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CONTRACTUAL OBLIGATIONS (Tables) | 12 Months Ended
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Dec. 31, 2017
Disclosure Of Contractual Commitments [Abstract] |
Schedule of contractual obligations |
USDm |  | 2018 | 2019 | 2020 | 2021 | 2022 | Thereafter | Total
Mortgage debt and bank loans | ¹⁾ | 92.7 | 86.7 | 82.2 | 346.7 | 89.2 | 28.3 | 725.8
Interest payments related to scheduled interest fixing |  | 20.4 | 14.4 | 12.1 | 8.9 | 0.4 | - | 56.2
Estimated variable interest payments | ²⁾ | 11.9 | 13.6 | 12.2 | 9.1 | 2.6 | 2.0 | 51.4
Finance lease liabilities |  | 2.9 | 3.2 | 3.4 | 3.7 | 15.0 | - | 28.2
Interest element regarding finance lease |  | 2.3 | 2.0 | 1.7 | 1.4 | 0.3 | - | 7.7
Newbuilding installments | ³⁾ | 144.2 | 162.7 | - | - | - | - | 306.9
Chartered-in vessels (operating lease) | ⁴⁾ | 2.9 | - | - | - | - | - | 2.9
Other operating leases | ⁵⁾ | 2.5 | 1.8 | 0.7 | 0.2 | - | - | 5.2
Trade payables and other obligations |  | 51.5 | - | - | - | - | - | 51.5
Total |  | 331.3 | 284.4 | 112.3 | 370.0 | 107.5 | 30.3 | 1,235.8
¹⁾ The presented amounts to be repaid do not include directly related costs arising from the issuing of the loans of USD 4.8m (2016: USD 2.0m), which are amortized over the term of the loans. Borrowing costs capitalized during the year amount to USD 3.5m (2016: USD 1.3m).
²⁾ Variable interest payments are estimated based on the forward rates for each interest period.
³⁾ As of 31 December 2017, TORM had ten contracted newbuildings (2016: four) to be delivered during 2018-2019.
⁴⁾ Leases have been entered into with a mutually non-cancellable lease period of up to eight years. Certain leases include a profit-sharing element implying that the actual charter hire may be higher. The average period until redelivery of the vessels is 0.5 years (2016: 0.9 years). The leasing expense for 2017 amounts to USD 8.5m (2016: USD 21.5m, 2015: USD 12.0m) and is recognized under "Charter hire".
⁵⁾ Other operating leases primarily consist of contracts regarding office spaces, cars and apartments as well as IT-related contracts. The leasing expense for 2017 amounts to USD 2.3m (2016: USD 2.2m) and is recognized under "Administrative expenses".
Schedule of reconciliation of liabilities arising from financing activities |
|  | Cash | Non-cash |
USDm | Opening balance as of 1 January 2017 | Borrowings | Repayments | Changes in fair value | Other changes | End balance as of 31 December 2017
Mortgage debt | 669.6 | 175.4 | -125.5 | 0.7 | 0.7 | 720.9
Financial lease | 13.6 | 30.2 | -16.7 | 0.6 | 0.5 | 28.2
Swaps, fair value hedging | 2.0 | - | -1.4 | -0.6 | - | -
Total | 685.2 | 205.6 | -143.6 | 0.7 | 1.2 | 749.1
Schedule of contractual rights |
USDm |  | 2018 | 2019 | 2020 | 2021 | 2022 | Thereafter | Total
Contractual rights - as lessor: |  |  |  |  |  |  |  |
Charter hire income for vessels | ⁶⁾ | 45.5 | 4.7 | - | - | - | - | 50.2
Total |  | 45.5 | 4.7 | - | - | - | - | 50.2
⁶⁾ Charter hire income for vessels on time charter and bareboat charter is recognized under "Revenue". The average period until redelivery of the vessels is 1.1 year (2016: 2.1 years).

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