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Financial risk management objectives and policies (Tables) | 12 Months Ended
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Dec. 31, 2017
Financial risk management objectives and policies [abstract] |
Interest rate risk |
| Increase/Decrease in basis points | Effect on loss
2017 |  |
$ Libor | +15 | (69)
| -20 | 86
2016 |  |
$ Libor | +15 | (70)
| -20 | 94
Foreign currency risk |
| Change in rate | Effect on loss
2017 | +10% | (251)
| -10% | 251
2016 | +10% | (254)
| -10% | 254
Concentration of credit risk table |
| 2017 | % | 2016 | % | 2015 | %
A | 1,921 | 13% | - | - | - | -
B | 1,516 | 11% | - | - | - | -
C | 1,459 | 10% | - | - | - | -
D | - | - | 1,052 | 12% | 586 | 5%
E | - | - | 925 | 11% | 934 | 7%
Other | 9,496 | 66% | 6,763 | 77% | 11,195 | 88%
Total | 14,392 | 100% | 8,740 | 100% | 12,715 | 100%
Liquidity risk |
Year ended December 31, 2017 | Less than 3 months | 3 to 12 months | 1 to 5 years | More than 5 years | Total
Long-term debt | 1,145 | 12,989 | 30,285 | - | 44,419
Accrued liabilities and other payables | 1,455 | - | - | - | 1,455
Trade payables | 4,258 | - | - | - | 4,258
Total | 6,858 | 12,989 | 30,285 | - | 50,132
Year ended December 31, 2016 | Less than 3 months | 3 to 12 months | 1 to 5 years | More than 5 years | Total
Long-term debt | 1,966 | 23,268 | 44,335 | - | 69,569
Accrued liabilities and other payables | 2,609 | - | - | - | 2,609
Trade payables | 4,757 | - | - | - | 4,757
Total | 9,332 | 23,268 | 44,335 | - | 76,935
Capital management |
| December 31,
| 2017 | 2016
Interest bearing loans | 41,660 | 65,778
Cash (including restricted cash) | (2,966) | (373)
Net debt | 38,694 | 65,405
Equity | 43,968 | 20,760
Adjustment for the market value of vessels (charter-free) | (31,970) | (46,292)
Adjusted book capitalization | 11,998 | (25,532)
Adjusted book capitalization plus net debt | 50,692 | 39,873
Ratio | 76% | 164%
The Company’s objective is to maintain the ratio of net debt to adjusted capitalization plus net debt to the range of 60%- 80%. Net debt as calculated above is not consistent with the International Financial Reporting Standards (“IFRS”) definition of debt. The following reconciliation is provided:
| December 31,
| 2017 | 2016
Debt in accordance with IFRS (long & short-term borrowings) | 41,538 | 65,572
Add: Unamortized debt discount | 122 | 206
| 41,660 | 65,778
Less: Cash and bank balances and bank deposits (including restricted cash) | 2,966 | 373
Net debt | 38,694 | 65,405

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