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Financial instruments (Tables) | 12 Months Ended
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Dec. 31, 2019
Financial instruments [Abstract] |
Categories of Financial Instruments | Categories of financial instruments
(Dollars in thousands) |  | Carrying amount |
Financial assets |  | 2019 |  |  | 2018 |
Cash and cash equivalents (1)(3) |  |  | 67,356 |  |  |  | 94,944 |
Accounts receivable and accrued revenues (1) |  |  | 107,848 |  |  |  | 60,196 |
Total |  | $ | 175,204 |  |  | $ | 155,140 |
Financial liabilities |  |  |  |  |  |  |  |
Accounts payables and accrued expenses (1) |  | $ | 23,998 |  |  | $ | 28,634 |
Derivative financial liabilities, current (2) |  |  | 4,320 |  |  |  | 1,250 |
Current portion long-term debt (1) |  |  | 100,385 |  |  |  | 93,815 |
Long-term debt (1) |  |  | 750,586 |  |  |  | 873,460 |
Derivative financial liabilities, non-current (2) |  |  | 11,279 |  |  |  | 4,486 |
Total financial liabilities |  | $ | 890,569 |  |  | $ | 1,001,645 |
(1) | Amortized cost.
(2) | Fair value through profit or loss.
(3) | Cash and cash equivalents include $221 thousand in restricted cash in 2019 and $638 thousand in 2018, including employee withholding tax.
Derivatives Interest Rate Swaps | Derivatives - interest rate swaps
|  |  | Notional amount |  |  | Fair value |
(Dollars in thousands) | Expires |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Swap pays 2.987%, receive floating | Apr. 20, 2023 |  | $ | 44,400 |  |  |  | 46,800 |  |  |  | 1,748 |  |  |  | 699 |
Swap pays 3.012%, receive floating | Apr. 20, 2023 |  | $ | 44,400 |  |  |  | 46,800 |  |  |  | 1,780 |  |  |  | 743 |
Swap pays 3.019%, receive floating | Sept. 29, 2023 |  | $ | 33,310 |  |  |  | 35,877 |  |  |  | 1,425 |  |  |  | 580 |
Swap pays 3.019%, receive floating | Sept. 29, 2023 |  | $ | 32,396 |  |  |  | 34,963 |  |  |  | 1,380 |  |  |  | 563 |
Swap pays 2.8665%, receive floating | Sept. 29, 2023 |  | $ | 48,830 |  |  |  | 51,400 |  |  |  | 1,976 |  |  |  | 606 |
Swap pays 2.8785%, receive floating | Jun. 30, 2023 |  | $ | 43,240 |  |  |  | 45,807 |  |  |  | 1,681 |  |  |  | 503 |
Swap pays 2.885%, receive floating | Sept. 29, 2023 |  | $ | 48,188 |  |  |  | 50,115 |  |  |  | 1,961 |  |  |  | 653 |
Swap pays 2.897%, receive floating | Sept. 30, 2023 |  | $ | 43,419 |  |  |  | 45,986 |  |  |  | 1,789 |  |  |  | 597 |
Swap pays 3.020%, receive floating | Sept. 29, 2023 |  | $ | 41,734 |  |  |  | 44,301 |  |  |  | 1,859 |  |  |  | 793 |
Total carrying amount |  |  | $ | 379,916 |  |  |  | 402,049 |  |  |  | 15,600 |  |  |  | 5,736 |
Interest-bearing debt
|  |  |  |  | Remaining |  |  | Carrying amount |
(Dollars in thousands) |  | Interest |  |  | notional |  |  | 2019 |  |  | 2018 |
Credit Agricole Credit Facility |  | LIBOR + 2.19 % |  |  |  | 56,120 |  |  |  | 55,719 |  |  |  | 62,166 |
Danish Ship Finance Credit Facility |  | LIBOR + 2.25 % |  |  |  | 39,000 |  |  |  | 38,929 |  |  |  | 41,437 |
Nordea BW VLCC Acquisition Credit Facility |  | LIBOR + 2.40 % |  |  |  | 209,628 |  |  |  | 207,175 |  |  |  | 254,870 |
ABN Amro Credit Facility |  | LIBOR + 2.40 % |  |  |  | 436,261 |  |  |  | 432,581 |  |  |  | 464,826 |
ABN Amro Revolving Credit Facility |  | LIBOR + 2.50 % |  |  |  |  |  |  |  |  |  |  |  |  |
Convertible Senior Notes due 2019 |  |  | 4.50 | % |  |  | - |  |  |  | - |  |  |  | 32,009 |
Convertible Senior Notes due 2021 |  |  | 4.50 | % |  |  | 125,000 |  |  |  | 116,568 |  |  |  | 111,968 |
Total carrying amount |  |  |  |  |  |  | 866,009 |  |  |  | 850,972 |  |  |  | 967,275 |
Interest Bearing Debt |
Reconciliation of Liabilities Arising from Financing Activities | The table below details changes in liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Company’s consolidated statement of cash flows as cash flows from financing activities.
