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DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended
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Dec. 31, 2017
Disclosure Of Derivative Financial Instruments Explanatory [Abstract] |
DERIVATIVE FINANCIAL INSTRUMENTS | NOTE 19 – DERIVATIVE FINANCIAL INSTRUMENTS
USDm | 2017 | 2016
Fair value of derivatives: |  |
Derivative financial instruments regarding freight and bunkers: |  |
Forward Freight Agreements | -0.2 | -0.1
Bunker swaps | 0.8 | 0.8
Derivative financial instruments regarding interest and currency exchange rate: |  |
Forward exchange contracts | 1.8 | -4.6
Interest rate swaps | 5.1 | 2.4
Fair value of derivatives as of 31 December | 7.5 | -1.5
Of which included in: |  |
Other receivables | 7.3 | 3.3
Other liabilities | 0.2 | -4.8
Please refer to Note 21 "Financial Instruments" for further information on fair value hierarchies. Bunker swaps and forward freight agreements with a fair value of USD 0.6m (net) of a previously fixed hedge have been recognized in the income statement in 2017 (2016: USD 0.8m, 2015: USD -0.2m). Forward exchange contracts with a fair value of USD 1.8m are designated as hedge accounting relationships to hedge a part of TORM's payments in 2018 regarding administrative and operating expenses denominated in DKK with a notional value of DKK 257.0m (2016: DKK 336.4m, 2015: DKK 235.1m). Interest rate swaps with a fair value of USD 5.1m are designated as hedge accounting relationships to fix a part of TORM's interest payments during the period 2017 to 2022 with a notional value of USD 406.4m (2016: USD 373.8m, 2015: USD 382.3m). The table below shows realized amounts as well as fair value adjustments regarding derivative financial instruments recognized in the income statements and equity in 2017, 2016 and 2015.
| Income statement | Equity
USDm | Revenue | Port expenses, bunkers and commissions | Financial items | Hedging reserves
2017 |  |  |  |
Forward Freight Agreements | 0.5 | - | - | -0.3
Bunker swaps | - | 1.2 | - | 0.0
Forward exchange contracts | - | - | -1.4 | 4.4
Interest rate swaps | - | - | -2.0 | 2.7
Total | 0.5 | 1.2 | -3.4 | 6.9
2016 |  |  |  |
Forward Freight Agreements | -0.1 | - | - | -0.2
Bunker swaps | - | 0.0 | - | 1.0
Forward exchange contracts | - | - | 0.1 | -3.4
Interest rate swaps | - | - | -2.9 | 1.6
Total | -0.1 | 0.0 | -2.8 | -1.0
2015 |  |  |  |
Forward Freight Agreements | 0.6 | - | - | 0.0
Bunker swaps | - | -0.9 | - | -0.2
Forward exchange contracts | - | - | - | 0.8
Interest rate swaps | - | - | - | 0.8
Total | 0.6 | -0.9 | - | 1.4
Please refer to Note 20 for further information on commercial and financial risks.

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