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FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
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Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of fair values of derivative instruments designated and not designated as cash flow hedges | The following table presents the fair values of the Company’s derivative instruments that were designated as cash flow hedges and qualified as part of a hedging relationship, and those that were not designated:
(in thousands of $) | June 30, 2021 |  | December 31, 2020
Designated derivative instruments - long-term assets: |  |  |
Interest rate swaps | 587 |  |  | — |
Cross currency interest rate swaps | 93 |  |  | 28 |
Cross currency swaps | 2,988 |  |  | 3,373 |
Non-designated derivative instruments - long-term assets: |  |  |
Cross currency swaps | 7 |  |  | 5 |
Total derivative instruments - long-term assets | 3,675 |  |  | 3,406 |
(in thousands of $) | June 30, 2021 |  | December 31, 2020
Designated derivative instruments - short-term liabilities: |  |  |
Interest rate swaps | 369 |  |  | 703 |
Non-designated derivative instruments - short-term liabilities: |  |  |
Interest rate swaps | 1,345 |  |  | 869 |
Total derivative instruments - short-term liabilities | 1,714 |  |  | 1,572 |
Designated derivative instruments - long-term liabilities: |  |  |
Interest rate swaps | 4,755 |  |  | 7,926 |
Cross currency interest rate swaps | 2,246 |  |  | 3,006 |
Cross currency swaps | 8,288 |  |  | 8,301 |
Non-designated derivative instruments - long-term liabilities: |  |  |
Interest rate swaps | 6,068 |  |  | 13,479 |
Total derivative instruments - long-term liabilities | 21,357 |  |  | 32,712 |
Schedule of currency swap transactions |
Principal Receivable | Principal Payable | Trade date | Maturity date
NOK600 million | US$76.8 million | September 2018 | September 2023
NOK100 million | US$11.3 million | August 2019 | September 2023
NOK700 million | US$80.5 million | May 2019 | June 2024
NOK600 million | US$67.5 million | January 2020 | January 2025
Schedule of carrying value and estimated fair value of financial assets and liabilities | The carrying value and estimated fair value of the Company’s financial assets and liabilities at June 30, 2021 and December 31, 2020 are as follows:
| June 30, 2021 |  | December 31, 2020
(in thousands of $) | Carrying value |  | Fair value |  | Carrying value |  | Fair value
Non-derivatives: |  |  |  |  |  |  |
Available-for-sale debt securities | 8,293 |  |  | 8,293 |  |  | 9,431 |  |  | 9,431 |
Equity securities | 1,480 |  |  | 1,480 |  |  | 10,367 |  |  | 10,367 |
Equity securities pledged to creditors | 13,032 |  |  | 13,032 |  |  | 9,007 |  |  | 9,007 |
Floating rate NOK bonds due 2023 | (81,238) |  |  | (80,831) |  |  | (81,572) |  |  | (78,513) |
Floating rate NOK bonds due 2024 | (80,657) |  |  | (80,052) |  |  | (80,989) |  |  | (76,940) |
Floating rate NOK bonds due 2025 | (62,669) |  |  | (60,632) |  |  | (62,927) |  |  | (57,421) |
5.75% unsecured convertible notes due 2021 | (146,919) |  |  | (145,450) |  |  | (212,230) |  |  | (199,496) |
4.875% unsecured convertible notes due 2023 | (137,900) |  |  | (137,470) |  |  | (139,900) |  |  | (123,112) |
7.25% unsecured bonds due 2026 | (150,000) |  |  | (151,125) |  |  | — |  |  | — |
Derivatives: |  |  |  |  |  |  |
Interest rate/currency swap contracts - long-term receivables | 3,675 |  |  | 3,675 |  |  | 3,406 |  |  | 3,406 |
Interest rate/currency swap contracts - short-term payables | (1,714) |  |  | (1,714) |  |  | (1,572) |  |  | (1,572) |
Interest rate/currency swap contracts - long-term payables | (21,357) |  |  | (21,357) |  |  | (32,712) |  |  | (32,712) |
Schedule of financial assets and liabilities measured at fair value on a recurring basis | The fair values of financial assets and liabilities as at June 30, 2021, were measured as follows:
|  |  | Fair value measurements using,
(in thousands of $) | June 30, 2021 |  | Quoted Prices in Active Markets for identical Assets/Liabilities (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |
Available-for-sale debt securities | 8,293 |  |  | 4,620 |  |  | 3,673 |  |  |
Equity securities | 1,480 |  |  | 1,480 |  |  |  |  |
Equity securities pledged to creditors | 13,032 |  |  | 13,032 |  |  |  |  |
Interest rate/ currency swaps, long-term receivables | 3,675 |  |  |  |  | 3,675 |  |  |
Total assets | 26,480 |  |  | 19,132 |  |  | 7,348 |  |  | — |
Liabilities: |  |  |  |  |  |  |
Floating rate NOK bonds due 2023 | (80,831) |  |  | (80,831) |  |  |  |  |
Floating rate NOK bonds due 2024 | (80,052) |  |  | (80,052) |  |  |  |  |
Floating rate NOK bonds due 2025 | (60,632) |  |  | (60,632) |  |  |  |  |
5.75% unsecured convertible notes due 2021 | (145,450) |  |  | (145,450) |  |  |  |  |
4.875% unsecured convertible notes due 2023 | (137,470) |  |  | (137,470) |  |  |  |  |
7.25% unsecured sustainability-linked bonds due 2026 | (151,125) |  |  | (151,125) |  |  |  |  |
Interest rate/currency swaps, short-term payables | (1,714) |  |  |  |  | (1,714) |  |  |
Interest rate/currency swaps, long-term payables | (21,357) |  |  |  |  | (21,357) |  |  |
Total liabilities | (678,631) |  |  | (655,560) |  |  | (23,071) |  |  | — |
Schedule of concentration of revenue risk | There is also a concentration of revenue risk with the below customers to whom the Company has chartered multiple vessels.
Charterer | Number of Vessels chartered at June 30, 2021 | % of consolidated operating revenues (Six months ended June 30, 2021) | % of consolidated operating revenues (Six months ended June 30, 2020) |
Golden Ocean Group Limited (“Golden Ocean”)* | 8 | 12 | % | 11 | % |
MSC | 28 | 3 | % | 13 | % |
Maersk Line A/S (“Maersk”) | 12 | 33 | % | 28 | % |
Evergreen | 4 | 15 | % | 14 | % |
* Additionally see Note 17: Related party transactions.

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