DHT Holdings, Inc
(NYSE:DHT)

DHT Holdings, Inc., through its subsidiaries, owns and operates crude oil tankers primarily in Monaco, Singapore, Oslo, and Norway. As of March 17, 2021, it had a fleet of 28 very large crude carriers with a capacity of 8,660,835 deadweight tons. The company was founded in 2005 and is headquartered ...

Website: http://www.dhtankers.com

Founded: 2005

Full Time Employees: 17

Sector: Energy

Industry: Oil & Gas Midstream

Energy

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Unit: USD	2025-09-30	2025-08-06	2025-05-07	2025-02-05	2024-12-31	2024-09-30	2024-08-12	2024-05-15	2024-02-07	2023-12-31	2023-09-30	2023-08-08	2023-05-04	2023-02-08	2022-12-31	2022-09-30	2022-08-10	2022-05-10	2022-02-08	2021-12-31	2021-09-30	2021-08-06	2021-05-04	2021-02-09	2020-12-31	2020-09-30	2020-08-10	2020-05-05	2020-02-06	2019-12-31	2019-09-30	2019-08-05	2019-05-08	2019-02-06	2018-12-31	2018-09-30	2018-08-07	2018-05-08	2018-02-07	2017-12-31	2017-11-14	2017-05-10	2017-02-02	2016-12-31	2016-11-02	2016-08-10	2016-05-04	2016-02-04	2015-12-31	2015-11-04	2015-07-29	2015-04-28	2015-01-29	2014-12-31	2014-11-24	2014-11-11	2014-08-27	2014-04-29	2014-01-22	2013-12-31	2013-10-31	2013-08-06	2013-04-29	2013-01-29	2012-12-31	2012-10-23	2012-07-23	2012-05-02	2012-01-24	2011-12-31	2011-11-03	2011-07-14	2011-04-18	2011-01-31	2011-01-14	2010-12-31	2010-10-27	2010-08-26	2010-05-19	2010-02-16	2009-12-31	2009-11-24	2009-09-02	2009-05-19	2008-12-31	2008-11-18	2008-09-02	2008-05-14	2008-02-20	2008-02-07	2007-12-14	2007-11-20	2007-10-26	2007-08-29	2007-03-31	2007-02-28	2007-01-31	2006-12-31	2006-12-08	2006-08-31	2006-05-31

note
shipping revenues	107,151,000	127,950,000	118,165,000	130,768,000		141,125,000	150,066,000	145,876,000	142,292,000		130,322,000	151,993,000	131,468,000	166,522,000		108,227,000	99,233,000	76,400,000	83,835,000		59,095,000	65,940,000	86,983,000	90,992,000		142,196,000	245,942,000	211,908,000	191,835,000		104,740,000	106,188,000	132,305,000	138,620,000		90,177,000	67,233,000	79,911,000	92,244,000		84,374,000	92,100,000	84,891,000		64,826,000	98,738,000	107,555,000	94,647,000		91,962,000	82,870,000	95,635,000	72,853,000		34,067,000	34,067,000	19,368,000	24,500,000	30,943,000		17,327,000	19,498,000	19,243,000											89,681,000	22,879,000		23,304,000	21,080,000		23,882,000		22,678,000	26,205,000	29,810,000		31,007,000	27,835,000	24,889,000		20,303,000	61,125,000	20,149,000	40,976,000	20,745,000	20,231,000	21,933,000			21,299,000	19,363,000	24,198,000
other revenues	197,000	366,000	409,000	623,000		982,000	1,171,000	1,162,000	1,084,000		1,243,000	1,054,000	1,100,000	1,373,000		1,711,000	681,000
total revenues	107,348,000	128,316,000	118,574,000	131,391,000		142,107,000	151,236,000	147,038,000	143,376,000		131,565,000	153,047,000	132,568,000	167,894,000		109,938,000	99,913,000
yoy		-9.70%	-21.60%	-10.64%			14.95%	-3.93%	8.15%			39.21%	32.68%
qoq	-16.34%	8.22%	-9.75%			-6.04%	2.86%	2.55%			-14.04%	15.45%	-21.04%			10.03%
other income	970,000																		4,612,000
gain on sale of vessels	15,688,000
operating expenses
voyage expenses		-35,131,000	-38,828,000	-45,233,000			-46,370,000	-39,537,000	-47,771,000		-41,235,000	-39,092,000	-37,569,000	-49,781,000			-45,180,000	-37,659,000	-34,567,000		-21,443,000	-20,689,000	-15,705,000	-13,268,000		-24,691,000	-43,220,000	-59,385,000	-50,140,000		-45,847,000	-45,021,000	-46,492,000	-53,389,000		-41,983,000	-32,798,000	-33,721,000	-35,619,000		-29,594,000	-21,387,000	-17,928,000		-14,532,000	-15,583,000	-17,306,000			-17,224,000	-14,787,000	-22,175,000	-25,570,000		-12,253,000	-12,253,000		-6,638,000			-6,149,000	-9,225,000	-6,878,000	-3,000		-6,594,000	-545,000
vessel operating expenses		-19,605,000	-17,828,000	-19,980,000			-20,393,000	-19,172,000	-18,718,000		-18,608,000	-19,687,000	-18,417,000	-19,936,000			-18,031,000	-18,263,000	-19,927,000		-19,240,000	-19,585,000	-19,055,000	-22,144,000		-20,496,000	-19,721,000	-19,827,000	-21,874,000		-19,385,000	-19,147,000	-17,920,000	-21,219,000		-19,600,000	-17,744,000	-17,238,000	-21,478,000		-19,544,000	-13,873,000	-15,988,000		-16,500,000	-15,079,000	-14,288,000			-15,386,000	-14,038,000	-15,020,000	-14,712,000		-10,414,000	-10,414,000		-7,541,000			-5,765,000	-7,158,000	-5,373,000	-4,000		-6,258,000
depreciation and amortization		-26,139,000	-27,270,000	-27,621,000			-27,878,000	-28,250,000	-28,475,000		-28,326,000	-26,376,000	-25,726,000	-27,692,000			-32,318,000	-33,047,000	-32,750,000		-31,734,000	-32,160,000	-31,995,000	-32,028,000		-31,117,000	-30,774,000	-30,326,000	-30,663,000		-29,656,000	-27,713,000	-27,552,000	-28,251,000		-26,682,000	-24,869,000	-23,674,000	-26,417,000		-26,468,000	-20,933,000	-21,067,000		-21,723,000	-20,782,000	-20,767,000			-19,578,000	-19,381,000	-19,640,000	-19,078,000		-10,716,000	-10,716,000		-7,000,000			-6,430,000	-6,322,000	-7,003,000	-7,000		-10,574,000	-6,000		-7,293,000		-8,445,000			28,392,000	7,152,000		7,152,000	7,080,000		6,952,000		6,757,000	6,587,000	6,465,000		6,609,000	6,537,000	6,193,000		4,620,000	12,651,000	4,263,000	8,388,000	4,217,000	4,171,000	4,264,000			4,263,000	4,216,000	4,172,000
general and administrative expenses		-4,587,000	-5,548,000	-5,589,000			-4,521,000	-4,664,000	-3,993,000		-4,303,000	-4,515,000	-4,637,000	-2,764,000			-4,181,000																																																										1,578,000		2,094,000	2,370,000
total operating expenses		-85,463,000	-89,474,000	-70,515,000			-99,162,000	-91,622,000	-98,957,000		-92,472,000	-89,669,000	-86,348,000	-100,173,000			-87,026,000	-95,047,000	-89,165,000		-75,281,000	-63,508,000	-72,310,000	-79,553,000		-85,307,000	-98,754,000	-113,833,000	-106,200,000		-98,408,000	-95,907,000	-95,684,000	-105,406,000		-95,210,000	-79,386,000	-79,642,000	-89,491,000		-79,460,000	-70,016,000	-59,293,000		-133,630,000	-55,643,000	-66,931,000			-56,757,000	-52,744,000	-64,271,000	-34,427,000		-38,952,000	-38,952,000		-23,911,000			-20,553,000	-24,890,000	-22,024,000	-22,000		-113,786,000	-18,000		-19,502,000		-77,476,000			66,482,000	16,081,000		16,049,000	18,336,000		16,172,000		14,805,000	15,742,000	14,664,000		13,705,000	12,284,000	11,907,000		10,623,000		10,040,000		10,058,000	9,753,000	9,633,000			9,616,000	9,472,000
operating income	47,422,000	60,312,000	48,895,000	60,876,000		42,270,000	52,074,000	55,416,000	44,419,000		39,093,000	63,378,000	46,220,000	67,721,000		12,242,000	12,887,000	-18,647,000	-718,000		-16,186,000	2,432,000	14,673,000	11,440,000		56,889,000	147,188,000	98,075,000	85,635,000		6,331,000	10,281,000	36,620,000	33,214,000		-5,033,000		270,000	2,753,000		4,914,000	22,084,000	25,598,000		-68,804,000	43,095,000	40,624,000	38,648,000		35,204,000	30,126,000	31,365,000	38,426,000		-4,885,000	-4,885,000		590,000	12,405,000		-3,226,000	-5,392,000	-2,781,000	-5,000		-95,764,000	4,000	8,033,000	5,809,000		-50,837,000	6,128,000	5,346,000
yoy		42.68%	-6.10%	9.85%			33.21%	-12.56%	-3.90%			417.71%	258.66%	-463.17%			-179.62%	-866.74%	-104.89%			-95.73%	-90.03%	-88.34%			2224.88%	853.94%	133.85%			-304.27%		12201.48%				-98.78%	-89.25%		-107.14%	-48.76%	-36.99%			22.42%	34.85%	23.22%			-716.70%	-742.07%			-139.38%			-110.94%	-546.06%			-94.37%	-69625.00%	-100.06%			-100.01%	31.09%	8.66%
qoq	-21.37%	23.35%	-19.68%			-18.83%	-6.03%	24.76%			-38.32%	37.12%	-31.75%			-5.01%	-169.11%	2497.08%			-765.54%	-83.43%	28.26%			-61.35%	50.08%	14.53%			-38.42%	-71.93%	10.25%					-90.19%			-77.75%	-13.73%			-259.66%	6.08%	5.11%			16.86%	-3.95%	-18.38%			0.00%			-95.24%			-40.17%	93.89%	55520.00%			-2394200.00%	-99.95%	38.29%			-929.59%	14.63%
operating margin %	44.18%	47.00%	41.24%	46.33%	NaN%	29.75%	34.43%	37.69%	30.98%	NaN%	29.71%	41.41%	34.87%	40.34%	NaN%	11.14%	12.90%	-Infinity%	-Infinity%	NaN%	-Infinity%	Infinity%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	Infinity%	Infinity%	NaN%	-Infinity%	NaN%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	Infinity%	NaN%	-Infinity%	Infinity%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	Infinity%	Infinity%	NaN%	-Infinity%	-Infinity%	NaN%	Infinity%	Infinity%	NaN%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	NaN%	-Infinity%	Infinity%	Infinity%	Infinity%	NaN%	-Infinity%	Infinity%	Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%
interest income	936,000	820,000	793,000	857,000		1,035,000	935,000	1,091,000	908,000		1,213,000	1,966,000	398,000	886,000		80,000	110,000	1,000	1,000		4,000		1,000	12,000		3,000	98,000	99,000	357,000		113,000	444,000	163,000	120,000		73,000	80,000	71,000	41,000		28,000	35,000	18,000		14,000	14,000	20,000	31,000		30,000	37,000	42,000	67,000		61,000	61,000	251,000	29,000	65,000		15,000	35,000	67,000	83,000		124,000	57,000	9,000	10,000		17,000	21,000	43,000	131,000	30,000		50,000	32,000		28,000		54,000	122,000	94,000		691,000	434,000	148,000		224,000	737,000	291,000	446,000	226,000	220,000	227,000			217,000	267,000	196,000
interest expense		-4,186,000	-5,106,000	-6,384,000			-7,921,000	-8,775,000	-9,194,000		-8,789,000	-7,492,000	-7,586,000	-6,462,000			-6,633,000	-6,164,000	-6,297,000		-6,348,000	-7,049,000	-6,033,000	-6,296,000		-8,863,000	-11,022,000	-12,226,000	-13,016,000		-13,807,000	-13,961,000	-14,548,000	-14,784,000		-13,300,000	-15,883,000	-10,244,000	-10,664,000		-10,586,000	-8,956,000	-9,169,000		-8,483,000	-8,319,000	-9,098,000			-7,983,000	-9,126,000	-8,507,000	-9,346,000		-2,278,000	-2,278,000		-1,201,000			-959,000	-2,017,000	-844,000	-1,000		-1,773,000	-1,000		-1,995,000		-1,979,000			-13,478,000	-1,904,000		-3,821,000	-3,821,000		-4,011,000		-4,281,000		7,541,000
fair value gain on derivative financial liabilities												-70,000	-433,000	56,000		2,788,000	4,284,000	7,855,000	4,456,000		2,316,000	2,247,000	3,430,000	2,403,000		2,611,000	-444,000
other financial income		-885,000	-447,000	-445,000			-470,000	-454,000	-599,000		-413,000	-606,000	-366,000	-272,000			-1,529,000	-556,000	-502,000		-1,015,000	2,805,000	-644,000	-81,000		-181,000	-147,000
profit before tax	44,898,000	56,061,000	44,135,000	54,905,000		35,268,000	44,618,000	47,278,000	35,534,000		31,104,000	57,175,000	38,232,000	61,929,000		7,703,000	10,098,000	-17,163,000	-2,765,000		-20,935,000	781,000	11,771,000	7,822,000		50,799,000	135,976,000	72,584,000	75,882,000		-9,376,000	-10,453,000	17,758,000	11,967,000		-21,435,000		-9,195,000	-7,516,000		-5,012,000	14,386,000	17,877,000		-75,651,000	35,597,000	31,532,000	32,442,000		27,483,000	22,193,000	23,312,000	28,591,000		-7,014,000	-7,014,000		-478,000	11,626,000		-4,154,000	-7,659,000	-3,732,000	-6,000		-96,674,000	2,000	6,251,000	4,303,000		-52,732,000	4,300,000	4,038,000	6,410,000
income tax expense		-29,000	-84,000	-194,000			-129,000	-206,000	-226,000		-137,000	-94,000	-191,000	-111,000			-141,000	-90,000	-129,000		-97,000	26,000	-160,000	-196,000		-127,000	-152,000	-426,000	-20,000		-15,000	-61,000	-36,000	16,000		-40,000	-40,000	-18,000	2,000		-55,000	-40,000	-48,000		-46,000		-1,000			-18,000	-7,000	-88,000	-115,000		-40,000	-40,000	70,000				50,000	-88,000		-38,000		-49,000	-74,000		-109,000		-22,000			33,000
profit after tax	44,805,000	56,032,000	44,051,000	54,711,000		35,189,000	44,489,000	47,072,000	35,308,000		30,967,000	57,081,000	38,041,000	61,819,000		7,457,000	9,956,000	-17,252,000
attributable to owners of non-controlling interest	2,000	-67,000	-71,000	-224,000			143,000	181,000	-53,000		208,000	25,000	-136,000	-206,000		425,000	236,000	4,000	5,000		3,000	5,000	1,000	8,000		3,000	5,000
attributable to the owners of parent	44,803,000	56,099,000	44,122,000	54,935,000		35,206,000	44,346,000	46,890,000	35,361,000		30,759,000	57,056,000	38,177,000	62,025,000		7,031,000	9,720,000	-17,256,000	-2,900,000		-21,035,000	803,000	11,611,000	7,619,000		50,669,000	135,819,000	72,159,000	75,856,000		-9,387,000	-10,513,000	17,723,000	11,983,000		-21,475,000	-28,222,000	-9,213,000	-7,514,000		-5,067,000	14,346,000	17,830,000		-75,697,000	35,597,000	31,531,000	32,428,000		27,464,000	22,186,000	23,224,000	28,475,000		-7,054,000	-7,054,000		-478,000	11,458,000		-4,104,000	-7,747,000	-3,732,000	-6,000		-96,723,000	2,000	6,251,000	4,193,000		-52,754,000	4,274,000	4,014,000	6,377,000
basic earnings per share	0.28	0.35	0.27	0.34		0.22	0.27	0.29	0.22		0.19	0.35	0.23	0.38		0.04	0.06	-0.1
diluted earnings per share	0.28	0.35	0.27	0.34		0.22	0.27	0.29	0.22		0.19	0.35	0.23	0.38		0.04	0.06	-0.1
weighted-average number of shares	160,799,407	160,661,512	160,495,965	161,272,556	161,354,507	161,464,487	161,369,447	161,311,231	160,999,542	162,178,499	161,735,939	163,037,628	162,967,375	162,653,339	164,692,954	162,867,756	166,767,540	166,546,014	166,596,396	169,089,325	167,610,608	170,930,454	171,287,646	170,798,328	155,712,886	157,771,616	147,152,294	146,940,908	146,669,533	143,437,164	142,418,941	142,138,112	142,487,300	143,499,880	143,429,610	143,592,543	143,574,741	143,044,483	142,357,205	124,536,338	142,347,298	94,134,052	93,374,162	93,382,757	93,366,062	93,366,062	93,425,018	92,859,613	92,793,154	92,850,581	92,850,581	92,608,451	92,510,086	73,147,668	73,195,704	73,195,704	69,418,410	57,076,565	23,695,897	17,541,310	15,520,230	15,460,067	15,420,315	15		15,414,438	140	64,459,147	64,450,762	62,748,233	64,450,762	64,395,031	57,544,595	48,776,270	48,921,961	48,776,270	48,762,255	48,731,228				48,675,897	48,472,202																	30,006,250
gain on sale of vessel		17,459,000	19,795,000
reversal of previous impairment charges				27,909,000
