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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2019
DERIVATIVE FINANCIAL INSTRUMENTS |
Schedule of disclosure of derivative financial instruments |
USDm |  | 2019 |  | 2018
Fair value of derivatives: |  |  |  |
Derivative financial instruments regarding freight and bunkers: |  |  |  |
Forward freight agreements |  | (0.3) |  | 0.5
Bunker swaps |  | — |  | (1.2)
Derivative financial instruments regarding interest and currency exchange rate: |  |  |  |
Forward exchange contracts |  | (0.4) |  | (1.8)
Interest rate swaps |  | (11.1) |  | 2.8
Fair value of derivatives as of 31 December |  | (11.8) |  | 0.3
Derivative financial instruments are presented as below on the balance sheet:
|  | Financial |  | Financial
USDm |  | assets |  | liabilities
2019 |  |  |  |
Offsetting financial assets and financial liabilities: |  |  |  |
Gross amount |  | 0.7 |  | (12.5)
Offsetting amount |  | (0.2) |  | 0.2
Net amount presented on the balance sheet |  | 0.5 |  | (12.3)
|  | Financial |  | Financial
USDm |  | assets |  | liabilities
2018 |  |  |  |
Offsetting financial assets and financial liabilities: |  |  |  |
Gross amount |  | 7.1 |  | (6.8)
Offsetting amount |  | (3.4) |  | 3.4
Net amount presented on the balance sheet |  | 3.7 |  | (3.4)
Schedule of disclosure of derivative financial instruments with the notional values |
Hedge accounting |  |  |  |  |  | Expected maturity
2019 |  | Notional value |  | Unit |  | 2020 |  | 2021 |  | After 2021
Forward exchange contracts (USD/DKK) ¹⁾ |  | 222.5 |  | DKKm |  | 222.5 |  | — |  | —
Interest rate swaps ²⁾ |  | 597.8 |  | USDm |  | 120.5 |  | 239.5 |  | 237.8
Bunker swaps ³⁾ |  | 4,725 |  | MT |  | 4,725 |  | — |  | —
1) The average hedge of USD/DKK currency was 6,5. 2) The average interest rate was 2.33% plus margin. 2) The average price of the hedging instruments was USD 652.0.
Hedge accounting |  |  |  |  |  | Expected maturity
2018 |  | Notional value |  | Unit |  | 2019 |  | 2020 |  | After 2020
Forward exchange contracts (USD/DKK) ¹⁾ |  | 250.0 |  | DKKm |  | 250.0 |  | — |  | —
Interest rate swaps ²⁾ |  | 512.8 |  | USDm |  | 46.6 |  | 160.9 |  | 305.3
Bunker swaps 3) |  | 10,400 |  | MT |  | 10,400 |  | — |  | —
1) The average hedge of USD/DKK currency was 6,5. 2) The average interest rate was 2.04% plus margin. 3) The average price of the hedging instruments was USD 413.7.
Schedule of realized amounts and fair value adjustments for derivative financial instruments | The table below shows realized amounts as well as fair value adjustments regarding derivative financial instruments recognized in the income statements and equity in 2019, 2018 and 2017.
|  |  |  |  |  |  |  |  |  |  |  | Other |  |
|  |  |  |  |  |  |  |  |  |  |  | comprehensive |  |
|  | Income statement |  | income 1) |  | Equity 2)
|  |  |  | Port |  |  |  |  |  |  |  |  |  | Hedging
|  |  |  | expenses, |  |  |  |  |  |  |  |  |  | reserves
|  |  |  | bunkers and |  |  |  | Operating |  | Administra-tive |  | Adjustment to |  | as of 31
USDm |  | Revenue |  | commissions |  | Financial items |  | expenses |  | expenses |  | hedging reserve |  | December
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward freight agreements |  | 0.4 |  | — |  | — |  | — |  | — |  | (0.5) |  | —
Bunker swaps |  | — |  | (0.1) |  | — |  | — |  | — |  | 0.9 |  | (0.3)
Forward exchange contracts |  | — |  | — |  | — |  | (2.0) |  | (1.5) |  | 1.4 |  | (0.4)
Interest rate swaps |  | — |  | — |  | 2.1 |  | — |  | — |  | (13.8) |  | (11.1)
Total |  | 0.4 |  | (0.1) |  | 2.1 |  | (2.0) |  | (1.5) |  | (12.0) |  | (11.8)
2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward freight agreements |  | (2.1) |  | — |  | — |  | — |  | — |  | 0.9 |  | 0.5
Bunker swaps |  | — |  | 1.1 |  | — |  | — |  | — |  | (2.0) |  | (1.2)
Forward exchange contracts |  | — |  | — |  | — |  | 0.1 |  | 0.2 |  | (3.7) |  | (1.8)
Interest rate swaps |  | — |  | — |  | 1.0 |  | — |  | — |  | (2.3) |  | 2.8
Total |  | (2.1) |  | 1.1 |  | 1.0 |  | 0.1 |  | 0.2 |  | (7.1) |  | 0.3
2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward freight agreements |  | 0.5 |  | — |  | — |  | — |  | — |  | (0.3) |  | (0.4)
Bunker swaps |  | — |  | 1.2 |  | — |  | — |  | — |  | — |  | 0.8
Forward exchange contracts |  | — |  | — |  | — |  | 0.3 |  | 0.2 |  | 4.4 |  | 1.8
Interest rate swaps |  | — |  | — |  | (3.4) |  | — |  | — |  | 2.7 |  | 5.1
Total |  | 0.5 |  | 1.2 |  | (3.4) |  | 0.3 |  | 0.2 |  | 6.8 |  | 7.3
1) Fair value adjustments on hedging instruments added to the hedging reserves for interest rate swaps, are for 2019 USD -11.7m, for 2018 USD -1,3m and for 2017 USD -0.7m. 2⁾ The hedging reserves as of 31 December of the derivatives used for cash flow hedge are equal to the entire fair value of the hedge instruments as no ineffectiveness has been identified and the reserve includes open hedge instruments only.

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