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Financial instruments (Tables) | 12 Months Ended
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Dec. 31, 2020
Financial instruments [Abstract] |
Categories of 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.
Derivatives Interest Rate Swaps | 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-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
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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