gain sale of vessels
share of profit from associated companies																	978,000	349,000	295,000		293,000	346,000	344,000	344,000		340,000	303,000	206,000	267,000		158,000	162,000	265,000	217,000		189,000	194,000	258,000	172,000		235,000	187,000	169,000		174,000	186,000	121,000	162,000		107,000	116,000	82,000	76,000		10,000	10,000
gain /( loss), sale of vessels																6,829,000	12,683,000
general and administrative expense																		-6,078,000	-1,920,000		-4,420,000	-4,671,000	-5,555,000	-4,472,000		-4,084,000	-5,039,000	-4,296,000	-3,523,000		-3,520,000	-4,026,000	-3,720,000	-2,669,000		-3,445,000	-3,975,000	-4,963,000	-1,667,000		-3,853,000	-6,280,000	-4,309,000		-4,274,000	-4,337,000	-6,470,000			-4,569,000	-4,538,000	-7,435,000	-6,968,000		-5,569,000	-5,569,000		-2,731,000			-2,209,000	-2,108,000	-2,179,000	-2,000		-2,251,000	-1,000		-2,131,000		-2,349,000
impairment charges																								-7,640,000		-4,920,000										-3,500,000
gain /( loss), sale of vessel
net income after tax																			-2,895,000		-21,032,000	808,000	11,611,000	7,627,000		50,672,000	135,824,000	72,158,000	75,862,000		-9,391,000	-10,513,000	17,723,000	11,983,000		-21,475,000		-9,213,000	-7,514,000		-5,067,000	14,346,000	17,830,000		-75,697,000	35,597,000	31,531,000	32,428,000		27,464,000	22,186,000	23,224,000	28,475,000		-7,054,000	-7,054,000		-478,000	11,458,000		-4,104,000	-7,747,000	-3,732,000	-6,000		-96,723,000	2,000	6,251,000	4,193,000		-52,754,000	4,274,000	4,014,000
basic net income per share																			-0.02		-0.13		0.07	0.04		0.32	0.92	0.49	0.52		-0.07	-0.07	0.12	0.08		-0.15		-0.06	-0.05		-0.04	0.15	0.19		-0.81	0.38	0.34	0.35		0.3	0.24	0.25	0.31		-0.1	-0.1		-0.01	0.48		-0.26	-0.5	-0.24	-41		-6.27	0.02	0.1	0.07		-0.82	7	0.07	0.13	0.14		0.07	-0.04		0.08		0.02	0.1	0.17		0.31	0.29	0.25		0.2	0.72	0.23	0.49	0.25	0.24	0.3			0.28	0.22	0.39
diluted net income per share																			-0.02		-0.13		0.07	0.04		0.31	0.81	0.44	0.47		-0.07	-0.07	0.12	0.08		-0.15		-0.06	-0.05		-0.04	0.15	0.18		-0.81	0.34	0.3	0.31		0.27	0.22	0.23	0.31		-0.1	-0.1		-0.01	0.48		-0.26	-0.5	-0.24	-41		-6.27	0.02	0.1	0.07		-0.82	7	0.07	0.13	0.14		0.07	-0.04		0.08		0.02	0.1	0.17		0.31	0.29	0.25		0.2	0.72	0.23	0.49	0.25	0.24	0.3			0.28	0.22	0.39
gain, sale of vessel																					1,556,000
profit /( loss), sale of vessel																						13,597,000												122,000				-46,000	-3,257,000			-55,000																					-591,000
fair value gain on derivative financial instruments																												-12,644,000	2,990,000		-1,510,000	-6,979,000	-4,364,000	-6,222,000		486,000		359,000	435,000		478,000	719,000	1,219,000		1,394,000	681,000	-58,000	2,151,000		48,000	1,225,000	179,000	507,000											1,000		642,000	590,000	301,000	448,000		327,000			268,000
other financial income/																												-925,000	-350,000		-661,000	-400,000	-378,000	-579,000		-3,850,000	-606,000	92,000	-253,000		-81,000	318,000	43,000		54,000	-60,000	-76,000			77,000	-185,000	151,000	-1,139,000		78,000	78,000		104,000	119,000		15,000	-284,000	-174,000	-41,000		98,000	44,000		30,000		-260,000
attributible to non-controlling interest																													5,000
profit, sale of vessel																																														138,000																-77,000
loss attributible to non controlling interest																															4,000
impairment charge																																							-1,053,000			-7,487,000			-76,600,000																			-8,000		-92,500,000					-56,000,000
operating income/																																					-12,153,000
fair value gain/(loss) on derivative financial instruments																																					187,000
profit/(loss) before tax																																					-28,182,000
net income/(loss) after tax																																					-28,222,000
basic net income/(loss) per share																																					-0.2
diluted net income/(loss) per share																																					-0.2
condensed consolidated statement of comprehensive income
profit/(loss) for the period																																					-28,222
other comprehensive income:
items that will not be reclassified to income statement:
remeasurement of defined benefit obligation																																							-166				-49										-204
total																																					11	44	-166		38	65	-49		22	-83		112			-27	-92	-204
items that may be reclassified to income statement:
exchange gain on translation of foreign currency denominated associate and subsidiary																																					11																-220
other comprehensive income																																					11	44	-114		38	65	36		22	-83		71		71	-27	-92	-424
total comprehensive income for the period																																					-28,212	-9,169	-7,627		-5,028	14,411	17,865		-75,675	35,514		32,499		27,536	22,158	23,132	28,051		-7,130	-7,130		-478	11,345		-4,104		-3,732	-6		-96,643	2	6,620	4,595		-52,331		4,480		7,811		5,580	1,003		6,300		3,489	9,584	9,528
profit for the period																																						-9,213	-7,514		-5,067	14,346	17,830		-75,697	35,597		32,428		27,464	22,186	23,224	28,475		-7,054	-7,054			11,458		-4,104			-6		-96,723	2	6,251	4,193		-52,754		4,014		7,035		3,578	-2,027		3,894		1,083	5,010	6,859
exchange gain on translation of foreign currency
denominated associate and subsidiary																																						44	53		38	65	84		22	-83		112		71	-27	-92
impairment charge vessel held for sale																																															-8,100,000
reversal of impairment charges																																																					31,900,000
denominated associate																																																							-76	-76
profit / ( loss) for the period																																																										-478					-3,732
charter hire expense																																																																		-2,202,000	-2,000		-2,463,000		-2,484,000
*to adjust for the 12-for-1 reverse stock split that became effective as of the close of trading on july 16, 2012.
reclassification adjustment from previous cash flow hedges																																																																206		80	186	369	402		423		466
gross revenues																																																																20,000		24,616,000	23,000	28,299,000	25,312,000		26,639,000	25,904,000	22,269,000
net revenues																																																																16,000		18,022,000
profit / loss, sale of vessel																																																																			-1,000
vessel expenses																																																																			-6,000		-7,616,000		-8,197,000			30,221,000	7,351,000		6,803,000	8,886,000		7,702,000		7,087,000	8,155,000	7,090,000		5,712,000	4,754,000	4,713,000		4,802,000	14,621,000	4,751,000	9,870,000	5,095,000	4,775,000	4,648,000			4,866,000	4,679,000	4,496,000
gain/loss, sale of vessel
general and administrative																																																																										7,869,000						1,518,000		961,000	1,000,000	1,109,000		1,384,000	993,000	1,001,000		1,201,000	2,574,000	1,026,000	1,553,000	746,000	807,000	721,000			487,000	577,000	604,000
fair value gain on derative financial instruments																																																																									250,000
income from vessel operations																																																																										23,199,000	6,798,000		7,255,000	2,744,000		7,710,000		7,873,000	10,463,000	15,146,000		17,302,000	15,551,000	12,982,000		9,680,000	31,278,000	10,108,000	21,165,000	10,686,000	10,478,000	12,300,000			11,683,000	9,891,000	14,926,000
other financial expense																																																																										-3,710,000
net income / profit for the year																																																																										6,377,000
fair value gain on derivative instruments																																																																											2,144,000		94,000	-982,000		167,000		-2,563,000	1,842,000
taxation																																																																											-33,000
net income for the period																																																																											7,035,000		3,578,000
cash flow hedges																																																																											776		2,002	3,030		2,406		2,406	4,574	2,669
net income / profit for the period																																																																														-2,027,000
net income/profit for the period
other financial
net income																																																																																3,894,000		1,083,000	5,010,000	6,859,000		12,315,000	10,340,000	7,625,000		5,943,000	21,520,000	6,892,000	14,624,000	7,418,000	7,206,000	9,033,000			8,401,000	6,662,000	11,654,000
yoy																																																																																-43.23%		-91.21%	-51.55%	-10.05%		107.22%	-51.95%	10.64%		-19.88%	198.64%	-23.70%			-14.22%	35.59%
qoq																																																																																		-78.38%	-26.96%			19.10%	35.61%			-72.38%	212.25%	-52.87%	97.14%	2.94%	-20.23%				26.10%	-42.84%
net income margin %	0%	0%	0%	0%	NaN%	0%	0%	0%	0%	NaN%	0%	0%	0%	0%	NaN%	0%	0%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	Infinity%	NaN%	Infinity%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	NaN%	NaN%	Infinity%	Infinity%	Infinity%
weighted average number of shares																																																																																48,675,897	46,321,404			39,254,558		39,238,807	35,577,095	30,030,811		30,030,811		30,026,431							30,006,250		30,006,250
condensed statement of comprehensive income
fair value gain on derivative financial instrument																																																																																				-840,000
interest expense and amortization of deferred debt issuance cost																																																																																						5,678,000	5,645,000	5,505,000		3,961,000		3,508,000		3,495,000	3,492,000	3,494,000			3,499,000	3,496,000	3,468,000
ship operating expenses:
total ship operating expenses																																																																																											29,846,000		19,811,000
interest expense and amortization of deferred debt issuance costs																																																																																											-10,495,000		-6,987,000
income before income taxes																																																																																											21,520,000		14,624,000
provision for income taxes
shares used in computing basic net income per share																																																																																											30,022,272		30,026,431
shares used in computing diluted net income per share																																																																																											30,037,357		30,044,038
weighted average shares																																																																																														30,026,431	30,013,954
weighted-average shares																																																																																																30,009,250
total vessel operating expenses																																																																																																					9,272,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-09-30	2025-08-06	2025-06-30	2025-05-07	2025-03-31	2025-02-05	2024-12-31	2024-09-30	2024-08-12	2024-06-30	2024-05-15	2024-03-31	2024-02-07	2023-12-31	2023-09-30	2023-08-08	2023-06-30	2023-05-04	2023-03-31	2023-02-08	2022-12-31	2022-09-30	2022-08-10	2022-06-30	2022-05-10	2022-03-31	2022-02-08	2021-12-31	2021-09-30	2021-08-06	2021-06-30	2021-05-04	2021-03-31	2021-02-09	2020-12-31	2020-09-30	2020-08-10	2020-06-30	2020-05-05	2020-03-31	2020-02-06	2019-12-31	2019-09-30	2019-08-05	2019-06-30	2019-05-08	2019-03-31	2019-02-06	2018-12-31	2018-09-30	2018-08-07	2018-06-30	2018-05-08	2018-03-31	2018-02-07	2017-12-31	2017-11-14	2017-11-05	2017-09-30	2017-05-10	2017-03-31	2017-02-02	2016-12-31	2016-11-02	2016-08-10	2016-06-30	2016-05-04	2016-03-31	2016-02-04	2015-12-31	2015-11-04	2015-09-30	2015-07-29	2015-06-30	2015-04-28	2015-03-31	2015-01-29	2014-12-31	2014-11-24	2014-11-11	2014-09-30	2014-09-08	2014-08-27	2014-06-30	2014-04-29	2014-03-31	2014-01-22	2013-12-31	2013-10-31	2013-08-06	2013-06-30	2013-04-29	2013-03-31	2013-01-29	2012-12-31	2012-10-23	2012-07-23	2012-06-30	2012-05-02	2012-01-29	2012-01-24	2011-12-31	2011-11-03	2011-07-14	2011-04-18	2011-03-31	2011-01-24	2011-01-14	2010-12-31	2010-10-27	2010-08-26	2010-05-19	2010-02-16	2010-01-31	2010-01-14	2009-12-31	2009-11-24	2009-09-02	2009-05-19	2009-03-31	2009-02-16	2008-12-31	2008-11-18	2008-06-30	2008-03-31	2008-02-20	2008-02-07	2007-12-14	2007-11-20	2007-10-26	2007-08-29	2007-06-30	2007-05-22	2007-03-31	2007-02-07	2006-12-31	2006-12-08	2006-08-31	2006-06-30	2006-03-31	2006-02-28	2005-12-31

assets
current assets
