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Financial instruments (Tables)
 12 Months Ended
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.