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Finance income and cost | 12 Months Ended
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Dec. 31, 2023
Finance income and cost |
Finance income and cost | 23. Finance income and cost An analysis of finance income is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
Interest on cash and equivalents | ​ | US$ | 32,461 | ​ | US$ | 12,036 | ​ | US$ | 2,872
Interest on recovery of guarantee deposits | ​ |  | 4,611 | ​ |  | 155 | ​ |  | 379
Interest on cash and equivalents held in the trust CIB/3249 | ​ |  | 1,150 | ​ |  | 711 | ​ |  | 280
​ | ​ | US$ | 38,222 | ​ | US$ | 12,902 | ​ | US$ | 3,531
​ An analysis of finance cost is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
Interest expense on lease liabilities and aircraft and engine lease return obligation | ​ | US$ | 191,967 | ​ | US$ | 174,769 | ​ | US$ | 128,159
Interest on asset backed trust notes | ​ | ​ | 16,969 | ​ | ​ | 12,049 | ​ | ​ | 5,672
Cost of letter credit notes | ​ | ​ | 5,477 | ​ | ​ | 4,131 | ​ | ​ | 3,025
Interest on debts and borrowings(1) | ​ | ​ | 2,851 | ​ | ​ | 533 | ​ | ​ | 703
Other finance costs | ​ | ​ | 1,153 | ​ | ​ | 584 | ​ | ​ | 1,589
Derivative financial instruments loss | ​ |  | 579 | ​ |  | 161 | ​ |  | —
Bank fees and others | ​ | ​ | 347 | ​ | ​ | 308 | ​ | ​ | 226
​ | ​ | US$ | 219,343 | ​ | US$ | 192,535 | ​ | US$ | 139,374
(1) The borrowing costs related to the construction of qualifying assets are capitalized as part of the cost of the asset (Note 12). Interest expense not capitalized is related to the short-term working capital facility. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
Interest on debts and borrowings | ​ | US$ | 24,752 | ​ | US$ | 8,448 | ​ | US$ | 7,801
Capitalized interest (Note 12) | ​ |  | (21,901) | ​ |  | (7,915) | ​ |  | (7,098)
Net interest on debts and borrowing in the consolidated statements of operations | ​ | US$ | 2,851 | ​ | US$ | 533 | ​ | US$ | 703
​

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