cash and cash equivalents	81,250,000	82,660,000	82,660,000	80,510,000	80,510,000	78,143,000	78,143,000	73,829,000	72,642,000	72,642,000	73,076,000	73,076,000	74,738,000	74,738,000	73,920,000	130,649,000	130,649,000	117,549,000	117,549,000	125,948,000	125,948,000	65,708,000	105,778,000	105,778,000	58,624,000	58,624,000	60,658,000	60,658,000	64,481,000	52,241,000	52,241,000	53,978,000	53,978,000	68,641,000	68,641,000	75,107,000	137,717,000	137,717,000	75,832,000	75,832,000	67,356,000	67,356,000	115,352,000	70,978,000	70,978,000	69,293,000	69,293,000	94,944,000	94,944,000	86,556,000	76,927,000	76,927,000	69,761,000	69,761,000	77,292,000	77,292,000	86,549,000		86,549,000	72,182,000	72,182,000	109,295	109,295,000	71,542,000	65,049,000	65,049,000	77,533,000	77,533,000	166,775,000	166,775,000	158,172,000	158,172,000	137,077,000	137,077,000	176,446,000	176,446,000	166,684,000	166,684,000	134,388,000	134,388,000	134,388,000	53,608,000	146,224,000	146,224,000	219,982,000	219,982,000	126,065,000	126,065,000	50,003,000	43,000	43,000	75,483,000	75,483,000	71,000	71,303,000	72,242,000	70,000	70,000	29,583,000	71,000	42,624,000	42,624,000	45,393,000	73,305,000	102,184,000	102,184,000	42,624,000	58,569,000	58,569,000	58,043,000	54,034,000	49,389,000	72,664,000	58,569,000	58,569,000	72,664,000	65,385,000	49,922,000	60,936,000	60,936,000	72,664,000	59,020,000	127,614,000	119,594,000	22,485,000	10,365,000	10,365,000	6,294,000	6,294,000	17,142,000	17,142,000	17,142,000	16,635,000	16,635,000	10,365,000	17,680,000	16,840,000	17,100,000	17,100,000	17,946,000	17,680,000	15,893,000
accounts receivable and accrued revenues	33,953,000	40,047,000	40,047,000	50,520,000	50,520,000	53,715,000	53,715,000	58,553,000	70,355,000	70,355,000	80,561,000	80,561,000	75,848,000	75,848,000	55,684,000	56,831,000	56,831,000	55,010,000	55,010,000	59,465,000	59,465,000	50,437,000	25,234,000	25,234,000	23,379,000	23,379,000	30,361,000	30,361,000	17,348,000	17,031,000	17,031,000	29,787,000	29,787,000	30,060,000	30,060,000	61,916,000	97,429,000	97,429,000	86,033,000	86,033,000	107,848,000	107,848,000	54,976,000	42,343,000	42,343,000	66,286,000	66,286,000	60,196,000	60,196,000	40,998,000	29,376,000	29,376,000	35,286,000	35,286,000	42,212,000	42,212,000	29,084,000		29,084,000	30,350,000	30,350,000	34,461	34,461,000	24,718,000	52,889,000	52,889,000	41,933,000	41,933,000	40,093,000	40,093,000	35,828,000	35,828,000	33,206,000	33,206,000	29,996,000	29,996,000	28,708,000	28,708,000	26,474,000	26,474,000	26,474,000
capitalized voyage expenses	1,462,000	1,568,000	1,568,000	2,645,000	2,645,000	2,450,000	2,450,000	2,848,000	6,051,000	6,051,000	4,679,000	4,679,000	2,549,000	2,549,000	2,817,000	2,192,000	2,192,000	3,487,000	3,487,000	2,799,000	2,799,000	3,723,000	2,485,000	2,485,000	1,764,000	1,764,000	1,395,000	1,395,000	911,000	431,000	431,000	560,000	560,000	1,039,000		1,132,000	1,680,000	1,680,000	4,078,000	4,078,000	4,151,000		2,493,000	2,734,000	2,734,000	4,090,000	4,090,000	1,633,000	1,633,000	1,414,000	2,571,000	2,571,000	1,291,000	1,291,000
prepaid expenses	6,426,000	4,326,000	4,326,000	5,327,000	5,327,000	7,200,000	7,200,000	12,999,000	9,894,000	9,894,000	7,650,000	7,650,000	13,557,000	13,557,000	9,023,000	10,287,000	10,287,000	9,440,000	9,440,000	10,550,000	10,550,000	10,506,000	12,091,000	12,091,000	10,625,000	10,625,000	6,162,000	6,162,000	6,437,000	6,775,000	6,775,000	7,064,000	7,064,000	6,685,000	6,685,000	3,920,000	4,941,000	4,941,000	4,579,000	4,579,000	4,846,000	4,846,000	3,376,000	3,664,000	3,664,000	10,466,000	10,466,000	4,338,000	4,338,000	7,838,000	5,518,000	5,518,000	5,505,000	5,505,000	3,197,000	3,197,000	3,821,000		3,821,000	4,878,000	4,878,000	3,627	3,627,000	3,491,000	4,117,000	4,117,000	5,192,000	5,192,000	2,540,000	2,540,000	2,686,000	2,686,000	2,263,000	2,263,000	1,328,000	1,328,000	972,000	972,000	2,465,000	2,465,000	2,465,000		1,574,000	1,574,000	1,302,000	1,302,000	230,000	230,000	68,000	225,000	225,000	229,000	229,000	485,000	485,000	517,000	1,000	1,000	1,832,000	485,000	1,783,000	1,783,000	2,182,000	7,585,000	3,602,000	3,602,000	1,783,000		2,713,000	205,000	764,000	827,000	1,329,000	2,713,000		3,287,000	387,000	587,000	1,076,000	1,076,000	1,329,000	382,000	499,000	565,000	698,000	318,000	452,000	455,000	455,000	436,000	436,000	436,000	631,000	631,000	452,000	331,000	117,000	193,000	193,000	223,000	331,000	281,000
inventories	23,498,000	30,679,000	30,679,000	33,033,000	33,033,000	37,688,000	37,688,000																																																																											1,859,000
asset held for sale		34,424,000	34,424,000			22,693,000	22,693,000																							28,035,000	28,035,000																								20,762,000	20,762,000				43,134,000	43,134,000	23,216	23,216,000	23,216,000			20,426,000	20,426,000																								22,310,000	22,310,000						7,514,000
total current assets	146,590,000	193,703,000	193,703,000	172,035,000	172,035,000	201,889,000	201,889,000	181,528,000	195,748,000	195,748,000	203,397,000	203,397,000	200,498,000	200,498,000	179,227,000	234,317,000	234,317,000	213,214,000	213,214,000	235,589,000	235,589,000	170,427,000	188,627,000	188,627,000	130,152,000	130,152,000	131,972,000	131,972,000	118,599,000	125,090,000	125,090,000	110,660,000	110,660,000	118,279,000	118,279,000	155,243,000	261,267,000	261,267,000	206,801,000	206,801,000	218,286,000	218,286,000	203,794,000	157,277,000	157,277,000	183,606,000	183,606,000	193,323,000	193,323,000	166,189,000	140,993,000	140,993,000	133,845,000	133,845,000	167,137,000	167,137,000	140,353,000		140,353,000	166,293,000	166,293,000	178,505	178,505,000	132,605,000	130,481,000	130,481,000	151,445,000	151,445,000	218,251,000	218,251,000	204,467,000	204,467,000	182,636,000	182,636,000	218,054,000	218,054,000	212,271,000	212,271,000	182,379,000	182,379,000	182,379,000	68,537,000	166,495,000	166,495,000	242,858,000	242,858,000	146,072,000	146,072,000	65,057,000	63,000	63,000	114,532,000	114,532,000	89,000	89,278,000	90,190,000	87,000	87,000	47,310,000	89,000	49,428,000	49,428,000	52,095,000	81,695,000	106,190,000	106,190,000	49,428,000	61,746,000	61,746,000	60,222,000	56,377,000	52,835,000	75,951,000	61,746,000	61,746,000	75,951,000	68,258,000	57,055,000	69,284,000	69,284,000	75,951,000	68,961,000	137,477,000	126,755,000	27,297,000	13,587,000	13,721,000	10,415,000	10,415,000	25,930,000	25,930,000	25,930,000		22,235,000	13,721,000	25,056,000	24,183,000	26,912,000	26,912,000	29,540,000	25,056,000
non-current assets
vessels	1,042,035,000	1,067,472,000	1,067,472,000	1,158,750,000	1,158,750,000	1,185,576,000	1,185,576,000	1,207,533,000	1,233,164,000	1,233,164,000	1,261,388,000	1,261,388,000	1,283,710,000	1,283,710,000	1,311,892,000	1,237,411,000	1,237,411,000	1,254,056,000	1,254,056,000	1,261,998,000	1,261,998,000	1,287,343,000	1,346,446,000	1,346,446,000																																																											401,261,000	401,261,000	357,052,000	357,052,000	263,142,000	263,142,000	269,583,000	275,000	275,000	280,954,000	280,954,000	310,000	310,023,000	325,519,000	428,000	428,000	440,720,000	310,000	454,542,000	454,542,000	459,981,000	522,891,000	461,100,000	461,100,000	454,542,000		412,744,000					412,744,000									468,996,000	475,605,000	482,143,000		398,005,000		309,925,000						398,005,000		326,840,000	331,103,000	331,103,000	335,339,000
vessels under construction	190,884,000	161,326,000	161,326,000	120,679,000	120,679,000		93,178,000
advances for vessel and vessel upgrades	11,924,000															11,369,000	11,369,000
other property, plant and equipment	5,256,000	6,549,000	6,549,000	5,218,000	5,218,000	4,589,000	4,589,000	5,263,000	5,527,000	5,527,000	5,986,000	5,986,000	6,649,000	6,649,000	4,985,000	5,399,000	5,399,000	4,317,000	4,317,000	4,949,000	4,949,000	4,869,000	5,508,000	5,508,000	3,663,000	3,663,000	3,766,000	3,766,000	4,019,000	4,324,000	4,324,000	4,506,000	4,506,000	4,772,000	4,772,000	4,630,000	4,670,000	4,670,000	3,395,000	3,395,000	3,065,000	3,065,000	2,988,000	1,644,000	1,644,000	1,732,000	1,732,000	335,000	335,000	376,000	421,000	421,000	459,000	459,000	464,000	464,000	655,000		655,000	690,000	690,000	661	661,000	591,000	683,000	683,000	732,000	732,000	579,000	579,000	640,000	640,000	757,000	757,000	517,000	517,000	463,000	463,000	492,000	492,000	492,000		233,000	233,000	262,000	262,000	291,000	291,000	328,000	361,000	361,000	403,000	403,000	458,000	458,000	469,000	479,000	479,000	538,000	458,000	533,000	533,000					533,000
goodwill	1,356,000	1,356,000	1,356,000	1,356,000	1,356,000	1,356,000	1,356,000	1,356,000	1,356,000	1,356,000	1,356,000	1,356,000	1,356,000	1,356,000	1,356,000	1,356,000	1,356,000	1,356,000	1,356,000	1,356,000	1,356,000	1,356,000	1,356,000	1,356,000
total non-current assets	1,251,456,000	1,236,702,000	1,236,702,000	1,286,003,000	1,286,003,000	1,284,698,000	1,284,698,000	1,293,022,000	1,292,294,000	1,292,294,000	1,268,933,000	1,268,933,000	1,291,725,000	1,291,725,000	1,318,247,000	1,255,534,000	1,255,534,000	1,264,322,000	1,264,322,000	1,272,885,000	1,272,885,000	1,295,669,000	1,353,639,000	1,353,639,000	1,448,259,000	1,448,259,000	1,477,391,000	1,477,391,000	1,499,125,000	1,528,195,000	1,528,195,000	1,620,146,000	1,620,146,000	1,503,710,000	1,503,710,000	1,530,635,000	1,562,720,000	1,562,720,000	1,583,359,000	1,583,359,000	1,608,932,000	1,608,932,000	1,624,680,000	1,635,486,000	1,635,486,000	1,644,722,000	1,644,722,000	1,670,533,000	1,670,533,000	1,651,891,000	1,622,700,000	1,622,700,000	1,559,252,000	1,559,252,000	1,563,360,000	1,563,360,000	1,642,743,000		1,642,743,000	1,226,645,000	1,226,645,000	1,225,232	1,225,232,000	1,244,749,000	1,264,275,000	1,264,275,000	1,271,929,000	1,271,929,000	1,205,553,000	1,205,553,000	1,158,839,000	1,158,839,000	1,177,058,000	1,177,058,000	1,165,974,000	1,165,974,000	1,165,825,000	1,165,825,000	1,151,407,000	1,151,407,000	1,151,407,000	545,409,000	534,247,000	534,247,000	471,567,000	471,567,000	300,527,000	300,527,000	269,912,000	275,000	275,000	281,357,000	281,357,000	310,000	310,481,000	325,987,000			488,573,000	310,000		455,129,000
total assets	1,398,045,000	1,430,405,000	1,430,405,000	1,458,038,000	1,458,038,000	1,486,587,000	1,486,587,000	1,474,550,000	1,488,042,000	1,488,042,000	1,472,330,000	1,472,330,000	1,492,223,000	1,492,223,000	1,497,474,000	1,489,851,000	1,489,851,000	1,477,536,000	1,477,536,000	1,508,474,000	1,508,474,000	1,466,096,000	1,542,266,000	1,542,266,000	1,578,411,000	1,578,411,000	1,609,362,000	1,609,362,000	1,617,724,000	1,653,285,000	1,653,285,000	1,730,807,000	1,730,807,000	1,621,989,000	1,621,989,000	1,685,877,000	1,823,988,000	1,823,988,000	1,790,160,000	1,790,160,000	1,827,218,000	1,827,218,000	1,828,473,000	1,792,763,000	1,792,763,000	1,828,328,000	1,828,328,000	1,863,856,000	1,863,856,000	1,818,081,000	1,763,693,000	1,763,693,000	1,693,096,000	1,693,096,000	1,730,497,000	1,730,497,000	1,783,096,000		1,783,096,000	1,392,939,000	1,392,939,000	1,403,737	1,403,737,000	1,377,354,000	1,394,755,000	1,394,755,000	1,423,374,000	1,423,374,000	1,423,805,000	1,423,805,000	1,363,306,000	1,363,306,000	1,359,694,000	1,359,694,000	1,384,028,000	1,384,028,000	1,378,095,000	1,378,095,000	1,333,786,000	1,333,786,000	1,333,786,000	613,946,000	700,742,000	700,742,000	714,424,000	714,424,000	446,599,000	446,599,000	334,968,000	338,000	338,000	395,889,000	395,889,000	399,000	399,759,000	416,178,000	516,000	516,000	488,573,000	399,000	504,557,000	504,557,000	512,752,000	605,330,000	575,211,000	575,211,000	504,557,000	480,855,000	480,855,000	481,363,000	484,548,000	487,969,000	517,971,000	480,855,000	480,855,000	517,971,000	512,318,000	507,872,000	525,205,000	525,205,000	517,971,000	532,496,000	607,668,000	603,603,000	510,864,000	422,208,000	422,208,000	339,931,000	339,930,000	341,446,000	341,446,000	341,446,000		342,008,000	422,208,000	349,040,000	352,470,000	359,502,000	359,502,000	366,406,000	349,040,000
liabilities and equity
current liabilities
accounts payable and accrued expenses	21,505,000	25,092,000	25,092,000	20,303,000	20,303,000	23,436,000	23,436,000	22,711,000	21,495,000	21,495,000	24,150,000	24,150,000	20,493,000	20,493,000	25,111,000	29,302,000	29,302,000	22,020,000	22,020,000	29,398,000	29,398,000	22,398,000	26,883,000	26,883,000	15,125,000	15,125,000	19,662,000	19,662,000	13,307,000	14,102,000	14,102,000	14,884,000	14,884,000	18,503,000	18,503,000	10,345,000	16,510,000	16,510,000	19,572,000	19,572,000	23,998,000	23,998,000	23,898,000	20,879,000	20,879,000	27,751,000	27,751,000	28,634,000	28,634,000	25,039,000	26,072,000	26,072,000	17,519,000	17,519,000	17,427,000	17,427,000	19,394,000		19,394,000	21,752,000	21,752,000	12,378	12,378,000	18,219,000	8,768,000	8,768,000	7,293,000	7,293,000	13,935,000	13,935,000	9,610,000	9,610,000	14,060,000	14,060,000	19,996,000	19,996,000	29,999,000	29,999,000	31,099,000	31,099,000	31,099,000		8,179,000	8,179,000	10,350,000	10,350,000	3,529,000	3,529,000	3,446,000	3,000	3,000	6,391,000	6,391,000	6,000	6,199,000	9,118,000	5,000	5,000	6,363,000	6,000	5,243,000	5,243,000	4,514,000	4,340,000	5,329,000	5,329,000	5,243,000	4,449,000	4,449,000	5,192,000	7,520,000	5,512,000	6,250,000	4,449,000	4,449,000	6,250,000	4,976,000	4,398,000	9,168,000	9,168,000	6,250,000	6,400,000	6,806,000	5,350,000	4,976,000	4,409,000	4,409,000	3,589,000	3,589,000	3,642,000	3,642,000	3,642,000	3,736,000	3,736,000	4,409,000	3,456,000	3,522,000	3,314,000	3,314,000	4,437,000	3,456,000	3,895,000
