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INTEREST EXPENSES | 12 Months Ended
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Dec. 31, 2020
INTEREST EXPENSES [Abstract] |
INTEREST EXPENSES |
10. | INTEREST EXPENSES
Interest expenses consist of interest expense on the long-term debt and amortization of deferred financing costs related to the facilities described in Note 9.
All figures in USD ‘000 |  | 2020 |  |  | 2019 |  |  | 2018 |
Interest Expenses, net of capitalized interest |  |  | 27,127 |  |  |  | 34,018 |  |  |  | 29,753 |
Commitment Fee |  |  | - |  |  |  | - |  |  |  | 3,325 |
Amortization of Deferred Financing Costs |  |  | 4,354 |  |  |  | 4,372 |  |  |  | 1,470 |
Other financial costs |  |  | - |  |  |  | - |  |  |  | 1 |
Total Interest Expenses |  |  | 31,481 |  |  |  | 38,390 |  |  |  | 34,549 |
For the years ended December 31, 2020, 2019 and 2018, $0.1 million, $0.0 million and $2.6 million of interest expenses were capitalized, respectively.

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- Definition The entire disclosure for interest income and interest expense for enterprises that derive a significant portion of their revenue from interest collected on investments, loans, and securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04.1-12) -URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260 + Details
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