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Financial risk management objectives and policies (Tables) | 12 Months Ended
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Dec. 31, 2019
Financial risk management objectives and policies [abstract] |
Interest rate risk |
| Increase/(Decrease) in basis point | Effect on loss
2019 |  |
$ Libor | +15 | (55)
2018 |  |
$ Libor | +15 | (60)
| -20 | 80
Foreign currency risk |
| Change in rate | Effect on loss
2019 | +10% | (255)
| -10% | 255
2018 | +10% | (284)
| -10% | 284
Concentration of credit risk table |
| 2019 | % | 2018 | % | 2017 | %
A | 3,476 | 22% | 3,679 | 21% | 1,404 | 10%
B | - | - | 2,873 | 17% | - | -
C | - | - | - | - | 1,849 | 13%
D | - | - | - | - | 1,459 | 11%
Other | 12,147 | 78% | 10,802 | 62% | 9,140 | 66%
Total | 15,623 | 100% | 17,354 | 100% | 13,852 | 100%
Liquidity risk |
Year ended December 31, 2019* | Less than 3 months | 3 to 12 months | 1 to 5 years | More than 5 years | Total
Long-term debt | 4,674 | 3,776 | 42,247 | - | 50,697
Lease liabilities | 126 | 106 | 567 | 1 | 800
Accrued liabilities and other payables | 1,971 | - | - | - | 1,971
Trade payables | 4,735 | - | - | - | 4,735
Total | 11,506 | 3,882 | 42,814 | 1 | 58,203
* This table includes both the derivative component and the non-derivative host of the hybrid agreements of both the Firment Shipping Credit Facility and the Convertible Note (see note 11)
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 11)
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,
| 2019 | 2018
Interest bearing loans | 38,487 | 37,163
Cash (including restricted cash) | (4,801) | (1,396)
Net debt | 33,686 | 35,767
Equity | 9,879 | 41,050
Adjustment for the market value of vessels (charter-free) | (2,902) | (27,500)
Adjusted book capitalization | 6,977 | 13,550
Adjusted book capitalization plus net debt | 40,663 | 49,317
Ratio | 83% | 73%
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,
| 2019 | 2018
Debt in accordance with IFRS (long and short-term borrowings) | 37,746 | 36,868
Add: Unamortized debt discount | 741 | 295
| 38,487 | 37,163
Less: Cash and bank balances and bank deposits (including restricted cash) | 4,801 | 1,396
Net debt | 33,686 | 35,767

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