derivative financial liabilities	111,000																						19,000	19,000	2,549,000	2,549,000	7,002,000	7,002,000	8,439,000	8,526,000	8,526,000	8,576,000	8,576,000	9,073,000	9,073,000	9,137,000	9,238,000	9,238,000	8,419,000	8,419,000	4,320,000	4,320,000	4,810,000	4,150,000	4,150,000	2,326,000	2,326,000	1,250,000	1,250,000	33,000			187,000	187,000	545,000	545,000	981,000		981,000	1,646,000	1,646,000	2,257	2,257,000	2,707,000	3,224,000	3,224,000	3,295,000	3,295,000	3,058,000	3,058,000	3,748,000	3,748,000	3,403,000	3,403,000	3,596,000	3,596,000	3,518,000	3,518,000	6,436,000	6,436,000	6,436,000	9,815,000
current portion long-term debt	31,551,000	49,074,000	49,074,000	78,774,000	78,774,000	78,649,000	78,649,000	48,340,000	42,025,000	42,025,000	36,161,000	36,161,000	30,300,000	30,300,000	47,933,000	38,947,000	38,947,000	33,109,000	33,109,000	29,626,000	29,626,000	41,235,000	31,398,000	31,398,000	20,764,000	20,764,000	9,792,000	9,792,000	9,784,000	9,783,000	9,783,000	11,761,000	11,761,000	3,396,000	3,396,000	18,263,000	72,040,000	72,040,000	102,734,000	102,734,000	100,385,000		99,843,000	96,993,000	96,993,000	94,149,000	94,149,000	93,815,000	93,815,000	68,134,000						65,053,000																																													16,938,000			4,938,000			16,938,000
other current liabilities	925,000	1,150,000	1,150,000	1,350,000	1,350,000	1,389,000	1,389,000	1,509,000	1,437,000	1,437,000	1,412,000	1,412,000	1,418,000	1,418,000	1,317,000	1,401,000	1,401,000	1,022,000	1,022,000	1,178,000	1,178,000	1,207,000	1,390,000	1,390,000	626,000	626,000	624,000	624,000	699,000	713,000	713,000	707,000	707,000	721,000	721,000	655,000	615,000	615,000	558,000	558,000	605,000		565,000	276,000	276,000
deferred shipping revenues	6,710,000	7,963,000	7,963,000	7,501,000	7,501,000	6,139,000	6,139,000	2,711,000	3,247,000	3,247,000			4,394,000	4,394,000	4,394,000	5,510,000	5,510,000	5,092,000	5,092,000	4,172,000	4,172,000	3,056,000	3,300,000	3,300,000	6,140,000	6,140,000	4,865,000	4,865,000	4,046,000	4,474,000	4,474,000	2,698,000	2,698,000	16,236,000	16,236,000	18,303,000	10,381,000	10,381,000			930,000	930,000								2,000	1,354,000	1,354,000					829,000		829,000	1,044,000	1,044,000	2,154	2,154,000	2,154,000	3,537,000	3,537,000	5,079,000	5,079,000	3,575,000	3,575,000	3,190,000	3,190,000	3,959,000	3,959,000	4,649,000	4,649,000	2,428,000	2,428,000	4,095,000	4,095,000	4,095,000		1,231,000	1,231,000	2,772,000	2,772,000	2,271,000	2,271,000	1,436,000	1,000	1,000	1,178,000	1,178,000		155,000							8,357,000						8,088,000	8,088,000	7,930,000	7,898,000	7,643,000	7,898,000	8,088,000	8,088,000	7,898,000	7,875,000	7,855,000			7,898,000	7,855,000	7,843,000	7,833,000	7,580,000	7,006,000	7,006,000	6,180,000	6,180,000	6,169,000	6,169,000	6,169,000	5,970,000	5,970,000	7,006,000	6,169,000	6,126,000	6,126,000	6,126,000	5,762,000	6,169,000	6,126,000
total current liabilities	60,801,000	83,279,000	83,279,000	107,928,000	107,928,000	109,613,000	109,613,000	75,271,000	68,203,000	68,203,000	61,723,000	61,723,000	56,605,000	56,605,000	78,754,000	75,159,000	75,159,000	61,243,000	61,243,000	64,374,000	64,374,000	67,897,000	62,991,000	62,991,000	45,205,000	45,205,000	41,944,000	41,944,000	36,276,000	37,598,000	37,598,000	38,625,000	38,625,000	47,929,000	47,929,000	56,702,000	108,783,000	108,783,000	131,283,000	131,283,000	130,239,000	130,239,000	129,115,000	122,297,000	122,297,000	124,507,000	124,507,000	123,699,000	123,699,000	93,209,000	86,107,000	86,107,000	73,531,000	73,531,000	83,026,000	83,026,000	84,944,000		84,944,000	79,972,000	79,972,000	74,310	74,310,000	77,969,000	46,612,000	46,612,000	69,011,000	69,011,000	52,835,000	52,835,000	66,632,000	66,632,000	72,099,000	72,099,000	59,570,000	59,570,000	67,906,000	67,906,000	94,051,000	94,051,000	94,051,000	41,007,000	15,879,000	15,879,000	13,121,000	13,121,000	5,800,000	5,800,000	11,776,000	11,000	11,000	61,764,000	61,764,000	16,000	16,125,000	17,261,000	13,000	13,000	23,020,000	16,000	33,959,000	33,959,000	13,014,000	21,074,000	16,248,000	16,248,000	33,959,000	15,602,000	15,602,000	18,297,000	22,446,000	22,163,000	25,927,000	15,602,000	15,602,000	25,927,000	25,873,000	23,450,000	22,001,000	22,001,000	25,927,000	40,673,000	102,058,000	99,786,000	109,500,000	96,633,000	21,633,000	10,911,000	10,910,000	9,811,000	9,811,000	9,811,000		9,706,000	21,633,000	9,625,000	9,648,000	9,440,000	9,440,000	10,199,000	9,625,000
non-current liabilities
long-term debt	236,976,000	253,731,000	253,731,000	285,298,000	285,298,000	330,775,000	330,775,000	359,289,000	372,579,000	372,579,000	361,619,000	361,619,000	398,425,000	398,425,000	388,647,000	349,352,000	349,352,000	362,616,000	362,616,000	367,069,000	367,069,000	377,695,000	450,752,000	450,752,000	500,230,000	500,230,000	512,507,000	512,507,000	515,015,000	516,399,000	516,399,000	562,957,000	562,957,000	446,562,000	446,562,000	474,106,000	647,179,000	647,179,000	678,074,000	678,074,000	750,586,000	750,586,000	846,008,000	807,208,000	807,208,000	824,737,000	824,737,000	873,460,000	873,460,000	866,941,000						721,151,000																																													263,632,000			319,940,000			263,632,000	265,231,000		265,183,000	265,136,000	265,088,000			265,231,000							344,000,000
other non-current liabilities	4,357,000	4,457,000	4,457,000	3,355,000	3,355,000	3,497,000	3,497,000	4,305,000	4,534,000	4,534,000	4,928,000	4,928,000	5,527,000	5,527,000	3,557,000	3,800,000	3,800,000	3,124,000	3,124,000	3,545,000	3,545,000	3,474,000	3,870,000	3,870,000	3,341,000	3,341,000	3,330,000	3,330,000	3,353,000	3,608,000	3,608,000	3,738,000	3,738,000	3,957,000	3,957,000	3,620,000	3,625,000	3,625,000	2,287,000	2,287,000	2,664,000	2,664,000	2,842,000	1,737,000	1,737,000	281,000	281,000	542,000	542,000	414,000	390,000	390,000	435,000	435,000	428,000	428,000	255,000		255,000	217,000	217,000																																						303,000			340,000
total non-current liabilities	241,575,000	258,188,000	258,188,000	288,653,000	288,653,000	334,273,000	334,273,000	363,594,000	377,113,000	377,113,000	366,548,000	366,548,000	403,952,000	403,952,000	392,203,000	353,151,000	353,151,000	365,740,000	365,740,000	370,614,000	370,614,000	381,169,000	454,622,000	454,622,000	504,390,000	504,390,000	520,059,000	520,059,000	525,608,000	529,477,000	529,477,000	578,362,000	578,362,000	465,120,000	465,120,000	494,665,000	670,255,000	670,255,000	700,185,000	700,185,000	764,530,000	764,530,000	862,630,000	821,874,000	821,874,000	834,259,000	834,259,000	878,489,000	878,489,000	867,484,000	797,699,000	797,699,000	709,055,000	709,055,000	721,579,000	721,579,000	762,507,000		762,507,000	619,600,000	619,600,000	644,416	644,416,000	631,186,000	584,144,000	584,144,000	603,757,000	603,757,000	633,077,000	633,077,000	576,133,000	576,133,000	582,234,000	582,234,000	628,882,000	628,882,000	635,339,000	635,339,000	591,857,000	591,857,000	591,857,000	315,326,000	196,157,000	196,157,000	203,495,000	203,495,000	156,046,000	156,046,000	156,004,000	155,000	155,000	155,410,000	155,410,000	202,000	202,637,000	211,752,000	215,000	215,000	254,138,000	202,000	264,150,000	264,150,000	296,154,000	322,180,000	295,271,000	295,271,000	264,150,000		268,912,000					268,912,000
total liabilities	302,376,000	341,466,000	341,466,000	396,581,000	396,581,000	443,886,000	443,886,000	438,865,000	445,316,000	445,316,000	428,270,000	428,270,000	460,557,000	460,557,000	470,958,000	428,310,000	428,310,000	426,982,000	426,982,000	434,988,000	434,988,000	449,066,000	517,613,000	517,613,000	549,596,000	549,596,000	562,003,000	562,003,000	561,884,000	567,076,000	567,076,000	616,987,000	616,987,000	513,049,000	513,049,000	551,367,000	779,038,000	779,038,000	831,468,000	831,468,000	894,768,000	894,768,000	991,745,000	944,171,000	944,171,000	958,766,000	958,766,000	1,002,188,000	1,002,188,000	960,694,000	883,807,000	883,807,000	782,585,000	782,585,000	804,605,000	804,605,000	847,451,000		847,451,000	699,571,000	699,571,000	718,726	718,726,000	709,155,000	630,756,000	630,756,000	672,768,000	672,768,000	685,912,000	685,912,000	642,766,000	642,766,000	654,333,000	654,333,000	688,452,000	688,452,000	703,245,000	703,245,000	685,908,000	685,908,000	685,908,000	356,333,000	212,036,000	212,036,000	216,616,000	216,616,000		161,846,000	167,780,000	167,000	167,000	217,174,000	217,174,000	218,000	218,762,000	229,013,000	229,000	229,000	277,158,000	218,000	298,109,000		309,168,000	343,254,000	311,519,000	311,519,000	298,109,000	284,514,000		288,102,000	292,395,000	292,047,000	326,047,000		284,514,000						326,047,000
equity
common stock at par value	1,608,000	1,608,000	1,608,000	1,606,000	1,606,000	1,600,000	1,600,000	1,615,000	1,615,000	1,615,000	1,613,000	1,613,000	1,610,000	1,610,000	1,610,000	1,624,000	1,624,000	1,630,000	1,630,000	1,627,000	1,627,000	1,627,000	1,642,000	1,642,000	1,668,000	1,668,000	1,661,000	1,661,000	1,667,000	1,679,000	1,679,000	1,715,000	1,715,000	1,708,000	1,708,000	1,708,000	1,474,000	1,474,000				1,468,000							1,427,000							1,424,000							934,000
additional paid-in capital	1,223,719,000	1,223,719,000	1,223,719,000	1,221,887,000	1,221,887,000	1,217,651,000	1,217,651,000	1,230,832,000	1,230,832,000	1,230,832,000	1,229,905,000	1,229,905,000	1,228,254,000	1,228,254,000	1,228,037,000	1,240,068,000	1,240,068,000	1,245,698,000	1,245,698,000	1,243,754,000	1,243,754,000	1,243,647,000	1,252,456,000	1,252,456,000	1,267,398,000	1,267,398,000	1,264,000,000	1,264,000,000	1,266,965,000	1,273,691,000	1,273,691,000	1,295,138,000	1,295,138,000	1,291,505,000	1,291,505,000	1,291,505,000	1,171,920,000	1,171,920,000	1,170,046,000	1,170,046,000	1,169,537,000	1,169,537,000	1,143,100,000	1,143,100,000	1,143,100,000	1,142,496,000	1,142,496,000	1,145,107,000	1,145,107,000	1,148,761,000	1,147,208,000	1,147,208,000	1,147,005,000	1,147,005,000	1,140,794,000	1,140,794,000	1,140,604,000		1,140,604,000	887,509,000	887,509,000	881,097	881,097,000	881,509,000	881,509,000	881,509,000	883,649,000	883,649,000	878,236,000	878,236,000	873,522,000	873,522,000	873,522,000	873,522,000	873,522,000	873,522,000	873,522,000	873,522,000	873,777,000	873,777,000	873,777,000		707,361,000	707,361,000	707,513,000	707,513,000	492,027,000	492,027,000	386,098,000	386,000	386,000	386,159,000	386,159,000		386,159,000
accumulated deficit	-133,115,000	-139,326,000	-139,326,000	-169,485,000	-169,485,000	-186,321,000	-186,321,000	-205,909,000	-197,519,000	-197,519,000	-195,079,000	-195,079,000	-206,477,000	-206,477,000	-210,754,000	-184,853,000	-184,853,000	-204,422,000	-204,422,000	-180,664,000	-180,664,000	-236,082,000	-236,607,000	-236,607,000	-242,991,000	-242,991,000	-222,405,000	-222,405,000	-216,079,000	-191,695,000	-191,695,000	-185,661,000	-185,661,000	-188,709,000	-188,709,000	-162,027,000	-130,712,000	-130,712,000	-215,028,000	-215,028,000	-240,165,000	-240,165,000	-308,905,000	-296,670,000	-296,670,000	-274,792,000	-274,792,000	-285,383,000	-285,383,000	-294,346,000	-269,999,000	-269,999,000	-238,906,000	-238,906,000	-222,087,000	-222,087,000	-211,560,000		-211,560,000	-198,419,000	-198,419,000	-205,195	-205,099,000	-221,109,000	-123,937,000	-123,937,000	-136,192,000	-136,192,000	-147,945,000	-147,945,000	-163,618,000	-163,618,000	-177,155,000	-177,155,000	-185,413,000	-185,413,000	-204,011,000	-204,011,000
translation differences	477,000	621,000	621,000	115,000	115,000	39,000	39,000	329,000	78,000	78,000	97,000	97,000	201,000	201,000	69,000	123,000	123,000	173,000	173,000	138,000	138,000	-212,000	-111,000	-111,000	86,000	86,000	101,000	101,000	73,000	106,000	106,000	111,000	111,000	169,000	169,000	47,000	-25,000	-25,000	-88,000	-88,000	73,000	73,000	-13,000	52,000	52,000	46,000	46,000	32,000	32,000	22,000	31,000	31,000	129,000	129,000	85,000	85,000	33,000		33,000	-43,000	-43,000	-108	-203,000	-192,000	-214,000	-214,000	-131,000	-131,000	-232,000	-232,000	-344,000	-344,000	-415,000	-415,000	-388,000	-388,000	-296,000	-296,000
other reserves	2,916,000	2,255,000	2,255,000	2,881,000	2,881,000	5,273,000	5,273,000	3,882,000	2,979,000	2,979,000	2,902,000	2,902,000	3,566,000	3,566,000	3,132,000	2,416,000	2,416,000	2,567,000	2,567,000	3,623,000	3,623,000	3,123,000	2,548,000	2,548,000	2,617,000	2,617,000	3,968,000	3,968,000	3,185,000	2,403,000	2,403,000	2,496,000	2,496,000	4,248,000	4,248,000	3,266,000	2,284,000	2,284,000	2,290,000	2,290,000	1,531,000	1,531,000	1,123,000	685,000	685,000	392,000	392,000	1,848,000	1,848,000	1,514,000	1,211,000	1,211,000	846,000	846,000	5,676,000	5,676,000	5,145,000		5,145,000	3,373,000	3,373,000	8,283	8,283,000	7,057,000	5,708,000	5,708,000	4,373,000	4,373,000	6,904,000	6,904,000	10,052,000	10,052,000	8,481,000	8,481,000	6,926,000	6,926,000	4,712,000	4,712,000	3,685,000	3,685,000	3,685,000		2,642,000	2,642,000	2,147,000	2,147,000		3,118,000
total equity attributable to the company	1,095,605,000	1,088,876,000	1,088,876,000	1,057,003,000	1,057,003,000	1,038,242,000	1,038,242,000	1,030,748,000	1,037,984,000	1,037,984,000	1,039,438,000	1,039,438,000	1,027,153,000	1,027,153,000	1,022,095,000	1,057,275,000	1,057,275,000	1,045,647,000	1,045,647,000	1,068,478,000	1,068,478,000	1,012,102,000	1,019,927,000	1,019,927,000	1,028,778,000	1,028,778,000	1,047,326,000	1,047,326,000	1,055,811,000	1,086,184,000	1,086,184,000	1,113,799,000	1,113,799,000	1,108,921,000	1,108,921,000	1,134,499,000
non-controlling interest	64,000	63,000	63,000	4,453,000	4,453,000	4,459,000	4,459,000	4,937,000	4,742,000	4,742,000	4,622,000	4,622,000	4,513,000	4,513,000	4,421,000	4,266,000	4,266,000	4,907,000	4,907,000	5,008,000	5,008,000	4,928,000	4,726,000	4,726,000	37,000	37,000	34,000	34,000	29,000	25,000	25,000	20,000	20,000	19,000	19,000	12,000	9,000	9,000	4,000	4,000	5,000	5,000
