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FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

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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Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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