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FINANCIAL INSTRUMENTS | 12 Months Ended
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Dec. 31, 2019
FINANCIAL INSTRUMENTS |
FINANCIAL INSTRUMENTS | NOTE 21 – FINANCIAL INSTRUMENTS
|  |  |  | Quoted |  | Observable |  | Unobservable |  | Financial instruments |  | Financial instruments |  |
|  |  |  | prices |  | input |  | input |  | measured at |  | measured at |  | Total
Categories of financial assets and liabilities (USDm): |  |  |  | (level 1) |  | (level 2) |  | (level 3) |  | fair value |  | amortized cost |  | carrying value
2019: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan receivables |  | 1) |  | — |  | — |  | — |  | — |  | 4.6 |  | 4.6
Freight receivables |  | 1) |  | — |  | — |  | — |  | — |  | 89.8 |  | 89.8
Other receivables |  |  |  | — |  | 0.5 |  | — |  | 0.5 |  | 5.7 |  | 6.2
Cash and cash equivalents, including restricted cash |  | 1) |  | — |  | — |  | — |  | — |  | 72.5 |  | 72.5
Total |  |  |  | — |  | 0.5 |  | — |  | 0.5 |  | 172.6 |  | 173.1
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings |  | ¹⁾ ²⁾ |  | — |  | — |  | — |  | — |  | 855.4 |  | 855.4
Trade payables |  | 1) |  | — |  | — |  | — |  | — |  | 47.1 |  | 47.1
Other liabilities |  | 1) |  | — |  | 12.3 |  | — |  | 12.3 |  | 35.0 |  | 47.3
Total |  |  |  | — |  | 12.3 |  | — |  | 12.3 |  | 937.5 |  | 949.8
2018: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Freight receivables |  | 1) |  | — |  | — |  | — |  | — |  | 86.0 |  | 86.0
Other receivables |  |  |  | — |  | 3.7 |  | — |  | 3.7 |  | 3.8 |  | 7.5
Cash and cash equivalents, including restricted cash |  | 1) |  | — |  | — |  | — |  | — |  | 127.4 |  | 127.4
Total |  |  |  | — |  | 3.7 |  | — |  | 3.7 |  | 217.2 |  | 220.9
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings |  | ¹⁾ ²⁾ |  | — |  | — |  | — |  | — |  | 749.6 |  | 749.6
Trade payables |  | 1) |  | — |  | — |  | — |  | — |  | 35.1 |  | 35.1
Other liabilities |  | 1) |  | — |  | 3.4 |  | — |  | 3.4 |  | 33.1 |  | 36.5
Total |  |  |  | — |  | 3.4 |  | — |  | 3.4 |  | 817.8 |  | 821.2
1) Due to the short maturity, the carrying value is considered to be an appropriate expression of the fair value. 2) See note 15. ³⁾ Derivative financial instruments are presented within the balance sheet line Other receivables and Other liabilities. There have been no transfers between level 1 and 2. FAIR VALUE HIERARCHY FOR FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE IN THE BALANCE SHEET Below please find the fair value hierarchy for financial instruments measured at fair value in the balance sheet. The financial instruments in question are grouped into levels 1 to 3 based on the degree to which the fair value is observable.
| · |  | Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities
| · |  | Level 2 fair value measurements are those derived from input other than quoted prices included within level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices)
| · |  | Level 3 fair value measurements are those derived from valuation techniques that include input for the asset or liability that are not based on observable market data (unobservable input)
METHODS AND ASSUMPTIONS IN DETERMINING FAIR VALUE OF FINANCIAL INSTRUMENTS Derivative part of other receivables and other payables The fair value of derivatives in other receivables and other payables is measured using accepted valuation methods with input variables such as yield curves, forward curves, spreads, etc. and compared to financial counterparties to ensure acceptable valuations. The valuation methods discount the future fixed and estimated cash flows and valuation of any option elements.

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