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Financial instruments (Tables)
 12 Months Ended
Dec. 31, 2022
Financial instruments [Abstract]  
Categories of 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.
Derivatives Interest Rate Swaps
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
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
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.