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Financial instruments | 12 Months Ended
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Dec. 31, 2020
Financial instruments [Abstract] |
Financial instruments | Note 8 - Financial instruments Categories of financial instruments
(Dollars in thousands) |  | Carrying amount
Financial assets |  | 2020 |  |  | 2019
Cash and cash equivalents (1)(3) |  | $ | 68,641 |  |  | $ | 67,356
Accounts receivable and accrued revenues (1) |  |  | 30,060 |  |  |  | 107,848
Total financial assets |  | $ | 98,700 |  |  | $ | 175,204
Financial liabilities |  |  |  |  |  |  |
Accounts payables and accrued expenses (1) |  | $ | 18,503 |  |  | $ | 23,998
Derivative financial liabilities, current (2) |  |  | 9,073 |  |  |  | 4,320
Current portion long-term debt (1) |  |  | 3,396 |  |  |  | 100,385
Long-term debt (1) |  |  | 446,562 |  |  |  | 750,586
Derivative financial liabilities, non-current (2) |  |  | 14,601 |  |  |  | 11,279
Total financial liabilities |  | $ | 492,135 |  |  | $ | 890,569
(1) | Amortized cost.
(2) | Fair value through profit or loss.
(3) | Cash and cash equivalents include $299 thousand in restricted cash in 2020 and $221 thousand in 2019, including employee withholding tax.
Fair value of non-derivative financial instruments It is assumed that fair value of non-derivative 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 Fair Value Measurement. 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
| Expires |  | Notional amount |  |  | Fair value
(Dollars in thousands) |  |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019
Swap pays 2.987%, receive floating | Apr. 20, 2023 |  | $ | 42,000 |  |  |  | 44,400 |  |  |  | 2,541 |  |  |  | 1,748
Swap pays 3.012%, receive floating | Apr. 20, 2023 |  | $ | 42,000 |  |  |  | 44,400 |  |  |  | 2,564 |  |  |  | 1,780
Swap pays 3.019%, receive floating | Sept. 29, 2023 |  | $ | 30,743 |  |  |  | 33,310 |  |  |  | 2,131 |  |  |  | 1,425
Swap pays 3.019%, receive floating | Sept. 29, 2023 |  | $ | 29,829 |  |  |  | 32,396 |  |  |  | 2,060 |  |  |  | 1,380
Swap pays 2.8665%, receive floating | Sep. 29, 2023 |  | $ | 46,260 |  |  |  | 48,830 |  |  |  | 3,147 |  |  |  | 1,976
Swap pays 2.8785%, receive floating | Jun. 30, 2023 |  | $ | 40,673 |  |  |  | 43,240 |  |  |  | 2,513 |  |  |  | 1,681
Swap pays 2.885%, receive floating | Sept. 29, 2023 |  | $ | 45,618 |  |  |  | 48,188 |  |  |  | 3,139 |  |  |  | 1,961
Swap pays 2.897%, receive floating | Sept. 30, 2023 |  | $ | 40,851 |  |  |  | 43,419 |  |  |  | 2,792 |  |  |  | 1,789
Swap pays 3.020%, receive floating | Sept. 29, 2023 |  | $ | 39,167 |  |  |  | 41,734 |  |  |  | 2,786 |  |  |  | 1,859
Total carrying amount |  |  | $ | 357,141 |  |  |  | 379,916 |  |  |  | 23,673 |  |  |  | 15,600
Interest-bearing debt
|  | Interest |  |  | Remaining notional |  |  | Carrying amount
(Dollars in thousands) |  |  |  |  |  |  |  | 2020 |  |  | 2019
Credit Agricole Credit Facility |  | LIBOR + 2.19 % |  |  |  | 37,839 |  |  |  | 37,626 |  |  |  | 55,719
Danish Ship Finance Credit Facility |  | LIBOR + 2.00 % |  |  |  | 36,400 |  |  |  | 36,015 |  |  |  | 38,929
Nordea Credit Facility |  | LIBOR + 2.40 % |  |  |  | 110,933 |  |  |  | 109,423 |  |  |  | 207,175
ABN Amro Credit Facility |  | LIBOR + 2.40 % |  |  |  | 269,505 |  |  |  | 266,895 |  |  |  | 432,581
ABN Amro Revolving Credit Facility |  | LIBOR + 2.50 % |  |  |  | - |  |  |  | - |  |  |  | -
Convertible Senior Notes due 2021 |  | 4.50 % |  |  |  | - |  |  |  | - |  |  |  | 116,568
Total carrying amount |  |  |  |  |  | 454,677 |  |  |  | 449,959 |  |  |  | 850,972
As of December 31, 2020, $70.3 million was undrawn under the Nordea Credit Facility and $100.0 million was undrawn under the ABN Amro Credit Facility. Interest on all our credit facilities is payable quarterly in arrears except the Danish Ship Finance Credit Facility which has interest payable semi-annually 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, insurance and the borrowers’ rights under charters for the vessels, if any, as well as a pledge of the borrowers’ bank account balances. 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, 2020 (1) |  |  | Financing cash flows (2) |  |  | Amortization |  |  | Equity component of convertible notes |  |  | Other changes (3) |  |  | As of December 31, 2020
Bank loans |  |  | 734,404 |  |  |  | (286,733 | ) |  |  | 2,288 |  |  |  |  |  |  |  |  |  | 449,959
Convertible Senior Notes due 2021 |  |  | 116,568 |  |  |  |  |  |  |  | 3,250 |  |  |  | (119,818 | ) |  |  |  |  |  | -
Office leases |  |  | 2,846 |  |  |  | (467 | ) |  |  |  |  |  |  |  |  |  |  | 1,681 |  |  |  | 4,060
Total (4) |  |  | 853,817 |  |  |  | (287,199 | ) |  |  | 5,538 |  |  |  | (119,818 | ) |  |  | 1,681 |  |  |  | 454,019
|  |  |  |  |  |  |  |  |  | Non-cash changes |  |  |  |
|  | As of January 1, 2019 (1) |  |  | Financing cash flows (2) |  |  | Amortization |  |  | Equity component of convertible notes |  |  | Other changes (3) |  |  | 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 (4) |  |  | 968,759 |  |  |  | (98,243 | ) |  |  | 8,003 |  |  |  | (26,434 | ) |  |  | 1,732 |  |  |  | 853,817
(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.
(3) | Other changes for the year 2020 and 2019 represent new, modified office leases and foreign exchange effects during the year related to IFRS 16 Leases.
(4) | The reconciliation does not include interest rate swaps, which are described in note 8.

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