|  |  |  |  |  |  |  |  |  |  | Non-cash changes |  |  |  |
|  | As of January 1, 2019 (1) |  |  | Financing cash flows (2) |  |  | Fair value changes (3) |  |  | Amortization |  |  | Equity component of convertible notes |  |  | Other changes (4) |  |  | As of December 31, 2019 |
Bank loans |  |  | 823,299 |  |  |  | (91,440 | ) |  |  |  |  |  |  | 2,545 |  |  |  |  |  |  |  |  |  | 734,404 |
Convertible Senior Notes due 2019 |  |  | 32,009 |  |  |  | (6,426 | ) |  |  |  |  |  |  | 851 |  |  |  | (26,434 | ) |  |  |  |  |  | - |
Convertible Senior Notes due 2021 |  |  | 111,968 |  |  |  | (7 | ) |  |  |  |  |  |  | 4,607 |  |  |  |  |  |  |  |  |  |  | 116,568 |
Office leases |  |  | 1,484 |  |  |  | (370 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,732 |  |  |  | 2,846 |
Total (5) |  |  | 968,759 |  |  |  | (98,243 | ) |  |  | - |  |  |  | 8,003 |  |  |  | (26,434 | ) |  |  | 1,732 |  |  |  | 853,817 |
|  |  |  |  |  |  |  |  |  |  | Non-cash changes |  |  |  |
|  | As of January 1, 2018 |  |  | Financing cash flows (2) |  |  | Fair value changes (3) |  |  | Amortization |  |  | Equity component of convertible notes |  |  | Other changes (4) |  |  | As of December 31, 2018 |
Bank loans |  |  | 687,942 |  |  |  | 129,400 |  |  |  |  |  |  | 6,826 |  |  |  |  |  |  | (869 | ) |  |  | 823,299 |
Convertible Senior Notes due 2019 |  |  | 98,262 |  |  |  |  |  |  |  | (74,644 | ) |  |  | 3,188 |  |  |  | 1,613 |  |  |  | 3,589 |  |  |  | 32,009 |
Convertible Senior Notes due 2021 |  |  |  |  |  |  | 38,945 |  |  |  | 74,644 |  |  |  | 1,545 |  |  |  | (3,165 | ) |  |  |  |  |  |  | 111,968 |
Total (5) |  |  | 786,204 |  |  |  | 168,345 |  |  |  | - |  |  |  | 11,559 |  |  |  | (1,553 | ) |  |  | 2,720 |  |  |  | 967,275 |
(1) | The opening balance as of January 1, 2019, includes the initial recognition of a lease liability of $1.5 million resulting from the adoption of IFRS 16 Leases.
(2) | The cash flows from bank loans make up the net amount of issuance of long-term debt and repayment of long-term debt in the statement of cash flows. In 2018 the cash flows from the transaction related to the exchange of convertible senior notes due 2019 of $38.9 million consisted of $41.6 million cash received upon issue, less transaction costs of $2.7 million.
(3) | Fair value changes reflects the loss arising from the exchange of the convertible senior notes due 2019 to convertible senior notes due 2021 below market fair value.
(4) | Other changes for the year 2019 represents new, modified office leases and foreign exchange effects during the year related to IFRS 16 Leases. Other changes for the year 2018 represents the (gain)/loss on extinguishment of debt, including previously capitalized fees.
(5) | The reconciliation does not include interest rate swaps, which are described in note 8.

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