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Financial instruments | 12 Months Ended
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Dec. 31, 2022
Financial instruments [Abstract] |
Financial instruments | Note 8 – Financial instruments Categories of financial instruments
(Dollars in thousands) |  | Carrying amount |
Financial assets |  | 2022 |  |  | 2021 |
Cash and cash equivalents 1, 3 |  | $ | 125,948 |  |  | $ | 60,658 |
Accounts receivable and accrued revenues 1 |  |  | 59,465 |  |  |  | 30,361 |
Derivative financial assets, current 2 |  |  | 3,759 |  |  |  | - |
Total financial assets |  | $ | 189,172 |  |  | $ | 91,018 |
Financial liabilities |  |  |  |  |  |  |  |
Accounts payables and accrued expenses 1 |  | $ | 29,398 |  |  | $ | 19,662 |
Derivative financial liabilities, current 2 |  |  | - |  |  |  | 7,002 |
Current portion long-term debt 1 |  |  | 29,626 |  |  |  | 9,792 |
Long-term debt 1 |  |  | 367,069 |  |  |  | 512,507 |
Derivative financial liabilities, non-current 2 |  |  | - |  |  |  | 4,222 |
Total financial liabilities |  | $ | 426,094 |  |  | $ | 553,184 |
1 | Amortized cost.
2 | Fair value through profit or loss.
3 | Cash and cash equivalents include $316 thousand in restricted cash in 2022 and $289 thousand in 2021, 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 In the statement of financial position, only derivatives are classified within a fair value measurement category and recognized at fair value. 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
|  |  | Notional amount |  |  | Fair value - Financial asset |  |  | Fair value - Financial liability |
(Dollars in thousands) | Expires |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Swap pays 2.987%, receive floating | Apr. 20, 2023 |  | $ | 37,200 |  |  | $ | 39,600 |  |  | $ | 202 |  |  | $ | - |  |  | $ | - |  |  | $ | 1,173 |
Swap pays 3.012%, receive floating | Apr. 20, 2023 |  |  | 37,200 |  |  |  | 39,600 |  |  |  | 200 |  |  |  | - |  |  |  | - |  |  |  | 1,185 |
Swap pays 3.019%, receive floating | Sept. 29, 2023 |  |  | 25,609 |  |  |  | 28,176 |  |  |  | 365 |  |  |  | - |  |  |  | - |  |  |  | 1,017 |
Swap pays 3.019%, receive floating | Sept. 29, 2023 |  |  | 24,695 |  |  |  | 27,262 |  |  |  | 351 |  |  |  | - |  |  |  | - |  |  |  | 982 |
Swap pays 2.8665%, receive floating | Sep. 29, 2023 |  |  | 41,120 |  |  |  | 43,690 |  |  |  | 629 |  |  |  | - |  |  |  | - |  |  |  | 1,509 |
Swap pays 2.8785%, receive floating | Jun. 30, 2023 |  |  | 35,539 |  |  |  | 38,106 |  |  |  | 357 |  |  |  | - |  |  |  | - |  |  |  | 1,162 |
Swap pays 2.885%, receive floating | Sept. 29, 2023 |  |  | 40,478 |  |  |  | 43,048 |  |  |  | 623 |  |  |  | - |  |  |  | - |  |  |  | 1,504 |
Swap pays 2.897%, receive floating | Sept. 30, 2023 |  |  | 35,717 |  |  |  | 38,284 |  |  |  | 544 |  |  |  | - |  |  |  | - |  |  |  | 1,339 |
Swap pays 3.020%, receive floating | Sept. 29, 2023 |  |  | 34,033 |  |  |  | 36,600 |  |  |  | 488 |  |  |  | - |  |  |  | - |  |  |  | 1,353 |
Total carrying amount |  |  | $ | 311,590 |  |  | $ | 334,365 |  |  | $ | 3,759 |  |  | $ | - |  |  | $ | - |  |  | $ | 11,224 |
Interest-bearing debt
(Dollars in thousands) |  |  |  |  | Remaining |  |  | Carrying amount
|  | Interest |  |  | notional |  |  | 2022 |  |  | 2021
Credit Agricole Credit Facility |  | SOFR + 2.05 % |  |  |  | 37,500 |  |  |  | 36,381 |  |  |  | 35,002
Danish Ship Finance Credit Facility |  | LIBOR + 2.00 % |  |  |  | 31,547 |  |  |  | 31,342 |  |  |  | 33,683
Nordea Credit Facility |  | LIBOR + 1.90 % |  |  |  | 117,235 |  |  |  | 113,043 |  |  |  | 225,214
ABN AMRO Credit Facility |  | LIBOR + 2.40 % |  |  |  | 216,761 |  |  |  | 215,929 |  |  |  | 228,400
Total carrying amount |  |  |  |  |  | 403,043 |  |  |  | 396,696 |  |  |  | 522,299
As of December 31, 2022, $144.4 million was undrawn under the Nordea Credit Facility and $90.1 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, 2022 |  |  | Financing cash flows 1 |  |  | Amortization |  |  | Other changes 2 |  |  | As of December 31, 2022 |
Bank loans 3 |  | $ | 522,299 |  |  |  | (127,816 | ) |  |  | 2,902 |  |  |  | (688 | ) |  |  | 396,696 |
Office leases 4 |  |  | 3,285 |  |  |  | (1,090 | ) |  |  |  |  |  |  | 1,743 |  |  |  | 3,938 |
Total 5 |  | $ | 525,584 |  |  |  | (128,906 | ) |  |  | 2,902 |  |  |  | 1,054 |  |  |  | 400,634 |
|  |  |  |  | Non-cash changes |
| As of January 1, 2021 |  | Financing cash flows 1 |  | Amortization |  | 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 |
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 related to bank loans for the years 2022 and 2021 represent gains on modification of debt which includes previously capitalized fees. Other changes related to office leases for 2022 represent lease liabilities assumed through the business combination (for more details see Note 16), lease modification, and foreign exchange effects during the year related to IFRS 16. Other changes related to office leases for 2021 represent foreign exchange effects during the year related to IFRS 16.
3 | As of December 31, 2022, bank loans consist of current portion long-term debt of $29,626 thousand and long-term debt of $367,069 thousand. 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.
4 | As of December 31, 2022, office leases consist of $1,178 thousand of current liabilities and $2,760 thousand of non-current liabilities. As of December 31, 2021, office leases consist of $624 thousand of current liabilities and $2,661 thousand of non-current liabilities. The remaining balance of non-current liabilities consists of pensions, deferred tax liability, and restoration cost related to office rental in 2022 and of pensions in 2021.
5 | The reconciliation does not include interest rate swaps, which are described in Note 8.

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