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FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2022

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, 2022						December 31, 2021
Non-designated derivative instruments - short-term assets:
Interest rate swaps			792						—
Total derivative instruments - short-term assets			792						—
Designated derivative instruments - long-term assets:
Interest rate swaps			10,711						2,077
Cross currency swaps			—						1,019
Non-designated derivative instruments - long-term assets:
Interest rate swaps			9,261						88
Total derivative instruments - long-term assets			19,972						3,184
(in thousands of $)			June 30, 2022						December 31, 2021
Designated derivative instruments - short-term liabilities:
Interest rate swaps			—						68
Non-designated derivative instruments - short-term liabilities:
Interest rate swaps			13						670
Total derivative instruments - short-term liabilities			13						738
Designated derivative instruments - long-term liabilities:
Interest rate swaps			—						2,316
Cross currency interest rate swaps			7,767						2,685
Cross currency swaps			25,719						10,038
Non-designated derivative instruments - long-term liabilities:
Interest rate swaps			—						2,159
Cross currency swaps			73						11
Total derivative instruments - long-term liabilities			33,559						17,209

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 as of June 30, 2022 and December 31, 2021 are as follows: 

			June 30, 2022												December 31, 2021
(in thousands of $)			Carrying value						Fair value						Carrying value						Fair value
Non-derivatives:
Available-for-sale debt securities			6,315						6,315						9,680						9,680
Equity securities			1,589						1,589						1,292						1,292
Equity securities pledged to creditors			12,830						12,830						10,238						10,238
NOK700 million senior unsecured floating rate bonds due 2023			70,930						71,462						79,507						79,586
NOK700 million senior unsecured floating rate bonds due 2024			70,423						70,923						78,939						79,077
NOK600 million senior unsecured floating rate bonds due 2025			54,717						54,444						61,334						60,133
4.875% senior unsecured convertible notes due 2023			137,900						139,555						137,900						138,727
7.25% senior unsecured sustainability-linked bonds due 2026			150,000						140,625						150,000						153,563
Derivatives:
Interest rate/currency swap contracts - short-term receivables			792						792						—						—
Interest rate/currency swap contracts - long-term receivables			19,972						19,972						3,184						3,184
Interest rate/currency swap contracts - short-term payables			13						13						738						738
Interest rate/currency swap contracts - long-term payables			33,559						33,559						17,209						17,209

Schedule of financial assets and liabilities measured at fair value on a recurring basis

The fair values of financial assets and liabilities as of June 30, 2022, were measured as follows: 

									Fair value measurements using
(in thousands of $)			June 30, 2022						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			6,315						4,619						1,696
Equity securities			1,589						1,589
Equity securities pledged to creditors			12,830						12,830
Interest rate/ currency swap, short-term receivables			792												792
Interest rate/ currency swaps, long-term receivables			19,972												19,972
Total assets			41,498						19,038						22,460						—
Liabilities:
NOK700 million senior unsecured floating rate bonds due 2023			71,462						71,462
NOK700 million senior unsecured floating rate bonds due 2024			70,923						70,923
NOK600 million senior unsecured floating rate bonds due 2025			54,444						54,444
4.875% senior unsecured convertible notes due 2023			139,555						139,555
7.25% senior unsecured sustainability-linked bonds due 2026			140,625						140,625
Interest rate/currency swaps, short-term payables			13												13
Interest rate/currency swaps, long-term payables			33,559												33,559
Total liabilities			510,581						477,009						33,572						—

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 as of June 30, 2022			% of consolidated operating revenues (Six months ended June 30, 2022)			% of consolidated operating revenues (Six months ended June 30, 2021)
Frontline Shipping*			0			1		%	2		%
Golden Ocean Group Limited (“Golden Ocean”)*			8			9		%	12		%
MSC			9			1		%	3		%
Maersk A/S (“Maersk”)			15			31		%	33		%
Evergreen			6			17		%	15		%
Trafigura			7			9		%	—		%

* Additionally see Note 17: Related Party Transactions.

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