Financial instruments (Tables)

12 Months Ended

Dec. 31, 2019

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.