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Financial instruments | 12 Months Ended
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Dec. 31, 2017
Financial instruments [Abstract] |
Financial instruments | Note 8 - Financial instruments Classes of financial instruments
(Dollars in thousands) |  | Carrying amount |  |  |  |
Financial assets |  | 2017 |  |  | 2016 |
Cash and cash equivalents* |  |  | 77,292 |  |  |  | 109,295 |
Accounts receivable and accrued revenues |  |  | 42,212 |  |  |  | 34,461 |
Total |  | $ | 119,504 |  |  | $ | 143,756 |
Financial liabilities |  | 2017 |  |  | 2016 |
Accounts payables and accrued expenses |  |  | 17,427 |  |  | $ | 12,378 |
Derivative financial liabilities, current |  |  | 545 |  |  |  | 2,257 |
Current portion long-term debt |  |  | 65,053 |  |  |  | 57,521 |
Long-term debt |  |  | 721,151 |  |  |  | 643,974 |
Derivative financial liabilities, non-current |  |  | - |  |  |  | 442 |
Total financial liabilities |  | $ | 804,177 |  |  | $ | 716,572 |
*Cash and cash equivalents include $322 thousand in restricted cash in 2017 and $48,936 thousand in 2016, including employee withholding tax. Cash and cash equivalents as of December 31, 2016 also includes $48,650 thousand relating to the financing of DHT Tiger which was drawn on the Credit Agricole Credit Facility in advance of the delivery of the DHT Tiger on January 16, 2016. Categories of financial instruments
(Dollars in thousands) |  | Carrying amount |
Financial assets |  | 2017 |  |  | 2016 |
Cash and cash equivalents |  |  | 77,292 |  |  |  | 109,295 |
Loans and receivables |  |  | 42,212 |  |  |  | 34,461 |
Total |  | $ | 119,504 |  |  | $ | 143,756 |
(Dollars in thousands) |  |  |  |  |  |  |  |
Financial liabilities |  |  | 2017 |  |  |  | 2016 |
Fair value through profit or loss |  | $ | 545 |  |  | $ | 2,699 |
Financial liabilities at amortized cost |  |  | 803,631 |  |  |  | 713,873 |
Total |  |  | 804,177 |  |  |  | 716,572 |
F-29 Fair value of financial instruments It is assumed that fair value of financial instruments is equal to the nominal amount for all financial assets and liabilities. With regards to trade receivables, the credit risk is not viewed as significant. With regards to the credit facilities, these are floating rate with terms and conditions considered to be according to market terms and no material change in credit risk; consequently, it is assumed that carrying value has no material deviation from fair value. Measurement of fair value It is only derivatives that are classified within a fair value measurement category and recognized at fair value in the statement of financial position. Fair value measurement is based on Level 2 in the fair value hierarchy as defined in IFRS 13. Such measurement is based on techniques for which all inputs that have a significant effect on the recorded fair value are observable. Future cash flows are estimated based on forward interest rates (from observable yield curves at the end of the reporting period) and contract interest rates, discounted at a rate that reflects the credit risk of various counterparties. Derivatives - interest rate swaps
|  |  | Notional amount |  |  | Fair value
(Dollars in thousands) | Expires |  | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Swap pays 2.7775%, receive floating | Jun. 16, 2017 |  | $ | - |  |  |  | 21,438 |  |  |  | - |  |  |  | 171 |
Swap pays 3.0275%, receive floating | Oct. 24, 2017 |  | $ | - |  |  |  | 22,458 |  |  |  | - |  |  |  | 340 |
Swap pays 3.315%, receive floating | Jun. 29, 2018 |  | $ | 19,396 |  |  |  | 21,438 |  |  |  | 156 |  |  |  | 608 |
Swap pays 3.565%, receive floating | Jun. 29, 2018 |  | $ | 20,417 |  |  |  | 22,458 |  |  |  | 187 |  |  |  | 708 |
Swap pays 2.865%, receive floating | Jun. 29, 2018 |  | $ | 35,729 |  |  |  | 39,813 |  |  |  | 202 |  |  |  | 872 |
Total carrying amount |  |  | $ | 75,542 |  |  |  | 127,604 |  |  |  | 545 |  |  |  | 2,699 |
Interest-bearing debt
|  |  | Remaining |  | Carrying amount |
(Dollars in thousands) | Interest |  | notional |  |  | 2017 |  |  | 2016 |
Nordea Samco Credit Facility | LIBOR + 2.50 % |  |  | 220,207 |  |  |  | 217,921 |  |  |  | 256,166 |
Credit Agricole Credit Facility | LIBOR + 2.19 % |  |  | 69,315 |  |  |  | 68,591 |  |  |  | 75,601 |
Danish Ship Finance Credit Facility | LIBOR + 2.25 % |  |  | 44,200 |  |  |  | 43,937 |  |  |  | 46,432 |
Nordea/DNB Credit Facility | LIBOR + 2.25 % |  |  | 45,000 |  |  |  | 44,647 |  |  |  | 47,012 |
Nordea/DNB Credit Facility | LIBOR + 2.75 % |  |  | 9,988 |  |  |  | 9,884 |  |  |  | 37,579 |
ABN Amro Credit Facility | LIBOR + 2.60 % |  |  | 121,268 |  |  |  | 119,844 |  |  |  | 128,790 |
Nordea BW VLCC Acquisition Credit Facility | LIBOR + 2.40 % |  |  | 185,346 |  |  |  | 183,119 |  |  |  | - |
Convertible Senior Notes | 4.50% |  |  | 105,826 |  |  |  | 98,262 |  |  |  | 109,916 |
Total carrying amount |  |  |  | 801,150 |  |  |  | 786,204 |  |  |  | 701,495 |
Interest on all our credit facilities is payable quarterly in arrears except the Danish Ship Finance Credit Facility and the Convertible Notes which have interest payable semi-annual in arrears. The credit facilities are principally secured by the first-priority mortgages on the vessels financed by the credit facility, assignments of earnings, pledge of shares in the borrower, insurances and the borrowers' rights under charters for the vessels, if any, as well as a pledge of the borrowers' bank account balances. F-30 Reconciliation of liabilities arising from financing activities The table below details changes in liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Company's consolidated statement of cash flows as cash flows from financing activities.
|  |  |  |  |  |  |  |  |  |  |  |  |  | Non-cash changes |  |  |  |  |
|  |  | As of January 1, 2017 |  |  |  | Financing cash flows(1) |  |  | Repurchase convertible notes |  |  |  | Amortization |  |  | Equity component of convertible notes |  |  | Other changes(2) |  |  |  | As of December 31, 2017 |
Bank loans |  |  | 591,579 |  |  |  | 93,157 |  |  |  |  |  |  | 3,206 |  |  |  |  |  |  |  |  |  | 687,942 |
Convertible Senior Notes |  |  | 109,916 |  |  |  |  |  |  |  | (17,104 | ) |  |  | 4,170 |  |  |  | 2,213 |  |  |  | (932 | ) |  |  | 98,262 |
Total (3) |  |  | 701,495 |  |  |  | 93,157 |  |  |  | (17,104 | ) |  |  | 7,375 |  |  |  | 2,213 |  |  |  | (932 | ) |  |  | 786,204 |
| (1) | The cash flows from bank loans make up the net amount of issuance of long-term debt and repayment of long-term debt in the statement of cash flows.
| (2) | Other changes include (gain)/loss from repurchase of convertible notes.
| (3) | The reconciliation does not include interest swaps, which are described in note 8.

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