total equity	1,095,669,000	1,088,938,000	1,088,938,000	1,061,457,000	1,061,457,000	1,042,701,000	1,042,701,000	1,035,685,000	1,042,726,000	1,042,726,000	1,044,059,000	1,044,059,000	1,031,667,000	1,031,667,000	1,026,516,000	1,061,541,000	1,061,541,000	1,050,554,000	1,050,554,000	1,073,486,000	1,073,486,000	1,017,030,000	1,024,653,000	1,024,653,000	1,028,815,000	1,028,815,000	1,047,359,000	1,047,359,000	1,055,840,000	1,086,209,000	1,086,209,000	1,113,819,000	1,113,819,000	1,108,940,000	1,108,940,000	1,134,510,000	1,044,950,000	1,044,950,000	958,692,000	958,692,000	932,449,000	932,449,000	836,728,000																																							257,613,000
total liabilities and equity	1,398,045,000	1,430,405,000	1,430,405,000	1,458,038,000	1,458,038,000	1,486,587,000	1,486,587,000	1,474,550,000	1,488,042,000	1,488,042,000	1,472,330,000	1,472,330,000	1,492,223,000	1,492,223,000	1,497,474,000	1,489,851,000	1,489,851,000	1,477,536,000	1,477,536,000	1,508,474,000	1,508,474,000	1,466,096,000	1,542,266,000	1,542,266,000	1,578,411,000	1,578,411,000	1,609,362,000	1,609,362,000	1,617,724,000	1,653,285,000	1,653,285,000	1,730,807,000	1,730,807,000	1,621,989,000	1,621,989,000	1,685,877,000	1,823,988,000	1,823,988,000	1,790,160,000	1,790,160,000	1,827,218,000	1,827,218,000	1,828,473,000
advances for vessels under construction						93,178,000		78,870,000	51,866,000	51,866,000	43,000	43,000																																						26,799,000	52,677,000	52,677,000	132,237,000	132,237,000	114,759,000	114,759,000	97,508,000		97,508,000	16,561,000	16,561,000	43,638	43,638,000	43,296,000	146,431,000	146,431,000	135,868,000	135,868,000	215,401,000	215,401,000	225,341,000	225,341,000	224,188,000	224,188,000	194,147,000	194,147,000	174,496,000	174,496,000	173,727,000	173,727,000	173,727,000		132,753,000	132,753,000	114,253,000	114,253,000	37,095,000	37,095,000
advances for vessel upgrades									382,000	382,000	160,000	160,000	10,000	10,000	15,000			4,594,000	4,594,000	4,583,000	4,583,000	2,101,000	168,000	168,000	1,635,000	1,635,000		372,000						17,269,000	17,269,000	21,306,000	18,004,000	18,004,000	9,796,000	9,796,000	11,652,000	11,652,000	5,648,000	15,250,000	15,250,000
vessel upgrades
bunker inventory								33,299,000	36,806,000	36,806,000	37,431,000	37,431,000	33,806,000	33,806,000	37,783,000	34,358,000	34,358,000	27,658,000	27,658,000	33,069,000	33,069,000	36,351,000	42,266,000	42,266,000	35,759,000	35,759,000		33,396,000
derivative financial assets																		70,000	70,000	3,759,000	3,759,000	3,703,000	773,000	773,000
treasury shares																-2,102,000	-2,102,000																															-1,364,000	-1,364,000																		-2,031,000	-2,031,000
investment in associate company																									5,739,000	5,739,000	5,406,000	5,406,000	6,114,000	5,858,000	5,858,000	5,516,000	5,516,000	5,233,000	5,233,000	5,595,000	5,182,000	5,182,000				4,772,000							4,388,000							3,992,000							3,412,000							2,976,000
vessels and time charter contracts																									1,437,222,000	1,437,222,000	1,467,846,000	1,467,846,000	1,478,675,000	1,510,086,000	1,510,086,000	1,524,119,000	1,524,119,000	1,476,436,000	1,476,436,000	1,499,103,000	1,534,864,000	1,534,864,000	1,565,352,000	1,565,352,000	1,589,444,000	1,589,444,000	1,611,115,000	1,613,755,000	1,613,755,000	1,638,323,000	1,638,323,000	1,665,810,000	1,665,810,000	1,619,630,000	1,565,212,000	1,565,212,000	1,422,261,000	1,422,261,000	1,444,146,000	1,444,146,000	1,540,398,000		1,540,398,000	1,205,730,000	1,205,730,000	1,177,521	1,177,521,000	1,197,461,000	1,113,956,000	1,113,956,000	1,132,227,000	1,132,227,000	986,597,000	986,597,000	929,936,000	929,936,000	949,241,000	949,241,000	968,567,000	968,567,000	988,168,000	988,168,000	974,420,000	974,420,000	974,420,000
bunkers, lube oils and consumables																											33,396,000		29,421,000	20,577,000	20,577,000	19,272,000	19,272,000	11,854,000	11,854,000	13,167,000	19,501,000	19,501,000	36,279,000	36,279,000	34,085,000	34,085,000	27,597,000	37,558,000	37,558,000	33,471,000	33,471,000	32,212,000	32,212,000	29,251,000	26,601,000	26,601,000	22,003,000	22,003,000	23,675,000	23,675,000	20,899,000		20,899,000	15,750,000	15,750,000	7,906	7,906,000	9,638,000	8,425,000	8,425,000	6,360,000	6,360,000	8,844,000	8,844,000	7,781,000	7,781,000	10,091,000	10,091,000	10,283,000	10,283,000	15,906,000	15,906,000	19,052,000	19,052,000	19,052,000
advances for vessels and vessel upgrades																											372,000		10,318,000	7,927,000	7,927,000	86,005,000	86,005,000
capitalized voyage expense																																			1,039,000							4,151,000
total equity attributable ot the company																																					1,044,941,000	1,044,941,000
investment in associated company																																							4,816,000	4,816,000	4,772,000		4,930,000	4,837,000	4,837,000	4,667,000	4,667,000	4,388,000		4,570,000	4,389,000	4,389,000	4,294,000	4,294,000	3,992,000		4,182,000		4,182,000	3,664,000	3,664,000	3,412		3,401,000	3,205,000	3,205,000	3,102,000	3,102,000	2,976,000		2,921,000	2,921,000	2,871,000	2,871,000	2,743,000	2,743,000	2,697,000	2,697,000	2,768,000	2,768,000	2,768,000
stock																																							1,469,000	1,469,000	1,468,000		1,424,000	1,424,000	1,424,000	1,420,000	1,420,000	1,427,000		1,436,000	1,436,000	1,436,000	1,436,000	1,436,000	1,424,000		1,423,000		1,423,000	946,000	946,000	934		934,000	934,000	934,000	937,000	937,000	929,000	929,000	929,000	929,000	929,000	929,000	929,000	929,000	925,000	925,000	925,000	925,000	925,000		694,000	694,000	694,000	694,000	291,000	291,000	156,000	98,000	98,000	96,000	96,000	95,000	95,000	90,000	947,000	947,000		95,000
current portion long term debt																																										100,385,000									58,681,000	58,681,000	55,824,000	55,824,000	65,053,000		63,741,000		63,741,000	55,530,000	55,530,000	57,521	57,521,000	54,890,000	31,083,000	31,083,000	53,345,000	53,345,000	32,267,000	32,267,000	50,083,000	50,083,000	50,677,000	50,677,000	31,330,000	31,330,000	31,961,000	31,961,000	55,250,000	55,250,000	55,250,000		6,469,000	6,469,000								47,300,000	47,300,000	9,000	9,000,000	4,000,000	3,000	3,000		9,000			4,938,000
other current liabilites																																										605,000
total equity attributible to the company																																										932,444,000
non controlling interest
liabilities and stockholders' equity
stockholders' equity
total stockholders' equity																																												848,591,000	848,591,000											925,892,000																																																				196,341,000		193,261,000					196,341,000		185,475,000	181,831,000	145,880,000	145,880,000
total liabilities and stockholders' equity																																												1,792,763,000	1,792,763,000						1,763,693,000	1,763,693,000	1,693,096,000	1,693,096,000	1,730,497,000	1,730,497,000	1,783,096,000		1,783,096,000	1,392,939,000	1,392,939,000	1,403,737	1,403,737,000	1,377,354,000	1,394,755,000	1,394,755,000			1,423,805,000	1,423,805,000	1,363,306,000	1,363,306,000	1,359,694,000	1,359,694,000	1,384,028,000	1,384,028,000		1,378,095,000	1,333,786,000				700,742,000	700,742,000			446,599,000		334,968,000			395,889,000	395,889,000	399,000	399,759,000	416,178,000			488,573,000	399,000			512,752,000		575,211,000	575,211,000		480,855,000		481,363,000					480,855,000		512,318,000	507,872,000	525,205,000	525,205,000			607,668,000	603,603,000	510,864,000		422,208,000		339,930,000					342,008,000	422,208,000		352,470,000
liabilities and stockholders’ equity
stockholders’ equity
total stockholders’ equity																																														869,562,000	869,562,000	861,668,000	861,668,000	857,387,000																																																			206,448,000	206,448,000		262,076,000			206,448,000		196,341,000		192,153,000	195,922,000	191,924,000	196,341,000		191,924,000					191,924,000	147,823,000				71,875,000		86,020,000		95,635,000		95,635,000				103,415,000
total liabilities and stockholders’ equity																																														1,828,328,000	1,828,328,000	1,863,856,000	1,863,856,000	1,818,081,000																	1,423,374,000	1,423,374,000									1,378,095,000			1,333,786,000	1,333,786,000				714,424,000	714,424,000		446,599,000		338,000	338,000						516,000	516,000			504,557,000	504,557,000		605,330,000			504,557,000		480,855,000		484,548,000	487,969,000	517,971,000	480,855,000		517,971,000					517,971,000	532,496,000				422,208,000		339,931,000		341,446,000	341,446,000	341,446,000				349,040,000		359,502,000	359,502,000		349,040,000
derivative financial instruments																																																		132,000																											6,019,000		3,607,000	3,607,000	3,607,000													772,000	772,000	1,518,000	2,000	2,000	2,967,000	772,000	3,422,000	3,422,000	3,413,000	3,342,000			3,422,000	3,065,000	3,065,000	5,175,000	7,028,000	9,008,000	11,779,000	3,065,000	3,065,000	11,779,000	13,022,000	11,197,000	12,833,000	12,833,000	11,779,000
long term debt																																																			797,310,000	797,310,000	708,620,000	708,620,000	721,151,000		762,252,000		762,252,000	619,049,000	619,049,000	643,974	643,974,000	629,975,000	582,057,000	582,057,000	601,059,000	601,059,000	630,201,000	630,201,000	571,797,000	571,797,000	577,505,000	577,505,000	623,119,000	623,119,000	629,320,000	629,320,000	585,421,000	585,421,000	585,421,000		196,157,000	196,157,000	203,495,000	203,495,000	156,046,000	156,046,000	156,004,000	155,000	155,000	155,410,000	155,410,000	202,000	202,637,000	211,562,000	215,000	215,000		202,000			294,789,000		292,365,000	292,365,000			265,231,000				293,041,000	265,231,000		293,041,000	292,994,000	292,947,000	342,899,000	342,899,000	293,041,000		344,000,000	344,000,000	344,000,000	253,700,000	328,700,000	243,000,000	243,000,000	236,000,000	236,000,000	236,000,000	236,000,000	236,000,000	328,700,000	236,000,000	236,000,000	236,000,000	236,000,000	236,000,000	236,000,000	236,000,000
total stockholders equity																																																			879,886,000	879,886,000	910,511,000	910,511,000	925,892,000		935,645,000		935,645,000	693,367,000	693,367,000	685,011	685,011,000	668,199,000	763,999,000	763,999,000	750,606,000	750,606,000	737,893,000	737,893,000	720,540,000	720,540,000	705,361,000	705,361,000	695,576,000	695,576,000	674,851,000	674,851,000	647,878,000	647,878,000	647,878,000		488,707,000	488,707,000	497,809,000	497,809,000	284,753,000	284,753,000	167,189,000	171,000	171,000	178,715,000	178,715,000	180,000	180,997,000	187,165,000	287,000	287,000	211,415,000	180,000			203,584,000		263,691,000	263,691,000																	161,610,000	159,817,000	57,364,000		71,875,000		86,020,000						71,875,000
vessel
existing vessel
newbuilding vessel
1.2
1.2.1
1.2.2
1.2.3
1.2.4
1.2.5
1.2.6
1.2.7
1.2.8
1.2.9
1.3
1.4
1.5
1.6
1.7
1.8
section 2
2
2.1
2.2
2.2.1
2.2.2
2.2.3
3
3.1
3.2
4
4.1
4.1.1
4.1.2
4.2
4.2.1
4.3
4.3.1
4.3.2
4.3.3
4.4
4.5
4.6
4.7
4.8
4.8.1
4.8.2
section 3
5
5.1
5.2
5.2.1
5.2.2
5.2.3
5.3
5.3.1
5.3.2
5.4
section 4
6
6.1
6.2
7
7.1
7.1.1
7.1.2
7.1.3
7.2
7.2.1
7.2.2
7.2.3
7.3
7.3.1
7.3.2
7.3.3
7.4
7.5
7.6
section 5
8
8.1
8.1.1
8.1.2
8.2
8.3
8.4
8.5
9
9.1
9.1.1
9.1.2
9.1.3
9.1.4
9.1.5
9.1.6
9.2
9.3
9.4
10
10.1
10.2
10.2.1
10.2.2
10.3
10.3.1
10.3.2
10.3.3
10.4
11
11.1
11.2
11.3
section 6
12
12.1
12.2
12.2.1
12.2.2
12.2.3
12.2.4
12.2.5
12.3
12.3.1
12.3.2
12.3.3
12.3.4
12.4
12.4.1
12.4.2
12.5
12.6
12.6.1
12.6.2
12.6.3
12.6.4
12.6.5
12.7
12.7.1
12.7.2
12.7.3
12.7.4
12.8
12.8.1
12.8.2
13
13.1
13.2
13.2.1
13.2.2
13.3
13.3.1
13.3.2
13.3.3
13.3.4
13.3.5
in this clause 13.3, a reference to a “tax deduction” has the same meaning given to the term in clause 12.1 (definitions).
14
14.1
14.1.1
14.1.2
14.2
14.2.1
14.2.2
14.2.3
14.3
14.3.1
14.3.2
14.4
14.4.1
14.4.2
14.4.3
14.4.4
14.4.5
14.4.6
14.5
15
15.1
15.2
16
16.1
16.1.1
16.1.2
16.1.3
16.1.4
16.2
16.3
16.4
section 7
17
17.1
17.1.1
17.1.2
17.1.3
17.1.4
17.1.5
17.1.6
17.2
17.3
17.4
17.4.1
17.4.2
17.4.3
and the borrowers irrevocably authorise the security agent to instruct the account holder to make those transfers.
17.5
17.6
17.6.1
17.6.2
17.6.3
17.7
17.8
17.9
17.10
17.11
17.12
17.13
17.14
17.14.1
17.14.2
17.14.3
17.14.4
17.14.5
17.14.6
17.14.7
17.14.8
17.14.9
17.14.10
17.15
17.16
17.16.1
17.16.2
17.16.3
18
18.1
18.1.1
18.1.2
18.1.3
18.2
18.3
18.4
18.4.1
18.4.2
18.4.3
18.4.4
18.4.5
18.4.6
18.4.7
18.5
18.6
18.7
18.7.1
18.7.2
18.8
18.8.1
18.8.2
18.8.3
18.8.4
18.8.5
18.8.6
18.9
section 8
19
19.1
19.1.1
19.1.2
19.1.3
19.1.4
19.1.5
19.1.6
19.1.7
19.1.8
19.1.9
19.1.10
19.1.11
19.1.12
19.1.13
19.1.14
19.1.15
19.1.16
19.1.17
19.1.18
19.1.19
19.1.20
19.1.21
19.1.22
19.1.23
19.1.24
19.1.25
19.2
20
the undertakings in this clause 20 remain in force for the duration of the facility period.
20.1
20.1.1
20.1.2
20.2
20.2.1
20.2.2
20.3
each set of financial statements delivered by a borrower under clause 20.1
20.3.1
20.3.2
20.4
20.4.1
20.4.2
20.4.3
20.4.4
20.5
20.5.1
20.5.2
20.6
20.6.1
20.6.2
21
21.1
21.2
21.3
22
the undertakings in this clause 22 remain in force for the duration of the facility period.
22.1
22.1.1
22.1.2
22.2
22.2.1
22.2.2
22.3
each borrower and the guarantor shall:
22.3.1
22.3.2
22.3.3
22.4
22.4.1
22.4.2
where the claim, if determined against that security party, has or is likely to have a material adverse effect.
