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Financial risk management objectives and policies (Tables) | 12 Months Ended
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Dec. 31, 2018
Financial risk management objectives and policies [abstract] |
Interest rate risk |
| Increase/(Decrease) in basis points | Effect on loss
2018 |  |
$ Libor | 15 | (60)
| -20 | 80
2017 |  |
$ Libor | 15 | (69)
| -20 | 86
Foreign currency risk |
| Change in rate | Effect on loss
2018 | +10% | (284)
| -10% | 284
2017 | +10% | (251)
| -10% | 251
Concentration of credit risk table |
| 2018 | % | 2017 | % | 2016 | %
A | 3,679 | 21% | 1,404 | 10% | - | -
B | 2,873 | 17% | - | - | 890 | 11%
C | - | - | 1,849 | 13% | - | -
D | - | - | 1,459 | 11% | - | -
E | - | - | - | - | 1,013 | 12%
Other | 10,802 | 62% | 9,140 | 66% | 6,520 | 77%
Total | 17,354 | 100% | 13,852 | 100% | 8,423 | 100%
Liquidity risk |
Year ended December 31, 2018 | Less than 3 months | 3 to 12 months | 1 to 5 years | More than 5 years | Total
Long-term debt | 1,720 | 24,502 | 16,465 | - | 42,687
Accrued liabilities and other payables | 1,319 | - | - | - | 1,319
Trade payables | 6,433 | - | - | - | 6,433
Total | 9,472 | 24,502 | 16,46 5 | - | 50,43 9
* This table includes both the derivative component and the non-derivative host.of the hybrid agreement with Firment Shipping Credit Facility (see Note 12)
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
Capital management | Adjusted book capitalization refers to total equity adjusted for the market value of the Company’s vessels. The Company’s policy is to keep the ratio described above between a range of 60% - 80%.
| December 31,
| 2018 | 2017
Interest bearing loans | 37,863 | 41,660
Cash (including restricted cash) | (1,396) | (2,966)
Net debt | 36,467 | 38,694
Equity | 41,050 | 43,968
Adjustment for the market value of vessels (charter-free) | (27,500) | (31,970)
Adjusted book capitalization | 13,550 | 11,998
Adjusted book capitalization plus net debt | 50,017 | 50,692
Ratio | 73% | 76%
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,
| 2018 | 2017
Debt in accordance with IFRS (long and short-term borrowings) | 36,868 | 41,538
Add: Unamortized debt discount | 295 | 122
| 37,163 | 41,660
Less: Cash and bank balances and bank deposits (including restricted cash) | 1,396 | 2,966
Net debt | 35,767 | 38,694

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