XML 46 R30.htm IDEA: XBRL DOCUMENT v3.22.1
Financial instruments (Tables)
 12 Months Ended
Dec. 31, 2021
Financial instruments [Abstract]  
Categories of Financial Instruments
Categories of financial instruments
 
(Dollars in thousands)
  
Carrying amount
  
Financial assets
  
2021
    
2020
  
Cash and cash equivalents (1)(3)
  
$
60,658
    
$
68,641
  
Accounts receivable and accrued revenues (1)
    
30,361
      
30,060
  
Total financial assets
  
$
91,018
    
$
98,700
  
                 
Financial liabilities
                
Accounts payables and accrued expenses (1)
  
$
19,662
    
$
18,503
  
Derivative financial liabilities, current (2)
    
7,002
      
9,073
  
Current portion long-term debt (1)
    
9,792
      
3,396
  
Long-term debt (1)
    
512,507
      
446,562
  
Derivative financial liabilities, non-current (2)
    
4,222
      
14,601
  
Total financial liabilities
  
$
553,184
    
$
492,135
  

(1)
Amortized cost.
(2)
Fair value through profit or loss.
(3)
Cash and cash equivalents include $289 thousand in restricted cash in 2021 and $299 thousand in 2020, including employee withholding tax.
Derivatives Interest Rate Swaps
Derivatives - interest rate swaps
 
 

 
Notional amount
    
Fair value
(Dollars in thousands)
Expires
 
2021
    
2020
    
2021
    
2020
Swap pays 2.987%, receive floating
Apr. 20, 2023
  
$
39,600
      
42,000
      
1,173
      
2,541
Swap pays 3.012%, receive floating
Apr. 20, 2023
  
$
39,600
      
42,000
      
1,185
      
2,564
Swap pays 3.019%, receive floating
Sept. 29, 2023
  
$
28,176
      
30,743
      
1,017
      
2,131
Swap pays 3.019%, receive floating
Sept. 29, 2023
  
$
27,262
      
29,829
      
982
      
2,060
Swap pays 2.8665%, receive floating
Sep. 29, 2023
  
$
43,690
      
46,260
      
1,509
      
3,147
Swap pays 2.8785%, receive floating
Jun. 30, 2023
  
$
38,106
      
40,673
      
1,162
      
2,513
Swap pays 2.885%, receive floating
Sept. 29, 2023
  
$
43,048
      
45,618
      
1,504
      
3,139
Swap pays 2.897%, receive floating
Sept. 30, 2023
  
$
38,284
      
40,851
      
1,339
      
2,792
Swap pays 3.020%, receive floating
Sept. 29, 2023
  
$
36,600
      
39,167
      
1,353
      
2,786
Total carrying amount
    
$
334,365
      
357,141
      
11,224
      
23,673
Interest Bearing Debt
Interest-bearing debt
 
(Dollars in thousands)  
Interest
    
Remaining
notional
    
Carrying amount

 

   

   
2021
    
2020
Credit Agricole Credit Facility
  
LIBOR + 2.19 %
      
35,136
      
35,002
      
37,626
Danish Ship Finance Credit Facility
  
LIBOR + 2.00 %
      
33,973
      
33,683
      
36,015
Nordea Credit Facility
  
LIBOR + 1.90 %
      
231,300
      
225,214
      
109,423
ABN Amro Credit Facility
  
LIBOR + 2.40 %
      
230,067
      
228,400
      
266,895
Total carrying amount
          
530,477
      
522,299
      
449,959
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, 2021
    
Financing
cash
flows (1)
    
Amortization
      
Equity
component of
convertible
notes
  
Other changes (2)
    
As of
December 31, 2021
  
Bank loans (3)
    
449,959
      
72,840
      
2,550
             (3,049 )    
522,299
  
Office leases (4)
    
4,060
      
(611
)
                  
(164
)
    
3,285
  
Total (5)
    
454,019
      
72,228
      
2,550
      
-
    
(3,213
)
    
525,584
  

               
Non-cash changes
        
                                     
   
As of January
1, 2020
    
Financing
cash
flows (1)
    
Amortization
    
Equity
component of
convertible
notes
    
Other changes (2)
    
As of
December 31, 2020
  
Bank loans (3)
    
734,404
      
(286,733
)
    
2,288
                  
449,959
  
Convertible Senior Notes due 2021
    
116,568
              
3,250
       (119,818 )          
-
  
Office leases (4)
    
2,846
      
(467
)
                    
1,681
      
4,060
  
Total (5)
    
853,817
      
(287,199
)
    
5,538
      
(119,818
)
    
1,681
      
454,019
  

(1)
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.
(2)
Other changes for the year 2021 represent gain on modification of debt, including previously capitalized fees and foreign exchange effects during the year related to IFRS 16 Leases. Other changes for the year 2020 represent new, modified office leases and foreign exchange effects during the year related to IFRS 16 Leases.
(3)
As of December 31, 2021, bank loans consist of current portion long-term debt of $9,792 thousand and long-term debt of $512,507 thousand. As of December 31, 2020, bank loans consist of current portion long-term debt of $3,396 thousand and long-term debt of $446,562 thousand.
(4)
As of December 31, 2021, office leases consist of current liabilities of $624 thousand and $2,661 thousand of non-current liabilities. As of December 31, 2020, office leases consist of current liabilities of $721 thousand and $3,339 thousand of non-current liabilities. The remaining balance of non-current liabilities consist of pensions for both 2021 and 2020, respectively.
(5)
The reconciliation does not include interest rate swaps, which are described in note 8.