22.5
22.5.1
22.5.2
22.6
22.6.1
22.6.2
22.7
22.8
22.9
22.9.1
22.9.2
22.9.3
22.10
22.11
22.12
22.13
22.14
22.15
22.16
22.17
22.18
22.19
22.20
22.21
22.22
22.23
however only to the extent that:
22.24
22.25
22.26
22.26.1
22.26.2
22.27
23
23.1
23.1.1
23.1.2
23.1.3
23.1.4
23.1.5
23.1.6
23.1.7
23.1.8
23.1.9
23.1.10
23.1.11
23.1.12
23.1.13
23.1.14
23.1.15
23.1.16
23.1.17
23.1.18
23.1.19
23.1.20
23.1.21
23.1.22
23.1.23
23.1.24
23.2
23.2.1
23.2.2
23.2.3
23.2.4
section 9
24
24.1
24.2
24.2.1
24.2.2
24.2.3
24.2.4
24.3
24.4
24.4.1
24.4.2
24.4.3
24.5
24.5.1
24.5.2
24.5.3
24.6
24.6.1
24.6.2
24.6.3
24.6.4
24.7
24.8
24.8.1
24.8.2
24.9
24.9.1
24.9.2
25
25.1
section 10
26
26.1
26.1.1
26.1.2
26.1.3
26.1.4
26.2
26.2.1
26.2.2
26.2.3
26.2.4
26.2.5
26.2.6
26.3
26.3.1
26.3.2
26.3.3
26.3.4
26.3.5
26.3.6
26.3.7
26.4
26.4.1
26.4.2
26.5
26.6
26.6.1
26.6.2
26.6.3
26.6.4
26.6.5
26.6.6
26.6.7
26.6.8
26.6.9
26.6.10
26.6.11
26.7
26.7.1
26.7.2
26.7.3
26.8
26.8.1
26.8.2
26.8.3
26.9
26.9.1
26.9.2
26.9.3
26.9.4
26.9.5
26.10
26.10.1
26.10.2
26.10.3
26.11
26.11.1
26.11.2
26.11.3
26.11.4
26.11.5
26.11.6
26.12
26.12.1
26.12.2
26.12.3
26.12.4
26.12.5
26.12.6
26.12.7
26.12.8
26.13
26.13.1
26.13.2
26.13.3
26.13.4
26.14
26.14.1
26.14.2
26.15
26.15.1
26.15.2
26.16
26.16.1
26.16.2
26.16.3
26.16.4
26.17
27
no provision of this agreement will:
27.1
27.2
27.3
28
28.1
28.1.1
28.1.2
28.1.3
28.2
28.3
28.4
28.4.1
28.4.2
28.5
28.5.1
28.5.2
section 11
29
29.1
29.2
29.3
29.4
29.4.1
29.4.2
29.4.3
29.5
29.5.1
29.5.2
29.5.3
29.5.4
29.5.5
29.6
29.6.1
29.6.2
29.6.3
29.7
29.8
29.9
29.9.1
29.9.2
29.9.3
29.9.4
29.9.5
29.10
29.11
29.11.1
29.11.2
30
30.1
30.2
31
31.1
31.2
31.2.1
31.2.2
31.2.3
31.2.4
31.2.5
31.3
31.3.1
31.3.2
31.4
31.5
31.6
31.6.1
31.6.2
31.6.3
31.7
31.7.1
31.7.2
32
32.1
32.2
32.3
33
34
35
35.1
35.1.1
35.1.2
35.1.3
35.2
35.2.1
35.2.2
35.3
35.3.1
35.3.2
36
36.1
36.2
36.2.1
36.2.2
36.2.3
36.2.4
36.3
36.4
36.5
36.5.1
36.5.2
36.6
36.6.1
36.6.2
37
38
38.1
38.1.1
38.1.2
38.1.3
38.1.4
38.1.5
38.1.6
38.2
38.2.1
38.2.2
38.2.3
38.2.4
38.2.5
section 12
39
40
40.1
40.2
40.2.1
40.2.2
name and address of original lender
credit agricole corporate and investment bank 9 quai du president paul doumer 92920, paris la defense cedex france
1
in each case together with all addenda, amendments or supplements.
the following legal opinions, each addressed to the agent and the security agent and the lenders and capable of being relied upon by the lenders and the swap provider or confirmation satisfactory to the agent that such opinions will be given:
from:
to:
dated:
proposed drawdown date:
currency of drawing:
amount:
interest period:
vessel:
[existing lender]
by:
signed:
director/chief financial officer
of
dht holdings, inc.
signatures
the borrowers
samco gamma ltd
)
by: /s/ carl sheppard
attorney-in-fact
address: haakon vii’s gate 1, pob 2039 vika, 0125 oslo, norway fax no.: +47 2311 5081 department/officer: eirik ubøe
dht tiger limited
the guarantor
the agent
credit agricole corporate and investment bank
by: /s/ sheila obhrai
address: 9 quai du president paul doumer, 92920, paris la defense cedex, france fax no.: +33 1 41 89 29 87
department/officer: stephane pattonieri
security agent
credit agricole corporate and investment bank by: /s/ sheila obhrai attorney-in-fact
address: 9 quai du president paul doumer, 92920, paris la defense cedex, france
fax no.: +33 1 41 89 29 87
the original lenders
the swap provider
fax no.: +33 1 41 89 64 79/ +33 1 41 89 29 86
department/officer: legal department
the footnotes are an integral part of these consolidated financial statements
retained earnings/																																																																															-230,509,000	-230,509,000	-230,509,000		-221,990,000	-221,990,000	-212,545,000	-212,545,000	-210,682,000	-210,682,000	-221,714,000	-217,000	-217,000	-209,276,000	-209,276,000		-205,258,000	-198,704,000	-98,000	-98,000			-102,164,000	-102,164,000	-104,383,000	-45,226,000	-43,065,000	-43,065,000	-102,164,000	-42,188,000	-42,188,000	-44,330,000	-43,032,000	-36,130,000	-33,824,000	-42,188,000	-42,188,000	-33,824,000	-37,717,000	-38,801,000	-31,642,000	-31,642,000	-33,824,000	-26,721,000				-26,967,000		-21,798,000		-16,985,000		-16,985,000
non-current assets:
property, plant and equipment																																																																																		544,574,000
investment in associate																																																																																		790,000
investment in joint venture																																																																																		45,000
current assets:
trade and other receivables																																																																																		13,070,000
share capital																																																																																		51,626,000
retained earnings																																																																																		216,923,000																																																						-6,992,000						9,469,000
reserves and other capital																																																																																		-10,936,000
liabilities non-current liabilities:
loans and borrowings																																																																																		305,511,000
current liabilities:
trade and other payables																																																																																		10,225,000
total equity and liabilities																																																																																		613,946,000
accounts receivable																																																																																			12,231,000	12,231,000	14,138,000	14,138,000	16,951,000	16,951,000	14,042,000	16,000	16,000	13,089,000	13,089,000	13,000	13,874,000	14,552,000	14,000	14,000	7,349,000	13,000
bunkers																																																																																			6,466,000	6,466,000	7,435,000	7,435,000	2,825,000	2,825,000	943,000	3,000	3,000	3,421,000	3,421,000	3,000	3,616,000	2,879,000	1,000	1,000	1,032,000	3,000
ttotal liabilities																																																																																							161,846,000
reserves																																																																																							3,118,000		2,648,000	2,000	2,000	1,736,000	1,736,000
deferred income																																																																																									6,894,000	6,000	6,000	6,894,000	6,894,000
other long term receivables																																																																																																			6,000			54,000	118,000		836,000	836,000			844,000				984,000	844,000		984,000					984,000
prepaid charter hire																																																																																														155,000		2,624,000	2,000	2,000		155,000	8,357,000		150,000	8,455,000	7,833,000	7,833,000	8,357,000
paid-in additional capital																																																																																														386,000		385,985,000	385,000	385,000	309,052,000	386,000	308,727,000	308,727,000	308,485,000	308,241,000	308,144,000	308,144,000	308,727,000	240,537,000	240,537,000	240,375,000	239,971,000	239,868,000	239,624,000	240,537,000	240,537,000	239,624,000	239,474,000	239,320,000	200,879,000	200,879,000	239,624,000	200,570,000				108,760,000		108,660,000		108,560,000		108,560,000										108,272,000
retained ernings/																																																																																														-205,000					-97,854,000	-205,000
other components of equity																																																																																																-206,000	-201,000	-201,000	-424,000		-756,000	-756,000	-1,158,000		-2,029,000	-2,029,000	-756,000		-2,495,000					-2,495,000
other long term liabilities																																																																																																191,000	228,000	228,000					327,000		420,000	420,000		457,000	457,000				433,000	457,000	457,000	433,000					433,000
current portion long term interest bearing debt																																																																																																			13,578,000			16,938,000
deffered shipping revenues																																																																																																			112,000
long term interest bearing debt																																																																																																			253,834,000			263,632,000
common stock																																																																																																			641,000		640,000	640,000	640,000	642,000	641,000	641,000	640,000	487,000	487,000	487,000	487,000	487,000	487,000	487,000	487,000	487,000	487,000	487,000	392,000	392,000	487,000							300,000		300,000		300,000				300,000						300,000
accrued charter hire																																																																																																					5,021,000	5,021,000	4,520,000	804,000	404,000	404,000	5,021,000		464,000					464,000
other long-term receivables																																																																																																					54,000			222,000			54,000	844,000		1,344,000	1,223,000	1,106,000			844,000
deposit for vessel acquisition																																																																																																									6,700,000	6,700,000			5,500,000					5,500,000
other long-term liabilities																																																																																																					340,000			381,000			340,000					451,000
liabilities and stockholder’s equity
other assets																																																																																																							559,000	522,000	384,000	384,000		21,000	21,000					21,000	21,000
other opponents of equity																																																																																																								-1,581,000
derative financial instruments																																																																																																									3,086,000	3,086,000
voyage receivables from osg																																																																																																																					560,000	4,247,000	7,272,000	7,272,000		8,791,000	7,991,000	5,239,000	2,801,000	1,547,000	1,547,000	2,326,000	2,326,000	3,268,000	3,268,000	3,268,000	3,163,000	3,163,000	1,547,000	4,009,000	4,306,000	1,826,000	1,826,000	6,692,000	4,009,000	5,506,000
prepaid expenses and accrued charter hire																																																																																																												1,199,000							1,199,000
prepaid technical management fee to osg																																																																																																												1,978,000		1,974,000	1,579,000	2,619,000	1,958,000		1,978,000		1,926,000	2,299,000			1,958,000	768,000	1,373,000	1,357,000	1,313,000	1,357,000	1,357,000	1,340,000	1,340,000	1,324,000	1,324,000	1,324,000	1,281,000	1,281,000	1,357,000	1,324,000	1,324,000	1,324,000	1,324,000	1,281,000	1,324,000	1,324,000
vessels, net of accumulated depreciation																																																																																																												412,744,000		419,797,000	426,948,000	434,028,000	441,036,000		412,744,000	441,036,000	444,060,000	450,817,000	455,921,000	455,921,000	441,036,000	462,387,000				398,005,000		309,926,000		314,189,000		314,189,000	318,406,000			322,577,000						339,491,000
vessel acquisition deposits																																																																																																												5,500,000							5,500,000												9,145,000		18,303,000						9,145,000
long term liabilities
total long-term liabilities																																																																																																												268,912,000		269,805,000	269,949,000	269,884,000			268,912,000
accumulated other comprehensive income																																																																																																												-2,495,000		-3,271,000	-5,273,000	-8,303,000	-14,363,000			-14,363,000	-16,769,000	-19,175,000	-23,749,000			-26,418,000				-10,218,000		-1,142,000		3,760,000		3,760,000				1,712,000
other long term-liabilities																																																																																																														589,000	536,000
shareholders' equity
shareholders’ equity
liabilities and stockholders’ equity current liabilities
total long term liabilities																																																																																																																	300,120,000			300,120,000	300,970,000	302,591,000	357,324,000	357,324,000	300,120,000
preferred stock
shipping revenues																																																																																																																		89,681,000
operating expenses
vessel expenses																																																																																																																		30,221,000
depreciation and amortization																																																																																																																		28,392,000
general and administrative																																																																																																																		7,869,000
total operating expenses																																																																																																																		66,482,000
income from vessel operations																																																																																																																		23,199,000
interest income																																																																																																																		131,000
interest expense																																																																																																																		-13,478,000
fair value gain/(loss) on derivative financial instruments																																																																																																																		268,000
other financial expense																																																																																																																		-3,710,000
profit before tax																																																																																																																		6,410,000
income tax expense																																																																																																																		33,000
net income / profit for the year																																																																																																																		6,377,000
attributable to the owners of parent																																																																																																																		6,377,000
basic net income per share																																																																																																																		130
diluted net income per share																																																																																																																		130
weighted-average number of shares																																																																																																																		48,776,270,000
accumulated other comprehensive income/																																																																																																																			-2,495,000					-23,749,000	-14,363,000
long-term liabilities
see notes to accompanying financial statements.
liabilities and stockholder's equity
deferred debt issuance costs																																																																																																																										1,148,000
deposits for vessel acquisition																																																																																																																														9,145,000
deferred equity offering cost																																																																																																																														134,000
unrealized loss on interest rate swap																																																																																																																										26,418,000	12,409,000	11,603,000	21,944,000	10,218,000	10,218,000	1,142,000	1,141,000						10,218,000							807,000
current installment of long-term debt																																																																																																																														75,000,000
common stock (0.01 par value...																																																																																																																										392,000				300,000
unrealized gain on interest rate swap																																																																																																																																		3,760,000	3,760,000	3,760,000	525,000	525,000		1,712,000	1,596,000	6,469,000	6,469,000	3,398,000	1,712,000
other assets incl. deferred debt issuance cost																																																																																																																											1,195,000	1,243,000	1,424,000		1,337,000		1,287,000		1,327,000			1,367,000	1,337,000		1,447,000	1,487,000	1,487,000		1,407,000
current portion of long term debt																																																																																																																											75,000,000	75,000,000
current instalment of long term debt																																																																																																																													75,000,000
other assets including deferred debt issuance cost																																																																																																																														1,337,000										1,407,000						1,567,000
other assets, including deferred debt issuance cost																																																																																																																																1,287,000		1,327,000		1,327,000	1,367,000
deposits for vessel acquisitions																																																																																																																																18,303,000
vessels, net*																																																																																																																																			314,189,000			318,406,000							322,577,000
total stockholders’ equity*																																																																																																																																			95,635,000
*in october 2005, dht acquired the 7 vessels in its initial fleet for a total purchase price of 580.6 million from osg. dht was required to carry over osg’s historical book values of the vessels to its books, and the excess of the aggregate purchase price above their historical book value was recorded as a reduction of stockholders’ equity. this reduction amounted to 233 million and represents a deemed dividend to osg.
