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Financial instruments (Tables)
 12 Months Ended
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.