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Financial instruments (Tables) | 12 Months Ended
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Dec. 31, 2024
Financial instruments [Abstract] |
Categories of Financial Instruments | Categories of financial instruments
(Dollars in thousands) |  | Carrying amount |
Financial assets |  | 2024 |  |  | 2023 |
Cash and cash equivalents 1, 2 |  | $ | 78,143 |  |  | $ | 74,738 |
Accounts receivable and accrued revenues 1 |  |  | 53,715 |  |  |  | 75,848 |
Total financial assets |  | $ | 131,858 |  |  | $ | 150,586 |
Financial liabilities |  |  |  |  |  |  |  |
Accounts payables and accrued expenses 1 |  | $ | 23,436 |  |  | $ | 20,493 |
Current portion long term debt 1 |  |  | 78,649 |  |  |  | 30,300 |
Long term debt 1 |  |  | 330,775 |  |  |  | 398,425 |
Total financial liabilities |  | $ | 432,861 |  |  | $ | 449,219 |
1 | Amounts carried at amortized cost.
2 | Cash and cash equivalents include $339 thousand in restricted cash in 2024 and $370 thousand in restricted cash in 2023, including employee withholding tax.
Interest Bearing Debt | Interest-bearing debt
|  |  |  |  |  | Remaining |  |  | Carrying amount |
(Dollars in thousands) | Interest |  |  | Maturity |  | notional |  |  | 2024 |  |  | 2023 |
Credit Agricole Credit Facility | SOFR + 2.05% |  |  | 2028 |  | $ | 32,500 |  |  | $ | 31,834 |  |  | $ | 34,097 |
Danish Ship Finance Credit Facility | SOFR + 2.00% |  |  | 2025 |  |  | 26,693 |  |  |  | 26,635 |  |  |  | 28,982 |
Nordea Credit Facility | SOFR + CAS1 + 1.90% |  |  | 2027 |  |  | 93,521 |  |  |  | 91,735 |  |  |  | 90,594 |
ING Credit Facility | SOFR + 1.90% |  |  | 2029 |  |  | 221,150 |  |  |  | 218,311 |  |  |  | 231,258 |
ING Credit Facility | SOFR + 1.80% |  |  | 2029 |  |  | 41,250 |  |  |  | 40,910 |  |  |  | 43,794 |
Total carrying amount |  |  |  |  |  | $ | 415,114 |  |  | $ | 409,424 |  |  | $ | 428,726 |
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 |  |  |  |
(Dollars in thousands) |  | As of January 1, 2024 |  |  | Financing cash flows 1 |  |  | Amortization |  |  | Other changes 2 |  |  | As of December 31, 2024 |
Bank loans 3 |  | $ | 428,726 |  |  | $ | (21,929 | ) |  | $ | 2,628 |  |  | $ | - |  |  | $ | 409,424 |
Office leases 4 |  |  | 5,849 |  |  |  | (1,390 | ) |  |  | - |  |  |  | (298 | ) |  |  | 4,160 |
Total |  | $ | 434,574 |  |  | $ | (23,320 | ) |  | $ | 2,628 |  |  | $ | (298 | ) |  | $ | 413,584 |
|  |  |  |  |  |  |  | Non-cash changes |  |  |  |
(Dollars in thousands) |  | As of January 1, 2023 |  |  | Financing cash flows 1 |  |  | Amortization |  |  | Other changes 2 |  |  | As of December 31, 2023 |
Bank loans 3 |  | $ | 396,696 |  |  | $ | 29,731 |  |  | $ | 2,972 |  |  | $ | (673 | ) |  | $ | 428,726 |
Office leases 4 |  |  | 3,938 |  |  |  | (1,424 | ) |  |  | - |  |  |  | 3,334 |  |  |  | 5,849 |
Total |  | $ | 400,634 |  |  | $ | 28,307 |  |  | $ | 2,972 |  |  | $ | 2,661 |  |  | $ | 434,574 |
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 2023 represent gains on modification of debt which includes previously capitalized fees. Other changes related to office leases for the year 2024 represent lease modification and foreign exchange effects during the year related to IFRS 16. Other changes related to office leases for 2023 represent lease modification and foreign exchange effects during the year related to IFRS 16.
3 | As of December 31, 2024, bank loans consist of current portion long-term debt of $78,649 thousand and long-term debt of $330,775 thousand. As of December 31, 2023, bank loans consist of current portion long-term debt of $30,300 thousand and long-term debt of $398,425 thousand.
4 | As of December 31, 2024, office leases consist of $1,389 thousand of current liabilities and $2,771 thousand of non-current liabilities. As of December 31, 2023, office leases consist of $1,418 thousand of current liabilities and $4,431 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.

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