total stockholders equity*																																																																																																																																						96,302,000			106,822,000	114,062,000	114,062,000		103,415,000
additional paid in capital																																																																																																																																								108,395,000
deferred debt issuance cost																																																																																																																																												1,527,000
shareholders equity*																																																																																																																																												120,207,000
total liabilities and shareholders' equity																																																																																																																																												366,406,000
current installment on long term debt
loans payable to wholly-owned subsidiary of osg
deferred credits and other liabilities
accumulated other comprehensive loss																																																																																																																																														-807,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-08-06	2025-05-07	2025-02-05	2024-09-30	2024-08-12	2024-05-15	2024-02-07	2023-09-30	2023-08-08	2023-05-04	2023-02-08	2022-09-30	2022-08-10	2022-05-10	2022-02-08	2021-09-30	2021-08-06	2021-05-04	2021-02-09	2020-09-30	2020-08-10	2020-05-05	2020-02-06	2019-09-30	2019-08-05	2019-05-08	2019-02-06	2018-09-30	2018-08-07	2018-05-08	2018-02-07	2017-11-14	2017-05-10	2017-02-02	2016-11-02	2016-08-10	2016-05-04	2016-02-04	2015-11-04	2015-07-29	2015-04-28	2015-01-29	2014-11-24	2014-11-11	2014-09-08	2014-08-27	2014-04-29	2014-01-22	2013-10-31	2013-08-06	2013-04-29	2013-01-29	2012-10-23	2012-07-23	2012-05-02	2012-01-24	2011-11-03	2011-07-14	2011-04-18	2011-01-14	2010-10-27	2010-08-26	2010-05-19	2010-02-16	2009-11-24	2009-09-02	2009-05-19	2007-12-31	2007-12-14	2007-09-30	2007-06-30	2007-03-31

note																		2,021,000
cash flow from operating activities
profit after tax	44,805,000	56,032,000	44,051,000	54,711,000	35,189,000	44,489,000	47,072,000	35,308,000	30,967,000	57,081,000	38,041,000	61,819,000	7,457,000	9,956,000	-17,252,000
items included in net income not affecting cash flows	11,749,000	11,000,000	9,997,000	1,760,000	29,632,000	29,554,000	29,957,000	29,853,000	29,706,000	28,140,000	27,204,000	28,158,000	22,074,000	16,481,000	27,518,000	29,422,000	28,999,000	14,641,000	30,544,000	38,464,000	35,420,000	34,621,000	45,825,000	29,790,000	33,500,000	37,445,000	34,194,000	36,478,000	35,278,000	31,000,000	26,224,000	32,981,000
depreciation and amortization	25,969,000	26,139,000	27,270,000	27,621,000	28,135,000	27,878,000	28,250,000	28,475,000	28,326,000	26,376,000	25,726,000	27,692,000	30,198,000	32,318,000	33,047,000	32,750,000	31,734,000	32,160,000	31,995,000	32,028,000	31,117,000	30,774,000																									8,461,000	7,088,000	6,518,000	6,473,000	6,853,000	7,095,000	7,000	10,818,000	6,000	7,096,000	7,449,000	8,490,000	7,788,000	6,800,000	7,152,000	7,197,000	7,128,000	7,056,000	6,999,000	6,804,000	6,634,000	6,513,000
amortization of deferred debt issuance cost	544,000	816,000	601,000	633,000	652,000	662,000	680,000	749,000	664,000	722,000	836,000
loss, sale of vessels													-6,829,000	-12,683,000
fair value loss on derivative financial instruments	354,000									70,000	433,000	-56,000	-2,788,000										12,644,000	-2,990,000	1,510,000	6,979,000	4,364,000	6,222,000	-486,000	-187,000	-359,000	-435,000	-478,000	-719,000		-1,394,000		58,000		-48,000	-1,225,000	-179,000	-216,000
compensation related to options and restricted stock	661,000	1,208,000	1,850,000	1,392,000	903,000	1,005,000	991,000	650,000	716,000	976,000	891,000	608,000	575,000	896,000	2,054,000	783,000	783,000	892,000	1,889,000	982,000	982,000	1,874,000	1,269,000	454,000	438,000	901,000	538,000	334,000	304,000	567,000	1,393,000	901,000	904,000	2,275,000	1,346,000	1,349,000	1,335,000	3,335,000	1,567,000	1,571,000	1,554,000	2,218,000	1,027,000	1,046,000	1,046,000		495,000	-971,000	469,000	511,000	402,000	1,736,000
net foreign exchange differences		296,000	70,000	23,000		9,000	35,000	-21,000	-9,000		2,000	-41,000	-11,000	-152,000
income adjusted for non-cash items	56,554,000	67,032,000	54,048,000	56,472,000	64,821,000	74,043,000	77,028,000	65,161,000	60,672,000	85,221,000	65,246,000	89,977,000	29,531,000	26,437,000	10,266,000	26,528,000	7,967,000	15,449,000	42,156,000	46,091,000	86,091,000	170,446,000	117,983,000	105,651,000	24,110,000	26,932,000	51,917,000	48,461,000	13,803,000	2,778,000	17,011,000	25,467,000	23,365,000
changes in operating assets and liabilities	4,340,000	16,545,000	5,164,000	9,314,000	15,323,000	8,814,000	-7,160,000	-22,894,000	-4,949,000	1,744,000	1,210,000	282,000	-24,052,000	-120,000	-4,547,000	-7,627,000	-11,101,000	18,477,000	-31,286,000	35,261,000	45,186,000	16,132,000	12,679,000	-55,792,000	-2,346,000	20,717,000	-15,232,000	-20,142,000	-18,169,000	9,879,000	364,000	-18,068,000
accounts receivable and accrued revenues	6,153,000	10,655,000	2,517,000	4,838,000	11,802,000	10,206,000	-4,713,000	-20,164,000	1,147,000	-1,820,000	4,454,000	-9,028,000	-25,203,000	-1,453,000	6,982,000	-13,012,000	-317,000	12,756,000	273,000	31,857,000	35,513,000	-11,396,000	21,815,000	-52,872,000	-12,633,000	23,944,000	-6,090,000	-19,199,000	-11,622,000	5,910,000	-511,000	-13,128,000	-701,000	1,992,000		28,171,000				-2,622,000	-3,210,000	-1,288,000	-2,329,000	-856,000	-856,000
capitalized voyage expenses	106,000	1,078,000	-195,000	398,000	3,203,000	-1,373,000	-2,129,000	268,000	-625,000	1,295,000	-688,000	924,000	-1,237,000	-721,000	-369,000	-484,000	-481,000	129,000	479,000	93,000	548,000	2,398,000	73,000	-1,658,000	241,000	1,356,000	-2,457,000	-219,000	1,157,000	-1,280,000	597,000
prepaid expenses		1,001,000	1,873,000	5,800,000		-2,244,000	5,907,000	-4,535,000	1,264,000	-847,000	1,109,000	-44,000	1,585,000	-616,000	-4,463,000	275,000	338,000	289,000	-379,000	-2,765,000	1,020,000	-362,000	-159,000	-1,470,000	288,000	6,802,000	-6,128,000	3,500,000	-2,320,000	-14,000	-2,307,000	624,000	298,000	-1,251,000		626,000	1,075,000		147,000	-424,000	-934,000	-356,000	1,792,000	-1,191,000	-1,191,000			-1,072,000		157,000	4,000	256,000									-498,000	43,000	986,000	-281,000	-1,958,000	572,000		74,000		-35,000	-35,000	152,000	-257,000
accounts payable and accrued expenses		995,000	-5,047,000	-645,000	410,000	-1,626,000	1,894,000	-2,298,000	-2,214,000	9,506,000	-9,932,000	4,135,000	-4,880,000	12,050,000	-5,664,000	8,755,000	-1,339,000	4,810,000	-10,676,000	6,771,000	-6,181,000	-1,707,000	-5,849,000	5,767,000	-238,000	-7,325,000	659,000	216,000	-1,407,000	8,552,000	907,000	-1,960,000	-2,966,000	3,784,000		9,451,000	1,475,000		3,829,000	-4,414,000	-5,977,000	-9,998,000	-1,119,000	4,045,000	4,045,000			6,821,000		-370,000	-2,576,000	192,000	-5,000	2,051,000	1,000															-42,000	-42,000	-94,000	280,000
deferred shipping revenues		462,000	1,362,000	3,427,000		3,247,000	-4,394,000		-1,116,000	418,000	920,000	1,116,000	-244,000	-2,840,000	1,276,000	819,000	-428,000	1,777,000	-13,538,000	-2,066,000	7,922,000	10,381,000	-930,000	930,000					-1,352,000	1,354,000		-829,000	435,000	-1,109,000		-1,383,000		1,503,000	385,000	-768,000	-690,000	2,221,000																															-199,000
inventories	7,180,000	2,354,000	4,655,000	-4,389,000																																										1,138,000									-307,000
net cash from operating activities	60,894,000	83,577,000	59,212,000	65,786,000	80,144,000	82,857,000	69,868,000	42,267,000	55,723,000	86,965,000	66,455,000	90,259,000	5,479,000	26,318,000	5,719,000	18,901,000	-3,134,000	33,926,000	10,870,000	81,352,000	131,278,000	186,578,000	130,662,000	49,859,000	21,764,000	47,648,000	36,685,000	28,319,000	-4,367,000	12,657,000	17,375,000	7,399,000	17,553,000	41,389,000	28,899,000	59,812,000	46,354,000	58,944,000	53,306,000	44,236,000	33,653,000	42,769,000	17,557,000	3,180,000	3,180,000	59,948,000		10,091,000	7,402,000	7,902,000	-6,440,000	14,267,000	3,000	8,450,000	5,000	3,613,000	20,319,000	5,589,000	7,871,000	10,553,000	11,038,000	8,885,000	9,521,000	4,822,000	11,208,000	15,463,000	14,237,000	13,696,000	13,120,000	12,164,000	12,164,000	11,918,000	12,161,000
capital expenditures	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-95,000		0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
free cash flows	60,894,000	83,577,000	59,212,000	65,786,000	80,144,000	82,857,000	69,868,000	42,267,000	55,723,000	86,965,000	66,455,000	90,259,000	5,479,000	26,318,000	5,719,000	18,901,000	-3,134,000	33,926,000	10,870,000	81,352,000	131,278,000	186,578,000	130,662,000	49,859,000	21,764,000	47,648,000	36,685,000	28,319,000	-4,367,000	12,657,000	17,375,000	7,399,000	17,553,000	41,389,000	28,899,000	59,812,000	46,354,000	58,944,000	53,306,000	44,236,000	33,653,000	42,769,000	17,557,000	3,180,000	3,180,000	59,853,000		10,091,000	7,402,000	7,902,000	-6,440,000	14,267,000	3,000	8,450,000	5,000	3,613,000	20,319,000	5,589,000	7,871,000	10,553,000	11,038,000	8,885,000	9,521,000	4,822,000	11,208,000	15,463,000	14,237,000	13,696,000	13,120,000	12,164,000	12,164,000	11,918,000	12,161,000
cash flow from investing activities
investment in vessels		-1,146,000		-54,000		-798,000	-3,832,000	-2,185,000	-92,943,000	-18,125,000	-14,829,000	-725,000	-2,293,000	-4,543,000	-2,341,000	-14,157,000	-1,941,000	-17,328,000	-141,133,000	-11,352,000	-3,349,000	-9,648,000	-2,769,000	-20,493,000	-13,976,000	-17,834,000	-1,500,000			6,000	-1,715,000	218,000	-5,864,000	-6,046,000		-7,701,000				-141,000		-44,000	-1,651,000	-44,097,000	-44,097,000			-178,040,000		-671,000	-641,000	-800,000	-17,000		-1,000	-1,529,000	-1,917,000
investment in vessels under construction		-38,714,000	-25,809,000	-12,858,000		-51,454,000	-43,000																							-89,082,000	-17,479,000	-17,251,000	-9,372,000	-63,871,000		-94,112,000				-1,154,000	-30,040,000	-19,651,000
proceeds from sale of vessels	50,090,000											-767,000	36,987,000	76,179,000			29,587,000	57,476,000
investment in other property, plant and equipment		-18,000		-80,000		-19,000		-17,000	-89,000	-10,000	-35,000	-146,000	-92,000
net cash from investing activities	11,508,000	11,064,000	16,675,000	-12,992,000		-52,272,000	-3,878,000	-2,202,000	-93,032,000	-18,135,000	-14,864,000	-1,638,000	34,602,000	79,898,000	-2,344,000	-13,125,000	27,645,000	40,110,000	-141,142,000	-10,560,000	-3,395,000	-9,682,000	-3,079,000	-20,011,000	-14,011,000	-17,842,000	-1,505,000	-41,848,000	-58,677,000	-89,092,000	1,452,000	28,118,000	-15,282,000	-46,666,000		-101,822,000	7,539,000			-1,277,000	-30,324,000	-19,839,000	-1,578,000	-300,717,000	-300,717,000	74,092,000		-178,040,000		-673,000	21,618,000	-800,000	-30,000	-314,000	11,000	-1,486,000	-1,923,000				-5,620,000				-3,929,000
cash flow from financing activities
cash dividends paid		-24,091,000	-27,286,000	-35,522,000		-46,786,000	-35,492,000	-30,590,000	-56,661,000	-37,487,000	-61,935,000	-6,506,000	-6,506,000	-3,336,000	-3,330,000	-3,334,000	-3,349,000	-6,837,000	-8,563,000	-34,160,000	-81,983,000	-51,503,000	-47,022,000	-7,340,000	-2,848,000	-11,365,000	-7,132,000	-2,872,000	-2,872,000	-2,871,000	-2,871,000	-2,847,000	-2,847,000	-7,570,000		-21,474,000				-13,928,000	-13,928,000	-4,626,000	-1,850,000	-1,389,000	-1,389,000			-1,385,000		-310,000	-277,000	-286,000	-286,000	-3,425,000	-3,000	-1,934,000	-1,934,000				-4,892,000	-4,876,000	-4,876,000	-97,000				-11,780,000		-11,709,000	-11,709,000
acquisition of non-controlling interests		-6,131,000
repayment principal element of lease liability		-351,000	-353,000	-357,000		-340,000	-340,000	-342,000	-346,000	-350,000	-386,000	-359,000	-356,000	-221,000	-153,000	-154,000	-153,000	-153,000	-152,000	-128,000	-125,000	-85,000
issuance of long-term debt		54,663,000	10,000,000	10,000,000		25,000,000	49,999,000	23,950,000	99,492,000	-208,000	216,399,000	4,008,000					-105,000	230,946,000	125,000,000	-400,000	57,762,000	13,500,000		10,000,000	54,991,000				50,742,000																														33,081,000
scheduled repayment of long-term debt		-14,008,000	-13,554,000	-8,838,000		-8,838,000	-7,625,000	-8,838,000	-6,875,000	-8,088,000	-625,000	-2,463,000	-1,926,000	-3,139,000	-1,926,000	-3,139,000	-1,926,000	-1,889,000	-676,000	-16,770,000	-16,444,000	-17,744,000	-14,194,000	-16,694,000	-15,394,000	-16,694,000	-15,394,000		-14,543,000	-7,584,000	-14,824,000
prepayment of long-term debt		-65,875,000	-42,400,000				-74,000,000	-23,715,000	-45,000,000			-23,715,000	-50,000,000	-23,125,000				-93,378,000		-25,800,000	-149,703,000	-59,178,000	-57,762,000	-57,254,000			-35,000,000
repayment of long-term debt refinancing		-25,480,000									-216,761,000							-175,933,000												-377,935,000
repayment of long-term debt, sale of vessels		-11,382,000											-12,225,000	-13,306,000				-6,061,000													-8,663,000
net cash from financing activities		-92,656,000	-73,593,000	-47,913,000		-30,964,000	-67,458,000	-39,535,000	-19,331,000	-55,589,000	-60,051,000	-29,035,000	-79,837,000	-59,062,000	-5,409,000	-9,599,000	-12,271,000	-75,773,000	115,609,000	-77,258,000	-190,493,000	-115,011,000	-119,107,000	-77,844,000		-28,122,000	-60,831,000	21,917,000	72,673,000	83,601,000	-26,359,000	-44,774,000	-19,727,000	-31,837,000	12,270,000	48,504,000																									-4,892,000	-4,876,000	-4,876,000	-28,097,000				-11,780,000	74,493,000	-4,709,000
net increase in cash and cash equivalents		1,985,000	2,294,000	4,880,000	679,000	-378,000	-1,468,000	529,000	-56,640,000	13,242,000	-8,460,000	59,586,000	-39,756,000	47,154,000	-2,034,000	-3,823,000	12,240,000	-1,737,000	-14,663,000	-6,466,000	-62,610,000	61,885,000	8,476,000	-47,995,000	44,373,000	1,685,000		8,388,000	9,630,000	7,166,000	-7,531,000	-9,257,000	-17,456,000	-37,114,000	37,752,000	6,493,000			8,602,000	21,095,000	-39,368,000	9,762,000	32,296,000	-11,835,000	-11,835,000	21,152,000		93,917,000	76,062,000	6,919,000	-32,399,000	4,181,000	-940,000	1,376,000	41,000	-13,041,000	-2,771,000			43,615,000	526,000	4,009,000	4,645,000	-23,275,000	7,279,000	15,463,000		1,916,000		-10,848,000
net foreign exchange difference		165,000	73,000	-566,000	509,000	-56,000	-194,000	289,000	-90,000	-141,000	61,000	654,000	-314,000
cash and cash equivalents at beginning of period	82,660,000	80,510,000	78,143,000	73,829,000	72,642,000	73,076,000	74,738,000	73,920,000	130,649,000	117,549,000	125,948,000	65,708,000	105,778,000	58,624,000	60,658,000	64,481,000	52,241,000	53,978,000	68,641,000	75,107,000	137,717,000	75,832,000	67,356,000	115,352,000	70,978,000	69,293,000	94,944,000	86,556,000	76,927,000	69,761,000	77,292,000	86,549,000	104,005,000	109,295,000	71,542,000	65,049,000	77,533,000	166,775,000	158,172,000	137,077,000	176,446,000	166,684,000	134,388,000	146,224,000	146,224,000		219,982,000	126,065,000	50,003,000	43,084,000	75,483,000	71,303,000	72,000	70,866,000	29,000	42,624,000	45,392,000	73,305,000	102,184,000	58,569,000	58,043,000	54,034,000	49,389,000	72,664,000	65,385,000	49,922,000	60,936,000	59,020,000		0	0
cash and cash equivalents at end of period	81,250,000	82,660,000	80,510,000	78,143,000	73,829,000	72,642,000	73,076,000	74,738,000	73,920,000	130,649,000	117,549,000	125,948,000	65,708,000	105,778,000	58,624,000	60,658,000	64,481,000	52,241,000	53,978,000	68,641,000	75,107,000	137,717,000	75,832,000	67,356,000	115,352,000	70,978,000	69,293,000	94,944,000	86,556,000	76,927,000	69,761,000	77,292,000	86,549,000	72,182,000	109,295,000	71,542,000	65,049,000	77,533,000	166,775,000	158,172,000	137,077,000	176,446,000	166,684,000	134,388,000	134,388,000		146,224,000	219,982,000	126,065,000	50,003,000	43,084,000	75,483,000	71,000	72,242,000	70,000	29,583,000	42,621,000	45,392,000	73,305,000	102,184,000	58,569,000	58,043,000	54,034,000	49,389,000	72,664,000	65,385,000	49,922,000	60,936,000		-10,848,000	-10,848,000
specification of items included in operating activities:
interest paid	4,545,000	6,149,000	5,832,000	7,872,000	7,499,000	8,269,000	7,617,000	8,919,000	7,324,000	7,711,000	5,526,000	7,026,000	5,104,000	6,003,000	5,272,000	5,732,000	5,408,000	3,747,000	5,288,000	6,172,000	9,225,000	8,506,000	11,502,000	11,082,000	12,377,000	11,706,000	14,069,000	10,794,000	13,253,000	9,275,000	6,717,000	7,938,000	9,227,000	8,017,000	9,591,000	4,262,000	5,714,000	7,972,000	4,661,000	8,099,000	4,938,000	8,807,000	6,370,000	1,332,000	1,332,000	-19,263,000	1,324,000	880,000	926,000	859,000	1,385,000	784,000	1,000	1,561,000	1,000	1,919,000	1,833,000	1,915,000	1,691,000	1,481,000	3,667,000	3,704,000	3,703,000	4,275,000	4,157,000	4,204,000	4,979,000	4,614,000		3,301,000	3,301,000
interest received	389,000	1,323,000	155,000	1,561,000	288,000	1,736,000	256,000	1,855,000	367,000	2,160,000	694,000	1,290,000	80,000	110,000	1,000	1,000	4,000		1,000	12,000	3,000	98,000	99,000	357,000	113,000	444,000	163,000	120,000	73,000	80,000	71,000	41,000	28,000	35,000	18,000	14,000	14,000	20,000	31,000	30,000	32,000	47,000	104,000	138,000	138,000	160,000	174,000	29,000	81,000	122,000	6,000	3,000	122,000	122,000	57,000	9,000	28,000	17,000	21,000	43,000
loss, sale of vessel		-17,459,000	-19,795,000														-1,556,000
proceeds from sale of vessel		50,942,000	42,489,000
reversal of previous impairment charges				-27,909,000
loss, disposal of property, plant and equipment									8,000		9,000
loss modification of debt											-693,000	-669,000						-3,049,000
pension liability				-114,000	40,000	-20,000	-100,000	-143,000	21,000	-108,000	-65,000	-104,000	12,000	-32,000	55,000		-30,000	22,000	-27,000	59,000	31,000	40,000	-77,000		35,000	28,000	43,000	-20,000	24,000	-45,000	7,000
proceeds from sale of derivatives											3,256,000
dividends paid to non-controlling interest										-590,000
purchase of treasury shares				-13,196,000					-9,942,000	-8,866,000			-8,824,000	-15,934,000		-2,971,000	-6,738,000	-22,469,000									-3,248,000	-5,026,000
cash flows from operating activities
profit for the year																																														2,221,000
items included in net income not affecting cash flows:
reversal of prior impairment charges
fair value loss on derivative financial liabilities														-4,284,000	-7,855,000	-4,456,000	-2,316,000	-2,247,000	-3,430,000	-2,403,000	-2,611,000	444,000
