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Financial instruments | 12 Months Ended
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Dec. 31, 2024
Financial instruments [Abstract] |
Financial instruments | Note 8 – 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.
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. Fair value of derivative financial instruments Each derivative was initially recognized at fair value at the date the derivative contract was entered into and was subsequently re-measured to their fair value at each reporting date. Any resulting gain or loss has been recognized in fair value gain/(loss) on derivative financial liabilities. The interest rate swaps did not qualify for hedge accounting. The fair value gain/(loss) on derivative financial liabilities represented a non-cash loss of $0.5 million in 2023 and a non-cash gain of $15.0 million in 2022. The Company fully settled the interest swaps in 2023. 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 |
1 | Credit Adjustment Spread (CAS) of 0.26%.
The difference between the remaining notional and carrying amount for each of the credit facilities is the capitalized borrowing cost. As of December 31, 2024, $139.4 million was undrawn under the Nordea Credit Facility and $40.1 million was undrawn under the ING 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 |  |  |  |
(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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