as of March 31, 2020. On June 1, 2020, 47,130 common shares were issued to BW Group as part of the 2016 Incentive Compensation Plan.
For purposes of the reporting requirements of the Exchange Act, BW Group Limited was deemed to be a beneficial owner of such shares as of May 3, 2024. As of March 15 2024, BW Group held 16.0% of shares of common stock.
Pyne 178,812 * Jeremy Kramer 71,332 * Sophie Rossini 75,826 * Executive Officers Svein Moxnes Harfjeld 1,047,621 * Laila Cecilie Halvorsen 185,309 * Directors and executive officers as a group (8 persons) 1,853,322 1.1 % *Less than 1% 1 Calculated based on Rule 13d-3(d)(1) under the Securities Exchange Act of 1934 (the “Exchange Act”), using 161,329,352 shares of common stock issued and outstanding as of March 15, 2024. 2 Based on Schedule 13D/A filed with the SEC on March 31, 2020, by BW Group Limited, the BW Group possesses the sole voting power over 25,704,652 shares.
Pyne 205,839 * Jeremy Kramer 71,332 * Sophie Rossini 53,731 * Ana Zambelli - * Executive Officers Svein Moxnes Harfjeld 1,359,473 * Laila Cecilie Halvorsen 182,996 * Directors and executive officers as a group (8 persons) 2,201,847 1.4 % *Less than 1% 1 Calculated based on Rule 13d-3(d)(1) under the Exchange Act, using 160,557,978 shares of common stock issued and outstanding as of March 15, 2025. 2 Based on a Schedule 13G/A filed with the SEC on November 12, 2024, by FMR LLC, which, as investment manager, possesses the power to direct investments or power to vote shares owned by various investment companies, commingled group trusts and separate accounts.
Number of Shares of Common Stock Percentage of Shares of Common Stock 1 Owners of more than 5% of a class of our equity securities BW Group 2 25,784,227 16.0 % FMR LLC 3 18,178,072 11.3 % Dimensional Fund Advisors LP 4 13,361,401 8.3 % Directors Erik A. Lind 154,455 * Einar Michael Steimler 139,967 * Joseph H.
Number of Shares of Common Stock Percentage of Shares of Common Stock 1 Owners of more than 5% of a class of our equity securities FMR LLC 2 24,193,013 15.1 % BW Group 3 20,457,995 12.7 % Scorpio Tankers 4 11,910,730 7.4 % Dimensional Fund Advisors LP 5 11,513,966 7.2 % Directors Erik A.
As of February 9, 2024, FMR LLC possessed the sole power to vote or direct the vote of 18,174,883 shares and the sole power to dispose or to direct the disposition of 18,178,072 shares.
As of September 30, 2024, FMR LLC possessed the sole power to vote or direct the vote of 24,188,658 shares and the sole power to dispose or to direct the disposition of 24,193,013 shares. As of March 16, 2023, FMR LLC held 15.0% of shares of common stock.
All shares beneficially owned are shares of common stock. 3 Based on a Schedule 13G/A filed with the SEC on February 9, 2024, by FMR LLC, which, as investment manager, possesses the power to direct investments or power to vote shares owned by various investment companies, commingled group trusts and separate accounts.
All shares beneficially owned are shares of common stock. 53 Table of Contents 3 Based on Schedule 13D/A filed with the SEC on May 7, 2024, by BW Group Limited, the BW Group possesses the sole voting power over 20,457,995 shares, a decrease compared to 23,969,469 shares as of April 23, 2024 based on the Schedule 13D/A filed with the SEC on April 25, 2024.
Removed
On June 18, 2020, 32,445 common shares were issued to BW Group as part of 2019 Incentive Compensation Plan.
Added
Lind 181,482 * Einar Michael Steimler 146,994 * Joseph H.
Removed
The above summary of the IRA does not purport to be complete and is qualified in its entirety by the IRA, a copy of which is incorporated by reference to this report. B. RELATED PARTY TRANSACTIONS As per December 31, 2021, DHT Holdings, Inc. owned 50% of Goodwood.
Added
The percentage of shares of common stock held by FMR LLC decreased to 11.3% as of March 15, 2024, and then increased to 15.1% as of March 15, 2025.
Removed
Effective May 31, 2022, DHT acquired an additional 3% of Goodwood, resulting in a total ownership of 53%, which was treated as a subsidiary and consolidated in the Company’s financial statements. During the first five months of 2022, total technical management fees paid to Goodwood were $1.5 million. In 2021, total technical management fees paid to Goodwood were $3.5 million.
Added
The percentage of shares of common stock held by BW Group decreased to 12.7% as of March 15, 2025.
Added
All shares beneficially owned are shares of common stock. 4 Based on Schedule 13D filed with the SEC on January 29, 2025, by Scorpio Tankers Inc., Scorpio Holdings Limited (“Scorpio Holdings”), Scorpio Services Holding Limited, a wholly-owned subsidiary of Scorpio Holdings, and Annalisa Lolli-Ghetti, the majority shareholder of Scorpio Holdings, Scorpio possesses the sole voting power over 11,910,730 shares.
Added
For purposes of the reporting requirements of the Exchange Act, Scorpio was deemed to be a beneficial owner of such shares as of January 29, 2025.
Added
Minority Representation on Board of Directors and Committees The IRA provides that nominees to the DHT board of directors will be composed of four individuals selected by DHT’s nominating and corporate governance committee plus up to two individuals that BW Group has the right to nominate as a minority shareholder.

Other DHT 10-K year-over-year comparisons