impairment of equity accounted investment														637,000
share of profit in associated companies														-978,000	-349,000	-295,000	-293,000	-346,000	-344,000	-344,000	-340,000	-303,000	-206,000	-267,000	-158,000	-162,000	-265,000	-217,000	-189,000	-194,000	-258,000	-172,000	-235,000	-187,000		-174,000				-107,000	-116,000	-82,000	-76,000	-10,000	-10,000
changes in operating assets and liabilities:
cash flows from investing activities
investment in vessels under constuction
purchase of non-controlling interest in subsidiary
acquisition of subsidiary, net of cash paid														8,267,000
cash flows from financing activities
repayment of long-term debt																																-41,743,000	-16,801,000	-23,644,000		-55,170,000				-7,936,000	-28,769,000	-8,542,000	-277,842,000	-2,996,000	-2,996,000						-47,300,000	-9,000,000	-4,000	-3,100,000	-48,000	-13,234,000	-19,234,000							-28,000,000
bunker inventory					3,508,000	625,000	-3,625,000	3,977,000	-3,425,000	-6,700,000	5,411,000	3,282,000	5,916,000	-6,507,000	-2,364,000
investment in subsidiaries
profit/(loss) after tax
other comprehensive income/
items that will not be reclassified subsequently to income statement:
remeasurement of defined benefit obligation
total
items that may be reclassified subsequently to income statement:
exchange gain/(loss) on translation of foreign currency
denominated associate and subsidiary
total comprehensive income/(loss) for the period
attributable to owners of non-controlling interest
attributable to the owners of parent
(gain) / loss, disposal of property, plant and equipment
fair value (gain)/loss on derivative financial instruments
(gain) / loss modification of debt
net (decrease)/increase in cash and cash equivalents																																																																							-10,848,000
dividend received from associated company																1,031,000				835,000
amortization of upfront fees												624,000	930,000	727,000	621,000
(gain) / loss, sale of vessels
net cash (used in)/provided by investing activities
net increase/(decrease) in cash and cash equivalents
impairment charges																				7,640,000	4,920,000								3,500,000
net income after tax																-2,895,000	-21,032,000	808,000	11,611,000	7,627,000	50,672,000	135,824,000	72,158,000	75,862,000
amortization of upfont fees																640,000	648,000	827,000	435,000	561,000	1,352,000	1,833,000
bunkers, lube oils and consumables																-3,974,000	-8,844,000	-1,305,000	-7,418,000	1,313,000	6,334,000	16,779,000	-2,194,000	-6,489,000	9,962,000	-4,087,000	-1,260,000	-4,418,000	-2,650,000	-4,599,000	1,672,000	-2,776,000	-2,878,000	-7,844,000	1,732,000	-1,212,000		2,483,000		2,310,000	192,000	5,623,000	3,146,000	-6,400,000	-6,400,000
cash flows from operating activities:
cash flows from investing activities:
issuance of convertible bonds																												-401,000	39,346,000														633,000	145,229,000	145,229,000
repayment of convertible bonds																								-6,426,000
investment in property, plant and equipment																	-1,000	-38,000		-44,000	-46,000	-34,000	-310,000	-31,000	-35,000				1,000	-16,000	-69,000	-12,000	-47,000	-87,000		-9,000				18,000	-284,000	-144,000	-35,000	-288,000	-288,000				4,000	-1,000	27,000					43,000	-5,000
(profit) / loss, sale of vessel																		-13,597,000										-122,000			46,000	3,257,000		55,000					807,000												77,000	591,000
net income / (loss) after tax
(gain) / loss, sale of vessel
fair value (gain) / loss on derivative financial liabilities
net cash (used in)/provided by financing activities
(profit)/loss, sale of vessel
loss purchase of convertible bond																													3,589,000
net income /																																												-7,054,000	-7,054,000			-478,000		-4,104,000		-3,732,000
depreciation																							30,326,000	30,663,000	29,656,000	27,713,000	27,552,000	28,251,000	26,682,000	24,869,000	23,674,000	26,417,000	26,468,000	20,933,000	21,067,000	21,723,000	20,782,000	20,767,000	20,099,000	19,578,000	19,381,000	19,640,000	19,078,000	10,498,000	10,498,000																									4,263,000	4,263,000	4,217,000	4,171,000
impairment charge																																1,053,000		7,487,000		76,600,000																	8,000	92,500,000				56,000,000
amortization of debt issuance costs																							1,792,000	1,930,000	2,053,000	2,014,000	2,006,000	2,010,000	1,878,000	5,943,000	1,727,000	1,960,000	1,773,000	1,879,000	1,963,000	1,748,000	1,657,000	2,629,000	1,673,000	1,635,000	2,503,000	1,710,000
fair value (gain) / loss on derivative financial instruments
(gain) / loss purchase convertible bond
unrealized currency translation lossess /																																				3,000			14,000	60,000	-12,000	36,000
sale of vessels																												25,678,000			20,715,000	44,749,000		23,339,000			22,233,000		26,500,000												22,233,000				13,000
issuance of long term debt																												54,953,000		471,991,000			-79,000	-624,000	48,482,000	125,149,000		45,676,000	99,400,000				295,631,000					47,361,000
purchase of convertible bonds
balance at january 1, 2016
net income/(loss) after tax
other comprehensive income
total comprehensive income
cash dividends declared and paid
balance at march 31, 2016
balance at january 1, 2017
balance at march 31, 2017
amendments to ifrs 10, ifrs 12 and ias 28 investments entities
amendments to ifrs 11
amendments to ias 1
annual improvements to ifrss 2012-2014 cycle
q2
abn amro/nordea/dvb - 3 vessels*
nordea/dnb/dvb - 8 vessels
credit agricole - dht scandinavia
credit agricole - dht tiger
danish ship finance - dht jaguar
nordea/dnb - dht leopard
nordea/dnb - 4 vessels
convertible note
unamortized upfront fees bank loans
difference amortized cost/notional amount convertible note
total interest bearing debt
·
cost of vessels
at january 1, 2017
additions
transferred from vessels under construction
transferred to asset held for sale
retirement **
at march 31, 2017
carrying amount
cost of vessels under construction
transferred to vessels
vessels under construction
not later than one year
later than one year and not later than three years
later than three years and not later than five years
common stock
issued at march 31, 2017
shares to be issued assuming conversion of convertible notes*
numbers of shares authorized for issue at march 31, 2017
par value
payment date
february 22, 2017
total payment as per march 31, 2017
november 23, 2016
august 31, 2016
may 25, 2016
february 24, 2016
total payment as per december 31, 2016
repayment of lease liability																							-128,000	-129,000	-129,000	-57,000	-56,000
investment in associated company																								513,000				409,000				415,000							120,000				107,000
repayment of long term debt
net income																									-9,391,000	-10,513,000	17,723,000	11,983,000	-21,475,000	-28,222,000	-9,213,000	-7,514,000	-5,067,000	14,346,000	17,830,000	-75,697,000	35,597,000	31,531,000	32,428,000	27,464,000	22,186,000	23,224,000	28,475,000						11,458,000		-7,747,000		-6,000	-96,723,000	2,000	6,251,000	4,193,000		4,274,000	4,014,000	7,035,000	3,578,000	-2,027,000	-2,209,000	3,894,000	1,083,000	5,010,000	6,859,000	5,943,000	6,896,000	6,896,000	7,418,000	7,206,000
net cash provided/(used in) by financing activities																									36,620,000
net decrease in cash and cash equivalents																											-25,651,000
investment in vessels*																												-10,131,000
investment in vessels under construction*																												-57,800,000	-58,673,000
scheduled repayment of long-term debt**																												-16,051,000
repayment of long-term debt, sale of vessels**																												-8,685,000
unrealized currency translation losses
issuance of stock																																-179,000											-254,000	144,857,000	144,857,000			215,889,000	106,063,000					-235,000	76,000
(gain) / loss purchase of convertible bond
net cash provided by/(used in) investing activities
net cash provided by/(used in) financing activities
impairment charges/
fair value gain on derivative financial liabilities
investment in subsidiary, net of cash acquired
loss purchase convertible bond																																		-253,000
unrealized currency translation losses /
investment in subsidiary, net cash																																			242,000									-256,332,000	-256,332,000
impairment charge vessel held for sale																																						8,100,000
unrealized currency translation lossess/
net cash from/(used) in financing activities																																							22,201,000	-21,864,000	-42,697,000	-13,168,000	16,317,000	285,701,000				261,865,000	105,750,000	-310,000	-47,577,000	-9,286,000	-4,000	-6,760,000	23,000	-15,168,000	-21,168,000		26,037,000	89,736,000
reversal of impairment charges																																											-31,900,000
prepaid charter hire																																											-1,668,000	2,864,000	2,864,000			500,000	835,000	353,000	-95,000	1,024,000
(reversal of impairment charges)/impairment charges
settlement of derivative financial liabilities
the footnotes are an integral part of these consolidated financial statements
revenue
ebitda
adjusted net income*
adjusted eps*
interest bearing debt
cash
dividend**
fleet
spot days***
unscheduled off hire***
scheduled off hire***
●
assets
current assets
cash and cash equivalents																																														49,008,000
accounts receivable																																															1,907,000	2,813,000		2,418,000	-3,372,000	786,000
bunkers																																															969,000	-4,611,000		2,464,000	13,000	195,000	-737,000	-1,469,000		-1,103,000
total current assets
vessels
other property, plant and equipment
other long term receivables
total assets
liabilities and stockholders’ equity
current liabilities
derivative financial instruments
current portion long term debt
total current liabilities
non-current liabilities
long term debt
other long term liabilities
total non-current liabilities
total liabilities
stockholders’ equity
stock
paid-in additional capital
retained earnings/
other components of equity
total stockholders equity
total liabilities and stockholders’ equity
gross revenues
operating expenses
voyage expenses
vessel expenses
charter hire expense
general and administrative expense
total operating expenses
profit / loss, sale of vessel
operating income
interest income
interest expense
fair value gain/(loss) on derivative financial instruments
other financial income/
profit/(loss) before tax
income tax expense
basic net income per share
diluted net income per share
weighted-average number of shares
condensed consolidated statement of comprehensive income
profit for the period
other comprehensive income:
reclassification adjustment from previous cash flow hedges
total comprehensive income for the period
net cash provided by/(used) in financing activities
amortization																																											1,271,000	605,000	605,000
translation differences																																											76,000	-76,000	-76,000
deferred income																																																				6,894,000
other non-current liabilities
fair value gain on derivative financial instruments																																												-291,000	-291,000							-771,000
net cash from/(used)in financing activities																																													285,701,000
adjustments for:
depreciation of property, plant and equipment																																														24,781,000
loss on disposal of property, plant and equipment																																														-74,000
impairment loss
reversal of impairment loss
share of profit of associate																																														-303,000
share of loss of joint venture																																														1,000
net finance expenses																																														20,430,000
tax expense																																														15,000
changes in working capital:
trade and other receivables																																														12,411,000
trade and other payables																																														-667,000
cash generated from operations																																														59,953,000
tax paid																																														-5,000
drydocking costs paid
purchase of property, plant and equipment																																														-95,000
proceeds from disposal of vessels																																														71,462,000
distribution by associate																																														223,000
distribution by joint venture																																														1,000,000
deposits pledged																																														1,342,000
repayments of borrowings																																														-94,151,000
proceeds from borrowings
proceeds from issue of share capital																																														526,000
net cash (used in)/from financing activities																																														-112,888,000
cash and cash equivalents at 1 january																																														27,856,000
decrease in vessel acquisitions deposits																																																											6,700,000
settlement of derivative financial instruments
amortization related to interest and swap expense																																																					-540,000	-642,000	-590,000	-301,000	-448,000		76,000		-2,097,000	-94,000	982,000	987,000
deferred compensation related to options and restricted stock																																																					160,000	182,000	265,000	281,000	249,000	272,000	154,000	221,000	162,000	404,000	103,000	244,000
accounts receivable, prepaid expenses																																																					710,000	1,732,000	-6,000
investment in property, plant and eqipment																																																					-13,000	-10,000	-43,000
decrease/(increase) in vessel acquisitions deposits
investment in/upgrade of vessels																																																						-304,000
gain/loss, sale of vessel																																																							1,000	860,000
accrued charter hire, prepaid expenses and receivables																																																								-2,329,000
accounts payable, accrued expenses and prepaid charter hire																																																								-7,142,000
issuance of common stock																																																												67,540,000							38,400,000
accrued charter hire and prepaid expenses																																																									-41,000
accrued payable, accrued expenses and prepaid charter hire																																																									8,917,000
net income / loss
receivables																																																																	560,000	3,688,000	3,024,000	1,519,000		942,000	942,000	-105,000	846,000
vessel acquisition deposit
issue of common stock, net of offering cost
issue of long term interest bearing debt
accrued charter hire, prepaid expenses and long term receivables																																																										2,040,000
accounts payable, accrued expenses, prepaid charter hire and
long term liabilities
investment in fixtures and fittings
accrued charter hire, prepaid expenses and long-term receivables
accounts payable, accrued expenses, prepaid charter hire and long-term liabilities
accrued charterhire, prepaid expenses and long term receivables
accounts payable, accrued expenses, prepaid charter hire and long term liabilities																																																												588,000
issuance of long term debt, net of acquisition costs																																																												27,088,000
accounts payable, accrued expenses and deferred revenue																																																														-2,243,000	2,349,000	-975,000	1,730,000	599,000	3,084,000	-5,087,000
decrease in vessel acquisition deposit
issuance of long-term debt, net of acquisition costs
deferred offering costs
items included in net income not effecting cash flow
accounts payable, acrrued expenses and deferred revenue																																																													-716,000
investments in vessels																																																													-99,000				-3,929,000
investments in fixtures and fittings																																																													-21,000
decrease in vessel acquisition deposits																																																													-5,500,000
issuance/(buy back) of common stock
items included in net income not effecting cash flow:
deferred compensation related to options and restricted stock granted																																																																	149,000	154,000	136,000	309,000		100,000	100,000	91,000	74,000
amortisation and swap expense																																																																	-166,000	2,563,000		3,509,000
decrease/(increase) in vessel acquisition deposits
net cash from / (used in) financing activities
expenditures for vessels
net cash (used in) investing activities
net cash provided by/ (used in) financing activities
amortization of debt issuance cost
cash flows from financing activities:
issuance of long-term debt, net of issuance costs
amortization, including deferred finance charges																																																																						40,000	40,000	40,000	40,000
expenditures of drydocking
other assets
increase in vessel acquisition deposit
repayment of loan from osg
transfer of balances
statement of operations data:
shipping revenues
total ship operating expenses
income from vessel operations
net income per share
balance sheet data
long-term liabilities
cash flow data:
fleet data:
number of tankers owned
revenue days
average daily time charter equivalent rate:
vlccs
aframaxes
average daily bareboat rate:
suezmaxes
deposits for vessel acquisitions
increase in long term debt
net cash (used in) financing activities																																																																							-4,709,000
expenditures for drydocking
net cash provided by operating activities

DHT Holdings, Inc(NYSE:DHT)

DHT Holdings, Inc
(NYSE:DHT)